REGISTEREO COIAPANY NUMBER: 13353590 ienqlAnd Ylal••l REGISTERED CHARITY NUM8ER.. 1194509 R•p¢rt of Iha Tfu•¢e•• •sMI Fln•nchl S¢at•m•nf• for t￿ Year Ended 31 2025 for SOUTh BANK STUDENfs' UNION LTD Knox Croppor LLP Charlerod Accouniants and Slatulory ￿dItO 153 -155 L¢Mrfon Road Hernpstsod Hertlordsh*8 HP3 gSQ 80UTH BANK STUDENTS. UHIQN LYD ContoDts olthe Flnandal Slat•m•nt• forthB Year End¢d 31 July 2025 RglpTrncp ahd AdTrdnlstrallvo Oetal Report of th¢Trustoe• 2 10 10 Report af the kndopendent Audlt¢w¥ 11 to 12 Slatwnortof Finwndal A¢tsvl 13 14 Cash Flow Ststemènt 15 0ts8 to thv Ca¥h Flow Statwn•nt 18 Note• to the Ftnandal St•tsmaNts 17 to 25 SOIITH BAMK STUDENTS. UNION LTD Rotsr•nc• and AdmlnlB¢ratlvg D￿111$ torth• Yè*r Erthil 31 Juty 2025 TRLISTEES M Dunwdl Ivesigned 30.9.241 B A C Hud50n (resigned 31.12251 C Adams Irosign¢d 30.6.251 G Flrmin S M E Islam Ite5igned 3Q.6.251 RAJam J￿tsrt J Bra11hwa￿ l?ppolnted 1.10.241 A R fanim Ir8signed 30.6.251 P Kelly lappDinted 1.1_261 C R Yayk¥ (appointed 1.7.251 S E Tucker lappointsd 1.7.25} REGISTERED OFFICE Student C8Thtr8 South Barlt University 103 Borough Road Elephant And Ca8M8 Lty)den SE1 OAA REGISTERED COMPANY NUMBER 1335&S90 (Engbnd Wale51 REGISTERED CHARtrY NUNBER 1194509 AUDITORS Knox Cropper LLP Chartered Actount8nts and &alut¢ry AJJdt( 153-155 London Roa HemEI Hempstead Hertrordshire HP3 9SQ SOLICITORS WngW8 Solicitors LLP 19-21 Cookrfdge Stréet Leed5 LS2 3AG BANKERS HSBC PL¢ 28 Borough Hbah Street Sowlhwark SE1 1 IB Page 1 SOUTH BANK 5TUDENTY UNKIN LTD oportof the Tru¥ts•¥ l¢Ythe Year Enthd 31 Juty ZOZS The In￿le*9 a￿ also Ilre¢tor8 of the ehadty for thè pwpts9es of Ihe CffjtpsnleÈ kl 20r￿, prwni ther report ￿{b the ffinanciol slatBrnents uf the for the yew end￿ 31 Juty 2025. The tsuytees h8¥e adopted the prD￿l￿On$ Df h¢¢ounOr%J arKI Reporbng by Charihes.. Slatement of Reccmmended Prodce ap￿￿16 to ckn8ilb88 preparlng 1helr accou1￿ in aGcordarrfe v4ith ts Finandal Re[￿ng Slandard applcabb in the UK and Re￿￿1¢ of Irdond IFRS 1021 18ff8cti¥e 1 January 20191. Page 2 SOUTh BANK STUDENTS. UNION LTD Report gf the Tntstee5 flwtho Yèar EndEd 31 July 2025 OBJECTIVES AND ACTIVITIES R•vlgw ol artl¥hle45 Souih Bank Sludents Union had a succe89ful yaar, improMnll re8ults 8nd athievkno the maittrfty of KPIS and exceeding torget in 25% ofcases. See T8b￿. I T8ble. 1 2023 24 Targ•t 55fA Aelual Overall students eng8ged in Su-led 8chvity lntern8ts.onal students engaged in SU.18d actfvty Apprentice I PT students 8ng8ged in SU4ed actlvlly Fir51 years engaged in Su-kd aciNity Sludents receiving SU support to help stay In study Students engag8d in SU4ed aeatlemLc enhanGement gctiwly Stud8nb voted in an SU 818cti 55% 64% 70% 71Q 30% 30Q 133% 78% 75% 40% 45% 148% 36% 31% 2142 1600 1620 Students engaged In SU*d wreaiKJnal 8¢ttvlty Student In$ighl$ o)llecled Student insights reported and actÉd on No of COU￿ reps Dwisions rEpre￿￿ted across studpnt voice Caurses vAth Student ￿￿esenIabO￿ Staff enga&*ment Incomè from £tXnrnerc￿ seN1￿5 EX￿M￿l ftsians￿k aud SBSU FM)sitiveAy contributes to sbjdents, academic s￿CesS 3tudent Vol¢• R•pThsgnt•thn 39% 1962 2QQO 12039 90% 79% 537 100% 77% 82% 75% 80% 499 50U 100% 100% 90% 90% 100% £78k 90% £75k Pa Pa8S Pass 77% >3% The Union's 8ucce85 is buitt ￿ Jlrong 51udent PJFts'cipation in its acti*ilies and initiatives. 8y invofving Students In a wid8 rang8 of programm65, Ihe Union k atde to CDlkct valuable feedb8ck Ihal ￿forn$ irnpiovements to the studHnt ¢XPorience align5 ￿th th8 Unlversltys Str8leglc alrns. Pa￿t1pa￿On In Ih89e OPPDrtunlUe8. Induding support 6eNEces 8nd Ini118tive$ lo en￿￿￿e acadBmlc success, akn play5 0 key rc4e in supporting stud￿t pmgru*on and retention. The Union continued IL8 strong upward trajectory in student enfjagemeDt throughout 2024125, over thlrds of LSBU stvdonls engaging wfth the Sludotts, Union at least during the acadernic year. Engagemelll grew steodi acros8 Ihe year and was Si￿lfiG9nttY boosled thiough target8d phone b8nk5, electon8 and 8¢ad8mK enhanc8meTht activity, engaging many students f(x first time. Notably, engagernenl 8mong apprenti(xs, inlernats.onal students. Cioydon and Havwng stu￿￿nts, and flrst-year studonts InLTr888d sub5tanlany ov8r th• eJJr$8 of th8 ye8r. ￿1h sovaral stretsh t8ry8ts ulfjrnately bwng m8tor exc8ed8d. Course4evd repre5en18Uon tsmaintrd a o)re Blrength of Ihe Union'B By the End of th8 year, 88% of courses harj actfve stsJd8nl reprwnt8ti(ffi awss 811 dlwslons, wllh 100% ol o)urse rep9 $UPPQrted by the Unlon. Thls wa5 underplnned by the ele¢tion and Ireining of nearly 500 cwrse repre5entatrve5. delivery of over 30 Irqining SB$slons, and a second annual Course Rep Cor*lgT8nce. Feedback from bDlh 8tudents and 6tsfl o)nfimied that recent change5 to student vdce 51ructure5 . replaong fomial cOu￿e boaryJ5 wih more regular. inlorrnal rneEbng5 - have r@sU￿e￿ in faster 155ue ￿$0)JIjOn and more m88ningful dla£#3ue bèwn stud8nt5 and a¢adamlc t8ams. Alongslde repres8nl8twe structure9. lh8 Unioii ￿￿tIn￿8￿ lo collact 8nd act on studanl inslght at sca18, 8xceeding its t8r9è1 of ?,c￿ &ludenl ￿eV•S cdlected during the yeJT. By year end. thp Uniun iewrting the va51 ￿BloritY or vkw8 le￿1V￿d, with hlgh levd5 Of act￿￿ taken in partner5hlp wllh Ihe University. Thi6 depth and brgadlh of inslghl hos strengthened the Union's ability io Influ8rL* insb"tuknon81 ￿e￿81D￿￿n8kIng and improve lh8 sW(tent 8xperi8nf*. A m¥iDf strategic mikslone this year was the ￿p￿tic￿ and implem8nlation of the UTh0n￿ ￿Ve￿anCe and demccracy revSew. F￿lo￿ng ?xt8nsive cOns￿la￿D￿ vAth ovgr 1.40D students and stakeholders, new Arficae5 and by£-k2ws were approved 8nd rAme Inio Èffed Irom July 2025. The first elettions under the ne* 8￿ctUre demM$trated improved fairnESS cross-ychool parbapabcn. the foundations for rn￿e Sustainab￿ 8nd Inclusiv8 damcua 8ngagernenl in future years. Page 3 SOUTH 8ANI( STUOENTY UNION LTO Report of th•Tru¥t995 l¢xthq Ye•rEndod 31 July 2025 The Studenls. Union has on¢e •Ja?n played a key role In bopsling $iudent ¢MploYa￿lIty by offering oppothJnitie5 Ihal complemenl academic learning Hnd help studen15 build ￿lt￿l Fxofes$ionAI and life skill&. In 2￿24125, mcfe than 5QO slud8nts colkctivety gained over 70,OtM) hwr5 of vcluntary experfence, Bnd Ihe Unlon gLso pro¥ld*1 over IS,O(X) h)ur5 of fle>itAe, pald employment 10 bolh rJJrrent $ttJdent$ r8c8nt graduates, ￿PP¢￿Ing not jvsl Iheircareer devdopment but aLg0 Ihelr financial wdlbelng. S8SU 18 proud that 50% of its fu114ime staff a￿ dthgr ro¢ent LSBU graduate5 or studenls on pi8cèm•nL abr#Jade & strong ie*n of part￿￿ s￿d￿lS*4￿, Student SuppDrt OutrEach The Unien pl8yad 8 8ignifirAnt rol8 in Unlvw8rtl6 reteDkn arKJ 8Lud8nl 5UCCeSS 8lrategles Ihroughoul Ihe year. Building on prevlous Sur￿￿$$ m￿lIple targeted thone banks we dellvered, Indudlng 88rty engagement callÈ. résil support. aFvrentice5hip Outreach. pocr attendarKe intervenllons NSS camplellon acuvlty. In tDtsI, several thwsand $ludants ware r¥)ntact8d. with corBbtenUy high satisfac11c￿ rates repjrted arr￿￿ siudents ¥tho fecoived this ￿￿￿ort. an¢J strotWJ a￿d￿)ce thatthe C￿l￿bUted pwtivety to ¢￿￿nual0Tr otyj prr*]re8B>)n. The Unlon Advi8 SeNlca continued lo supwrt sbjdents with ccfflplex ac*J8mic and d15Th￿Inary ¢a&os. Induding appea8, filfiess lo prd¢lse and rovlews. owr411 d￿nand flucttJ8t8d auoss the year, Ihe 48ry1 m8intain*J high impact, wlth athce $8rvlca u8ers con*stwty rewbng that Ihe sUPPQrt Ihey receiv￿j was o key f8Otor In enabllng them to ¢Dntinu8 their stuthe$. The Union began devthwrvj more proactsve and p￿vEntatIv￿ adthce rncdelB to furthEislrengthan its contribulM)n to 51udent r8Lwtion in ftrtur8 yea￿. S￿dettE Communltl•8, ActMtl•s and 8elonglng The Union de15¥ered a widfrranging progrdmme of academic and n￿￿tadeMiC activity de&gned to bJild belonging, 5UPP¥Xt relentjon and enhanc* the student expgrfencg. Academic ￿h4￿ceMent activity vras delIV￿ed acr055 8n schools. Indudlng guest speak8r wenls. o)urs&basgd sodaL4 and a lary&5ca18 acadomlc s¢rget fest(val whlch alone engagè over 9tN) sbjdenis. Academic engryernent target5 were &x¢eeded by yoer and, b8Lqnfang araas *there non-acadernie Engagement fell slighyy short of stretch t8ryets. thls. Unlon sUp￿rted a vlbranl proorammE of ngn-gEadgFDIG everts ¢xJmmunlly4￿ acuvlty. I1￿￿J￿ing Fresher5, Re-Fre$hers. Vorsity, IftBr. tJJlbJr81 celebrats.ons and collaborative events with other Lon¢thi students, Unl4￿3. These progrnmmes played a key role In helplng students build soraal o)nn8ction5 and f801 part of Ihe LSBU rxjmmnty. parti￿la￿lY at tran￿11(￿ points in thÈ aradewic year. I￿gI￿1￿￿onal Health and Su8ts1nablllty The UnioTh Tnaintgined 8 strong locu5 on organi5aiionel and sU5tsinobflMy throughout Ihe year. Stall engag8rn8nt temalnad s8ckn4eading, ￿th 100% parbclp81lc￿ in staff eng8oement surveys and engagement s¢ores con8lsieThly around 97-100%, signfflcanuy OL4tr)erfo¥ming sector ben¢hmarks. Th1$ a¢htevemBnl was recoani8ed nalonguy, reinforcing SBSU'5 reputation 85 an err¥4oyer of ch￿ce vlthln the studEnts' unlon serknr. Finandalty, the Union achlevws a cl8afi external a￿lL and rnol Ils intotnÈ lorgets. ending year wth a sm811 surpkn5. Inwm8 dNeTsrfiCa￿Cn through Corn￿55￿)r￿d work wth Ihe UniveNty, rAJnsultancy 8ctivIty and comm8rra81 operation8 strenolh8n8d fin8nc181 veslliente, wthile trusleB5 progressed work ￿ reseryes pc4iEy IL￿9-¢eM1 SUStainaL¥'llly. De$plte