**Charity number: 1193045**
**FALMOUTH & EXETER STUDENTS' UNION TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **FALMOUTH & EXETER STUDENTS' UNION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 14|
|**Independent Auditors' Report on the Financial Statements**|15 - 17|
|**Statement of Financial Activities**|18|
|**Balance Sheet**|19|
|**Statement of Cash Flows**|20|
|**Notes to the Financial Statements**|21 - 37|
**FALMOUTH & EXETER STUDENTS' UNION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025**
|**Trustees**|K Werry, Deputy Chair|
|---|---|
||P Northmore|
||C Memerty (resigned 16 January 2025)|
||C Chilcott, Chair (resigned 29 July 2025)|
||R Ward (resigned 30 June 2025)|
||T Aldridge-Stone (resigned 30 June 2025)|
||J Luckman, Chair from 30 June 2025|
||M Carruthers (resigned 29 June 2025)|
||S Day (resigned 29 June 2025)|
||C Kent (appointed 28 February 2025)|
||G Almaqbali (appointed 28 February 2025, resigned 30 June 2025)|
||A Lord (appointed 30 June 2025)|
||P Howard (appointed 1 July 2025)|
||R Wallis (appointed 1 July 2025)|
||T Hawkins (appointed 1 July 2025)|
||A Bailey (appointed 30 June 2025)|
||I Brinkley (appointed 30 June 2025)|
**Charity registered number** 1193045 **Principal office** University Campus Penryn Penryn Campus Penryn Cornwall TR10 9FE **Key management** C Davies, Interim Chief Executive Officer (resigned 30 January 2025) **personnel** A Novell, Chief Executive Officer (appointed 27 January 2025) **Independent auditors** Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025**
The Trustees 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**
## **a. Policies and objectives**
The SU’s charitable objects under the Act, is the advancement of education of students at Falmouth University and the University of Exeter (Cornwall Campuses) by:
- Promoting the interests and welfare of Students at the universities during their course of study and representing, supporting and advising students.
- Being the recognised representative channel between students and their respective university and other external bodies.
- Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.
In February 2022 the SU launched a two year strategy 'Here Together: our priorities to 2024' to provide direction and focus on the issues that were important to students moving forward from the global pandemic. In reflection of the changing landscape and dynamics of the HE landscape an interim organisation review was conducted which led to the creation and implementation of the Refine & Refresh Report in 2024. This report involved consultation with university partners and stakeholders to ensure that the organisation remains both relevant and sustainable. The report included the recruitment and appointment of a CEO to build on the positive work around stakeholder relationships and to lead on the creation of a new long-term strategy for the organisation. In Spring 2025 work began on the new Strategic Plan; working with students and key stakeholders to shape and inform our strategy for 2025 to 2030.
Our strategic objectives were informed by the voices of over 2,000 members, they are:
- Help to support student wellbeing
- To provide welcoming communities for students to be part of
- To increase the diversity of students within representative roles
Students also talked about prioritising:
- Inclusivity,
- Environmental sustainability
- Understanding how they can make the most of the Students’ Union.
These three priorities have become the cross-cutting objectives of the SU via our Here Together strategy: our strands.
A clear focus has not prevented the SU from responding to needs and remaining flexible, recognising that we continue to be in an era of unprecedented change, complexity and unpredictability and the SU continues to develop its adaptability, creativity, and resilience.
Progress towards all goals, strands and allied aims are monitored by the Management Team with updates provided for the Board of Trustees. Plans and individual staff objectives have been created which cascade priorities throughout the whole SU.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Objectives and activities (continued)**
The SU’s key areas of activity are:
- Student representation (through the work of the Presidents and Student Reps) and engagement with student feedback.
- Democratic activities including Student Forum, referenda, general meetings, debates and elections.
- Provision of confidential advice, support and guidance.
- Supporting students in planning and participating in voluntary opportunities within the community.
- Supporting students in planning and participating in sports and recreational activities primarily through groups which students led themselves.
- Co-ordination of social events and pop-up micro activities.
The SU is organised within small teams whose focus is the delivery of the key areas of activity. These teams are: Advocacy, Communities and Engagement and the teams also progress the identified strategic priority projects, alongside continual key activities. All are supported by the Central Team.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. How the SU achieves public benefit**
In pursuit of these aims for the public benefit, the SU will ensure the diversity of its membership is recognised, valued and supported and has established departments and services for use by its members and to support its work with the Universities and other organisations in the interests of students. These teams include:
- Advocacy
- Communities (Sports Clubs, Societies, Volunteering and Raising and Giving - RAD)
- Engagement
All teams are supported by specific specialist roles, which provide expertise for example in compliance, governance, finance and health and safety.
Sabbatical Officers are members of relevant committees of both universities and meet regularly with the local council and other providers of public services affecting students.
The SU continues to represent both cohorts of students on relevant local, national and international issues by maintaining a large number of student representatives. Student representatives contribute to many University committees and academic programme forums, which allows the Union to effectively represent students and work with the institutions to create positive change to benefit the whole student experience.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance**
## **a. Main achievements of the Charity**
## **Advocacy**
Students can access free, confidential, impartial advice from the SU advice team on a wide range of issues including, but not limited to, student funding entitlement, University-related matters (e.g., appeals, complaints, disciplinaries) and housing rights.
As well as responding to students’ routine enquiries, our Advisors manage a significant caseload, this year the team supported 725 students, a caseload which required 5,615 case interactions (including meetings, emails, communication with involved parties etc). Our highest caseload category remains academic issues and within this category, academic appeals is the single most significant focus of student enquiries.
A similar pattern of student interest is also reflected in students accessing guidance on our website. 4,193 users viewed advice and guidance content on our site, 6,470 times. Almost half this traffic relating to academic misconduct. With other academic issues, money matters, housing and accommodation issues, complaints and consumer issues also generating steady traffic.
