REGISTERED COMPANY NUMBER.. 13353590 (England and Wale•) REGISTERED cHAI4￿y NUM8ER: 1194609 R•port of Iho Tru•t••$ and FIMnEl•l 8tstsm•nt¥ for the Year End•d 31 July 2024 SOUTHBANK STUDENTS. UNION LTD Kr￿X Cropper LLP Chartered A￿Ountants and Statutory Auditors 153-155 London Road Hemel Hemp8tead Hertlord$hire HP3 9SQ XIUTHBANK 8TUDENY8' UNION LTD Contents of lh• FinAnEl•l Stat•m•nts lor Ihe Y￿r Endgd 31 July 2024 Pag• Rofernnce and Admlnl8trallvo Dota116 R•port of th• Truslo•1 2 to 12 R•port of th• Ind•p•nd•nt Audltor• 13 to 15 stat•m•nt of Flnanclal Actfvitbs 16 Balane• Sheel 17 Ca8h Flow Statem•n¢ 18 Notè# lo th• Cuh Flow SIAtsment 19 Not•• to tho Flnanclal Slat•m•nt• 20 10 30 s(xJrH8ANK STUDENTS. UMION LTD Refw•nGe and Admini1tr#tl￿ DotalK ft>r th• Y•af Endgd 31 July 2024 TRUSTEES Pl Dunwell IT9S￿ned 30.9.241 J H Gulraiani Iresigned 30.6.241 BA C Hudson D C A James Irgswjned 30.6.241 Ms F T Z Rabbi (fesigned 30.8.24> C Ad8ff G Fimiin SMEl3lam T Monowar (resigned 9.5.24) M N Sadman Iresl9ned 18.5.241 R Aam {appointsd 1.7.241 J Allert lapw)inted 1.7.241 J Brarthwarte lappointed 1.10.241 A R Tanim lappointed 1.7.241 REGISTERED OFFICE Student Centre South Bank UniveTrty 103 Borough Road Elephant And Casye London SE10A4 REGISTERED COMPANY NUMBER 13353590 (England and Waleg) REGISTERED CHARITY NUMBER 1194509 AUDITOR8 ox Cropper LLP Charte￿￿ Accountants and Slatutw Audltors 153 -155 London Read Hemel Hempstead Hertfor(Ishire HP3 9SQ SOLICITCMi8 Wriglelg Solicitors LLP 19-21 Cookridge Street Leeds LS2 3AG BANKERS HSBC PLC 28 Bowugh HKJh Street Soulhwark London SE1 11B SOUTHBANK STUDENTS, UNION LTD (REGISTERED NUIABER: 13353590) R•port of the Tn*t&t# lor th• Y•wEnded 31 ￿lY 2024 The trustees who are also directors of the charity for the purp08e8 Ot the Conyanies Act 2006, present Ihoir reFOrt wlth the financial statements of the chaiity for year ended 31 July 21)24. The twstses have adopted the PTDVis￿nS of Accounting and Rep)rting by Charities." Statement ol Reeommende(I Practi applicabk to tharities prepariNJ th•iT ￿Unts in aC￿)rdance with the Fwiancial Rewb'ng Standard Opplicab￿ in thè UK an¢J Republic of Ireknd (FRS 1021 leffeciive 1 January 20191. Py2 8OUTHBAMK STLIDENTS. UNION LTD (REGISTERED NUMBER.. 13JJ31110) Report of the Tru•tw• k>r th• Year end•d 31 July 2024 STRATEGIC REPORT Achlgvgment and perforniinco Charltable actlvltl•8 South Bank Student5 Union had a 5ucc4ssful year, improvlng results and aGhievirvJ 95% of annual KPI8 - ex￿eding tsryel in over 50% 01 cases. Se? TaLqe. 1 Tallo. 1 2024 Taryet Actual 52% 40% Actual 47% 33% 12% 30% 19% Overall 8ludents ang8ged In SU4ed activtty International students ongagod in SU4ed actlv6ty Apprenb"ce I PT students in SU-18d a￿1•￿ty roydon based students engaged In SU4ed activity Havering based 81udènls eryaged in Su-lwi activity First years engaged In Su-led actlvty Students rec8ivln SU supporl to help Stay In study Students an￿ged in Su-led acaéarric enhancement activity Studonts voted in an SU election Studants engaged In Su-led recroalional activty St￿Jen1 insights collected Student insights r9P￿ts￿ and acted on No of cour59 reps DNisions Rpresenled ￿rOsS siudenl voice Courses ￿th student repre5entath Staff engagement Incom from cA)mmerclal sérvice$ ¥lemal financial 8LvJil SBSU po8ilively contribut88 to student8. academic success KPIS achieved l exeoeded 30% 20% 600h 38% 40° 78°h 18% 15% 950 18% 31/9 2142 3910 1962 77°/o 82/. 16C 15% 65% 52% 52% 587 100% 90% 90% £75k Pass >3% 90% 20% 100% 88% 90% £55k 100/0 £78k Pa88 771. 95￿/. 47Tr/0 65% 33% en ment and Siudenl Voice The Union continued on its upward trajectory with regards to improving sludenl engagement, engaging over 50% of the student bts*, and in particularly increasing engagen*nl from a broader GrO￿-s0Ct10n of stud•nts al the University., ￿er¥eaS,. Apprentw: Croydon" Havering and those in their first year of study. The Union had Ils most successful year to d8t8 wlth regard to cour8e level rewe8entation with 90% of urses acro$8 100% dlvlsions having sludenl representation. This stable level of interdGlion wilh a wlde variety of Students means that the Union is better placed lo offer meaningful insight to LSBU which ¢an help thape and improve the student experi•n¢e. This wtyk in no doubt contributed lo a signffKant increase in the Union's NSS core for 2024 wh￿h rates student satisfaction with the Union. Raisiig rt to 7P% and plaring SBSU as joint 4th Students Un￿n in London. The Unlon worked in partnership with aGademic ￿lleagUeS across all schools lo deliver an academic communities programme. This includéd ovar 30 academic societies and communlues which werB supp)rted by over 50 student volunteèrs and had a Combined membership of over 2,100 $tu¢Jenl$, exceeding our KPI lor the academlc year. The highlwJhl of this programme was the apprenticeship Lunch & Lèarn 8vènt8 ser￿, here the Union hosleé guest speakets from a range of IndUStr￿S including Ihe civil serv￿. BBC, Lloyds TSB and other8, er)gaging over 300 students across the series. The Unlon also provlded non-academ opportuntlies for students to S(￿la11$e, engaging a further 2.500 students in our reGreational programm88. far exceedlng our KPI for the year. Page 3 8OUTH8ANK sniDENT9' UNION LTD (REGISTERED NUMBER: 133J35901 R•portaflh Tru•tso• forthe Y¢ar Ended 31 July 2021 A nyd-5trategy review comrnlssioned by the Un￿n,8 b￿rd of Trustees In sp￿n9 2023 also identiflgj trbat the university's strategic plan over the next S-10 years would result in a rapidty changing sludent tody who8e needs and wants from their student experience were unlikely to fil the traditional mcdel of what SBSU currenty delivered. AS a re8uIt of thi8, the Union's trustees CAThmissK)ned a revw of its representalM and govemance structures in AY2023f24with ￿ aim of desyning a new, sustainable structure whith woukl be ¢ompabble wilh the need8 of students now and in the fiJture, and would bDJ5t student engagement and outcome8. The ￿vIeW took place from January to March 2024 and incI￿￿e0 insuhl from over 1400 LSBU sludents, fvll and p8rt-time offlcers. students trustees. SBSU staff, LSBU stakeholders. over 15 other Sus and simllar organisations and spedalist Charity legal advisors. InsvJht gathered from students spanned all schools and derrngr8phic8 and included students who t¢th had, and had rot participated in the Union's damocratic pioEesseB befDre. Findings from this review were presented lo S8SU Trusteas on in March 2024 and a plan fDr imple￿￿ntation was apprDv8d in j￿0, with changes to be rolled ￿￿t for AtsdeM￿ year 2025r26. St￿ent Su and Oulffjach Follthving the impact of the resf( phone bank in 2022r23, the Unlon once again wO￿ad with LSBU colleag to provkje support over IP* phone for 8ludents needing to re5it their assessments in seff￿ter one and tr•￿. In addltton to this and al ttie request of univeTSty cx>Neagues. we called students with low engagement in earty semester one, and apprentic05 who are yet to ¢omplele their end point as8essmenl in semester one. al¥0 Galled apprentices in semester two as a mns of rAJnnecting wilh this section of our ff£mbership. In total, wo ¢alled ov•r 3.000 students to offer them with signF*)Sting 5UPWrt and encouragew*nt at variou6 points throughout th8 year. This was both in line wilh our strategic KP15 and a key part of the Unive￿1￿$ ret8ntKJn strategy. The Union Ad¥KX SeFvice continued to support students w7th complex G05es and needs tc holp them stsy in slu(ty. through processe5 such as appeals, ffilness to practth and dlscipllnary mattets. ￿1151 the spike In demaThJ for appeals from Nursing sbjdents fmm the previous y8ar was nol r8peated In Seplember, the Union did Support a &gnificanl number of complex withdrawal appeal cases reLqted to bad finanrAal standing. Case numbers exceeded the previous year but fell slighuy short of the KPI,. for 2024r25, ihe KPI has been revwed so Ihal il falEs more within the control of the team, ftKu5$ing ffi the impact of supwt than volume of demand. anisattonal Health Th8 UnKJn contlnued its thus on ensuring good rAganisat￿81 health whlch resulled in a successfvl finanGt audlt, eonthued ￿MplIanCe checks and reporting and ￿K)st notabty excellent results for staff engagement, with the Union 5Gollng 100% in an externalty Nn emtyoyee engagement ¥uNey. and being rwnised for it8 achievemnt by winning three awards from the National Union of Studants. making S8SU ¥eGbr leaders in thi$ field. Projected incorm laryets from commercial services were this year. both sales from merchandise an¢J targeted project income both perfomiing well. Page 4 SOUTHBANK STUDENf8' UNION LTD (REGISTERED NUM8ER: 133535901 R•port of th• Tru•t• fortho Y￿r Ended 31 July 2024 STRATeGIG REPORT Flnanclal revl•w The Union's gr055 inwme Irom all sources thls year totalled £1.441.350 12023.. £1.331.334). Total expenditure this year spent on a wide-range of sludenl benefit5 and revenue4Jenerating 8ctSvlty was £1,344,2(M)12023.' £1,286, 167) leaving an operaty'onal surplus for the year of £97,150 (2023." £65.1671. Once the movements in relation lo the Unions, membership of tho S￿dents. Union Superannualion $ch8mo