a small deGllne In the UnlDn'$ NSS SGore from 77% to 75%, the Unton condnued to perfonx Strongty rdauve to Iha sector. Earfy analysis suggest5 thi5 dip may t¢ linked ta brooder in5tittstional sentiment and leduced opportunilies lo engage st￿lents dudng lh8 NSS carnpatgn. Encouraglngly, a survey of LS8U cdlBagu8s fuund Ihal ovgr gJ% aweed the S￿dents. Union Tn8kes a pLE￿Ve (vnlribulion to Student suwess, undedining ts Unlon'$ ytrong in5ti1ubonal re￿￿OnShIpS and iryact The Union h86 mel 811 d its rep£¥ting 0￿g￿tIonS vith a code of practice relum pr0sent¢d to GovemNs In February 2025 along wilh Jvdlted flnanc481 stalemenb. Both of thé 81ections run Ihls y88r ware Signed off as fair by e¥tBmal returning officer INUSI and the has al¥0 benefilted from university cole8guBs attwding its Tru5te8 Board. New oper4t.onal KPIS for2Y26 have ￿en Sel progress Is b8lng r8pthtsd ID Iru8te88 quarterfy. Page 4 SOUTH 8AMK 8TUDENT8' UNION LTD Repwt of th8 Trutsto05 forthe Year El￿0d 31 Juty 2025 eo•A Sturiènts Engthged In S￿10￿ a¢tlvlty 40% olAppr8nticeslPT engaged in Su-led aclNity 7S% Of Inlemational engaged In Su-led acllvity 85% 01 First yo¥r8 engaged in Su-led activity 55% Sludents receiv• hlgh quality SU Supportandadvice to h•lp them stay In séudy 35% Student$ enpaged In S￿l•d academlc baseil acfvlty 20% *udents involved In ac8dÈmic activity programme 16Yo sludents engaged in the Spring elecu 4￿A Students engagedln SU4edrecr••tlonalJelivity. 25% students involved in SU Inon-academicl commurdty activity 85% First years enrolled by t￿ énd of week 2 engaged in SU led welcome xtivity Sludonl Sathloctlon & R•l•ntton Impa¢t 71YA Students thlnk SUposiliweiy¢ontrfbut•¥ to theiiacademic *ueetrs 2000 Student vlews ctslkn¢ted 75Yo view5 reported and 80% actsd on 100% cOu￿e reps supported 100% divisionslschcx)Is repr8sented across studont V01ce tracker SU Actlvty delivered across 100% 5ubjectsldivisions 90°A students called rnte SU phon• bank As helWI lactor foi Gonlinuing their studies 80% SU Advlce Service users rate the seNce as helpful fgctorfor continuing thelr studies SU supported appeal Gases have 10% higher gucce85 rate 9￿A KPIS Achieved, 20% Exc8gdgd' 90% Stsff thlnk SBSU is a wat place to ¥J(*k Athieve IIPAccF8ditatir IncoTllP tsrgets met (Tol811 95% Compliance audTt5 compleled,'90% passoL1 Exlemal Flnance Audit passed 85% LSBU Partners arg satisfied wlth th¢ SU'¥ ¢￿trIbUt￿)n to student sue¢e$8 Flnanclal R•vl•w The Union* gro85 InGome from 811 SDurco5 thls year totsjknd £1.437.84512(r24'. £1,441,3501. Tol81 eynditure Ihis y88r spent on a ¥￿de￿ange of sludenl bBnefits and revenue-genwaiing 8di¥tyw05 £1,339,82312024.. £1,344,2001 leavlng an opeTrlonal surp￿8 ft)rthe year of £98,22312024.. E97.1501- Once the movernents in relation ID the Union5' meM￿rShiP of the SWdonts' Union supar8nnupb￿ Bchema are taken tss a￿D￿nt the Union had an in(xeas81ts net funds of £gB,27312024.. Incr8888 of£361,2661. D￿l￿n81ed lunrestrictedl funds Velal￿g lo the ongthng costs a550rAaied wlh facilibes imprO¥w￿ntr avvJnl8d to £S5.67212024.. £69.1 $41. Th15 ftsnrj rglates lo the unl￿,8 knvgsknents In ils fwed assets. Page 5 SOUTH BANK 3TUDEMTS' UMICVI LTD forthe Year Endod 31 July ZQZ5 Unkjn af80 hold8 r868rw8S to CO¥8r unexpettèd &vÈnthalitiÉs and atso erwr& there are suffiGient reseN6s lo resourr* p￿nn￿d rapilal axp&ndltur8. General Funé resenies 8t Ihe 31 July 2025 w￿e £o00.e69 12024.. £533,785) lvhicth hH$ been ¢Jeslgn8ted osa protected mlnimurn 8munl (shown 85'AcC￿ulated Funds'l. The unl￿ Is ¢urr¢nlly afflllatèj lo N8￿n81 Unlon of Studgnt5 INUSI. for th8 tota subscriplion c05t5 amtyjnted 10 £31,23312a24." £31,857) Ihe year, no donalon8 ￿re rn*8 d￿rffJ Ihe year to any &xlgm31 Inst1￿tiOnS out of SBSU'S resources. Fynd$ Hebj aB Cu8todlan Twustee In 8ddition b the granl-sUPPOrt fund$ It diyburses to Clubs and SodÉtias. S8SU acts a8 CUStc#Jkqn for r81sed by the Clubs and Sutleties themsetves. Club and Scoety funds are treated a5 re$th¢ied knnds, which are irKluded In restricted rwd5 in thE acGDunts. The hO￿Ing d dub aThJ $r￿ty balances 18 subi8Ct lo tho 5arne Safegua￿8 as b8lanc8s belongipg lo the Unlon, bul Ihelr funds are accounted far Separate￿ lo ensure that balances are apprcyrialely p(￿led. Restsib goriely fund balances were £72412024.. £1,051). Future Fundlng Th8 Boaftj corffjm8 that SBSU has fyLrffldont lundA to m881811 its Otrligai'￿S. The Unlon is In rocdpt of a recurring tIr￿( grant from Ihe Univerytywhich repve5ents its prini>po1 Sour￿ Off￿￿ng. vllh the 8mounl 5ubJertto ￿n￿al confimiation. F¢N accwnung ye8r2024-2025 Lhe Union has been awarfed a blodl grant cf£980.DOO. 8TRATEGIC REPORT PrI￿1paI rt8ks and unc•rtalntie• The TNstee board are responsib￿ for the Un￿n,5 risk Manag￿en1. The $tnkn management tearn have delegated aull￿ty forldenutylng and réwrung on Ihè fackng Ihe ￿ganiSatiOn lo the Trustees a5 th&y ans8 in rdalbn lo iterns Df business at the Board. In addmion, the senbr m8nauern8Trt provtth Inforn8tion on ￿sk lo enablg Tiu$t¢¢$ to undertake an annual review. The Truslee Board examines Ihe mojor 5tOtelll¢. Iwsine&g and operat￿￿81 risks on an annual ba515. ThB TrustBas ￿nI¥M that systems have been estaNr8hed Ic en￿￿e regular repo￿r￿a %thich 8llrMs thgm io take the nece8s8ry Stsp$ w mlugate any rfsks. The prfnfypAI rlsk5 and uncert8lnles pJrrenUy fa¢ing Ihe UnM S￿ con5thrdto be.. DecllnSng parbcipation in the unl￿'S d*nLxraUt prooesses has r8&ullad over ￿nI ye*8 in 8 lar4¢ ol dIve￿ty and Txo&Mth(y)l ￿p￿￿￿tiON th8 Unbn'8 m8jor dea￿c￿ rnthng LAyJi8s. To counter Ihi5. Tru5t88s c<*mrnf951oned full review of these proce55e5 in 2023124 an¢ a new model of delivery h85 been devebped ￿lch roll out In tho academk ye8r 2025126. to erngur8 delNery 15 5uslainable fr)rlho fuitsrÈ. . A reductiL4ll in funding ItDffl the UnIv8r￿ty due to LS8U* financBI chaWenge5. Despite this howev8r, the Union have strong relationship wrth th8 Univers￿& g¥pruUve and Guvprnors and have had ongdng conver5ation$ Ihrwghoul Ihe year r￿n¢£M1ng lundirvJ and are knlly induded into the Univu5itYs fina￿e plannlnu kwoces6 enatAlng u$ to negDfjaie and plan for incrpa5e5 ordeuea5es In ourfunding 811ocallon. . Repufational damag& irs Ihe unfikely event of a hlgh*rofilE advlty by a trustee or student repre5entslive. Induction for rTuttes and r8presenlatrvtt indude5 full information of the rB5ponslillit￿ ￿th1Th the role And we ckjsety wlth all of them lo en￿￿ thtry 5JTe fulty aware of Union acbvty. Regular updates wilh trustees en5WP that bustBe8 have Lhe opportunty lo work Ihrouth thB organisatK)n ttl TheEt any obiecb¥e theymay have. over￿1, we vory efos*ly wltrh Vnlve*Bi¢y, sludents and Trus*es to ensure that we havE knowpedge of thelr actlvity. We use our klans and strat￿leS to manage risk indudinu the Union's reserwes $tr8tegy. 51rategic plans. molnts1￿Trg effecllve int¢mal controls, rfsk re9i5tW5. inc*Senl-reporknng and Mo￿1t0r1[4 5yStemy and inSUr8r￿ Cover vtherever a￿￿p￿ale. STRUCTUR& GOVERNANCE AND MANAGEAIENT Goyernlng d•cum8nt Thé charity is GontA)IIBd by rtB governing dccurrEnt. a deed of trust. 8nd consttlutBs a Ilmlted company, limited by guarènt••, è5 defined by thè Compank8 Act 2006. Key Mana9émont P¢r#tsnn¢l Key managBrn8nl p8r5annel indude the Chlef Executive, Depu¢y Ch*f Exa￿11¥e and paid sabbaliGal tsfficors. South Bank University Sludents, Unkn ISBSUI ￿nplOy8 8 Chel ExerJJtwe cknety with tbe Twsiees end enswe eff8cli¥e managern8nt of the Unlon. Page 6 SCJuTh BANK STUDÈNTS. iJNION LTD Report ol the Twslee* for th• Y￿r Ended 31 July 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Detl%lon rnaklng The Union is consiiluled tsnder the Educ*tion AGt 1994 as a charity. Th# Union's charilabie object¥ ar8." promoling Il* intefesls and welfare of Studen15 al Lofyjon South Bank Univer5ily during Iheir course of sludy artd resenJng. 5UPPOrting and adws¢ng Sludenls,. bdno the recognltsed representative chann81 between SludBnls and Lonéon South Bank Umtver￿lY and any Olhor exlemal bodl88. 8nd prowding s(Ki91, cultural, spO￿ng gnd recreab0n81ad￿tie5 and forums for di5cusdon8 and debate lor the personal devèl(rf)meni of ils Students. In furth8r8ncÈ of Ihe5e aim5 the èuste8s have torn￿8￿ wrth Ihw d￿tY In s.17151 of the Charities Act 2Q111o have du8 Fegard to Charity Commis8kn's published gener81 g￿dance concerning the ry)eiatlon of the public benefit raqulremwi under that Act. In pursuit of tt7tsse airns for the pubtic benefrt, SBSU.. . En&urès the dIVer￿ty of its membETrhip LB Tecogni&ed. valued and supported.. Ha8 e8lablbhed departrnenls and EeNlces fpr use by 115 ￿￿MberS aThJ to supp¢n its work ￿th the Unlv8fBIty qnd olher erg￿l$aIDnS on behalfof students. These Ill￿de Ihe Union's Repre5enlalicn and Ad￿Ce, C￿munICatiOnS, Central S8￿ces ar#1 $wJdwl AG￿￿tieS Oeparbnenls. The Union'5 Sabbabcal Oftfjcérs and Counul members ar8 tha siudenls, repre8entattv8S On 811 rn81 University commiltefr5 the Universitys Board Df Governors, and 8re sijpportod ty members of the unlon's gt8ff 188m Ihat act as a $8cr¢tarfet. SBSU changed its legal forn 10 8 Cornpany Llmiied by Gu8rantee In 2021. 11 was formally r8gi8ler8d by the Chadty Commis￿1]n on 18 May 2021 and wistergd by Companles House on 23 Aprfl 2021. The Iransfer af deed$ waF ￿tive from 31 Augus12021. The Union represents ils rn8rnb8￿ (London South B8nk Llnlv8rslly's 8tudÉntsl on rd8v8nt >)cal, nalonal and iriternation?l i55u8s by rnainlaining contact w￿h siudènt repre5enl8tive5. Such contact 8n￿re$ that the Unipn tan t8ke nto acGounl studenl$' reqUirem￿ts and caier 8ffects"vE￿ fortheir needs. Studgnt ￿preSentatIVeS ar? present on th8 Untversills policylstratagy makin9 BoBfdslCornmltte8s 8nd ?