In addition to assisting students with understanding the processes involved in addressing some of their issues and problems and helping them to achieve positive outcomes in many cases, a significant theme of student feedback on our service, is the extent to which students have valued someone supportive walking alongside them as they try to resolve a difficult problem.
## **Academic Representation**
Student voice at the heart of our activity as a Students’ Union. By ensuring we know what our students think we can have an impact on their academic experience and their wider student experience. Our Falmouth and Exeter Presidents sit on their respective institutions Academic Boards. Student representation is present throughout the academic system.
Our Academic Representatives (Reps) gather feedback from their course colleagues about their course and university experiences. They work on projects that foster academic community, and even review and make suggestions about university policies to make students’ academic experience the best it can be. Reps take students’ feedback to meetings with lecturers and staff to discuss any concerns and the possible actions that staff may take in response. Reps then feed this information back to students and hold the university accountable the implementation of any decisions made in these meetings. A great representative listens to students and helps make change happen.
The Big Rep Meeting is a centre piece of our representation system, an annual chance for elected reps to get together and look at wider themes around student and academic experience and engage in solution focused discussions with the SU and senior staff from FX Plus and the Universities. 99 representatives attended the Big Rep meeting this year.
During the 2024/25 academic year, the Union had 342 Falmouth academic reps and 12 Falmouth department reps. It had 124 Exeter Reps, and 18 Exeter Subject chairs.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
## **Student Engagement**
Our engagement team is responsible for communication with our membership and the development of our union democracy.
The main democratic event in the SU’s annual calendar is our elections for Sabbatical Officers. Any student member can nominate themselves for a position and campaign for student votes to win the election and their position. Sabbatical Officers are paid to work at the SU and they also serve as Trustees on the Union’s Board. They represent students’ views and ideas to senior staff at the Universities and FX Plus. The officers also provide political leadership within the union.
There were 15 candidates in this year’s election and more than 1,800 students cast votes to determine their elected representatives, a turnout percentage of 18.06%.
The SU continued the establishment of a transparent and straightforward democratic process, inspired by assembly models used by our students outside of university. The extended pilot from 2023/24 gave opportunities for further experimentation with location, timings, promotion, and the role of Chair and Sabbatical Officer at Forum meetings.
Throughout the academic year, 80 individual students attended at least one Forum meeting and voted on students’ union priorities. At Forum, students decide on whether proposals become union policy by passing or rejecting the proposals. They then have an option to decide if a proposal should become a union priority which gives sabbatical officers a mandate to work with students to make change and triggers the use of budget for campaigns or actions to complete the priority.
There are only six union priorities at any one time. Priorities can be changed by discussion and voting at Forum.
All passed proposals remain policy of the union for three years.
The union priorities selected in 2024/25 were:
- More gender-neutral toilets and baby changing facilities on all campuses
- Cheaper bus prices
- Reinstating the U3 bus route
- Student representatives actively support trans students’ right to exist as themselves
- Single person study rooms, including provision for neurodivergent students
- Stop charging societies for use of AMATA spaces
Sabbatical Officers achieved the following outcomes related to Forum proposals in 2024/25:
- Mapping of all gender-neutral facilities on Penryn Campus and Falmouth Campus
- Agreement with FX Plus to include gender-neutral facilities in all future building planning
- Student-led research project of bus and transport provision at other universities compared to Falmouth and Exeter
- Increase of ear defenders available for students to borrow in library spaces
- Repaint of Exchange Courtyard study rooms to calm colours to support neurodivergent students’ focus in those space
- Neurodivergent student needs being considered as part of the development of social study spaces
- Agreement of a capped rate for societies booking AMATA spaces
- Continuing collaborative and lobbying work related to the “Rolling Forward” campaign to make our campuses more accessible, including installations of lifts and accessible desks across our campus spaces
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
The union priorities above are now in the remit of the work of the Executive Committee (Sabbatical Officers) to plan and action with student involvement and support throughout 2025/26.
In communications, we invested in our SU team to enable better use of our website by every department. Our website is an extensive multi-functional platform that is specialized for membership organisations. A series of webinars were set up for the team to attend and all sessions were recorded to create a library of learning resources specific to our website that can be used in the future.
The Engagement team created and embedded the use of a neurodivergent-friendly event template to ensure all students can access events and feel comfortable to attend the things they are interested in. The template has been improved according to student feedback over the academic year with the intention to continually review and update moving forward.
The staff team were also provided with resources and training on how to be more inclusive in our communication with students, led by the Head of Engagement.
Specifically for SU-owned communications channels, the team have trialed new approaches to creating community-focused, relevant content that resonates with our students and supporting sabbatical officers to better communicate their work with students.
This work has included the following activity:
- Collaborating with officers on a “weekly one-liners” series on Instagram
- Newsletters segmented by campus and university with tailored content for each audience
- Trial of sending two newsletters per week: one focused solely on events, one focused on officer work
- Aiming to entertain through social media content to increase engagement
- Reviewing content and engagement rates to understand what resonates most with our audiences
The union continued our media sales partnership with Native which brought 19 external businesses to the Welcome Fayre in September 2024. The contract is due for renewal in July 2025.
## **Student Activities**
Our student led groups are a major part of the offer of our Students’ Union. They are essential to the way in which many of our members make friends and sustain their social networks and create a sense of belonging for many students. They also provide an important opportunity for many of our members to take on leadership positions within the groups. The union’s staff team continues to offer support with logistics, equipment, financial matters, elections for committee positions and leadership training for committee members. For a relatively small Union, the SU has a high number of student groups and last year had 87 affiliated societies and 54 sports teams which had a total membership of 3,299. Between them they hosted 582 events, and delivered over 3,800 regular sessions. This number includes a number of student groups focused on our medical students at the Truro Site.