are taken into account the Unlon had an inGrease its net fund5 Of £￿l,2e6(2D23. decrease of£189,9171. Deslgnated (unrestrlctedl funds relath)g to the ongoing o)sls 88sociat&d wth facilitses improvem8nts amounted kn £69,15412023 £81,￿51. Thi8 fund relates lo the Unknn's Inveslmenls In its fixed assets. The Union alw holds reseNes to co¥er UneX￿tfjd ev8ntua1tst￿S and also ensure there are sufficignl reserves to resource planned capitsl 6xpendilure. General FuTrJ reseryes al the 31 July 2024 were £533,785 (2023.. £490,871) whKh has been designated a¥ a protected minimum amount (shown as "Accumulalgd Funds'l. The Union IS WTrenUy affiliated to the Natlonal Union of Students INUSI, for wh￿h the lotsl subgcrfption cost8 amounted to £26,95012023'. £23,625) for the year, and no donations wer8 made during the year lo any external instithtions out of SBSU'S own resources. Funds Hold as Cu•lodian TnMt•e Irs addltion lo Ihe grant-¥upport funds it disburses to Clubs and Societies. S8SU acts a$ ¢ustc4lian for funds raised ty the c￿b5 and Sixiets'es Ihemsefves. Club and Ststiety lunds arg trealod as reth'cted fund5, whi¢h are included in rèstricted funds in the accounts. The hol(5ing of club and s(Kiety balances 18 subj¢¢t lo the Same Safeguards as balances belonging to the Union. but their funds are accounted for sepBratety to ensure that balances am appropriatety protected. Restricted society fund balances were £1.05012023.' 216). Future Fundlng The Board ¢onfimis that SBSU ha$ $uffi¢ient fvnds to moel all ts obligats'ons. The unl￿ ￿ in receipt of curring block grdnl from the UnNersity %thich rnpresents its principal source of funding, wth the amunt subject to annual conflmialon. For a¢r￿Unting year 2D24-2025 the Union has been awarded a block grant of £960.OIX*. P8g• 5 SOUTHBANK STUDENTS. UMION LTD (REGISTERED NUMBER.. 13363590} R•port ofth• Tru•le forthe Year Ended 31 July 2024 STRATEGIC REPORT Prin¢ipal risk* and uncertointiqs The Trustee tth1r(l a￿ responsible for Ihg Union's risk managemenL The senior man8gom8nt team have delegated authorty for Identying and TeF<)rting on th8 risks faan9 the ¢xganisalion to the Trustees as they arise in rekqtion to I￿ of bu5inesB al the Board. In addition. the Senior management team proV￿e informaiion on risk to enable Trustees to un¢Jertake an annual review. The Trustee Board ex8mines the Union's major 51rategic. business and operaliorial risks on an annual b88i8. The Trustees confirm that systenw have been established to enable regular reporting allow¥ them to tske the necessary steps to mtyate any rtsks. The prlncipal ri8ks and un¢ertalnb'es currenlty facing the Unw)n are ¢onsKlered to be: . Declinlng parl¢lpatM in Ihe Union* d8mocratiG processes ha8 resulted ov8r r￿ent years In a lad( ol diversity and ¢r0s5-schod representation wilhin the Union's major declslon making bodie5. To ¢ounter this, Trustees ojmmis5ioned a full review of these prcwses in 2023r24 and a nthv model of delivery has t*en developed which will roll oul in the a¢aéemi¢ year 2025126, lo ensur8 delivery is sustainable for the luture. A reduction in funding from Ihe University due to LSBU'S financial challenges. Despite this how8ver, the Union have a strong relationship wth the UnNersity's execub.ve and Governor5 and have had ongowig conversations throughout the year concerning fvnding arkd am fvlty Included into the Unrrferslty's finarKe planning process enabling us to negotiate and plan for increases or decreases In our hjnding allocation. Repulaty'onal damag8 In the unlikely evenl of a high-profile actNity by a trustee or student representative. Indu¢tKin for Tru8tee6 and rep￿eSentativeS includes fvll inftjrmalion of the responsibilits'e$ within the role aftd we work closely with all of th&m to ensure they are fully aware of Union &tNity. Regular updates with truste85 ensum that trustees have the opportunity to Work through the organisation to rr*et any obiectNe they may have. Overall. we work Yory ¢losety wth the University. slu¢Jents and Trustees lo ensure that we have knNledge of their actfvty. We use our plan$ and strategies to manage risk including the Union's reserves strategy, strategic plans. maintaining eff6ctlv8 internal controls, rtsk registers. incidenl-rewting and ￿￿nitOring systsm8 inwr8nce cover ¥therever apwopriate. P•y6 SOUTHBANK STUOEiffv UNION LTD (REGISTERED NUMBER: 13353590) Report of the Tr￿1• for th• Ywr Endwd 31 July 2024 STRATEGIC REPORT Future plan• New op9ra￿nal KPIS for 24r25 have been set and progress Is being Rported lo Iru8tee8 quart*. Engagfjmont 55% Studonts Engagedln SU.l•d acdvlty 30% ofApprenUce8lPT eNJaged in Su-bod aGbvity 70% of Intemational éngaged in SU4ed actsv 35% Croydon and Havering engaged in Su-led advlty 75% of Fir8t years engaged In Su-led acaivlty 45°A Students receive high quailty SU Support and advlco to h￿p th•m stay In study 35./ Studènts ongaged in SU-18d acadomic based aetlvity 20% s￿dentS invow in xadomic activity programme 16% sbjderts engaged in the Spring election 40°A Sludents engaged in Su-led recreational a¢tlYity. 15% Students invofved in SU (nonwa¢ad&miG) community ￿rilty 85% Flr9t years ￿roll￿d by th8 ofweek 2 engaged in SU led welcome actwity I Wd••ii¥l•cllon & •nllon Imp•ol 3/0 > Students think SU positively conrributes to thèir aeademic success 2000 Sknd8nt vl•ws collected 75% vEws reported and 80% acted on 100% course reps supported 100% divisK)nslschools ￿p￿sented across S￿dent voKe tracker 90% Students called Tate SU phone bank as helpful factor for conttnulng thelr st￿%188 80% SU Advrce Setvice users rdte the seNKe as helpful fa¢tor for cpntinuiry their sbjdies SU 8UPPOrted appeal cages have 10% higher $u¢c8s$ rato Facior6 90/. KP15 Achieved, 20/0 Exceeded. )% staff think SBSU ig a great Flace to wo Incorn targets mel {Total) 96% Compllance audits ￿mpleted, 90% FMS58d Extèm&l Flnance Audit pa¥8ed 85% LSBU Partnth¥ aT8 salisw wrfh the SU'5 ￿ntrlbLrtéon to sludent SUC￿5$ Pap7 SOUTHBANK STUDENT8. UNION LTD IREGISTERED NUMBER: 13353Sg01 R•port ￿thI TnMt••• forth• Ye•r Ended 31 July 3024 STRUCTURE. GOVERNANCE AND hWIAGEIAENT Govgrning document The charity is controlled by its g¢)veming dwment a deed of trusL and constiiutes a Ilmited company, limited by gLtarantee. as defined by the Compani95 AGt 20(￿. K•y Ilanag•m•nt P•rnonn•l Key menageTr*nt pwsonnel include the Chlel Executfrle, Deputy ch￿ Execudve and pald sabbatKal olficer8. South Bank University Students, Union ISBSUI employs a Chief ExeculNe to WOTk cb5ety with the Trustees and ensure effective management of the Union. 80UTHBANK STUDENTS. UNION LTD IREGISTERED IIUI*ÉR: 135535901 R•port ofth• Truots•B ft>r t￿ Year ENlvd 31 July 2024 STIiUCTURE. GOVERNANCE AND MANAGEMENT Dècl#lon maklng Tho Union is constituted under the Educ*¢on Acl 1994 as a tharity. The Union's charitable oty.ects are: pmmoting the inlerestg and weware of Students 81 LondM South Bank University during thelr course of stttdy and representing. 8UPPOrting and advising Students., . being the r￿QgnISed r•pro88ntalNe Channel bets￿an Students and London South Bank University and any other external be￿1&5,. and . prnwding social, CLfftural, sporting and recrealty)nal 8c*vMies forums for d150ussKJns and debate for th8 rsonal d8vek)pmenl of its Students. In furtherance ofthese 8ims the trustees have complied with their duty in 8.17151 of the Charrfo'es Act 2011 to have due regard to the Charfty Commission's wbltshed general guidance eoneemlng the operat￿n of tho publK banefft requirerntnt under that ACL In pursult of these aims for the public benefit, SBSU." . Ensur85 the diversty of its membership Is r8cogThséd, valL*d and supported., Has esla￿￿hed departments and seNir*s for use by ts members and to support its work with tho UnNgrsity and other oryan18atlons on behall of studen These include the Union's Representalion and Athi(*, Communi&?liws. Central Serv￿8 and Student AelNitI•8 Oepartmgnls. The Union's Sabbatical t)ffthr5 and Coun￿1 member5 are the 6thdents' repre8entatNes on all major University committees and the University's Board of Goyemors, and are suppcthd ty members of the un￿n,3 staff team thatact as a secretarial. The Union represents ts members (London South Bank UnNersNy's students) on relevant Ioc81, natr'onal and Inlemalional issues by maintaining contsct vlth 81udenl r8presentative8. Such contact ensuw Ihal the Union can take into account students, requirements and catsr effeclivety for their need8. Student representatives a￿ present on th8 University's policylstrategy makn.ng Boardslcommittees and a also member5 01 Course Boards within the University's faCU￿.e8 I'schools'l. In proparatton for changing the *al fomi of the Un•Jn to a Company Limited by Guarantee. the University Board of GovemoT5 formalty •pproved Arbdes of Association including Intsrnal regulats'on5 and Memorandum ol Undérstanding for the Students, Union al its meeting on the 25 March 2021, and by the Union's board olTrust88s on 16 Marth 2021 Members of the Union resolved to allow the trarbsfer of assats and liabilities, and the dissolution of the unincorp(Yated enllty at an AGM 29 March 2021. S8SU was