￿ also mernb?rs of Cours8 Boths ￿thIn the Univef¥iV$ faC￿tiES fschwls'l. In 2024125 SBSU wa5 adm*ni$lered by 115 Trustee 808rd of 4 Sabballcel I)[fice￿, and up lo 4 Students and 4 Extema Iruslees. for lh6 purpow of the Chaiities Acts. Tho four Sabbatical posts were Pre51dent, Vice PiesidenLs of Edurabon. Aclitrilles and Employability and Welfore and Equalities. The Sabballcal posts were r￿unerated as auihorised by the E¢Ju¢o1iort Act and an indNldu81's temi of office connot excÈÈd tWD year5 duration., an Offlcer can be re*￿ted f(K a ma￿rnUM terms in the sarne or different ptssillons. AS charity TnJste8s, 4 Tru51ees rEce￿e a comprehensive Irginlng prograrnme into their IEgal and ydminl$trdb"ve re5ponsibllits"e8 al the starf of their lenn of Dffl¢e, wlh ongolng guidance 8s and when ieouiled for issue5 8risln9 during IhBir term. Trtsstee knowkdge and sknlls *e gvalualBd al rEgular Intervals and training is daslgned arounl the sp8dfic rbeeds of individuals and ihe Boerd a5 a whole. Through the Union's rnembershSp of the Na￿onal Vnion of Sbjlents. Truslees have &￿esS lo expert advif* and guidance. conlerence8, and training. rhe Tnjstees tneet thvoughwt the year ID rE￿1v6 rfrports from indlvidu81 Offl¢ey5 and Union emplDyees lo review the UniDn'S performanc8 and &dminislr8tion. Recommandallons lor policy are made lo Eh8 TnJ8tee Board to consider and approve PDlky. Key infcKmation is provid8d to TNstee5 wkHch indude$ S￿OUr￿. Ihs strai8gic p￿n, and Sn org8nisaVonal di8grarn. The President and ￿jnCll ChaSr are to the Univelsitys 8oard of Go¥emor5. Unlon CounrAI rnembershlp comprised cf the S8bb8tiGal Officers together wrth Volunleer Student Represents￿Ve Officers d the Stuéent Govemor5 (which induded the Unions Sabbatical Presld8ntl Siud8nt R8pr8S8ntatives conwnenced th•rtsThs of offi￿ sublecl 10 th)rn￿allOn of an &pwapriate course oftraining. Page 7 SOUTH 8ANK STIKIENTS, UNI¢J4 LTD Hoport ￿ thp TN$tÈe$ forthe Year Endvd 31 July 2025 STRUCTURE. GOVERMAIICE AND MANAGEMENT In 2024125, followlng a full of ihe Unlon's repreBent8bon and govern8nG8 struc¢ure8. Ihe slud8nt membership and Universlty Board of Govemors apLYoved 8 new represent8tiun 8ttucture Bimed to b8 Thore sc(￿581￿e and re￿v8Tht la the needs of tho current 51udenl body. This was fotrnalised by bolh ￿dIeS 8ppTo*ing a n8W $8t of Arbde5 of As50Listion i October 2Q24 and January 2025 ￿peCI1Vely, bvhich was then ratified by fiustees on 28 January 2025, with thanges laklng off9¢1 from 1 July 202$. The r*an9e8 are". - Llnion Trustee 808rd to Ctyllprige of.. 0 3 x External Tru5tee$- Rgcruiled (One Ill act as Cha(rl SU Presldonl- EleGted (Vice Ch8ifl o Up lo 4 Student TTu5tees- RettuitBd Removal ul full_llme SabbatiGEI Officer posts (Vice Presldenls of Education. Act1￿￿@& and Employablllty and Welfare and EqualiU951 - Implementsllon of Part-￿rne Ipaldl Lèad Reprpsentsbves fLY eath Sckhjol - Removal of Unk)n Councll SBSU 8190 empbys a number tsf non-studsnt fvll and part-orne 51aff fcf the 5ak8 Df conunuity in the managemenl uf Its many adlvibp5. Such staff 8cwuntable lo the Ch￿[ Ex8cutbve for ihe pgrf¢xmanGe ol thwr duties. The oveNew olthe staff $truGture 1$.. Chlel EXeC￿live DEpuiy Chlef EX&￿￿ve - Sludent VoKe & Outreach Manager . Represent8tioTh Ta8m Partnership f£am - Adwce mar￿g￿ . Advice Taam - Head olPeople & Oroart15ational Perfonnance Peoe & Office ream - Head of Comrnerclal Qwralknns . Cfmmuni(2bon5 Team . student ￿tiV￿leS Tea7n Finance M&nager . FFn2nca Toam Key mang98m8nt femunoratlon Tha remunerBllon of k8y mBna9ement pernonnel is sel by the Board, with tha c4Jjecti¥8 of ensurfng that IW ara provhyed wth appropriate incentives lo 8ncourage enhanctsd perfomi8nt8 and are. in a fvir mspon$ible ￿hnner, pewarded for thelr Indlvldual rontyixJUons to the succ05s. The appmpwlat8n885 and relevar￿ of Ihglr remun8ralbn1g Tv¥￿ed annually by 2 remuneration C￿nmittee whith L8 8 sub-¢ommlttee of the Tru$lpe Boor¢J. kn411 inGlude job matht analysi5 and reference to comparisons %*ith other unlons to •nsvre that Ihe Unicn ferna￿5 sensitivo 10 the broader i$suEs of pay and empknym&nt rA)ndthn$ oL*&*th8r8. We aim lo retyuiL ￿bject to experienca. at the k)wei to medium wnt within è bend, prDvhling scope to be r￿9rded for exc811ence. 08lwery of the Union's tharlla1l8 ￿SIon and Pur￿￿ is wmarily de￿nd8nt on our key fflanag8menl personnel aThLI 51aff costs are the lary05t 51ngl8 d?m8nl ol our ¢haritablE expenditure. Rèlat4onshlp vthh thq Llnlvqrnlty S8SU Is establlshed In thè Universlty's Mernor8ndum and Athdes of Assodatsw In Ihat IhETe shall bE a Sludents. Unicn. Th8 Union wwve$ a Subven￿0￿1BlOd( Granl the University. 8nd in-kj.nd Support related to utilibes, some Sgcurily Staff the rnajority of Ihe cos15 associated with cle£ning and promises mainLenBnce. The non-monetary support is Intrinsic io the relationship between Ihe Univ8rsity and SBSU. As recommended by th8 Ch8rib'8$ SORP an eslirnatad Value lo SBSU for this free serviced accomrnodation has been Included In lh8 accounts at estimated value (bas￿1 on prior ye8r spac8 tharge calcul81ionsl. Although $8SU undetsk95 50rn9 Income gener811ng actswties, It L% dependent on th8 UnNèrsrty'& financlal 6uppo The Iruslees consider il reasonabl8 10 8ntirip4t? thal this or equ￿a￿nt 5UPPOrt from the UniveT5ity continu8 for the foreseeable future, os thè Elucation Aci 1994 impos85 a duty the Unlverslly to on$ure Ihe financial ¥labllty of tts studwi rapresentarfve bcdy in one or 8nolher. The tru&ees Ih&efoTr (￿￿51￿erthe Union ¢0 be finandgmy viable f¢r the fore8ee8ble ￿ture. Pago 8 SOUTH BANK STIJDENTS. UNION LTD R•port ofthe Tru¥t•e¥ for th? Year Endqd 31 July 2025 STRUCTIJRE. GOVERNANCE AND MANAGEMENT PTtnclpal Rlsk$ and Uncfrrtaintleg The Trustet boar£1 ar8 respongible for Ihe Uniw's risk mana9ernent. The 5wv)r maTragern8nl lean have d818gated authority for identifying and reporting on the risks tacing Ihe tsryanisalon to Ihe Tluslees as they anse In relation lo items of business at the 8oard. In addition. the senior managément team provide infomalDfi on risk to etkable Trustees to undertake an annual ￿vIeW. The TvJstee Board examines the Union's major slralegic, business and opeTrtiDn￿1 risk5 on an annu81 baEi5. The Twstees confm that systems have b88n 8slablibhud Iu gnBbb regular Feporung which allows thetn to take the necessary $lep& to milig31e any nsks. The prtTrclp81 ri8k8 and un¢ertainties curr8nlly fadng the iknFon s￿ conslde￿d lo be.. Oecllnlng participation in Ih8 Unlon'5 dernocmiic wocesses has resulted ovw recent yeBrs in a lack of diversity and crts55-sehool representation Wilhln Ihe Union's Tnaior dec#sion ffiakin9 bodies. Ta counter this. Trustees commi55lDned a full revlew ol Ihes8 procÈ$ses In 2Q23124 and a new rnoNJel of delivery has b68n develDped whioh svill roll out I￿ the ac4demic year 2025128. lo ensur8 delivery is Sustainab￿ for the future. A rEducts'on in funding frDm N)e Univer511y due lo LSBU'S financial challeng88. De8Fdle Ihis however, th8 ijnion have a strong rel8llonship with the Univer51tys 8%etuliv8 8nd GovernDrs and h8ve ongDing GDTwersjti￿S ￿TOUgh￿ut the year concerning fundlng and are fumy indud8d intD the Unsversily's financa F4annlng proc855 enBtAing u5 to negotsale ènd plan for incre05e5 ordecrgases in our furTrding albcalion. Reputsbonal damage in the unlikety event OF a hlgh-profile act[￿lY by o trustee or student representative. Indudon lor TIu51e8s and repre88ntative& Indudes full information uf the responslbililies %wthin the role and we work ¢10$81y wllh all of Iheffl toi ensure they arè fully aware of Uniw a¢tiwty. Regular updates wdh Injslees en$ure that tru¥lee5 h&ve ihe LWQOrtunity lo work Ihrough the oryanisalion to meet any objectiv& they may have. Ov8rall, wp W{￿( very closety bvilh lh8 Univ8r51ty, Btudenl8 and Tru$te&s to ensure th81 w8 havè knpwledg8 of their acllvlty. We use our plans and 8tralepi98 to manage ii5k induding the Union's TE3erve5 Strnte9y, slrdtegic plans, mBinièining effective internal conlrdB. registe￿, incidenl.reportirwa and rnoniloriry 5y51ems and Insurance cover wherever appropriate. STATEMEKf OF TRUSTEES. RESPQN5181UTIES The trustees Iwho are also Ile dirÉtIO￿ of South Bank Sluoenls, Union Lld for the wrpcses of company lawl are respon5*ble for weparing the RepDrt of the TNslees and IhB flnanual statoments In accordance *lth apwicable law arKJ unit￿ Kingdorn Atc4)untlng Standards (United 1fj4gdorn Gener81ty Accepl&d Accounting Prntllrel. Company 18w requires the tsusl8es to prepare f nar￿￿91 statements foi each finanD81 yaar. Under that law. th8 trjslees have electBd lo pr8par8 the rfnancial sl8ternents In accDrfan¢e wilh Unrt8d ￿rIJd0Th Gener￿lY Accepted AcwunbrvJ P￿￿¢8 lu￿1&d Kingdom Accounting StaThJard$ appllcabk18wI. Unrler company IBW the tru51ees must not approv? the flnanual statements unless they are S91isffed Ihal Ihey glve w tNe and fair view of the slate of affairs of the chariiab* cornpany and of the le9jur￿5 and applicati4￿ of resource5, i￿￿￿1ng the income and expendilurB, of the charitable company f{￿ that period. In preparing IW fin2na81 statement$. the tru8t8es