A highlight of the year continues to be our Welcome Fair, where all of our students have an opportunity to see the groups on offer each year, ask questions, meet committee members and join if those in which they have an interest. During Welcome Week students are also introduced to the Union and its activities through, course induction talks, meeting their academic reps, attending drop-in sessions at the Union and a variety of popup activities. All of these activities are designed to enable students to make the most of the SU as set out in our strategic objectives.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
Our many and varied societies include:
- Political societies such as the Conservatives Society and the Progressive Society
- Environmental Societies for example, the Bee Society, Birdwatch Society and Ecology Society
- Cultural Societies for example the Asian Society, Afro-Caribbean Society, and Cornish language and Culture Society
- Arts based Societies including Life Drawing Society, Drama, Jam First Big Band, Hip Hop Society and Tap Dancing.
In addition to the usual student sports clubs the union also has a Gig Rowing club and a Surf Club reflecting some of the opportunities offered by our distinctive local environment.
This year, separate project funds were allocated specifically for events and activities at our Falmouth and Truro Campuses. This resulted in 59 events being delivered at Falmouth, and 9 events being delivered at Truro.
## **Central Team**
The Central Team manages all matters related to finance, human resources, administration, Health & Safety, IT, premises & equipment, Data Protection and compliance.
Our Central Team run the finance function of the SU, making and receiving payments to and from suppliers, customers, students and staff. It also has responsibility for the oversight of Health and Safety compliance and practice. Support is also provided regarding all staffing matters and HR processes, alongside other supporting processes. The team also lead liaison with FX Plus regarding facilities and project management of any space change projects.
Two of the Central Team completed an Effective Governance for SU Senior Staff course this year, run by two SU-sector consultants, which focused on how senior staff can support their Board effectively.
The Union is required by the Education Act (1994) to maintain a register of complaints from members. The University provides oversight via their governing bodies with provision of an independent person appointed by each governing body to investigate and report on complaints if required. The Union received one formal complaint in the period covered by this report, which is currently ongoing.
## **Sustainability**
In creating our strategic plan, our members talked about prioritising sustainability.
This year, saw the continuation of Free Soup Fridays, providing a free hot, nutritious meal, created from locally sourced ingredients, to students once a week. 386 free bags of vegetables were also provided to students living in on campus halls.
In February 2025, a motion to reduce unnecessary lighting on campus was passed by the Student Forum.
One of our Sabbatical Officers attended the Student Sustainability Summit, run by SOS-UK, in April 2025. This brought together student leaders to inspire bold conversations and action on sustainability, climate justice, and social change.
For the first time, this year, Student Reps completed sustainability training, which involved facilitating conversations and plugging pathways for reps to work with the SU and Sabbatical Officers, such as running campaigns, and working towards more healthy and environmentally just changes. There was also a table dedicated to the discussion of Climate Change and Education at the Big Rep Meeting in December 2024.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
Student Reps discussed climate change and the ecological crisis with senior representatives from the universities, calling for:
- Increased local and sustainable items in the campus shop.
- Opportunities for collaboration across courses on sustainability focussed modules and a larger focus on the climate crises within all modules.
- More support with sourcing sustainable resources and materials.
The SU also continued to promote People's Assemblies – engaging staff, students and local community on issues relating to climate and nature
The prioritisation of environmental issues and sustainability was also reflected in our student led activities. Student led groups addressing sustainability issues included:
## **Beesoc**
The place to bee if you’re a fan of our fuzzy little pollinator friends! You need no particular knowledge or beekeeping experience to join- just a love for bees.
## **Green Living**
For Nature Lovers, Green Activists, Foraging Fanatics and all kinds of Gardeners. No experience required. If you would like to learn about sustainable living, foraging, gardening and natural crafts such as spoon carving, this is the society for you.
## **Penryn Produce**
Penryn Produce is a student led Veg-Box scheme that’s rooting for local veg! We provide local, seasonal and minimally packaged produce every week during term time.
## **Vegan soc**
The SU Vegan Society is all about good people, good food, and positive activism. We’re hoping to run lots of events this year so everyone can hang out in a likeminded community and feel positive and inspired about being vegan in Falmouth. We have a strong focus on positive, inclusive activism; this includes outreach events, peaceful demonstrations, and generally maintaining an active voice on campus for issues relating to food and social justice.
## **b. Investment policy and performance**
The Board remain committed to the principles of the Investments Policy which was implemented in September 2021; from 2024/25 a new policy review framework will be in place. In addition, as part of our strategic planning the Board have taken part in a review of the organisational appetite and approach to risk (including financial) which will be used to shape future discussions, alongside the annual review of the Investments Policy from 2024/25. Policy objectives include seeking the best financial return within an acceptable level of risk, utilising in year cash planning to allow flexibility on short term investment to receive interest. The Trustees seek to manage investments in an ethically and socially responsible manner. Funds are held mainly for in year expenditure, and, as such short-term access to funds is of most importance to minimise risk. Following the previous annual review, funds were transferred to an ethical savings this year.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The SU trustees have set a reserves policy where reserves are built and maintained at a level which ensures that three months of organisation's core activity could continue during a period of unforeseen difficulty.
Based on block grant funded activity of £899,810 in 2024/25, three months running costs would require the unallocated reserves to stand at £224,953.
The reserves policy of the Trustees has been achieved, with the aim of holding the full amount of unallocated reserves actualised; In recognition of this, the Trustees have chosen to take a prudent view in light of the current levels of uncertainty around core funding and pending the Strategic Plan, which will include future plans for 2025 – 2030.
## **c. Financial overview**
Grant income of £899,810 was generated by the block grant to fund the charitable activities of the SU, with a grant of £500,000 from Falmouth University and £399,810 from the University of Exeter. During the year, the SU received total income of £940,574 (2024: £912,331) and had total costs of £911,746 (2024: £887,018) giving a surplus of £28,828 (2024: £25,313). The SU has a funds carried forward balance of £495,717 (2024: £466,889) of which £1,328 (2024: £1,328) is restricted and £494,389 (2024: £465,561) is unrestricted.
At 31 July 2025 the Charity had unrestricted funds of £494,389 of which £44,655 is invested in fixed assets, leaving £449,734 of free reserves.