formally registered by the Charity Commission on 18 May 2021 and registered by Companies House on 23 April 2021. The Iransfer of deeds was effective frurn 31 August 2021. SBSU is administered by its Trustee Board of 4 Sabbatical Officers, and up to 4 Students and 4 External trustees. for the purposes of the Charities Acts. The four Sabbatical posts are PresK1enl, VIGe P￿Sidents of Education, Acliviti'es and Employ3bility and Welfare and Equalities. The Sabbatical posts are remuneratsd as authorised by the Education Act and an Indrvidual's tem of offi¢e ￿rt01 exceed years duration,. an Offictr can be re-electsd for a maxlmum of two terms in th8 same or different positions. The Presidenl and Unwi Council Chair are required to sit on the unl￿51￿5 Board of Governors. The Union opernles or+ dernocratic princlples, wrth supeNiSOry F•)wer vested in the Union'$ Councll, which.. . Furthers the aims and objects olthe Un*?n', . Recehtes minutes and ￿ ports from the Executive, Union ComffAttee8 8fKI Union off￿r$,. . Considers recommendations, mtslK)ns and business as appropriate.. and . Elects students lapart from Sabbatical offi￿rS1 to serve on Union and UniveryJity committees. Pw9 SOLrrHBANK STUDENTS, UNION LTD (REGISTERED MUMBER: 133535901 Raport ofth• TN•ig0¥ for thè Y••r End•d 21 July 2024 STRUCTURE, GOVERNANCE AND MANAGEhENT Council memlxrship comprises the Satl>atical off￿r9 together with Sludent Representative OffKers and the Student Governo￿ {which indudes the Union's Sabbati¢al Presidenti Student RepresentalNes commence their term5 of offic* subject to completlon of an appropriate ¢ourse of trainiNJ. Thi8 Include5, for Sabbatlcal Officers, where possib￿. a handover wth the t)utgoing Sabbatlcal OfficeT and training on the roles and responsibilities of Trustees (legal and adminL8trative). wtth an ongoirwj irainiryj programme 0$ and when needed for issues arising during their term of offic*. As chwity Tru818es, all Trusts89 receive B Cx>mprgh•￿Ive training programme into their legal and admini5trab.ve responsibilities al the start of their le￿ of ¢thce, with ongoing guidan¢e as and when required fof issues arising during their term. The Truste•$ meet throughout the year to receNe reports from individual Officers and Unlon èmployees to review the un￿)n'8 arKI admlnlstration. Recommendations lor Union polw are made to the Trustee Bo8rd to consider and approve Folw. Key information is provkled to Trustees which includes accounts. Ihe strategic pkqn, and an organi5ational dwJr8m. Trustee knowledge and skills are evaluated at regular inter4al8 and tralning is de￿'9ned around Ihe 5p¢ofi¢ n¢eds of individuals and the Board as a whole. Through the Un￿n'S membership ol the Mat￿nal Union of Stwjenls. Trustees have 8¢¢988 to expert advke and gu￿an1￿, conf•r•nc*8, trqining. SBSU also employs a numter of non-studenl fLII and part-tin* staff for the sake of ￿ntinuIty in the management of its many activities. Such staff we aGrW1tab￿ to the Chief Ex•¢utNe for the perfom*nc* of their duties. The overview of the slaff structure is.. hief Exe¢utr¥e - Finanee Manager > Finance Team - People & Office Manager > People & Office Team Chief Executive - Student Voice & Outreach Manager > RepreEentalA)n & ou1￿h Team - AdvKe Manager > Advice Team - Head of Commercial O erations - Communirations Team - Student Aclivilies Team Kay m•fftao1fflonl remungratlon The remuneration of key management personnel is set ty Ihe Board, with the poliGy objective of ensurin9 Ihat they are provide(l appropriate incentwe8 to encourage enhanced performance and are, Kl a fair and reswlsible manner, Tewarded for their indNidual ¢ontn'b¥Jtions to the Union's Su￿85. The appropnatene8S and rdevance of their remunerab'on is reviewed regularfy, and wll include job market anatysis an¢y refererK to comwisons other un￿)n5 lo ensure that the Union remains sensitive lo the broader issues of pay and employmnl conditions elwyhere. We aim to recwit, t4Jbject to expertence. at the bwer lo ffodium point wllhln a band. provKling s(xip• to b8 rewarded for excellence. OelNary of Ule Un*)n's charitable vision and purFose is prim•rity dependent M our key management personnel and staff ￿sts ar8 larye8t single elemant of our charitable exwditure. Paga 10 SOUTHUMK 8TUDENT8' UNION LTD IREG18TEREO NUMBER.. 133630*) R•port ofth• TiusteaB lor th• Y•ar Endgd 31 July 2D24 STRUCTURE, GOVERNANCE AND MANAGEMEr R•latlon8hlp wlth th• Unlv•r8ity SBSU is estsbli8hed in the UnNersty's Méfforandum and Articles of AssO¢ial￿?n in that ther8 shall be Students. Union. The Union r￿elVeS a SubventionlBlock Grant from Ihe University. and in-kind 5UPP)rt related lo utilities, Some security stsff and the majority of the G95ts aswoiated with ¢leaning and premises mainténance. Tho non-nK)netary support 1$ intrinsic to the ￿lab.0￿$hlp betsve¢n the University and SBSU. As recommended ty the Charities SORP an estimated value to SBSU for this ftee serviced aco)mmOdal￿n ha$ been included in the acuunl8 at an estimated value (based on prior year space ¢harye calculations). Although SBSU undertakes some income generating activbtie4 It is dependent on the University's financbal support. The trustaès Cowider il reasonablo to anticipate Ihat this or eouivalent Support from the University will continue for Ihe foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the finan￿al viability of its student representative body in one form or another. The trustees IherefryE consider the UnK)n lo èe financially viable for the foreseeable future. STATEMENT OF TRUSTEE8' RESPONSIBILITIES The trustees (who are also the ￿1￿ctorS of Soulhbank Students. Union Ltd for the purposes of r￿mPanY18Wl are responsible for preparing the Report ol th8 Tru8le08 and thè finanaal statements in accordan¢e with applicab* law and United Kingdom Accounting Standards (United lthngdom Generalty Acceptencem are described in the le￿Want sections of this rep)rt. Other knfomiatlon The tnJslee5 are responsible for the other infomiabon. The other inforrrotK)n compnses the Informatlon ¥icluded in the Annual Report, other than the financial slatsments and our Report of the Indgpendenl Auditor8 theraon. Our opinion on the financial statements does rK>t cover the other infomialion anfl, excèpt to the exlent 0th8fwb8e expl￿1t￿ slated in our report. we do not express any fcmi of assurance conclusion thereon. In o)nnection with our audit of th8 finanryal 5tst8m8nts, our responsibility is to read thè other information and, in doing so, consider whether the other informalian 15 rnaterfjally inconslslent wth the financk71 statements or our knNledge obtained in the audll or olhen¥ise appèars lo be ma18rially misstated. If we identify such malertal inwn¥i¥tencies or apparent material rnisstatements, we a￿ required to detem)in8 whether Ihls gNe5 rise to a material misstalerrnnt in the financial statements themselves. If, based on the work we have performed, we ct*nclude Ihal there is a material misstalemenl of this other information, we are required to rewrt that f* We have nothlng to report In Ihl$ regard. Opinions on oth•r matt•rn pro•crlbod by the Companles Act 2006 Irb our opinion, based on the work undertaken in the course of the audit.. infomiation gNpn in the Report of Ihe Trustees for the financial year for whlch Ihe fin8ndal statements are pr8pared 18 consistent w￿h the financlal stsl8menl8.' and Report of the TnBtaes has bean prepa￿d in a¢cordan¢o wllh appllcable18gel wulremenls. Pag• 13 R•port of thw Ind•wthnt Auditor• toth• IA•mb•r¥ ot S¢)uthbank3tutlonts' Unlon Ltd Il•tt•rn on which w• arn r•qUIr￿ to r•port by •xc•pUon In the light of the knowledge and understanding of ¢hati18ble company and its onvlronment obtaSned in the Course Df the audrt, we have nol Id8ntified materi81 mlsstatements in the Report ofthe Truslee$. È h￿9 nothSng to report in rospect of the following rratters where tho Compank98 Act 20C6 requirB¥ ￿ to rewl lo you rf, in our opinion.. adèquatè accounting r&wrds have not been kept or reknrns adequate for our audit have noi bgen re￿￿ed from branches not v13rf(èd by u8., or the fin8rri81 statements are not in agreèment with the ￿)unting records and Teiums- or Cèrtain disclosuras of trustees, remuneration specrfied by law ar8 not mad8,' or Yle have not received all the infomation and explanations w8 requ1￿ for our aLKlit. R•gponslbllltles of trulte As explained more fvlly in the Statement of Trustees, Respon$ibllittes, the trustees Iwho are a180 the directors of the charitable company for the purposes of ￿MpanY law) are ffj8ponsible for the preparation of the financkql statements 8nd for being 8atisffied that they give a true and tsir view, and for such intemal )ntrol as the trustees deterrnine is necessary to enable the preparation of finano'al stateffonts that are freo from material mi55tstemenl, whether due to fraud or error. In preparing the frnancial statements, the Irugtees are responwble for ass￿s[￿9 the charltable company'8 abilty to continue as a going concern, disclosing. 