are ￿qUired to select suitatde ECEDunling PDIKies 3[￿ then aP￿Y Ih8m con515twlly observe Ihe method5 and principles In ￿ Charitie5 SORP.. make ludgernents and estimatos Ihet ere reasonable 8nd pnjdent., slale whether applicable acrA)unllng slandErd8 have been ftAlowed, subject lo any matedal departure$ dbdosed and explained in the financi￿ 5t8temenls', prepare Ihg flnanc1215taternpnts on the going conc￿ bas￿$ unless * is inappropiiate to presume Ihel the charitable company will gon￿nue in bu8ine8S. The Iruslg85 are r8sponsible foT kegping proper 3￿￿ntIng rgcord¥ vihich d￿￿0$8 with reaso￿able acwracy at sny lime th¢ financlgl position of the charitsble company aTrJ lo enable Ih8m to &n$ure thai ihe financ1815tatements comply *ith the Cornpanies Act ?006. They are also responsiil8 ft)r safeguarding th& a5S8ts ol the ch8rilabl¢ company and hence for 18king ressofbable staps for the prevenllon and dete¢tion ol fraud and other Irregularitle5. In so far as Ih¢ trustees are 8ware.' there 15 no relevant audit informalion of ￿lch lh8 chanlab18 companys audllors are unaware., and the trustees have taken all 8leps Ihat they ought lo have taken lo rnake Ihemsel¥e8 awa￿ of any rdevant audit inlormab'otl and to establish th8t th& audiior5 are aware Df th81 information. Page g SOUTh BAMK STUDENTS. UNtON LTD R•port Ofth•TruBt￿ lfjr the Ypar Efftdwl 31 Juty 2025 AuDrroRS The 8uditor8. Knox Crwper LLP, will bernsx)88d far re-Jppintsnenl at thè Anwal Genera Meeting Rep)rt ol the trusfees. In direcior5. On.. orallry 8 3tmteglc rel￿. by fxder ol ts txjard ol trustegs, 8È ttynp￿Y .. and signed the bo¥4¥ behaWby. J Brailhwaite- Trustee P&Je10 Roport of the Ind8p8ndent Audttors to the Mernbers of South B•nk Sludonts, Unlon Ltd Oplnlon We have audited flnancaal st81ery￿￿ts of Stsuth Bank Stud8n15' Unlon Lid Ithe 'charbtgbl8 ¢ompan*l for ￿ ygar 8nd8d 31 July 2025 which GotnpriFe ￿e Ststernent of Flnanclal Activities, the 8818nce SheBt, the Cash St81ernenl an¢ nts￿5 to th8 fin8ncial 8t81etnen18, inEluding a 8umm8ry of sgnificant 8￿U￿￿.￿g PDlir4e5. The finanual rÈrx)rtin9 rt8mework Ihat ha¥ been 8pWSed in their preparation is applicable law and Unlted Klngd(Th Ar￿UM￿n9 Standards Iljnited lQng¢Yorn Generally AcGBpted Awountlng Practice). In ouroplnlon the statements.. gNe a truè and Mew ol the stale ol the charitable company's effairs as al 31 July 2025 and ol it9 inci¥ning resource5 and 8PFlication ol r8sourGes, indudin9 115 inc0fft8 and 8XP8ndlttJW, lor thè yoar Ih8n ended", hgvè been properly prepared in accordar￿ wllh Unit8d Klngdorn Generally Accepted Accwnllng Pradica.. and have been prepaTed in accorthnce ￿th ihe r8quirèfflents of Ihe Cornpanie¥ Act 2006. Ba#ls lor opinion We conducted our 8udll In accor6anre wilh thtemats'onal St8ndard$ on Auditlng IUKI IISAS IUKII and ap￿ICable law. Our responsibilities under thDse slandgrd5 ar8 fvrther described In Ihe AudilDf5' respons￿￿1111es for the audit ol the financK71 $18temenl$ section of our ￿part. We 8re indÈpendenl of Ihe charitable company in accordarrte with the ethical requirem8nts that are relevant to our aydil of the finan￿al slalem8nLs Sn Ihe UK. including the FRC5 ElhiGal Standard, and w8 hav8 luifillEd our other ethical re5ponslbilUe5 11 aecordance ¥wlh these requirefnerts. We bebe¥e thal Ihe a￿j11 evidence w8 h8ve ob&ined is 5ulfia8fi1 and appropriate to provide a basis fcr our opinicn. Concluslons relating to going conc•rn In auéillng the finandal 51atefflenls, we have concluded that tha trustee$, use of Ihe going ¢W￿rn basls of accounting ip thÈ preparadon of the financial 51ateffjents approp￿￿te. Basad on the work we have rErforrned. we have nut identifEd any malerial uncertainbey relating to e¥en15 or ¢￿dI￿on5 that. indwiLSualty or colledively, rnay cast 5ignifranl doubl on the chari18ble cvrnpany'5 obility io continue a$ a golng conc8m for a period d ol lea51 Iwefve tnonlhs from whon tha flnaned4151aleTnqD15 are aulhorised foT issue. Qur responsits'lib'es and the rèsponslbilil*s ol the tru5toes wlh respeGI to gDing c0￿CeM arE ￿e￿be￿ in the relevant secu￿$ ofthis rep)rt. O¢her Infwmatlon The Iru51ee5 are r85wnsibl8 for olher inforyn*ion. The olher information ajrnprisps the infonnat￿n inchjded in the Annual Report, other Ih3n the financial 51atemenls and our R8pDrt Df the Independent A￿j110￿ Iherem. r oplnion on the flnancial stat8m8nts does notcover the other information and. exc8Pt lo tt)e 8XtÈntother14ise explicfty stated In our report, W8 do not expr855 any form of8ssuranc¢ ¢onrlu51on Ihereon. In Gonneibon vwilh Ouf audll of tha finartlal S￿l￿￿ents, our responslbllily is to read the other IntrThallon 2nd, In dolng so, con55der ￿t￿ther the other infoFryJaUon Is rnal8rially inconsislènl %￿th Ihe finanrjal ststements or ¢Ar knovledge obtained in Ihe audit or olhern*ise 8pp8ars to tie materially mi55taled. Ir we identify such maletial in¢ons&%lencies or apparent Tnaterigl rnisslalemenls, we are required to determine whether this gives rise lo 8 mÈlerial misstatem￿1 In Ihe financi￿ 5talemÈnts IhernseNfe5. If, based on Ihe work w* have pBrfDFrned, w£ Gonckjog th8t ther8 Is a m&iorSal misslaiamènl of this olhgr information, w8 are requirèd to rewrt that fact. We have nothing to report In thi8 regard. Opinions on other mattÉr& prescribed by the Companie$ Ad 2006 In eur opSnion, based on the work undertaken In the CWTSB of th8 audit.. the ￿f￿r￿alOn glven In the Report of the Trusfees tor the finanrA81 year for whlth the finan￿81 statements are prepared is ¢Dnslslent hilh Ihe financial ststemen15', an the Report of the TnJstees has been prepared In aG￿rdancE with applicatle legal requirement&. Matters on whlch we arè ra4ulr•d tts rEport by exception In the light of the kno￿edge underslanding of the charilabl8 company and its environThenl d)ian&d in the cour5& of the a￿41t, ¥*e hav@ not iLlentified materla mk8Stat8ment8 in the Report of the Truslegs. We havè neihing to reptyt in respect ol the follDw*ig matters whpre the CDmpanie5 Acl 2C¥]6 r￿UireS u8 to report lo ycu if, In our opnion.. adequale accounliThJ records hava nol been kept cr r81ums &d8qual8 for our 8udrt have not been ￿¢8￿ed from br8nche$ not Visited by us,. or ¢he financial statements are not in 89reement vriih the accountlng records and relurns. or certain discthures of Iruslee5' remuneration specified by law are not made.. or We have not received all th£ information and explanats'DrnS we require for ouraudit. PaoÈ11 Roport of th• Indeponderrt AuditOTS to the Mernber¥ of South Bank Sludonts. Union Ltd Re8ponslbllAles 011n￿le As ￿plaIned more fvlty in th8 Slatemenl ol Tmstees, Resp)n￿blItI8s. the tru8tees are a150 the director5 of the chariL8ble company for thp purp05es of coFnpany ￿wI are re5PDn5iblp (gr Ihe p￿para￿On ol th¢ fin8n(#tyl $lalements and for being 58ti5fied IhHi they gfve a true and vlew, snd for5uGh inlernel contrDI BÈ truslBes d£tprrnlnB IS noc8ssary lo enable the preparation of financlal slatemenls Ih8t are free from material misslaterneni. w)etherdue to fraud or error, In pre￿ring Ihe finaDLial 5tateThents, thB tru51ees sre r95pDn5iblB for a55es5ing the cha￿table ￿mPanY'6 alMllty lo contsnue 85 3 going concem, disclosing. as 8pplicab*, matters related to gcing concern using Ihv gging ¢yJnc¢rn basis of accounting unle55 the ￿&tee& eith8r intend ie liquidate the charilabk company or to ce85e operatk*n$, or h&vÈ no reaisbc alternative but ts) dc 50. Our responBlbllltles for the audlt ￿ thèllnanclal statsments Our obje¢tlve$ are to obtain reasonable ossurance a0¢￿1 whether Ihe financi81 statements as 8 whok ere free frc mal8rf31 mls5tateEnonl, whether due lo frsud or grror. and io ISSLIE a REPOrt of Ihe Independ2lll Audkors that Indudes our ¢piThon. Reasonablg assuranca is ? high lovel ol assurdnce, but is not a guaranlee Ihal an audil conducted ID •I￿rdance with ISAS IUKI will 4￿ayS detecl a rnalerial misststemenl than R èxists. Nisstat6m8nts can adsE frDrn fraud r error and are considered material rf, Indwltjualty or in the aggregate, they could rea80nably be expeded to influence the 8cornmic decisions of u88r8 taken on th8 basis ofth888 financ4al sl8t8mBDt5. The extentto bvhTch OUT prccedures are c￿pable of det8Cting Irregula￿lIes, Indudhg 1$ dÈtall￿ beh￿.. . The Charlty l& rEgulred lo %￿th charfy law and, b88ed on our knowledge of it8 actiwts8, we thnlrfied Ihat the requiremeni ￿ iccuralely account for any restrScled funds ww5 of key Slgnfflc￿ftr￿. W8 galned an u￿?1¥18￿dlng of how Ihe ch8rlty complled wlth Its IBg8J and rfjgulatory framewtyk. Inclu¢lng th¢ requirement to property account lor 8rby restsicted funds, through discussions with managemenl and g review of the dot*Jmented PDlirlE$. procedures 8nd fX)ntrds. The audit team, %¥hich is experienced in the authl of charltl85, ￿n￿der8d charty's su5cqptibility to mai*ial misstsiqm8nt and how fraud m8y 0￿Ur. Our con$Klerafjons )ndud8d lh8 rtsk of rrtanaoemont ovorrld6. (￿r approach ww to Gherk Ihtyt all resldrled incom? w•$ proper￿ ldenb.fied 8nd saparntely attounted for 8nd to ensure that fflly valid and apwDpriale expenditure was tharged lo reslrictEd lund$. inthJdEd revlthn9 joumal adlustmenls and unu8U81 Iran8adllns. There are inherent 1¥DIa￿on5 ffi the audlt pNKeiknES descdbed o1>)ve and, the lurthsy removed ncffj<<¥npll8nco wlh Lqws and regulations ss fmrn the event5 and transactions reflected in the financial 513ternen15. the Ig55 likety we would become aware of It_ The fisk of not deter￿ng 8 m8tenal mlsstalement due to fraud is higher than the risk of nul dele¢tlng one ￿SU1b￿9 frorn ev￿r. 8$ fraud rnay invO￿e delibgr4te con￿l[￿ent by. kn exa￿p￿, lorgery or intentional misrepresentations, or through collusion. A ftjrther desrAiPtK>n of Our reSpOn￿bIll￿e$ Ihe audit ￿ the finènci81 st8temanls Is lorAed on Ihe Flnanaal R8POrtir ¢ouncll'5 website 8t www.frc.