## **d. Principal risks and uncertainties**
The Trustees have identified the principal risk and uncertainties facing the charity as being:
- Universities grants to the SU are reduced or fail to increase at expected levels.
- Significant, on-going and complex change in the partnership which impacts the make-up of the SU and its members
Grant income from both universities has been confirmed for the 2025/26 year, although nationally, the university sector continues to face significant, well publicised financial challenges. Neither university is exempt from these. The Union continues to monitor its financial situation closely and is keen to demonstrate continued value for money to its funders. The SU also continues to hold a level of reserves in line with its reserves policy to enable it to address any financial perturbations it may encounter.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management**
## **a. Constitution**
Falmouth and Exeter Students’ Union (the SU) is a charitable incorporated organisation governed by its constitution dated 8th January 2021. With the quintennial review due in 2026, the review process began this year, with an external governance consultant engaged to advise on the application of the new model constitutions from NUS.
Prior to becoming a CIO, the SU operated as an unincorporated Charity from 11th January 2012. Prior to this date, the SU operated under a Memorandum of Understanding with both the University of Exeter and Falmouth University.
The SU is constituted under the Education Act 1994 and Charities Act 2011 as a Charity. The Union’s principal governing document is its Constitution. It is ratified by both sets of universities governing bodies. Copies of the Constitution are available from the Union’s website.
## **b. Methods of appointment or election of Trustees**
The trustees of the Union are:
- the four Sabbatical Officer Trustees,
- up to four selected Student Trustees,
- up to four selected, independent, Lay Trustees.
The Sabbatical Officer Trustees are elected annually by a cross-campus ballot of student members and are full time remunerated Officers. The Sabbatical Officer Trustees are only permitted to remain in post for a maximum of two terms of office of one year per term as required by the Education Act 1994. The sabbatical officers receive comprehensive training on appointment. Each Sabbatical Officer has specific responsibility for aspects of the Union’s activities and is supported by the permanent staff team.
Appointment of Lay and Student Trustees is approved via an Appointments Committee (made up of members of the Board of Trustees).
The powers and authority to hold the Sabbatical Officers to account is held by our Student Forum, which is open to all student members. The Student Forum usually meets four to six times per year and is provided with reports from the Chair of the Board of Trustees, who is an elected Sabbatical Officer.
## **Extension of P Northmore’s Term of Office**
P Northmore’s (PN) final three-year term as a Lay Trustee was due to come to an end on 30 June 2025. The 06 June 2025 Appointments Committee approved the extension of this final term by one year, having duly considered the risks, and understanding the responsibility to explain the decision in this report. Having been advised by NUS in March 2024, it was confirmed that the incorporation of the Union in 2021 technically reset all Trustees’ Terms of Office. Recommended best practice is for Trustees to serve a maximum of nine years, to allow for progressive refreshing of the Board. Trustees recognised this, but further identified that, having been through an extended period of flux, which included a significant restructure, and operating without a permanent Chief Executive for almost a year, the SU required continuity at the highest decision-making level. Extending PN’s term for an additional year offered the required continuity, and allowed the SU to retain his leadership of the Finance Committee. His financial expertise, and his knowledge of the SU’s financial history, was recognised as being vital as the SU continues to navigate the financial insecurities within the sector. Any reappointment beyond the recommended best practice must be subject to a rigorous review. As part of this, all Trustees completed a Skills Audit, which demonstrated the unique value that PN brings to the Board, and allowed the SU to identity the gaps in skills, knowledge and experience that informed the Summer 2025 Student and Lay Trustee recruitment. This resulted in another Lay Trustee with a financial background being recruited, allowing PN to pass down his expertise and knowledge, and arrange a suitable handover, for July 2026.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management (continued)**
## **c. Policies adopted for the induction and training of Trustees**
## **Trustees Induction & Training**
This year, the Sabbatical Officer Trustees received training regarding their responsibilities and duties from the SU staff. This included organisational specific induction training, team building training, Trustee training (jointly, with the new Student and Lay Trustees), and sector specific training from colleagues at the NUS and WONKHE. Furthermore, the Chair of the Board of Trustees receives ongoing specialist training and support from external experts whose specialism is Students’ Union governance.
The Trustee Board meets at least four times each year and is responsible for maintaining legal, financial and reputational integrity and for setting strategic direction. The Chair and the Deputy Chair (a Lay Trustee) have delegated responsibility from the Board to monitor the performance of the Chief Executive Officer and make recommendations to the board, relating to the Chief Executive Officer’s annual performance review, objectives and remuneration.
## **Meetings and development**
The Board of Trustees are supported by three sub committees, chaired by either a Sabbatical or Lay Trustee, they are the:
- Appointments Committee
- Finance Committee
- Remuneration and HR Committee
This year, a new standing agenda item on meeting effectiveness was included in all Board of Trustees, and its sub-committees, meetings. This asked Trustees to reflect on the effectiveness of the meeting, and suggest any potential improvements. This has ensured a continual focus on Board effectiveness, and the creation of an open culture of feedback.
The Board of Trustees also ensures that an Executive Committee is in place whose purpose is focused upon representation and campaigning work and the implementation of any associated policies.
Management is organised via a clear scheme of delegation from the Board of Trustees to the Chief Executive and to the wider staffing team. A range of mechanisms, systems and processes are in place to manage the Students’ Union including regular Management Team and Central meetings, all staff meetings and development days, staff development activities, service and activity team meetings, review and planning activities and collaborative working groups. The Management team meet weekly with the Sabbatical team to bring together the responsibilities of the President team with the management of the Union to ensure effective prioritisation and delivery based on live feedback from our student membership.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management (continued)**
## **d. Relationship with Falmouth University and University of Exeter**
The Students’ Union is grateful to both Universities for the block grant funding provided to support our work. The Union part-occupies a building owned by the Universities. The Universities also pay for utilities, structural maintenance and specialist support. This support is intrinsic to the relationship between the Universities and the Students’ Union and has not been explicitly valued. Although the Students’ Union runs some minor trading activities, which may be developed in the future, it will always be dependent on the support of the Universities.