88 8pplicAble. m8tter5 related to going concem and using the going concem ba8ls ol accounting unless the trustee5 either Int&nd to I￿U￿ale the charrtalle cA)mpany or to cease operation5, or hava no realistic altemative but to do $0. Our mpon•lbllltl•8 forthe •udit of th• fin•n¢l•l •tatements Our objective5 are to obtain reasonable assurance atout whether the financlal ststomnts as a whole are fRe from material mr6$18tement, whether due to fraud or error, aTKI to issue a ReFQrt of the Ind¢pondent Auditors Ihal includes our opinion. Reasonable assuran￿ 15 a high bvel of assurance, but is ncl a guardnlee that an audit conducted in &￿Idan¢0 with ISAB IUKI will always detect a m8leri81 mis8tat8ment when it exists. Misstatements can arise from fr8ud or error and *e considered materi81 if. indivKlually or in the 8ggTegate. they could reasonabty be expected to InlluencB the economic declslons of users tak6n on Ihe b8sis of these financial Ststanents. The axtent to which our procedures are Gapabk of dete¢b'ng irrogularits'es. Ir￿UdIng fraud is detailed befv￿.. The extent to which our procodur•8 are Capab￿ of deteth'ng irregularitse$. indudlng fraud 18 dotall￿ below.. Thg Ch8nty is required to comply wllh charmy law and, based on our knowledg8 of Its act1￿1188, v identffied that the *al requirement to aciyJrotely ac￿Unt forany r851r￿le￿ fund5 was of key $ignffi¢ance. We gained an underslanding of how the charity ￿rnF4led wllh Ils legal and regulatory framaknY>rk. includirvJ the requIre￿nI to properly account for any restricted funds, through discussions with management and 8 remew of the documente(I pdicies. procedures and controls. Thè audit tsam. which is exp8ri8nced in the audit of tharttlas. consldergd the tharitys SL￿ceptIbll1ty to material mi5StaleThpnt and how fraud my occur. Our considgralions Included the risk of management Ove￿ide. . Our approach was to check Ihat all re51ricted income v¢a5 properly idents'fied and sopamtely ac¢ount8d for and to ensure that On￿ valhl and appropriate expenditure was charyed to reslrthl funds. This included reviewing journal adjustmenls and unusual transactions. There are Inherent limitations In the audlt p￿CedUreS described above and, th8 further remov* non 614 1.175,897) FUNDS Unre51riGtsd ft￿￿S Reshcted fun {815,4821 11,175.913) 216 TOTAL FUNDS 814 431 1.175.697 The h'n cial $tatemenls were approved by the Boafd of Trustees and authorised fty I￿U• on Y.<.b...ZQ.ZS.....,.. and were signed on its behalf by.. C Adams - Trusteo Th notes fomi partofllw8e ffinanc4AI Statomnts Pago 17 SOUTHBANK STUDENTS. UNION LTD Cuh Flow St•t•mort for th• Y•Ar End•d 31 Jufy 2024 2024 2023 Ctsh Ilow• Irom op¢r•tln9 actlvlti Cash generated from 0￿ratiOnS 21.201 Net &98h provided by op8ra15ry activities 9.633 21.201 cash flow• frrffi Inv•sting actlvltl•s PU￿haSe of tangl￿8 fLxed assets Intefftsl receiveil 11,693) ,492 11,2561 4.378 Net Cash pro￿￿¢1 by Invesllng ac*vltks 3,122 Chang• In cash and cash •qulvalentS In th• Teportlng porfod Cash and cash •qulvahnts at the b•glnnlng of the rnportkng perfod 17A32 24,323 Cash and cash èqufr••knnts at th• end of th• r•portlng porlod $44.911 Th• Tr)tes Iwrn part ofthem ffinan0￿ statements Page 18 SOUTHWIK STUDENTS. UMON LTD Note• to Ilw G••h St*t•m•nt for tho Year Ended 31 Juty 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTivrriES 2024 2023 Nol InGomo for the reportlng wrfod {as p•r lh• Stat•m•nt of Flnanclal A¢tlvltl•$l AdJu8tm•nt• for: Depreryalion charges Interest received DefineLI benefit scheme adjustments De￿ease In stocks Ilncreaseydecrease in dobtors De¢re8se in Gre(Sitors 97.150 65.167 14504 19N921 166,2131 1,278 19,4541 18 1401 14.122 14,378) (66.265) 11.218 9,167 Nat cagh provld•d by O￿TatIOnS ANALYS15 OF CHANGES IN NET FUNDS At 1.8.23 CaBh 11 At 31.T.24 N•t e•¥h Cash at bank in hand 17 32 562 343 17 Tolal 17 32 562 343 The ncts8 fomi part ofth680 8tatth7wnt8 pa￿ 19 8OUTH8ANK 8TUDENT8' UNION LTD Nolg• to th• FIMnciAI Statsm•nts torthg Yvar Érnl•d 31 July 2024 ACCOUNTING POLICES 848h of preparlng Iha financlal •tstom•nt8 The financial ststemenls of the charitable comFWW, which b a publlc benefit entity under FRS 1¢r2, have be￿ prepared in accordance with the Charities SORP IFRS 1021 'AcMunling and Reporkn"ng ty Chaftties.. StatThnl of Recommended Practice applicable lo charits'es preparing their 8ccounts in acmrdan¢e with the Financial Reporting Standard appI￿8b￿ in the UK and Republtc of Ireland {FRS 1021 {effactp4e 1 January 20191,. Financial Reporting Siandard 102 The Flnana81 ReFQrting Stsndard applicable in the UK and Republic of Ireland, and the Companw Act 2006. The financial statements have been prepared under the hkgto(ioal cost convention. Incom• JI income is recc43nised in Ihe Statement of Financial Activities once the Ghanty has entitlement to the funds. it ig tKob8ble that the income wll be rece1ved and the amount can be measured reliably. Expendlture LiabIl￿.eS are recognised as expendiiure a8 800n as there is a legal or ¢ongtructive obloation committing the charity to that expandilure, it 1$ probable that 8 Iransfer of economie benefits will be required in setherrEnt and the amount of the oblb3alion can be measured reliabty. Ex￿ndItUre 18 accountsd lor on an ¥Kruals basL% and has tseen cIasWf￿ undér h*￿ing8 that aggregate 811 cost related 10 Ihe catègory. Where costs cannot be direcuy attributed to particular headin9s thgy have been all￿ated to activitEs on a basis ¢onsistent with the use of resources. T•fftglbl? flxod a*i4ts Depreciats'on is providoa al the lolltrwing annual tatss in ordor to wnte off each asset over Its estlnated useful Irf Improvements to property Flanl and machir*ry Fixtures and fittiTYJS Computer equipment Straight Iln8 over 15 years 25Qh on cost 250/0 on cost 25% - 50% on cost stLxks are valued al the of o)sl and net rearw1￿8 value, after making due allLvwBnce for obsolete and moving items. Tax•lio The ch8rity is exerryt from ¢crfKx)rallon tsx on its charitable actr¥ities. Fund iccountlng London South Bank University Stwjents, Union administsrs and xcounts for a number of Gharilable funds, as follws.. - lil Unr•strtct8d FuNls representsng unspent incomg whith may be used for any activtylpurpose at the TN$tees' cywn di5c*ekn"on', {ii) Reslrthd funds r8iBed and admlnlsterefj by Lon¢Yon South Bank UnNer5ty Students, Unbjn for 8FttKi¢ purFoses as detefmined by students, suth as Club and SoEieties Accounts, a$ well as revenue received for purposes specified by the donor and also lif not material enough ta requlre Separate column in the SOFA) any small capital grants receried from th8 College. liiil Custodian Funds entrusted to LoTrJon South &nk Unr4er5ity Students, Union for s8fekeeplng, but not under its management conlrol, e.g,, annual RAG. Such custodian a¢tNlties are disclosed in the Annual Rew( ￿￿1 as funds are not nwnaged by London South Bank Unwersity Students. Union they cannot be incI￿led in the ￿oUnts. {i¥l DesyrAted Funds relating to amunts set aside from existing reSer￿S to cover restruckuring Costs. including depreuation as80ciated with reluTbishmenl work. P•g8 20 contIn￿d... SOUTHBANK STUDENTS. UNION LTD Nots• to thè Fina￿￿¥1 Statemert• - conilnu•d for th• Y•ar End•d 31 July 2024 ACCOUNTING POLICIES. conllnued aacpuntlng Iv) Transfers from Unreslricled Funds lo Designaled Funds represent plannod costs a$s￿￿ted with re8lrucluring which have been fin8need from thè Union'$ roservas, Th680 indude capital reftjrbth￿Trt C08ts. Ponslon C￿ts and athèr post-rntlromont ben•flts Retirement benefits lo employees of the Union are pro￿ded through Iv￿ P8nsion schemes, o defineo benèfit ISUSS). the other defined conlriLxrtion INUSPSI. The UnTon participates in the Students. Union Super￿n￿all0￿ Schgme ISUSSI, a defined benèfit scheme which is extemally funded and contracted out of the Slate Secornj Pension. The fund is valued at least every three years by a professional￿ qualified independent actuary wrth rale8 of Contribu￿an payab￿ being determined by the trustees on the advice of the actuary. The most recent Valuation of th8 Sch&m8 was wried out as at 30 June 2022 and Showed that the market value Df the Scheme's assets wa5 £1C6,697,000 wrth these assets ropresenting 44% of the value of benefrts that had accrued to member5 after allowing for expeded future increases in e8mings. The déficit on an ongoing fvnding basis amounted to £136.645,000. The 2022 valuati)n iecomnEnded 8 monthty contribulK)n ￿quIrernent by each participatiro Union intended to clear th8 ongolng ￿ndIng deflcil ending in 2037, increasing by 5% each year. The scheme operates as a poow arrangement, with contributions paid al a ￿nIrallY agreed rate. a conseqLsence. no share of the underfying assets and liabilities can be diiectly attributed to the Union. Under FRS 102. where 8 Scheme pa￿CIpate$ in a multsemployer define(I benefft pension scheme that Is In deficit and the employer has entered into an a9reemenl to fvnd the deficit the entty shall recogni8e a liability for the contributions payable that arise from the agreement. As the agreement runs until 2037. a discount rate of 2.50A has been applied in determining the net P￿sent value ol the ontributions made in the perio(J. NUSPS S￿ce 1 October 2011, all participating empbyè88 have teen