￿g.￿k18udltQr5re5￿n8It1lI1IeS. TNS descripuon fo￿￿5 part ofour RekyNt of the Independent Audllors. Use of our r•port Thi5 repDrt Is male sglely to thg d)adtgblo company$ membgrs. as a body. In a¢cordanc8 w5th Chapter 3 of Part 16 of the Cornpanies Acl 2006. Our audlt work has been undertaket) $0 Ihal we mlghl state io the ctt8ritAble company8 Bmbers those matsrs we are required lo st818 to Ihern in an 8udilors' reporf and for no other purpose. To the fullest exlenl pemlllad by k8w. we do not accept or assume re$ponSI￿lIty to anyone oth8r than the charitabl& company and the charitable companvs rnernbers ss a t>Jdy. for Dur audlt WDrk. for INS repDrt. Drfor the Onions we hove form¢d. Stephen Anderson FCCA ISen¢or Stalutory￿￿1lOlj for and on behalf of Knox Cropper LLP Ch$rtered A¢rounlants and Sta￿1￿ry A￿thtorÈ 153-155 Londo￿ Ro8d Hernel Hemp¥teBd Hertfordshire HP3 gsa ..2.3..F£.b.i.v.¥....2.&2. 6 Oate.. Pag8 12 souni BANK STIlDE￿, UNION LTD stat•Meirt ol Financlwl Adl¥hl¢• rthe Y88r Ended 31 July 2025 202S Totsl funds 2024 ro¢al runds Unrestricted lund$ Restricted Notes 114COME AND E14DOWMENTS FRQ Donations and legaci88 1,35S616 1?55.fj11 1.341.078 Charitable adlv6tl88 Stud8nt Aetiwth'es 3,375 3,J75 Olh*r trading activities InveslmBnt Incom8 Other Inmme 4151 10,233 2,471 6.151 10,233 2,471 84,873 9,4g2 To41 1.434.471 1.437 841 1,441350 EXPENDITURE ON Raising funds 25.Q50 25,050 35,588 Charftobl• actI￿tleS stud9nl ActiviU88 Advice & Rapmentabon CommunlcoUon$ & Marketing J3U,947 579,938 391.98B 3.702 342,649 579,936 391,988 425.575 571.785 311,252 Yotal 1.335921 1,344,200 NET INCOMEIIEXPENDITUREI Olh•r rneo#nl$gd g4ln8111088wJI Athjarial galn3 on dèfined b￿ne￿I sthem88 B8,550 1327) 223 97.150 Not movèm•Dt in fund8 98.550 13271 98223 361.266 RECONCILIATIQN OF FUNDS Totsl funds braughl forward IB15.4521 1,051 1814A311 11,175,6g7) TOTAL FUNOS CARRIED FORWARD 16,9321 814 431 The notes fonn p8rt of Ihese finHnciel 5tatemvnfs Pag¢13 SOUTH BANK 3TUDEiifs' UNION LTD Balance Sheot 31 July Z025 2025 Total fund 2024 Tota lund6 Urresbi¢Xed lunds Restricted fund Notgs FIXED ASSETS Tangible as8ets 13 55.071 $5,672 69,1S4 URPÈNT A55EYS stock5 Debtors C86tt St bBnk and In hand 14 15 3,785 11,934 669273 J.705 11.934 1,500 19.921 724 614.992 724 68S,716 s￿,7￿4 cRED￿oR8 Arnounts falling due within onè year 16 1043241 184.3241 148,9281 NET ¢URREKf A88Ef8 600,661 714 684,836 TOTAL ASSETS LESS CURRENT LIA8IUTIES 724 657.0 603,990 PROVE91014$ FOR LIABILITIES 17 IlJ73,2ni 11,373.2721 11.418.421> NETASSETSIILIABIUTIESI 724 FUNDS Unreslricled l￿d8 ReSt￿ted fund5 18 1716,9321 724 1815.4821 1,051 TOTAL FUN08 814,4311 The flnancial 518ternent5 wwe aFrf)roved by the Boarit of Tru8tea& and 8ulhonseil tr I￿Ve on . and were swed on its behdr ty.. J Brailhwalie- Trustee Th8 notes folm part ofthes8 linanaal stalernents Page 14 SOUTH eANK STUDENTS, UNION LTD Cash Flow St*tom•nt fwtho Yoar ended 31 July 2025 1025 2024 Noto$ •$h fiows from operatlng *cllvttle8 Cash generated from oper31riJn5 Nèt ¢a&h tmHled by Opera￿ng 8clivlties Ca#h 110￿ from In￿￿1￿9 actlvltS86 Purchase oftangibl8 fixed 88Sèts Interest received 11,6931 Net fja5h proTrAd￿j by inv¢stlng actlvhoes 7,799 Change In cash and ¢￿h •qUNahnt8 In thè reptsrtlng period Cash cash vqulvalonts at th beglnning of tho roportln9 pprfod 107,654 17,432 a¥h cash equlvalonts at the end ol the reportlng partod 609 997 562 343 The nLts8 lo￿ partof the8e financial 8tat&Thnts Page 15 SOUTH 8AMK STUDENTS. UNION LTD Notws to the C45h Flow Stalamont lor th• Y*ar Ended 31 July 2025 RECONCILIATION OF NET INCOME TO f*T CASH FLOW FROM OPERATIWG ACTIVITIES 2025 2024 Not Incomo forthe repDrfn9 Per&￿ las perthe Statemanl ol Flnanet•l Ad¥ltl¢$l Adlu&tm•nts for. Depwecialron charyes Inter8sI r&eeived OeNned benefit sCh￿e 8dlu8lrn8nts Ilncrea58ydecre8&e in stot Decrea￿(1Th￿￿4seI in tlebto IntteaselldeGrea501 In creditors 9B,223 97.1 13,483 110,2331 145.1501 (2,2851 7,987 14,504 19,4921 166.2131 1,278 19,4541 18,1401 Nètcash provfjded by op?r￿lOn* g,633 ANALYSIS OF CHANGES IN NET FUNDS Al 1.8.24 Ilow At 31.7.25 N¢1 ￿*h Cash al b8nk and in 107.054 Tpt•l The nok5 fLYm p•t of these fin3ndal $talen￿nts Page16 80UTH BANK STUDENTS. UNION LTD 14ot•s io Ihe Flnanclal Slatqmèhts lot thB Year EndEd 31 July Z025 ACCIJUNTING POUCIES 8qsi8 olprtparinq the financial slat•ment* The flnanrial stalemenls ol the chantable caThp4ny, whlch Is a pu￿1¢ bene￿1 entity under FP5 102, hBve boen prepared in actO￿anCe ￿th tITe cha￿lieS SORP IFRS 1021 'A¢￿uM1*nll and RepDrtinp by Charitse5". Slalement of Recommended Pratho applic8lAe to chants'es prep8ring Iheir occounts in accordance wlh the Financial Reportsr& Slandard 8pplicHble in the UK and Republic of Irpland IFRS 102118ff8Ctive l January 20191,, Finandal Reportiry Standth 102 'The Financial RePO￿n9 Standard appli¢ablo ITh lh8 UK and Rspublic of IroLqnd' arK1 Ihe COMpa￿e$ Acl 2006. Th8 llDandal g￿terne￿I5 have bean prepared under Ihe hi3ltsricJl ¢o¥t CDnvenbM. Inc¢>mo l ￿COrne is recognlsed th8 StalemeThl of FSnanclal AdNiUe5 onte the charlty has enllU6ment iothe funds, 11 is probable that the Income will be received and the ornount be measured r8h8bly. Expenditure Liabilitias are recagnised as 8xpendilur8 as soon as therE 15 a I￿31 or con8truciive oblrgalion commNting the chanty to thar expsndilure, it15 probable thot a transfer of econornlc bèntsfits wll be requlred in settlerneryt and Ihe arnount of Ihe Ob1￿JaIlOn ¢gn be measured ￿lIablY. Expendilure is acc¢unled for un an ar¢ru8ls basis and has been dassifi8d under heedino$ that aggregate all cosl r8Lqted to the category. Whore c0515 cannol b8 direclly allnbuled ID particul?F headings they have b8en albcaied lo aCti￿tio5 on 8 bass consistsnl wlh kne u88 of reSOu￿e$. TanBible fixed 8a86ts Depreciation is Pra￿ded al the f￿10￿7n9 annu81 r8tes in order to wplte off @ath asset over its @st￿lla￿d useful Ille. Improvement5 lo prcperty Fyant and machin8ry Fixtures and fillings Compuier equiprnenl Stralghl I'ne over 15 years 250k on cost 25% tyll C05t 25%- 50% ￿ c051 Sto¢ks Stocks are ¥alued at Ihe kJwer of cosl and net reallsable valje, after making due allowanc8 for ob$ot8t8 and slow mDvin9 Il&ms. Taxatlon The tharty 1$ exsnpl from corporation tax on ts chaiitaNe activitiBs. Fund oc¢ounling L￿d0ft South Bank Universty StudBnLs' Unlon adrnin151er5 and 8ccounL8 for a numbEr of tharitablE funds, as lollow5.' - 111 UnrestriSted FuTrJs representsng unsptrrtl Incwe whith may ￿ used for any actiVltylpU￿0Se al Iho Trustee$, own di5cretion'. liil Re51ricted fund5 ralsed and admlni$tered by London South Bank University Slud￿ts. Union for sp8clffiE purposes as det8niiined by SWdent3, such as Club 8nd Societies A¢¢ounts. as well as ￿venUe re¢eived for purposes 5petpri￿ by the dLknor and also lif not material enough to require a Separate column in the SOFA) any smal capital gr8nls recdved from the College. liiil Custcdlan Funds entlUSted lo London South Bank UnwEf5ity Students. Union for $8fek8epin9, bul nDI ￿￿ler ts management conlToI, e.g.. annual RAG. Such custodian activthe5 are di5cbsed in the Repo( a5 lfve funds are tTrot Tnanaged by London South 8ank UniYgt51ty Sludgnl8' Union they C8nnol bB included in th8 ounts. Ilvl De5wnalad Funds relating to amoun15 sel asi￿e from gxisling res8lV88 te Cover r05tw¢luring costs, Indudlng ijepredallon asso¢la¢ed rtrfutbl$hmeDt work. Iv) Tran51ers from Un￿￿¢￿ed Funds to Designated FunLls represent planned w61s 855oc131ed ￿th rEslnJGturlry which ha¥* been ITOM the unl￿.5 r8s8rvg5. Thew Indude ¢apltsi rBfurbl8hmenl ¢o$Is. Penslon tO$lg ond other post-fatirafflent b2nEfits Reli18menl benefits ts) empbyees of Union ar8 provlded through iwo penslon schemes, defin8d bemfil Isuss). the (Aher defhgd contribubon INUSPSI. Pa9e17 conlinu8d... SOUTH BANK STUQENTS. UNION LTD Notes tptho Flnanclal Sl•t•n*nts-conUN for the Ygar Ended 31 July 2025 ACCOUNTING POLICIES- ￿ntInUed Pen¥lon costs and other post4￿*￿ent benef The Union Pa1￿Cipate5 in the Students, Union Superdnnuation Scheme (SUSSI. a defined benefit sch&ne which Is exlernally fvnded and contrdcled DJt ol the Stal• S8c¥Jnd PeFKslon. ThB lund Is waluod al least every Ihre8 y8W5 by a prOf8￿OnalY quall￿ed Inoependent 8Ctw wth ihe rat85 of contribul￿n PBy8tI8 benig det8rmin•J by Ihe Iru8tee8 on Ihe adMEa of tho 8¢luary. The Tnosl rvcefit valuation of the Schème was (xthed out as at 30 JunE 2022 ar￿ showed that Ihe rywrket value of thp Sthcm¢$ assets wa$ E1(hl,697,000 wilh these assets representing 44% or the V81ue of benefits Ihat had to mtsmbers after atlowing for expected future inueases in eamir￿s. The defiTrl on an ongoirTg lun¢Jing bass am￿nted to £136.645.￿. The 2022 valuation rewmend8d a monllity conlributton requir8menl by eath paflcIpA￿￿g Union Intend￿ lo dttarlhe funding d8ffcat endlng in 2037. infft85ing by 5% eath year. The sch8me owr8tes 8$ a pDO￿j arr8ng8m8nt. with Contri￿tIonS pald at o wtr8ly agrowj Nte. a rAJt¢equgncfj, no share of th8 underfylng 8$8et$ 8nd Ilabtllt￿ c4n bo dlrBctty att￿ts￿ed to the Unlon. Und8r FRS 102. where a 5theme participates in a MU￿.