There is no reason to believe that this support will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the Universities to ensure the financial viability of its student representative body. The Universities therefore require notification of any changes in the governance of the Union and regular reports on the Union’s activities, management, and financial situation.
The Union also benefits from positive relationships with University senior staff members and academics which are essential to our Union in delivering its charitable objectives in the interests of its members.
## **e. Related party relationships**
The SU has close relationships with Falmouth University, University of Exeter (Cornwall Campuses) and Exeter Guild of Students. In addition, the SU works closely with Falmouth Exeter Plus (FX Plus); the organisation established by both Universities to deliver combined services on behalf of both Universities in Cornwall (IT, accommodation, student support services etc.).
During the year, the elected representatives have been involved in consultation, planning and decision-making processes at all levels within both universities and FX Plus.
## **f. Risk management**
The Trustee Board of the SU is responsible for the management of the risks faced by the Union. Detailed considerations of risk are delegated to the CEO and Central Team. Risks are identified and assessed, and controls are established throughout the year. A risk register has been established and is reviewed and updated annually by the Management Team and the Board of Trustees. The Business Critical Risks are reviewed quarterly by the Finance Committee, with input from the same teams as above.
As part of the review of the Risk Management policy, a Risk Appetite and Tolerance Profile was created in consultation with the Management Team and the Board of Trustees. The profile was creating by mapping the appetite and tolerance for the Business Critical risks, considering the controls and mitigations in place, and the current risk rating. Using the mapped appetite and tolerance of each risk, an overall statement of risk appetite was therefore defined. It was agreed that the profile must be dynamic, and would be reviewed quarterly with the Business Critical Risks
Budgetary and internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
All insurance policies are reviewed annually and provide continuous cover. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
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**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management (continued)**
## **g. Health & Safety**
During the year, the SU has worked closely with the Health and Safety specialists within FX Plus to ensure that all potential risks involved in activities undertaken by the SU have been considered and are appropriately managed.
Health & Safety support is provided to the SU from the FX Plus Health and Safety team. The Head of Health and Safety for FX Plus is a member of our Health and Safety Operational Group which reports to the Finance Committee, and is chaired by the CEO. In terms of emergency procedures, the SU complies with those relating to the relevant campus and Institution(s).
## **Plans for future periods**
During the first half of the year the interim CEO and the Management Team worked hard to implement the recommendations of the Refine & Refresh Report with the intention of making it more effective and better able to address the expectations of its stakeholders. Building on the strong foundations of this important work; the second half of the year saw the focus shifting to the future with the emerging work around our strategic plans for 2025- 2030. Our commitment to making our Union inclusive of students from under-represented backgrounds regardless of their mode of study, remains firm and our plans to continue to strive for improved independent measures of both student feedback and external validation.
Key themes of our work will include:
- Consultation with key stakeholders including the wider community to create a fresh and innovative Strategic Plan which meets the needs of our diverse student membership
- Improving our use of data to drive our insight work and help inform student representation
- Building our relationships with universities and wider community and business partners
- More targeted approach to service delivery and student feedback
- Implementation of a quality framework that drives improvement and provides independent validation
Page 13
**FALMOUTH & EXETER STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Griffin, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on _________________________________________________ `18/12/2025` and signed on their behalf by: **J Luckman K Werry** Chair of Trustees Deputy Chair
Page 14
**FALMOUTH & EXETER STUDENTS' UNION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALMOUTH & EXETER STUDENTS' UNION**
## **Opinion**
We have audited the financial statements of Falmouth & Exeter Students' Union (the 'charity') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 United Kingdom, including the Financial Reporting Council'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.
Page 15
**FALMOUTH & EXETER STUDENTS' UNION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALMOUTH & EXETER STUDENTS' UNION (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
## **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:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, 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 16
**FALMOUTH & EXETER STUDENTS' UNION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALMOUTH & EXETER STUDENTS' UNION (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as an ongoing consideration of fraud and irregularities during the whole audit process.
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 Auditors' Report.
## **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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Griffin**
Chartered Accountants Registered Auditors Pynes Hill Exeter EX2 5AZ
Date: 2/3/26
Griffin are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 17
**FALMOUTH & EXETER STUDENTS' UNION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025**
|**Note**
**Income from:**
Donations and legacies
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**6,000**
**6,000**
**6,000**
**6,000**
**-**
**1,328**
**-**
**1,328**|**Unrestricted**
**funds**
**2025**
**£**
**899,810**
**8,040**
**26,724**
**934,574**
**905,746**
**905,746**
**28,828**
**465,561**
**28,828**
**494,389**|**Total**
**funds**
**2025**
**£**
**899,810**
**8,040**
**32,724**
**940,574**
**911,746**
**911,746**
**28,828**
**466,889**
**28,828**
**495,717**|_Total_
_funds_
_2024_
_£_
_877,740_
_7,903_
_26,688_|
|---|---|---|---|---|
|||||_912,331_|
|||||_887,018_|
|||||_887,018_|
|||||_25,313_|
|||||_441,576_
_25,313_|
|||||_466,889_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 37 form part of these financial statements.
Page 18
**FALMOUTH & EXETER STUDENTS' UNION**
## **BALANCE SHEET AS AT 31 JULY 2025**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**48,836**
**559,012**
**607,848**
**(156,786)**|**2025**
**£**
**44,655**
**44,655**
**451,062**
**495,717**
**495,717**
**495,717**
**1,328**
**494,389**
**495,717**|_24,642_
_511,382_
_536,024_
_(130,741)_|_2024_
_£_
_61,606_|
|---|---|---|---|---|
|||||_61,606_
_405,283_|
|||||_466,889_|
|||||_466,889_|
||||||
|||||_466,889_|
|||||_1,328_
_465,561_|
||||||
|||||_466,889_|
The financial statements were approved and authorised for issue by the Trustees on
_________________________________________________ and signed on their behalf by: `18/12/2025`
**J Luckman** Chair of Trustees
**K Werry** Deputy Chair
The notes on pages 21 to 37 form part of these financial statements.