in a new defined conlributien pension 8cheme, Nab'onal Union of Students Pension Scheme INUSPS). Contributs'ons are at the rate of 6% for the employer and 3% for trie emptyee pertsions costs are charged In the period in which the salar*s lo which they relate arp payable. Page 21 SOUTHBANK STUDENTS, UNION LTD NotrB to Fln•m¢l•l StAl•m•nts- con11rn￿￿ for thè Y￿r Endad 31 July 2024 DONATIONS AND LEGACES 2024 2023 Donatlon8 Grants Donobj services and faeilili8s 1.115,459 1,032,000 1,832 225,619 1.2S9 451 Grants receNed, induded in the above, are as foll¢)ws.' 2023 lQ¢k start grant 1,832 OThER TRADING ACT1VITIES 2024 2023 Fundraising 8vonts Merchandising Marketing 6,115 44.682 34.07e 1,719 22.858 56 447 INVESTMENT INCOME 2023 DeF4)Sit a￿OUnt intèrest INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Acbvty Club8 and Soci8lie5 income student ￿ll￿tIeS S907 9.229 P•go 22 sourH8ANK STUDeNfs' UNION LTD Notes to th• Flnpncljl 3tatem•nl*- Con￿nued lor th• Y￿r Ended 31 July X124 RAISING FUNDS Raknlng donatlon• •nd l•gacl 2024 2U23 M8rthandise CHAR ￿ABLE ACTMTIES COSTS Supwt costs {8ee not? Bl rots student Acllvities Advicè & R8pregentalion Communication8 & Markéting 166.534 96,873 181.730 259,041 474,912 425.575 571.785 1308812 PAJPPORT COSTS Governan M*nagen￿t FlnarK• Tolals Slud8nl Activilios Advice & Representstitsn Communicatlons & MBrkeling 208.193 381,684 13,602 24.937 37,246 68.291 259,041 474,912 693,972 124 163 863.475 Act￿lty Management Finan (¥Jvernance costs Basis of aifocaliDn Based on usagè Based on usage Based on usage NEf INCOMEIIEXPENDITURE) Net lncomellex￿ndrtvfe) is stated after charglngllcrediting) 2024 2023 Auditys, remuner8tlon Oepr8cTration - ¢ywned assets 9,617 14.504 8.100 14,123 Page 23 ccntinued.. SOUTHBANK STUDENTS. IINION LTO Ilotes to Fin•nc?al St•tsmenl8. ¢ontknued for thg Y••r End•d 31 Juty 2024 10. TRU5TEES' REPaUNERATION AND BENEFITS The following transactions took placé wlth Sabbatica￿ offi￿r$ Ki the year ended the 31st July. 2024. Salary Employ•rsP•n•lon Empl¢wrsNIC Total £24.596 £2,218 £26,814 £26.531 £2,406 £28.937 £25.702 £2,292 £27,993 £25.025 £2,407 £27,433 £2.119 £188 £2,307 £2,119 £188 £2.307 £2,119 E188 £2,307 £108212 £9.887 £118.098 Sabbatlcal Post D James C Adams F Rabbi M Sadman RAam A Tanim S Islam Totsl Ttust•8•' expen¥•s Truslee8 expens85 paid during the yoar We￿ £1,17912023.. £117). 11. STAFF COSTS 2024 2023 Wages and s818￿5 Soual $ecunty costs Other pension ¢osls 769,109 67N54 634, 171 56,684 706,686 The average monthly number of amployees during the year was a8 follows: 2023 26 AveTrJe employees 32 The number of empbyees whose employee bernfits {exclwling employer Pen￿0￿ (a)sts) ex￿eded £80,000 was: 2024 2023 E60,001- £70,000 £70.001- £80,000 Indude(I wlhin 8taff costs above is the remuneration of Ihe Senlor Management Team which amounted to £142,099 for the year eThJed 31 Juty 2(f24. Pago 24 ojntinwj... SOUTHBANK STUDENTS. UNION LTD Not•• to th• Fininclal St•t•m•nt•- contlnu•d for th• Yoar Endod 31 July 2024 12. COMPARATIVES FOR THE STATEIAENT OF FINANGIAL ACTIVITIES un￿$tr￿ertj fund R•8trftaed fund Total INCOME AND ENDOMNENTS FROIA DonatKJns and legac 1,259.451 1.259,451 Charltabl• a¢tlvltl•• Student Actr¥ilies 9,229 Othèr trading acbvibes Investrnent incorr Other Income 56.447 4.378 1.829 56.447 4,378 1,829 Total 1,322,105 EXPENDITURE ON Raising funds 27281 27.281 Charitabl• activilleB Student AclNIIi8s vice & ReWesentat￿n Communicalons & Markating 370,227 537.184 322.331 9,144 379.371 537.184 322,331 Total 1,257,023 9,144 1,266.167 NET INCOME Othor recognl•gd g•kwl{lo•M•l Actuarial gainsl{losses) cn defin￿ benefit stshames 65,082 85 65.167 255,0841 255.084) Net m¢w•m•nt In funds 1190.0021 85 (189,917) RECONCILIATION OF FUNDS Total fund$ brought forward 1985,9111 131 1985,780) TOTAL FUNDS CARRIED FORWARD 1,175,913) 1.175.697> Pago 25 conllnued... 8OVTHBANK STUDENTS. UNION LTD Not•• to th• FI￿n¢la1 Statem*ts. eontiN for Iho Y•ar Ended 31 July 2024 13. TANGIBLE FI￿0 ASSErs Imwov￿nts lo proFerty F￿ureS and Plant and Tnathinery Computer é￿wnent Tota COST Al l August 2023 Addibor 124,294 1.723 22.896 183.31r2 1,693 At 31 July 2024 124 36,082 DEPRECIATION At 1 August 2023 Charge for yaar 58.216 8,513 i.n3 12,401 28,997 101,337 14S04 31 July 2024 14ET BOOK VALUE At 31 July 2024 69,154 At 31 July 2023 10.495 5,392 81,965 14. STOCKS 2024 2023 1,500 2,778 1& DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and a￿lUed income 13,897 5,215 5,252 P•ge 28 continu￿... 8OUTHBANK STUDENTS. UNION LTD to tho Finan￿￿1 Stat•m￿th . ¢ontlnwd lor the Y•ar Ended 31 July 2024 16. CREDfroRS: AIIOUNT8 FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade ￿edItOrS Soci81 securlly and other tsxes VAT Other creditors Accruals and deferred inC￿Me 23,446 15,879 2,166 4,849 20.728 16,071 1.772 4,790 25.712 48.928 67,068 17. PROVISIONS FOR LIABILITIES 2024 2023 Provi%ons 18 21 1748 750 18. MOVEMENT IN FUNDS N81 rTwJ¥ement in funds Tr8nsf•rs Al 31.7.24 At 1.823 lund Unrestrletsd fund• General fund Facilitw and refurbishment fund Pension deficit 490,871 81,966 1,748.750} 154.553 114.5041 1111.639) 1.692 533.785 69.154 (1,175,913} 360,431 {815,482} R••trlct•d lund• Clubs aThJ Societies 216 1,051 TOTAL FUNDS 1175,697} 361.266 814.4311 Nel movement in funds, included in the above are as follows.. In¢coning re8ource$ Gains aTrJ lo£s•s Movèment in funds exp8nded Unrnstrlct•d lund• General fund Facilities and refiJrbl$hment fund Pansion deficit 1.435.443 {1,280.890) 114,504) 43.734) 154.553 114.5041 220.382 264116 1,435.443 11,339,128) 264.116 360,431 Rmtrlctod lund• Clubs and Soclelles 5,907 (4072) 835 TOTAL FUNDS 1.441.350 1,344.200) 264,116 361,266 Pège 27 c￿lmu¢d... SOUTHBANK STUDENTS. UNION LTD Not•* tts th• Flnanclal 8t•tements-corfirwed lor th• Year Endqd 31 July 2024 1& MOVEMEIIT IN FUNDS- ¢onllnu•d Comparntl¥e8 for movement in lunds TransfeTB be￿een ndB At 31.7.23 Al 1.8.22 Infund8 Unre8trlcl•d fvnds G8neral fvnd Facililies and refurbL8hment fund Pension deflcil Covid-19 fund National Siudenl Survey 450,686 94,832 (1,559,932) 12,513 15,990 104.095 163.9101 490,871 (12.866) 81,966 105.279 (1.748,750) (12.513) 1294.097) 1985,9111 (190.￿2) {1,175,913) R••trlcted funds Clubs and Societies 131 85 216 TOTAL FUNDS 189,917} (1.175,697) Comparative r￿t moven*nt In funds, Included in the above are as folltrws.. Inthnmno R•souwus Gains and IoBEe6 Mo¥emert in funds Unrestricted funth Gener81 fund Penslon deficit 1.322.105 (1,218,010) 39.013) 104.095 294,0971 255,0841 1,322.105 11,257.023) 1255.084) 1190,0021 Restrlcted funds Clubs arkl Sod8ties 9,229 19.144) TOTAL FUNDS 1,266,167 1,331,334 ￿ ￿255 084) 189,9171 Page 28 cuntinueo... SOUTHBANK STUDENTS. UNION LTD Note• to th• FINn¢l*l Sl•t*nents . conVnu•d lor thp Y•ar Endgd 31 July 2024 18. MOVEMENT IN FUNDS - continued A Current year 12 n￿nthS and prioryear 12 months cortjined wsilin is as fouows.. Net Translern movement between in fundB fund3 Al 31.724 At1.8.22 Unr•8trfet•d funds G&ner21 fund Facililie5 and refurblshment fund Pension deficil Covid-19 fund National Student Survey 450,686 94,832 (1,559,932) 12,513 15,990 258,648 114,504) 173,7151 {175.5491 11,1741 215.226 112,5131 15,9901 533.785 69,154 11.418,4211 (985,9111 170,429 (815.482) RMtrlct•d funn wlth an annual grant as shown In the Statement of Financial Activrties. The London South Bank UnNersity provides thè Union with accommodation and a range of 5UPPOrt services for which no aclual ¢h8rge 18 made, however the value of this support has been reccNJnis8d in th8 accounts as a benefit in kind. P¥g$ 29 ¢ornlinL*d... SOUTH8ANK STUDENTS, UNION LTD Nglg• to the Flnon¢iql Statomwth- wthu•d for the Year Ended 31 2024 EMPLOYEE BENEFIT 08L113ATIONS D•ffln•d 8ch•m•- SUSS The Union participalas In the SILMlents' Union Superannuatkln SchenE. which Is 8 delned benefit scheme whose membership Con￿Sts of employ808 of students. unions and reL9ted bodies throughout Ihe CDunty. Benefits in respect of servic* up to 30 September 2003 are accrued on a "final salary. basi5, With benefits in respect of service from 1 OctoEer 2003 accruing on a Career Average Revalued Eamings {CARE} basis. Wlh effect from 30 SeFtember 2011 the Schome closéd to fvture accrual. The tnost ￿nt valualion of the Scheme was carried out as at 30 June 2022 and shtr*d that the market value of the Schem's assets w89 £106,700,0￿ 7Mth these assets repWan￿n9 44% of the value of benellts that had ac¢rued to member5 after alk)wing for expe&ed fviure increase5 in éamings. Th8 d￿ClI on an ongolng fvndlng basi8 amounted lo £136.800,000, The assumpb'ons which hwe the most significant effecl upon thè results of the valuation ao those relating io the rate of retum on wivestrnents and tho rates of increase in salaries and Pen￿On5. The lolbwing assUM￿n8 appled at 30 June 2022:. . DIsct)unt rats: Bank ot England gllt + 1.5% pa, Ilnoarly ¢hanglw over a tèrm of 13 y•ar8 to gllts cum + 0.2S% p•. . Pèn81¢)n increases: A mod81 of eath intyease, allowing for I￿u[erI relats've prl¢lng of drfl8rnnt caps and collar5. The 2022 ValualKJn recOm￿NInded a monthty ￿ntribution requirenwl by each Participating Employer &xpressed in