￿rnF40yeT defin8d benefit pensian scheme that is In d8fiat and the 4mtloyer has entqred into an agreement to ￿nd the dÈficil tho shall recogni$e a liabrflty for thp ¢￿tributIonS payabl8 Ihat arfse ftovn agreetnent. A5 the agreement runs unlil 2037, 8 distr)unl r8te of 5% h8$ b88n 8ppli8d in d8t8rmlnlng thp net present value ofthe Contribut￿[￿ made in tha pariod. NUS Sln¢e 1 O¢tober 2011. 311 partiopating ernployees have be￿￿ In a new ¢JefinEd rontribut1￿ perAlon sthBme. National un￿ of Students Pen5M Scherne INUSPSI. Contribution5 are al rafo of 6% for tre employer and 3% for the employee pensions costs are charge¢ in tho perkxl in which the salaries to they r¢1* ar payable. OONATIONS AND LE(3ACIE5 ZO25 2024 Donatiw Donated and f¥dlthe5 1.129,997 225019 1,115.459 225.619 1355 616 1.341.076 OTHER TRADING ACTMTES Z025 2024 Fundr8ising events 8rchandlsing a￿1n9 13.483 36.108 6,115 44.682 34,076 Pagé 18 tffitinl￿d... SOUTH BANK STUDENTS UNION LTD Nts19S to tho Flnan¢fi818tatwnents- contlnued lor the Year Endpd 31 Juty IVZ5 IMVESTMENT INCO ZDZ5 2024 Deposit 8¢Muni InleTe5t INCOME FROM CHARITA8LE ACTIVITIFS 2025 2024 AC￿￿tY SludentAch'vith88 Club8 and soti0t￿$ Incame RAISWG FUNDS R•i$lng donalfj(¥￿ and logael•$ 2025 2024 Merthanoise 35,588 CHARttA8LE ACTMTIES COSTS Support costs1$88 nots 81 Plre Ctssl8 TotoL* studenLAclvMle5 Advice & Rep￿Se￿￿￿On COMMUn￿ationS & M8thting 73,309 269,340 86,140 493.798 134 257.315 ￿73 342,649 579,936 1314 7J SUPPORT COSTS Govemance Managernenl Flnance Tota15 8tud8nl Adwtles Adv[￿ & ReK¥ESentation Communicth'crfs & MaFk8dnu 211,616 387.96B 105B11 11.756 39.085 Z69,340 493.796 134673 64943 705 395 119895 Actiwty M8nagement Finance Governance ¢osls Bads of albcati Based OTr usage Based on U6dge Based on u5ag8 NET INCOMEIIEXPEMDITUREI Not Incornellexpandiiurel Is stsled thargingllGTeditingl'. 2025 2024 Audltors. remun8r8Uon Depreda￿¢￿-0wned as88ts 9,369 13,482 9.617 14,504 Paoe 19 nued... SOWH BANK STUDENTS, U14KIN LTD Notes to th• Flnanclal Sla¢•m•Dts- for tho Yow Ended 31 Jutr 2025 TRUSTEES, REMUNERATK>N AND BENEFITS The Ialbwthg tL￿k place %￿th sabbaliGal offlc8ts In the year qndBd the 3151 Jtsly, 2025. S¥bb3ll¢al Pog1 C Ad8m$ RAhrn A T8nlm SIS￿1￿ Total S•Wry £24,442 £26.780 £24,867 £24,867 £100.956 Employer¥P•n¥lon EmployirsNIC £2,428 £2,f16 £2.451 £2,491 110,126 Totsl £28,870 £29.496 £27.358 £27.388 £111,082 TnJstses eypengeg poid durirvJ the yearwèfy £13512Q24.. £1,179), srAFF GIISTB 2025 21Y24 Wage5 aThJ 5*ari89 Social wjdty costs Other penskn 751.518 73.586 789,1C 67.454 10.383 842,635 Th¢ 8V4f8g• m￿lhIY nurnber ol ery10ye￿ during the yeorwa$ 08 folhN$.' 2025 28 2024 32 A¥er8go ompwees The nurnknerofem￿0Y￿B vthoge ben&fils18x&Jdh)g emplwrwslon ¢o$tsl exr*JwJ £60,000 2025 2024 £80,D01 .£70.L Indud￿j *thln 91aff costs 18 the remunomkn Ll the Senlor Man&Aement Team Ythlch amounted lo £151.337 forlhe yearended 31 July 2025. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMYIES Unr851ricted fvJnd8 Restricted ruTrJ Tolal funds INCOME AND ENOOWMENTS FROM Or￿at1￿9 a¢)d le98¢ 1,341,078 1,341,Q78 Charftsble actl¥llle$ SbJdenl Acbvthe5 S.￿1 5,907 OlhEr trddin9 actsmties Inv8Stffl8nl IncL 84,873 9.492 B4,873 0.492 Total 1,435.443 1 441,350 ExpeMDITURe ON Rwsing funds 35,588 38.S86 Pagé 20 conJnuod... SOUTH eANK STUDENTS. UNION LTD Nots% to tho Flnanclal 8tsl•m*nts- GOlltlnu8tl f¢w th? Ye* Ended 31 July 2025 12. CCthPARATIVES FOR THE STATEMENT OF FINANCIAL ACTWITIES- Gontinu•d UnTestricled ReslActed fun4J Tolql funds Charltable 4Ctl¥ltlgS SludentAcbvities AiJvice & R8pr8seniation ComnMjt￿c4ti￿fi5 & Marketing 420,503 571,785 311252 5.072 425.575 571,785 Tolal 1.339,128 1344.200 NET INCOME Other r•¢ognl¥ed galn¥ll1o￿esI Actuarial gains on defifiad ienefil schern85 96.315 97.150 Nèt mov¢metrt Én fund¥ 380,431 835 361,266 RecoNCILIATIOPI OF FUNDS Total funds Wghl fD￿ard 11,175,913) 216 11.175,6971 TOTAL FUNDS CARRIED FORWARO 814 4311 13. TANGIBLE FIXED ASSETS lrnprovement8 FixtUTes and ffttln98 Plant and Tnathlnery CompLner eQU￿men1 proporty Tota15 COST Al 1 Augu512024 8nd 31 Juty 2025 124,294 22,896 DEPRECIATION At 1 Au9USt 2024 Chargè foryear 64.n9 1,773 17.351 32,038 115,141 At 31 Juty 2025 34,379 129.323 NET BOOK VALUE At 31 Juty 2Q25 916 At 31 Juty 2024 59.565 5,545 4.044 69.154 14. STOCKS 2025 2024 Stocks Page 21 continued... SOUTH BANK STUDENTS. UNION LTD Nol•s to the Fln•)¢lal Stst•m¢nts-Mn¢lnu for Ihe Y￿¥ Ended 31 July 2025 15. DEBTORS.. AIIOUNTS FALLING OUE WITHIN ONE YEAR 2025 2024 Trade debto Pr4payrnonts and awrugd income S,4118 13.897 16. CREDITORS.. AMOUMTS FALLING DUE WIThIN ONE YEAR 2025 2024 Tr8d8 Soryal 5EGurity and olher ta¥85 10.087 20.359 1&635 7.442 583 16.071 1.772 4.790 25.712 VAT Othgr o¥pdlwvs Acrxuals and deferred income 17. PROVISIONS FOR UABLMES 2D25 2024 PtOW5ion5 73 2 1.418.421 NOVEIIENT IN FUNDS Nel movement in funds TTan3fer8 ween fund5 Al 1.B24 31.725 Unrestricted fvnd¥ General fund Facilities and refuth"shment Djnd strategy furKI PensioTr dEfLrt 533,785 fj9,154 162,954 113.4131 1136,0701 580.869 SS,671 20.UOO 11373 2721 20,OOD 1815.4821 98JS0 (T16,9321 Rastrlctsd fvnd$ Clubs aThJ &Jiietie5 1,051 13271 724 TOTAL FUNDS 814,4311 98,223 Net movement In funds. included sn the 8tM)ve we as folloh3'. Re50ur¢es eX￿nded Movement in fur￿5 res￿reaS Vnm8trr¢t•d fvnds Gen8r81 fund Fa¢illlies 8nd refu￿1$￿mEnt lun Penson deficit 1A34,471 11.25t.5fn 113A831 182,954 113,4831 70,9211 1,434N71 11 J3&921) 98,550 Re8trlctsd frJnd8 Chjbs and SoTheties 3.375 13Z71 TOTAL FLINDS 1.437 846 1,339.61Jl 98228 Pege 22 continued... SOUTH BANK STUDENTS. UNION LTD Note¥ to Iho Flnanclal Staternents- for thè Y•ar endod 31 Jvty 2025 18. MOVÉIAENT IM FUND8. contlnued Comparatlves for movement In funds Net rnovement in fvnds Transfers between fvnds At 1.8.23 31.7.24 U￿￿trIct¥￿ funds General fund Facililie5 and relurtjishment fund Pension defiot 490,B71 81,966 1.748.750) 154,553 114.5041 220,382 1111,6391 1,692 109.947 $33,785 69,154 1.418,4211 11,175.9131 360.431 1815.4e21 RestYl¢t•d funds Clubs Socieb'es 216 836 1,051 TOTAL FUNDS 1,175,6971 361266 814,4311 Compordkn've net rnovernent in funds, indud8d in the above are a5 Idlows.. Incoming restturt*S Res¢￿rceS exp￿ded Gin3 and Ics5es Movernenl in funds un￿¢11¢￿￿ fiJnd8 General fvnd Facilities and r￿￿lShMentfu￿d Pen5bn dBficit 1.43S.443 11,280.8901 114,5041 43.7341 154,553 114.5041 220,382 264.716 1,435.443 11,339.1281 264.116 360,431 Re8trlcted fvnds Qtth and Sociati8S 5.W7 15.0721 835 TOTAL FUNDS 1344,2001 361,266 A year 12 m¢)nth6 and prior year 12 months Gumthned pos￿.￿ ￿ &9 follows. Net mowJm¢nt in fijnds Transfe beiween funds At 31.7.25 At 1.8.23 Ilnrwslrlctsd fund$ General fund Facilities and refi1￿lshrneTht flmd Str8iEPy fund Pension defidt 490,871 81,986 337,￿7 127,9871 {247.7cvai 580,669 55,671 20,000 20,DrA) 226 017 11,74B.75DI 149.461 11,175,9131 458,981 (716.9321 Restrlcted fvnd¥ Club6 and Sociebes 218 508 724 TOTAL FUNDS 11 175.8971 716 2081 P8g8 23 conb"nued.. SOUTH BANK STUDENTS. UNION LTD Noto5 to the Flnan¢lal 8tat•mènt* . contlnued lor th? Year Endod 31 July 2025 18. MOVEMENT IN FUNDS. Continued A current year 12 ntr)nlhs ar￿ wor year 12 month$ comblned r*1 mDvem8nt in funds, induded in the above are as fo114)V•E." Incomino Durces Resources e¥pendEd Gains and I0￿e$ Movement in funds unre81￿cle￿ fund8 General fund Farililles and rBftJrb15hment ￿nd PenS￿n deficll 2,869,914 12,532.4071 127.9871 114,6551 937.507 127,9871 149.461 264.116 2.869,914 12.675,0491 264.116 458,981 R•8trlctod fund8 ub5 and Sodde6 9,282 18,7741 508 TOTAL FUNDS 2,879,196 2 683.8231 459.489 19. RELATED PARTY DISCLOSURES The London Scuth Bank UDfverwiy PTo¥ido¥ Ihe UnKJn wlh an annual grant as shown In the StAt6mènt of Flnanc481 ActMti88. Th8 Lorx1on South Bank Unlv8Ysty prowde5 th8 Unh)n ￿th accomTTrA8t￿￿ and 8 range al support Se￿c*S for xtual charye Ls made, however the vakje of Ihi$ support has been recoJni8ed in the accourts as a benBfiI K knd. 20. EMPLOYEE 8ENEFIT OBLIGATI¢Y4S Defined beh•flt $Ch￿•- SUSS ThB Union pa￿dpa￿S h the Students, Unk)n SuFerdnnUa￿0n SthErne. whlch 55 a defined bEnpdt scheme whose membership con5151s of empkjyees ol students. unions and relBted bodies throughout the country. 8enefflts In respect Df $eNce up to 30 Septernber 2003 are arKrued on 8 'llnal 88larf basis, ¥wth benefits in respect of serylc¢ from 1 0(*obEr 2093 a¢¢ruing on a Career A¥Erage Revalved Eamin95 ICAREI bas15. WiLh effed frun 30 September 2011 lh8 Scherne d08ed to future accrual. The rn051 recent YJlualioTh of kne Scheme Vd5 Cèrried oul as al 30 JunE 2022 and 5hDwEd that the Tnarkel vdue of the Schemeb a8sels Yr45 £106.700,000 yvith th8S8 assets reprssenllng 44% of the value ol benelts Ihat hHd 8c¢ruéd to membèL% oftw allwng for expetted fijture In¢re88es In 8arnlngs. Th8 deficll on an ongoing fuThlirvJ bas1$ amounted to £136,61K).000. Tho assun¥)tk)nÉ whlch the most slgnlflcant effect upon tho wults of the valuation aF8 tha%8 rel8ling to the r£te of retum on investments and the retes ofSnerea8e in 58lams and pensicds. Tl* lollLWty ouumpiions atwliwj at 30 June 2022.'