Page 19
## **FALMOUTH & EXETER STUDENTS' UNION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 21 to 37 form part of these financial statements|**2025**
**£**
**43,284**
**8,040**
**(3,694)**
**4,346**
**-**
**47,630**
**511,382**
**559,012**|_2024_
_£_
_33,973_
_7,903_
_(5,040)_
**2,863**
**-**
**36,836**
_474,546_
_511,382_|
|---|---|---|
Page 20
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **1. General information**
Falmouth & Exeter Students' Union is a Charitable Incorporated Organisation registered in England and Wales. The Charity registration number is 1193045 and the registered office is University Campus Penryn, Penryn Campus, Penryn, TR10 9FE.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Falmouth & Exeter Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
The Trustees confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 21
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods..
Depreciation is provided on the following basis:
|Motor vehicles|-|25% Reducing balance|
|---|---|---|
|Fixtures and fittings|-|20% Straight line|
|Office equipment|-|25% Straight line|
|Computer equipment|-|33% Straight line|
|Sports equipment|-|20% Straight line|
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 22
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.12 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 23
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **3. Critical accounting estimates and areas of judgement**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Depreciation is calculated on the fixed assets of the Students Union. This depreciation amount is calculated based on the estimated useful economic life of the assets.
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
Grants
899,810
_Unrestricted_
_funds_
_2024_
_£_
Grants
_877,740_|**Total**
**funds**
**2025**
**£**
**899,810**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_877,740_|
## **5. Investment income**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2025**|
||**£**|**£**|
|Investment income|8,040|**8,040**|
Page 24
## **FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **5. Investment income (continued)**
||_Unrestricted_|_Total_|
|---|---|---|
||_funds_|_funds_|
||_2024_|_2024_|
||_£_|_£_|
|Investment income|_7,903_|_7,903_|
## **6. Other incoming resources**
|Other income
Other income|**Restricted**
**funds**
**2025**
**£**
6,000
_Restricted_
_funds_
_2024_
_£_
_6,384_|**Unrestricted**
**funds**
**2025**
**£**
26,724
_Unrestricted_
_funds_
_2024_
_£_
_20,304_|**Total**
**funds**
**2025**
**£**
**32,724**|
|---|---|---|---|
||||_Total_
_funds_
_2024_
_£_
_26,688_|
Page 25
## **FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Student welfare
Student welfare|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
6,000
905,746
_Restricted_
_funds_
_2024_
_Unrestricted_
_funds_
_2024_
_£_
_£_
_7,536_
_879,482_|**Total**
**2025**
**£**
**911,746**|
|---|---|---|
|||_Total_
_2024_
_£_
_887,018_|
## **8. Analysis of expenditure by activities**
|Student welfare
Student welfare|**Activities**
**undertaken**
**directly**
**2025**
**£**
445,141
_Activities_
_undertaken_
_directly_
_2024_
_£_
_430,481_|**Support**
**costs**
**2025**
**£**
466,605
_Support_
_costs_
_2024_
_£_
_456,537_|**Total**
**funds**
**2025**
**£**
**911,746**|
|---|---|---|---|
||||_Total_
_funds_
_2024_
_£_
_887,018_|
Page 26
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Other staff costs
Campaigns & projects
Staff costs
Other staff costs
Campaigns & projects
Other costs|**2025**
**£**
380,478
37,372
27,291
445,141
_2024_
_£_
_363,891_
_33,845_
_30,881_
_1,864_
_430,481_|**Total**
**funds**
**2025**
**£**
**380,478**
**37,372**
**27,291**|
|---|---|---|
|||**445,141**|
|||_Total_
_funds_
_2024_
_£_
_363,891_
_33,845_
_30,881_
_1,864_|
|||_430,481_|
Page 27
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
Other staff costs
Office & computer costs
Insurance
Affiliations & subscriptions
Transport costs
Bank charges
Legal & Professional
Other costs
P11D Costs
Governance costs|**2025**
**£**
235,077
20,645
64,380
8,156
25,029
41,853
3,283
7,692
13,804
31,470
1,200
14,016
466,605|**Total**
**funds**
**2025**
**£**
**235,077**
**20,645**
**64,380**
**8,156**
**25,029**
**41,853**
**3,283**
**7,692**
**13,804**
**31,470**
**1,200**
**14,016**|
|---|---|---|
|||**466,605**|
|Staff costs
Depreciation
Other staff costs
Office & computer costs
Insurance
Affiliations & subscriptions
Transport costs
Bank charges
Legal & Professional
Other costs
Governance costs|_2024_
_£_
_279,287_
_25,499_
_21,757_
_6,801_
_23,856_
_36,170_
_4,837_
_5,906_
_16,843_
_19,149_
_16,432_
_456,537_|_Total_
_funds_
_2024_
_£_
_279,287_
_25,499_
_21,757_
_6,801_
_23,856_
_36,170_
_4,837_
_5,906_
_16,843_
_19,149_
_16,432_|
|---|---|---|
|||_456,537_|
Page 28
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **9. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £11,125 _(2024 - £11,125)_ .
## **10. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2025**
**£**
**537,280**
**34,694**
**43,581**
**615,555**|_2024_
_£_
_555,901_
_40,254_
_47,023_|
|---|---|---|
||||
|||_643,178_|
During the year ended 31 July 2025 there were termination payments of £Nil (2024 - £6,156).
The average number of persons employed by the Charity during the year was as follows:
|Administration
Management|**2025**
**No.**
**11**
**7**
**18**|_2024_
_No._
_12_
_8_|
|---|---|---|
||||
|||_20_|
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the Charity during the year ended 31 July 2025 comprised of the Chief Executive Officer and the interim Chief Executive Officer. The total amount of employee benefits, including employers pension contributions, received by the key management personnel of the Charity for the year ended 31 July 2025 was £89,533 (2024: £95,413).
