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2022-07-31-accounts

Charity registration number: 1151581

GOLDSMITHS STUDENTS’ UNION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 31 July 2021

GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Page
Administrative Information 1
Trustees’ Report 2 – 13
Independent Auditor’s Report 14 – 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Financial Statements 21 – 30

GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Charitable status

Goldsmiths Students’ Union (Goldsmiths SU and GSU) is an incorporated organisation and registered charity in England & Wales. Registration number 1194727

Principal Address

Dixon Road New Cross London SE14 6NW

Chief Executive Officer

Ed Nedjari

Charity Trustees

Charity Trustees
Role From 15 June 2020 From 14 June 2021
Chair of Trustees & Sabbatical
Officer		 Lauren Corelli Sara Bafo
Sabbatical Officer Fowsia Kayide Fowsia Kayide
Sabbatical Officer Niqeulla Simpson West Niqeulla Simpson West
Sabbatical Officer Sara Bafo Hfsa Haji
Student Trustee George-Hakon Benson George-Hakon Benson
Student Trustee Lina Charafeddine Lina Charafeddine
Student Trustee Teagan Eastwood Teagan Eastwood
Student Trustee Saranyaa Goel Saranyaa Goel
External (Lay) Trustee Stephen Norton Stephen Norton
External (Lay) Trustee Pradeep Thathai Pradeep Thathai
External (Lay) Trustee Emily ColinsBeare Emily ColinsBeare
External (Lay) Trustee Eireann Attridge Eireann Attridge
Auditors Bankers Solicitors
Crowe UK LLP
Statutory Auditor
49-51 Blagrave Street
Reading
RG1 1PL		 The Co-Operative Bank
151 Lewisham High St
Lewisham
London
SE13 6AA		 Bates, Well & Braithwaite LLP
Wrigleys LLP

The Trustee Board present their Annual Report for the year ended 31 July 2021, which includes the administrative information set out later in the document, together with the audited accounts for that year.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Structure, governance and management

Goldsmiths Students' Union is constituted under the Education Act 1994 as a charity with internal regulations or Rules approved by the governing body of Goldsmiths College (the College).

The Trustee Board has 8 elected student members (the four 'sabbatical' posts and four students who continue with their studies) alongside up to four appointed external trustees and is responsible for overseeing the management and administration of the Union. The Board is responsible for the overall governance, the budget and setting the strategy and direction of the Union. The Board delegates the day-to-day running of Goldsmiths Students' Union to a Chief Executive.

As the charity trustees, all Officers receive an induction into their legal and administrative responsibilities, with an ongoing training programme as and when needed for issues arising during their term of office.

The four posts of President, Education Officer, Campaigns & Activities Officer, and Welfare & Diversity Officer are full-time, or 'sabbatical', posts remunerated as authorised by the 1994 Education Act and cannot exceed two years as an elected sabbatical officer.

Goldsmiths Students' Union operates on democratic principles, with the Student Assembly setting the policy and political agenda of the Union, scrutinising the Trustees and electing students to serve on College committees.

The four sabbatical officers regularly meet with senior managers of the Union to review the charity's performance and administration generally and to determine appropriate approaches between meetings of the Trustee Board.

The Union employs a number of staff, including students, to deliver activities of the organisation, and employ around 20 staff to support the continuity of its activities from one year to the next.

Senior Management Team

Ed Nedjari - Chief Executive Irfan Zaman - Head of Membership Wala Osman - HR Manager Lisa Ronson - Finance Manager Oliver Roscoe - Head of Commercial Sabbatical Officers x 4

Public Benefit Disclosure

The Union's Objects are the advancement of education of students at Goldsmiths College for the Public Benefit by:

  1. Providing an official organisation to represent its members both within, and outside, the College.

  2. Providing and developing scientific, artistic, cultural, political, and environmental. Ethical, religious, sporting and social activities (including awareness) among its members and ensuring that the general welfare of the student body at large through both commercial and noncommercial services

  3. Promoting the general welfare of its members without discrimination on the grounds of race, gender, language, sexuality, age, religion, marital status. Disability, medical status or political belief

  4. Advancing the interests of the University, for the benefit of the Union's members, in all the appropriate ways

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

  1. Promoting the involvement of its members within the local community

  2. Working with other students' Unions, organisations with similar objects and affiliated bodies.

The Trustees have given careful regard to the Charity Commission's guidance on Public Benefit. This is tabled for discussion at each Trustee Board meeting.

Relationship with Goldsmiths College

The relationship between the College and the Union is established in the Regulations of the College and detailed in Rules approved by both organisations. The Union receives a Block Grant from the College and occupies a building owned by the College, which also pays for utilities. This non-monetary support is intrinsic to the relationship between the College and the Union. Although the Union seeks to generate supplementary funding from various mutual trading activities, it is heavily dependent on the College's support.