monetary twms intended to Clear It* ongoing fundirg def￿'t ty 1 May 2037 and will increasè by al least 5% e&h year. These contfibulion$ also include an aNowance lor Cost of Ihe ongoing 8dnMni8tratlvè and QFwatiorHI gxpenses of running the Scheme of £5,038 pa. Surpluses or deficits whiGh arlse at fulure valuabans 11 also Impact on the Union'5 future ¢ontdbutson coMmitn￿nt. In addition to the above conthbutions. the Union also pays hs Sha￿ of the Scheme's I￿Y to the Pension Protsction Fund. The Ilabllity provided fvr in r95pect of tha SUSS pension dellat increased to £1,418,421 {2023- £1,748,750) al 31 July 2024 {gee note 171. D•fln•d Contributlon Penslon Schem• Since 1 October 2011, all partidpating employees have boon In a new defined contribution pen8knn schemé. tha National Un￿n of Students P•n$ion Scheme INUSPSI. Conlributions are at Variab ratss up lo 6% for the employer and a minimum of 3% for employe8. The Union's cost of contrllwty'on for the y8ar amounled lo £10,38312023.' £15,831). Paqe 30 **Southbank Students’ Union Limited Audit Findings Report Year Ended 31[st] July 2024** **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** The Board of Trustees Southbank Students’ Union Limited 22[nd] January 2025 Dear Trustees ## **Audit findings for the year ended 31[st] July 2024** This Audit Findings Report highlights the significant findings arising from the audit and sets out the key matters which we are required to formally report to those charged with governance in accordance with International Standard on Auditing (UK) 260. As you will appreciate, our audit procedures are designed primarily to enable us to form an opinion on the accounts as a whole. Our procedures include such tests of the accounting records and internal control systems as are, in our opinion, necessary for audit purposes. Consequently, whilst our procedures may identify certain weaknesses which may exist, the audit procedures in themselves should not be relied upon to reveal all the weaknesses which may exist in the system. This report has been prepared for your sole use and we assume no responsibility to any other party in respect of its contents. The report should not be disclosed to any third party without our prior written consent. This report is not exhaustive and deals with only the more significant matters which came to our attention during the audit. Other matters of lesser significance have been discussed with the relevant staff during the course of our audit work. In conclusion we would like to take this opportunity of expressing our appreciation to all your staff, particularly Amy and Eunice, for their assistance and cooperation during the course of our audit. If you have any queries on any of the points in this letter, please do not hesitate to contact us. Yours Sincerely ## **Knox Cropper LLP** **1 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** **Contents** |Audit Overview|Pages 3-4| |---|---| |Materiality and Audit Adjustments|Pages 5-6| |Key Audit Risks and Conclusions|Pages 7-8| |Internal Control Observatons and Recommendatons|Pages 9-10| |Emerging Issues|Pages 11-12| |Leter of Representaton|Pages 13-15| |Commentary on the Financial Statements|Pages 16-18| **2 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** **----- Start of picture text -----**
Audit Overview
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## **General** The purpose of our audit is to gather sufficient evidence to allow us to conclude that the transactions and balances disclosed in the accounts are unlikely to be materially misstated, to establish that disclosures reflected in the accounts comply with the requirements of legislation and relevant accounting standards, to assess whether the accounting policies adopted are appropriate and consistently applied and to assess whether judgements exercised and estimates made in the preparation of the accounts are fair and reasonable. ## **Audit Report** We confirm that we have completed the audit to our satisfaction and intend to issue an unqualified audit opinion on the Financial Statements. This means that we have no material reservations over the figures or information disclosed in the financial statements. The wording of our audit report is in accordance with the standard text for unqualified audit reports prescribed by the Financial Reporting Council. Our report also includes a section which is specific to this audit setting out our response to the risk of material misstatement in respect of irregularities arising from non-compliance with laws and regulations, including fraud. ## **Estimates and Judgments** The estimates and judgments made by management affecting the financial statements are in respect of the SUSS pension deficit provision, depreciation, accruals and prepayments. We have concluded that management have exercised judgments and calculated estimates in a fair and reasonable way. ## **Accounting Policies and Disclosures** The accounting policies which have been adopted in the financial statements are in accordance with Generally Accepted Accounting Practice and are, in all material respects, appropriate to the organisation’s operations and in compliance with FRS 102 and the Charity SORP 2019. **3 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** Adequate consideration was given to the potential impact of changes in legislation and accounting standards which arose during the year. No significant changes arose during the current year which affected the financial statements and therefore the form and content of the accounts are consistent with the preceding year. ## **Professional Ethics and Independence** We confirm our compliance with the Ethical Standard issued by the Financial Reporting Council. We confirm that we have not carried out any non-audit work which could impair our independence and there are no other matters in relation to our audit engagement which we consider should be brought to your attention. ## **Other Audit Matters** In accordance with UK auditing standards, we confirm the following matters in relation to our audit of the financial statements: - a) We have not identified or been made aware of any incidents of fraud or suspected fraud. We would emphasise that our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. - b) We have not identified or been made aware of any incidents of non-compliance with laws and regulations which could have a material impact on the financial statements. - c) We have not identified or been made aware of any related party transactions other than matters which have been disclosed in the financial statements. - d) We have received all requested third-party confirmations which represent an essential element of our audit evidence. - e) Apart from the matters set out in this report, there were no significant matters discussed with management during the audit which we are required to bring to your attention. There were no significant disagreements with management or any limitations placed on the scope of our work. No significant difficulties were encountered during the audit. **4 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Materiality and Audit Adjustments** ## **Materiality** Materiality is used both to plan the nature and extent of audit testing and to evaluate the effect of misstatement. In accordance with ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to include details in this report of all unadjusted errors which are below materiality unless they are clearly trivial. Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these. Omissions or misstatements are regarded as material if they would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement. Our assessment of materiality the year ended 31[st] July 2024 was calculated as follows: ||£|**Explanaton**| |---|---|---| |Overall Materialityfor the Financial Statements|21,620|Accounts materiallymisstated where total errors exceed this value| |||| |Performance Materiality|16,215|Workperformed to capture individual errors at this level.| |||| |TrivialityLevel|1,081|Unadjusted errors above this level are reported.