## **11. Trustees' remuneration and expenses**
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. Falmouth & Exeter Students' Union have a number of sabbatical staff who are elected by the Student Body and are thus present on the Board of Trustees. These sabbatical staff are on payroll and are responsible for running and managing the Students' Union. The value of Trustee's remuneration and other benefits was as follows: Salaries of £99,771 (2024: £95,370), employers NI of £9,931 (2024: £7,863) and employers pension contributions of £9,920 (2024: £6,110).
During the year ended 31 July 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
Page 29
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 August 2024
Additions
At 31 July 2025
**Depreciation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 July 2024_|**Motor**
**vehicles**
**£**
**29,559**
**-**
**29,559**
**17,089**
**3,118**
**20,207**
**9,352**
_12,470_|**Fixtures and**
**fittings**
**£**
**5,252**
**-**
**5,252**
**1,050**
**1,051**
**2,101**
**3,151**
_4,202_|**Office**
**equipment**
**£**
**59,337**
**1,660**
**60,997**
**15,708**
**14,958**
**30,666**
**30,331**
_43,629_|**Computer**
**equipment**
**£**
**21,828**
**2,034**
**23,862**
**20,523**
**1,518**
**22,041**
**1,821**
_1,305_|**Total**
**£**
**115,976**
**3,694**|
|---|---|---|---|---|---|
||||||**119,670**|
||||||**54,370**
**20,645**|
||||||**75,015**|
||||||**44,655**|
||||||_61,606_|
## **13. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2025**
**£**
**-**
**10,500**
**38,336**
**48,836**|_2024_
_£_
_3,384_
_-_
_21,258_
_24,642_|
|---|---|---|
Page 30
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **14. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**14,353**
**11,053**
**116,136**
**15,244**
**156,786**|_2024_
_£_
_15,086_
_9,062_
_93,051_
_13,542_|
|---|---|---|
||||
|||_130,741_|
## **Agency Arrangements**
Falmouth and Exeter Students' Union hold funds for the Student Unions' clubs and societies. An amount of £116,136 (2024: £93,051) is included in other creditors relating to funds that are repayable to the clubs and societies.
Included in the cash at bank and in hand figure is £116,287 (2024: £91,985) in the activites bank account. The money in this account does not belong to Falmouth & Exeter Students' Union, it is money they hold on behalf of the clubs and societies.
Page 31
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**August 2024**
**£**
**Unrestricted funds**
**Designated funds**
Reserve account
**241,814**
Minibus
**12,470**
**254,284**
**General funds**
General purpose fund
**211,277**
**Total Unrestricted funds**
**465,561**
**Restricted funds**
Mental Health & Wellbeing
**1,328**
Community Larder
**-**
**1,328**
**Total of funds**
**466,889**|**Income**
**£**
**-**
**-**
**-**
**934,574**
**934,574**
**-**
**6,000**
**6,000**
**940,574**|**Expenditure**
**£**
**-**
**(3,118)**
**(3,118)**
**(902,628)**
**(905,746)**
**-**
**(6,000)**
**(6,000)**
**(911,746)**|**Transfers**
**in/out**
**£**
**Balance at**
**31 July 2025**
**£**
**(16,861)**
**224,953**
**-**
**9,352**
**(16,861)**
**234,305**
**16,861**
**260,084**
**-**
**494,389**
**-**
**1,328**
**-**
**-**
**-**
**1,328**
**-**
**495,717**|**Transfers**
**in/out**
**£**
**Balance at**
**31 July 2025**
**£**
**(16,861)**
**224,953**
**-**
**9,352**
**(16,861)**
**234,305**
**16,861**
**260,084**
**-**
**494,389**
**-**
**1,328**
**-**
**-**
**-**
**1,328**
**-**
**495,717**|
|---|---|---|---|---|
|||||**234,305**|
|||||**260,084**|
|||||**494,389**|
|||||**1,328**
**-**|
|||||**1,328**|
|||||**495,717**|
## **Designated Funds**
**Minibus** - Funds designated for the purchase of an additional minibus. The balance is to be offset against depreciation each year.
**Reserves Account** - Funds designated as a financial reserve in accordance with the reserve policy detailed in the Report of the Trustees.
## **Restricted Funds**
**Mental Health & Wellbeing** - To be spent on students which can be student led groups or directly from the SU – A report is required from C Chiclott to detail how the funds are spent.
**Community Larder** - To be spent in relation to the cost of living crisis – provide non perishable food for students – the food is available from the shelves outside the SU on Penryn Campus.