- . Dl$¢ount r•ta.' B*k ol England gllt curve • 1.5% p4 Ilnèarfy changlng ovar a temi of 13 years lo gllt8 ¢urye * 0.25% pa. . Pension increases.. A mojel of each inC￿a$0, 211owing Insurerf rdats.ve priang of drfler8nt caps and colars. The 2Q22 Valuotion re¢¢¥m￿ded a monthly conlrfbution rgquwem8nt by each Partiupab'ng Empleyer eXp￿Ssed In monelary lemis [n*nd￿j lo dear the ongoing fundin9 defidi by 1 K4ay 2037 and wlll Incre85e by 81 least 5% eath year. These con1n￿￿On5 alsyj indLhle 8flowan￿ for (yjst of the 0ngll￿g adrninistr￿IYe opera1￿￿1 #xp￿$0$ of wnning the Schem of £5.038 pa. Surpluse5 or defiats which arise at future valuat￿n5 will Elso irnp4cl on Ihe Union's future conlribulk)n C￿m￿￿ent In addl￿"0n lo the abjve ccffitiTr￿tions, th8 u￿00 also pay5 It5 share of Ihe Stheme's lewy to the Pen&on Pmt¢¢lon Fund. The liabllily pmwjed for in r8SFeci rfthe SUSS pemon defiol inc¥eased to £1.373,27212024.. £1,418.4211 al 31 Juty 202$ (séa nots 171. Page 24 CDnllnu8d... SOLITH BANK STUDENTS. UNION LTD Nots$ to thé Flnancl41 Statgmen15- Contlrnied for th• Yaar Ended 31 July 2025 20. EMPLOYEE BENEFIT OBLIGATIONS- continu•d Oefined Con￿bUll0Th Ponslon Scheme Since 1 Odober 2011. 811 par￿￿pating empk)y805 have beon in a ngw defi￿￿ ￿￿tribu￿On pcnsbjn &chwne. Ihe National Unlon ef Students P8n5i0n Srtheme INUSPSI. Cun¢ributions are ai vari8ble t3tes ijp to 8% for Ihe employer and a mlnirnurn of 3% for the Bmployee. The Union'3 ￿8t ol eontribub'on for the year arnourtsd lo 12,53112024.. £10.3831. Thls page dce8 not fcyrn part of the statutory financial slateThn15 Page 25 **Southbank Students’ Union Limited Audit Findings Report Year Ended 31[st] July 2025** **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** The Board of Trustees Southbank Students’ Union Limited 3[rd] February 2026 Dear Trustees ## **Audit findings for the year ended 31[st] July 2025** 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 2025** **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 11-15| |Leter of Representaton|Pages 16-18| |Commentary on the Financial Statements|Pages 19-20| **2 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** **----- 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 2025** 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 2025** ## **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 2025 was calculated as follows: ||£|**Explanaton**| |---|---|---| |Overall Materialityfor the Financial Statements|21,568|Accounts materiallymisstated where total errors exceed this value| |||| |Performance Materiality|16,176|Workperformed to capture individual errors at this level.| |||| |TrivialityLevel|1,078|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 2025** ## **Audit Adjustments** There were no material adjustments made to the financial statements arising from our audit work. We confirm that no misstatements were detected during the audit which remain uncorrected in the financial statements other than matters which are both individually and cumulatively clearly trivial. ## **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 2025**|**53,401**| |SUSSpension defcit liability payments incorrectly posted to I&E|117,866| |Unwindingof the discount on the SUSSpension defcit liability|(70,921)| |Pensionprotecton levy payment|(1,796)| |Sports and societes income and expenditure movement in theyearposted to reserves|(327)| |**Surplusper the fnal accounts**|**98,223**| **6 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **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 2025** **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 organisations and we are required to consistently throughout the year and 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. We did not find any instances where management had overridden controls. However, we have included a point in the internal control observations and recommendations section below. - **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 2025** ## **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 Recommendation Management Response Rating** There were no outstanding points brought forward from previous years. **9 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Matters Arising in the Current Year** ## **Risk** **Rating** **Observation Recommendation Management Response Controls over bank payments** We noted that there was no dual We recommend that the controls of authorisation in place for bank payments. the bank account are amended to The CEO, Finance Manager and Finance prevent one person being able to Officer all have access to the bank and have upload and make a payment without the ability to make bank payments without secondary approval. secondary approval. We can confirm that we did not find any issues or unauthorised bank payments during our audit work. **1 Controls over bank payments** **10 |** P a g e ## **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Emerging Issues** ## **Charity Legislation** ## **Charities Act 2022** - The provisions of the Charities Act 2022 have now been fully implemented. - The Act does not impose any additional obligations on charity trustees. Instead, it simplifies the administrative steps which trustees are required to take when making certain decisions. - The main provisions which were implemented in October 2022 were: - The power to pay trustees for the supply of goods to the charity - A simplified process for dealing with situations where an appeal fails to raise sufficient funds or raises too much - The power to make certain ex-gratia payments without charity commission approval - The main provisions which were implemented during 2023 were: - The power to spend small permanent endowments and borrow up to 25% from any permanent endowment - A relaxation of the requirements when charities are selling land, including a widening of the list of experts who can advise, and discretions on how to advertise. - The main provision implemented in March 2024 was: - The power to make amendments to the charity’s governing document without Charity Commission approval, except for 'regulated alterations' (such as a change to the objects) which will continue to require approval. ## **Company Law legislation: Companies House Reform** ## **Economic Crime and Corporate Transparency Act** - The provisions of the Economic Crime and Corporate Transparency Act 2023 are in the process of being implemented, enhancing Companies House's role in ensuring the accuracy of the register. - Under the provisions, Companies House has greater powers to query, challenge and remove information on the register which appears to be inaccurate or inconsistent. - With effect from Autumn 2025, identification checks will be carried out on all existing directors, persons with significant control and officials with responsibility for filing with Companies House, such as a company secretaries. This will affect all charitable companies, trading subsidiaries, and corporate trustee companies. **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 2025** - The provisions relating to the requirement to file all accounts using approved software is not expected to be implemented until late in 2026. ## **Employment and Payroll Legislation** - The salary costs of charities will have increased from April 2025 due to the increased rate and lower threshold for employers’ national insurance and increases to the national minimum wage. - A number of changes to employee rights have also already been implemented including the right to request flexible working hours, redundancy protection for employees on maternity leave and statutory right to a week’s unpaid carers leave. - **The Employment Rights Bill** contains provisions to provide employees with rights and protection from their first day of employment, including parental leave, sick pay and protection from unfair dismissal. Sick pay will also be reformed with no lower earnings limit or waiting period. Significant changes to zero hours contracts are also proposed. - From 6 April 2027, all benefits will be required to be processed through the payroll instead of through P11Ds, with the exception of beneficial loans and living accommodation. This will require up to date and accurate information being available in real time. ## **Accounting and Reporting** ## **Changes to Charity Financial Reporting** - **Financial Reporting Standard (FRS) 102** has been updated and is effective for accounting periods commencing on or after 1 January 2026. All charity Financial Statements are required to comply with FRS 102. The two principal changes in the updated standard are: - The requirement to account for most operating leases, including property leases, on the balance sheet. As a result, for those charities that lease assets, there will an increase in assets and liabilities on the balance sheet. - The requirement to implement a five-step revenue recognition model for income derived from exchange contracts (trading/business income). Charities will need to carefully assess their revenue recognition accounting policies to ensure they are compliant with the new requirements. - **The Charity Statement of Recommended Practice (SORP)** is in the process of being updated and a consultation draft was issued in March 2025 (available at charitysorp.org). and. Its effective implementation date will also be for accounting periods commencing on or after 1 January 2026. The draft revised SORP: - Incorporates the changes to FRS 102, referred to above. **12 |** 