| **5 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Audit Adjustments** There were no material adjustments made to the financial statements arising from our audit work. The following misstatements, which are above our triviality level, have not been corrected in the financial statements by management because they are not individually or cumulatively material. |**Descripton of adjustment**|**Debit**|**Credit**| |---|---|---| |**Missing prepayment**|**£**|**£**| |Balance sheet – Prepayments|6,507|| |SOFA – Sofware subscriptons||6,507| ## **Reconciliation to Management Accounts** Below is a summary of the adjustments that management have made to the reported profit in the management accounts. |**Descripton**|**£**| |---|---| |**Surplusper frst draf of the accounts to 31 July 2024**|**30,045**| |SUSSpension defcit liability payments incorrectly posted to I&E|110,112| |Unwindingof the discount on the SUSSpension defcit liability|(43,734)| |Actuarialgain on the SUSSpension defcit liabilitydue to change in discount rate|264,116| |Sports and societes income and expenditure movement in theyearposted to reserves|727| |**Defcitper the fnal accounts**|**361,266**| **6 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Key Audit Risks and Conclusions** The following schedule sets out the key risks which we identified as part of our audit planning. It sets out our approach to ensuring that these risks did not give rise to any material misstatement in the financial statements and our audit findings. ## **Risk Audit Approach Audit Findings** - **1 Completeness of income** Completeness of income is always We carried out testing on the various We are satisfied following the review of considered high risk and audit procedures income streams and the controls around income documentation and analytical need to be devised to address this risk. them. We also performed analytical procedures that income is not materially procedures for testing income trends. mis-stated within the accounts. - **2 Classification of income** Income received by the Charity could be We reviewed the underlying supporting This was tested as part of our income and subject to restrictions and therefore documentation for income to ascertain expenditure testing. Classification of income may need to be treated as whether restrictions applied and we income appears to be fairly stated in the restricted income. reviewed expenditure from these funds to accounts. ascertain whether the imposed restrictions were being adhered to. - **3 Payroll costs** Payroll expenditure is a substantial part of We performed a proof in total on the There were no issues noted during our total expenditure therefore this is an area, payroll costs by agreeing the payroll reports audit testing. Payroll expenditure appears which although not a high risk area, will be to the accounts. We also performed to be fairly stated in the accounts. thoroughly reviewed due to its materiality. substantive testing on a sample of employees, including checking contracts of employment. **7 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** **4 SUSS Pension deficit provision** The assumptions and calculations used may We checked the calculations and be inappropriate and may cause a material assumptions used for the pension deficit misstatement. provision. The assumptions used for the SUSS pension deficit calculation are appropriate and the calculation performed has been agreed. The SUSS pension deficit liability appears to be fairly stated in the accounts. - **5 Management Override of Controls** This represents a key risk for all We checked that controls were applied We did not find any instances where organisations and we are required to consistently throughout the year and management had overridden controls. specifically check to ensure that there is no reviewed a sample of journal adjustments evidence of management override during to ensure they are valid. the year. - **6 Related party transactions** Identification of all related party We reviewed and assessed the controls in This was tested as part of our income and transactions conducted throughout the place to identify and disclose related party expenditure testing. We requested that year. transactions and looked out for related related party declaration forms were party transactions during our review of the completed by all trustees and senior accounting records. management. No issues noted were noted. **7 VAT** There is a risk that VAT has been incorrectly accounted for. During our income and expenditure testing We are satisfied that VAT is not materially we performed substantive tests, which mis-stated within the accounts. included checking the accuracy and the treatment of the VAT recorded. **8 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Internal Control Observations and Recommendations** We are required to report to you, in writing, significant deficiencies in the internal controls and the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all deficiencies in the system and, as a result, the matters reported may not be the only ones which exist. We have categorised the internal control deficiencies using a colour-scale rating system. The key to which is as follows: Control weakness is not significant but we recommend that it be addressed to comply with good practice Control weakness is serious and needs to be addressed Control weakness is of critical importance and needs to be addressed as a priority ## **Matters Brought Forward from the Previous Year** > **Risk Observation Rating** ## **1 VAT postings and corrections Last year** **Recommendation Management Response** **Last year** we found some minor errors with the We recommend that VAT should be postings of the merchandise income. The calculated on the income before the VAT has been calculated on the net amounts fees have been deducted. received, which is the income less the iZettle fees. The VAT should be calculated on **Current year** the income before the fees have been We are pleased to report that this issue deducted. Therefore, income has been has been resolved this year. understated and VAT is understated. The error amount is not material. **9 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** **----- Start of picture text -----**
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**2 Documentation of Benefit in Kind** **Documentation of Benefit in Kind Last year** We were unable to agree the value of the We recommend that this valuation is Grant of serviced accommodation to reviewed on a regular basis and supporting documentation. There is a risk of evidence of the calculation is material misstatement due to the degree of maintained. subjectivity in the measurement of the BIK. ## **Current year** We are pleased to report that management have reviewed the benefit in kind this year. Management have confirmed that they will continue to monitor this going forward. ## **Matters Arising in the Current Year** > **Risk Observation Recommendation Management Response Rating** We are pleased to report that the accounting records were well maintained. No significant weaknesses were identified during the audit. **10 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Emerging Issues** ## **Proposed changes to Financial Reporting** The Charity SORP and Financial Reporting Standard 102 (FRS 102), on which the SORP is based, are both in the process of being updated, with changes expected to be implemented for accounting periods beginning on or after 1 January 2026. On 29 September 2023, the FRC published a project update on its periodic review of FRS 102. The proposed changes reflect changes which have been made to International Financial Reporting Standards and include: - a) a requirement for all leases, with limited exceptions, to be capitalised, requiring the asset and the lease liability to be accounted for in the Balance Sheet. - b) a revised criteria for the recognition of goods and services based on a five-step model which may have implications for the recognition of grants and contracts The update to the Charity SORP is following the same timetable as it is required to incorporate all the changes made to FRS 102. However, it is also likely to implement a number of additional changes, reflecting feedback from a wide range of stakeholders. Changes are likely to include: a) a requirement for larger charities to include sustainability reporting in their Annual Report - b) a simplified reporting regime for smaller charities. ## **Companies House Reform** The Economic Crime and Corporate Transparency Act, which became law on 26 October 2023, has introduced significant changes to the way Companies House will operate, changing its role from a passive recipient of information to an active gatekeeper, charged with ensuring that information held on the register is valid and accurate. Some changes are due to be implemented from 4 March 2024 but the majority of changes will not be implemented for at least a year because many of the provisions require secondary legislation and Companies House will need to increase its resources and establish new systems and processes. ## The principal changes are set out below: - a) Identification Checks - Directors, persons with significant control and those filing returns on behalf of the company will all have to have their identities verified. **11 |** P a g e **----- Start of picture text -----**