Page 32
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Reserve account
Minibus
Widening participation
**General funds**
General purpose fund
**Total Unrestricted funds**
**Restricted funds**
BUCS active fund
Mental Health & Wellbeing
Community Larder
**Total of funds**|_Balance at_
_1 August_
_2023_
_£_
_241,814_
_16,627_
_4,370_
_262,811_
_176,285_
_439,096_
_2,480_
_-_
_-_
_2,480_
_441,576_|_Income_
_£_
_-_
_-_
_-_
_-_
_905,947_
_905,947_
_-_
_3,000_
_3,384_
_6,384_
_912,331_|_Expenditure_
_£_
_-_
_(4,157)_
_-_
_(4,157)_
_(875,325)_
_(879,482)_
_(2,480)_
_(1,672)_
_(3,384)_
_(7,536)_
_(887,018)_|_Transfers_
_in/out_
_£_
_-_
_-_
_(4,370)_
_(4,370)_
_4,370_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 July 2024_
_£_
_241,814_
_12,470_
_-_|
|---|---|---|---|---|---|
||||||_254,284_|
||||||_211,277_|
||||||_465,561_|
||||||_-_
_1,328_
_-_|
||||||_1,328_|
||||||_466,889_|
Page 33
## **FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **16. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**August 2024**
**£**
Designated funds
**254,284**
General funds
**211,277**
Restricted funds
**1,328**
**466,889**
**Summary of funds - prior year**
_Balance at_
_1 August_
_2023_
_£_
Designated funds
_262,811_
General funds
_176,285_
Restricted funds
_2,480_
_441,576_|**Income**
**£**
**-**
**934,574**
**6,000**
**940,574**
_Income_
_£_
_-_
_905,947_
_6,384_
_912,331_|**Expenditure**
**£**
**(3,118)**
**(902,628)**
**(6,000)**
**(911,746)**
_Expenditure_
_£_
_(4,157)_
_(875,325)_
_(7,536)_
_(887,018)_|**Transfers**
**in/out**
**£**
**Balance at**
**31 July 2025**
**£**
**(16,861)**
**234,305**
**16,861**
**260,084**
**-**
**1,328**
**-**
**495,717**
_Transfers_
_in/out_
_£_
_Balance at_
_31 July 2024_
_£_
_(4,370)_
_254,284_
_4,370_
_211,277_
_-_
_1,328_
_-_
_466,889_|**Transfers**
**in/out**
**£**
**Balance at**
**31 July 2025**
**£**
**(16,861)**
**234,305**
**16,861**
**260,084**
**-**
**1,328**
**-**
**495,717**
_Transfers_
_in/out_
_£_
_Balance at_
_31 July 2024_
_£_
_(4,370)_
_254,284_
_4,370_
_211,277_
_-_
_1,328_
_-_
_466,889_|
|---|---|---|---|---|
|||||**495,717**|
|||||_Balance at_
_31 July 2024_
_£_
_254,284_
_211,277_
_1,328_|
|**Summary of funds - prior year**|||||
|Designated funds
General funds
Restricted funds|||||
|||||_466,889_|
Page 34
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
Tangible fixed assets
-
44,655
Current assets
1,328
606,520
Creditors due within one year
-
(156,786)
**Total**
1,328
494,389
**Analysis of net assets between funds - prior year**
_Restricted_
_funds_
_2024_
_Unrestricted_
_funds_
_2024_
_£_
_£_
Tangible fixed assets
_-_
_61,606_
Current assets
_1,328_
_534,696_
Creditors due within one year
_-_
_(130,741)_
**Total**
_1,328_
_465,561_
**18.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2025**
**£**
Net income for the year (as per Statement of Financial Activities)
**28,828**
**Adjustments for:**
Depreciation charges
**20,645**
Dividends, interests and rents from investments
**(8,040)**
Decrease/(increase) in debtors
**(24,194)**
Increase/(decrease) in creditors
**26,045**
**Net cash provided by operating activities**
**43,284**|**Total**
**funds**
**2025**
**£**
**44,655**
**607,848**
**(156,786)**
**495,717**
_Total_
_funds_
_2024_
_£_
_61,606_
_536,024_
_(130,741)_
_466,889_
_2024_
_£_
_25,313_
_25,499_
_(7,903)_
_4,696_
_(13,632)_
_33,973_|
|---|---|
Page 35
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **19. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**
**Analysis of changes in net debt**
Cash at bank and in hand|**At 1 August**
**2024**
**£**
**511,382**
**511,382**|**2025**
**£**
**559,012**
**559,012**
**Cash flows**
**£**
**47,630**
**47,630**|_2024_
_£_
_511,382_|
|---|---|---|---|
|||||
||||_511,382_|
||||**At 31 July**
**2025**
**£**
**559,012**|
||||**559,012**|
## **20. Analysis of changes in net debt**
## **21. Pension commitments**
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £43,581 (2024: £47,023). At the balance sheet date £Nil (2024: £Nil) was payable to the fund, and is included in creditors.
Page 36
**FALMOUTH & EXETER STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. Related party transactions**
The SU has close relationships with Falmouth University, University of Exeter Cornwall Campuses and Exeter Guild of Students. In addition, the SU works closely with Falmouth Exeter Plus (FX Plus) and Conrwall Plus; the organisations established to deliver combined services on behalf of both universities in Cornwall (IT, accomodation, student support services etc).
During the year, the elected representatives have been involved in consultation, planning and decision making processes at all levels of both universities and FX/Cornwall Plus.
## **Falmouth University**
During the year Falmouth University (Falmouth) provided total block grant funding of £500,000 (2024: £500,000). In addition, other expenses of £6,421 (2024: £10,099) were charged to Falmouth & Exeter Students' Union and £6,825 (2024: £6,934) was charged by Falmouth & Exeter Students' Union.
At the year end an amount of £Nil (2024: £Nil) was owed by the University of Exeter and £250 (2024: £Nil) was due to the University Of Exeter.
## **University of Exeter, Cornwall Campus**
During the year University of Exeter, Cornwall Campus provided total block grant funding of £398,010 (2024: £377,740).
During the year an amount of £400 (2024: £Nil) was charged to Falmouth & Exeter Students' Union and £12,889 (2024: £7,634) was charged by Falmouth & Exeter Students' Union.
At the year end an amount of £Nil (2024: £3,384) was owed by the University of Exeter and £Nil (2024: £Nil) was due to the University Of Exeter.
## **Falmouth Exeter Plus**
In this financial year Falmouth & Exeter Students' Union was charged £36,000 (2024: £34,030) for various items of expenditure; and invoiced £268 (2024: £100) to Falmouth Exeter Plus. Falmouth & Exeter Students' Union owed £3,941 (2024: £310) to Falmouth Exeter Plus at the year end.
## **Cornwall Plus**
In this financial year Falmouth & Exeter Students' Union was charged £460 (2024: £9,683) for various items of expenditure, and invoiced £Nil (2024: £Nil) to Cornwall Plus.
Falmouth & Exeter Students' Union owed £Nil (2024: £Nil) to Cornwall Plus at the year end.
Page 37