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 2025** - Categorises charities into 3 tiers, based on their income, which determines the amount of disclosure required. For example, in future, only charities with income exceeding £15m will be required to produce a cash flow statement. - Substantially revises the reporting requirements of the Trustees Report with a greater focus on impact reporting and areas considered to be of key concern to stakeholders including sustainability reporting, going concern reporting, reserve reporting and additional details about volunteers. ## **Consultation on Charity Financial Thresholds** - In April 2025, the Department of Culture Media and Sport commenced a consultation into raising a number of financial thresholds to reflect inflation since the thresholds were first set. These thresholds include the financial thresholds above which charities must: - Register with the Charity Commission - Submit an annual return - Prepare accounts on the accruals basis - Have an independent examination of their financial statements - Have an audit of their financial statements - The government response to the consultation is planned for September 2025. ## **The Charities (Annual Return) Regulations 2024** - These regulations came into force on 1 January 2025, outlining the information required for annual returns for financial years ending on or after this date. New questions include details on high-value donations and whether charity property is held by a holding trustee. ## **Recent Charity Commission Guidance** ## **Updated Guidance on Charities and Investment (CC14)** - This revised guidance was drafted in August 2023 following the **Butler-Sloss** case. - The guidance makes it clear that trustees have discretion to take other factors into account, apart from maximising financial return, when setting the investment policy. Such factors may include: - Avoiding investments which conflict with the charity’s objects - Avoiding investments which might cause reputational damage - However, trustees’ personal opinions or preferences should not be taken into account. **13 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Updated Guidance on Decision Making for Charity Trustees (CC27)** - This updated guidance, which was issued in September 2024. states that the trustee decision making process should follow 7 key principles. - Trustees should clearly record their decisions and take responsibility for them, 'jointly' and 'collectively', even where delegated. ## **Updated Guidance on Trustee Meetings (CC48)** - Trustees should review their Governing Document to consider whether it needs to be updated in relation to Trustee Meetings, including procedures for on-line meetings and decision making by telephone and e-mail. - Changes such as these to the Governing Document no longer need approval from the charity commission. ## **Guidance on Internal Controls (CC8)** - The restructured guidance, which was issued in April 2023, is now more concise and it covers issues that were not in existence or widely relevant to the sector when first drafted. New sections cover the use of mobile payments systems, such as Google Pay and Apple Pay, and the receipt of donations in the form of cryptoassets, such as cryptocurrency and NFTs. - Existing advice on more traditional risks, including the risks relating to fundraising and public collections, making payments to related parties, and operating internationally has been updated. There is also a new section on accepting hospitality. ## **Guidance on Social Media Use** - This guidance, which was issued in September 2023, recognises the increasing importance of the use of social media to engage with beneficiaries and the wider public. However, it also highlights the risks and the need for mitigation. - The guidance states that where social media is used by the charity, there should be a policy in place (appropriate for the size of the charity) to mitigate the risk of reputational damage and to assist the charity to promote its charitable purposes. ## **Guidance on Accepting or Refusing Donations** - Although there is an expectation that Charities will accept most donations, there may be occasions when Trustees refuse a donation. A decision to refuse a donation may be for operational reasons (for example, the conditions attached are unacceptable) or for reputational reasons (the donor may not be acceptable). - Trustees should base any decision on the best interests of the charity and should not take into account personal opinions. **14 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Cyber Security** The Charity Commission has issued further updated guidance on the measures Charities should take to mitigate the threat from cybercrime and on how to report incidents of suspected and actual cybercrime. **Governance Codes** ## **Revised Charity Governance Code** A new version of the Charity Governance Code is expected in 2025, offering updated best practice guidelines. This will help charities review their governance structures, ensuring they are transparent and accountable. Charities should review the updated code upon its release while continuing to utilise the existing code. - https://www.charitygovernancecode.org/en/front page ## **Review of the Code of Fundraising Practice** The Code of Fundraising Practice is undergoing a comprehensive review, with a 'soft launch' scheduled for 2025. The revised Code aims to be more principles-based, shorter, and easier to use, with new rules on unstaffed collections and fundraising platforms. A six-month transition period will follow the launch. https://www.fundraisingregulator.org.uk/more-from-us/get-involved/code-review-2022-24 **15 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **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 2025, 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. **16 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **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. **17 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** **----- 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. **18 |** P a g e ## **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Commentary on the Financial Statements** - 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 £98k in comparison to a surplus of £361k last year. Total Income decreased slightly from £1,441k to £1,438k. The decrease in income is the result of the following: 1. Donations and legacies income increased from £1,341k to £1,356k. The block grant from the University decreased from £1,010k to £960k. 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 £170k from the University. 2. Income from Student Activities decreased from £6k last year to £3k this year. This income represents funds raised by the various clubs and societies of the Union. 3. Income from other trading activities decreased to £66k from £85k. This includes Merchandise sales of £36k, Fundraising events income of £13k and Marketing income of £16k. 4. Investment income was £10k compared with £9k last year. 5. Other income was £2k compared to nil last year. **19 |** P a g e **Southbank Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** Expenditure for the year also decreased slightly from £1,344k to £1,340k. The main expenditure variances are explained below: 1. Student activities costs decreased from £426k to £343k. 2. Advice and representation expenditure increased from £572k to £580k. 3. Communications and marketing expenditure increased from £311k to £392k. 4. Included in the above expenditure headings are wages and salary costs of £843k, which has decreased from £847k. There is no actuarial gain on the SUSS pension scheme this year because the discount rate of 5% is the same as last year and the increase in contributions also increased by 5%. There was a gain of £264k last year. The contributions are now due to end in May 2037. ## **BALANCE SHEET** The net book value of fixed assets has decreased from £69k to £56k. There were no additions this year and the depreciation charge for the year was £13k. Net current assets, the principal balance sheet measure of short to medium term solvency, have increased from £535k to £601k. There is a sound margin of solvency with cash and bank balances alone being sufficient to cover creditors by a factor of 8:1. The stock figure of £3k relates to retail stocks and has increased from £1.5k. Debtors have decreased from £20k to £12k, which relates to prepayments of £7k and trade debtors of £5k. Cash and bank balances have increased from £562k to £670k. Creditors have increased to £84k from £49k. Creditors are mainly made up of accruals, which have increased from £26k to £31k, and trade creditors that have increased from £0.5k to £10k. Social security of £20k, VAT of £16k and other creditors of £7k make up the remainder of the balance. Provisions for liabilities represents the calculated deficit funding contributions the Union must make in respect of the SUSS scheme. This has decreased from £1,418k to £1,373k. The decrease is mainly represented by the unwinding of the discount, of £71k, which net off against the contributions made to SUSS of £118k. As a result of the above, the total funds have increased by £98k, from a negative £814k to a negative £716k. All funds are unrestricted except for £1k of restricted funds. **20 |** P a g e