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## **Southbank Students’ Union Limited** ## **Audit Findings Report for the year ended 31st July 2024** - b) Filing information and documentation with Companies House - Following implementation, all filing with Companies House must be carried out by an authorised company official whose identity has been verified or by an Authorised Corporate Services Provider. - c) Directors and Members - Companies will no longer be permitted to have corporate shareholders unless all the directors of the corporate entity are natural persons whose identities have been verified. Companies will no longer be required to keep a register of directors as the record held by Companies House will be the sole verified listing of directors. - d) Company Registered Address - In future, following implementation, company registered addresses must be able to physically receive letters and documents with the expectation that they will come to the attention of an authorised person acting on behalf of the company. As a result, PO Box addresses will no longer be acceptable. Companies must also register an e-mail address, although this will not be available for public view. New companies will have to provide this on formation. Existing companies will need to provide it on their next Confirmation Statement following implementation. - e) Statutory Accounts - There will be a gradual transition, over a period of two to three years, requiring all statutory accounts to be filed using software. Companies House are currently working with software providers to facilitate the filing of more complex accounts. - f) Companies House Role - Companies House will have a statutory responsibility to monitor and check company information to ensure that it is valid and accurate with the objective of disrupting economic crime and preventing abuse of the register. **12 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Letter of Representation** International auditing standards require us to obtain, from the trustees, a number of specific representations and also confirmation of any other material representation given to us during the course of our audit which forms part of our audit evidence. The representations should be made on the basis of enquiries of management and staff with relevant knowledge and expertise. The following is the full list of representations which we will require to be formally provided to us in a letter, signed on behalf of the trustees, prior to signing our audit report. ## **Confirmation of Responsibilities** 1. We have fulfilled our responsibilities as trustees under the Companies Act 2006 and the Charities Act 2011 (“the Act”) for preparing financial statements, for the year ended 31[st] July 2024, which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charity SORP). 2. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit. 3. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that: - so far as each Trustee is aware, there is no relevant audit information of which you as auditors are unaware; and - each Trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information. ## **Estimates and Judgments** 4. We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102. 5. We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act. **13 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** ## **Post Balance Sheet Events and Commitments** 6. We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements. 7. We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements. 8. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Related Parties** 9. We confirm that we are aware of the definition of a related party as set out in FRS102 and the charity SORP. 10. We confirm that we have disclosed to you all related parties and related party transactions relevant to the charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act. 11. We confirm that the charity has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements. ## **Laws, Regulations and Contractual Agreements** 12. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its operations, non-compliance with which could affect the financial statements. 13. The charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance. ## **Internal Control and Fraud** 14. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year. **14 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** **----- Start of picture text -----**
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15. We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others. ## **Going Concern** 16. We confirm that, having considered financial projections which reflect the charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the charity’s financial statements should be prepared on the going concern basis. ## **Uncorrected Misstatements** 17. We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole. **15 |** P a g e ## **Southbank Students’ Union Limited** ## **Audit Findings Report for the year ended 31st July 2024** ## **Commentary on the Financial Statements** ## **GENERAL** The accounts have been drawn up on the basis of generally accepted accounting principles (Charities SORP 2019 - FRS 102) and relevant legislation. The accounts consist of: - The Report of the Trustees, which affords the trustees the opportunity to explain the Union’s objectives for the year and its achievements and in particular how it has delivered public benefit. It also allows them to comment on financial performance for the year and financial position at the year end as well as making a range of disclosures required either by law or by accounting standards. - An Auditors’ report, which explains the scope of the audit, the nature of the auditors’ responsibilities and expresses the audit opinion. - A Statement of Financial Activities, which analyses incoming resources and resources expended by the Union arriving at a net result thereby providing a measure of financial performance. - A Balance Sheet, which analyses the Union’s assets and liabilities at the year end, thereby providing a measure of financial position at that date. - A Cash Flow Statement and notes, which analyses the Union’s movement in cash during the year. - Notes to the accounts, which provide an indication of the accounting policies adopted and provide further analysis of the figures disclosed in the primary statements. ## **STATEMENT OF FINANCIAL ACTIVITIES** Net movement in total funds for the year showed a surplus of £361k in comparison to a deficit of £190k last year. Total Income increased from £1,331k to £1,441k. The increase in income is the result of the following: 1. Donations and legacies income increased from £1,032k to £1,115k. The block grant from the University increased from £980k to £1,010k. The space grant remained the same this year, £226k, which relates to the space used by the Union. Additional grants were received this year of £105k from the University. 2. Income from Student Activities decreased from £9k last year to £6k this year. This income represents funds raised by the various clubs and societies of the Union. 3. Income from other trading activities increased to £85k from £56k. This includes Merchandise sales of £45k, Fundraising events income of £6k and Marketing income of £34k. 4. Investment income was £9k compared with £4k last year. **16 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** 5. Other income was nil compared to £2k last year. Expenditure for the year increased from £1,266k to £1,344k. The main expenditure variances are explained below: 1. Student activities costs increased from £379k to £426k. 2. Advice and representation expenditure increased from £537k to £572k. 3. Communications and marketing expenditure decreased from £322k to £311k. 4. Included in the above expenditure headings are wages and salary costs of £847k, which has increased from £707k. There is an actuarial gain, on the SUSS pension scheme, of £264k this year compared with a loss of £255k last year. The reason for the gain this year is because the discount rate used increased from 2.5% to 5%. The reason for the loss last year is because of an extension to the term for deficit funding contributions. The contributions are now due to end in May 2037. ## **BALANCE SHEET** The net book value of fixed assets has decreased from £82k to £69k. This is because additions of £2k are less than the depreciation charge for the year of £15k. Net current assets, the principal balance sheet measure of short to medium term solvency, have increased from £491k to £535k. There is a sound margin of solvency with cash and bank balances alone being sufficient to cover creditors by a factor of 11.5:1. The stock figure of £1.5k relates to retail stocks and NUS cards. This has decreased from £3k. Debtors have increased from £10k to £20k, which relates to prepayments of £6k and trade debtors of £14k. Cash and bank balances have increased from £545k to £562k. Creditors have decreased to £49k from £67k. Creditors are mainly made up of accruals, which have increased from £21k to £26k, and trade creditors that have decreased from £23k to £0.5k. Social security of £16k, VAT of £2k and other creditors of £5k make up the remainder of the balance. **17 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2024** Provisions for liabilities represents the calculated deficit funding contributions the Union must make in respect of the SUSS scheme. This has decreased from £1,749k to £1,418k. The decrease represents the changes in assumption, of £264k, and the unwinding of the discount, of £44k, which net off against the contributions made to SUSS of £110k. As a result of the above, the total funds have increased by £361k, from a negative £1,176k to a negative £814k. All funds are unrestricted except for £1k of restricted funds. **18 |** P a g e