There is no reason to believe that this or equivalent support from the College will not continue for the foreseeable future, as the Education Act 1994 and College strategy commits to ongoing funding of the charity. In the coming year we expect significant work on the student voice section to ensure clarity of roles and distribution of responsibilities.

Over the last year, we have been notified and received a block grant cut of 19% over two years.

Trustee Board

Appointments to the Trustee Board are made on behalf of a recommendation of the Staffing & Appointments Subcommittee.

Our Trustee Board is in a continual process of addition and terms coming to an end. Sabbatical officers and student trustees are in office for one year, unless re-elected by members or change their category of office. We currently have one vacancy for an external trustee.

At least one session with Trustees each year is dedicated to learning & development. New trustees received a copy of CC3: The Essential Trustee. We regularly review the induction process in line with NCVO guidance and trustees will be sent on NCVO trustee training and given a code of conduct to follow.

Risk Management

The Trustee Board has examined the major strategic, business and operational risks faced by Goldsmiths Students' Union. A risk register has been established and is scheduled for review. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Budgetary and internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by the Union.

These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. The senior management of the charity have acted on previous Audit reports and they will be supported by Trustees to ensure this continues.

Fundraising #

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Aims, Objectives and activities

Due to Covid and changes in leadership, it was determined by the CEO and the Trustees that the current strategy be stopped and the organisation focus on the following priorities for 2020-2021

Context and Introduction

This year has been one of immense difficulty and uncertainty. Virtually overnight, the SU had to dramatically change how it works and how it supports students, switching from providing activity, peer connectivity and supporting marginalised groups, to making sure students were safe and understood what was going on in the world. There are elements of this work that we will continue with once the pandemic finishes.

Our staff team went from talking to students on campus to conversing remotely, whilst still managing to convey the same energy and passion as face-to-face. We’ve had to reduce the size of our staff team through a restructure in order to safeguard the future of the Union in the next few years and we have been fastidiously prudent and forward-thinking with our finances and how we budget and plan for not only the next year, but the next two or three years. We are also in the process of incorporation which should be complete by 31st July this year.

There are also many other internal policies, procedures and processes the world doesn’t see that our staff are reviewing, rewriting and updating ready for the new term and a new ‘normal’ which we are determined to make sure is not the same as the old normal. We are incredibly proud of the way our Officers, staff and student leaders have all supported and worked with each other during this time of need. It’s something we will remind each other of when things become difficult in the future.

Lauren Corelli - President Fowsia Kadiye - Education Officer Niquella Simpson-West - Campaigns & activities Officer Sara Bafo - Welfare & Liberation Officer (Steps in as President from Feb 2021)

The Sabbatical Officers have supported and been very involved in the work related to the move to online working and the recent SU restructure. This period of change also came as the College itself entered into an expansive recovery plan. The Officers have worked hard to engage with all these processes whilst advocating for students’ needs and launching their own projects and campaigns to improve the student experience.

Sabbatical Officer Campaigning

This year has seen an unprecedented number of student campaigns as students have expressed anger and dissatisfaction with the way their university experience has fundamentally changed. Some of their campaigns are detailed below:

Fees Strike : Students have refused to pay their remaining tuition fee instalments until their demands for an improved learning environment have been met

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Rent Strike: Students have refused to pay for their halls rent since January due to poor living conditions and a number of issues with online learning and services provided by the College

International Students: International students came together to write up demands as the university’s broken promises acutely affected them

Against Sexual Violence: The SU successfully launched the #TakeSurvivorsSeriously campaign at the end of 2020 to demand funding be restored to the ASV project and ensure the SU maintained control of the project

BAME Awarding Gap: In response to the shocking BAME Awarding Gap data, we released a statement and are working to address this in spaces including the Race Justice Strategy Board

Covid-19 Planning: The Officers were heavily involved in the handling of bringing students back for 2020/21, making clear their objections and working to ensure sufficient safety and accessibility procedures were in place.

Student engagement with Sabbatical Officers

In pre-pandemic times the SU building would be a hub of student engagement and activity, but this year we have had to use online spaces to build a student community:

Care Spaces : Sara Bafo curated care spaces for students, some specifically for Black and PoC students to discuss racism

Open Meetings: The Officers have held open meetings on topics including international students and safety net policies

Social Media: The Officers have utilised social media to actively engage with students - such as Instagram Live

Sabbatical Officers and the University

The Sabbatical Officers provide a critical view from the voices of students in College decision-making spaces, carefully analysing emerging College policy and raising student concerns directly with relevant parties. The Officers meet with stakeholders in the College multiple times a week. Below are some of the ways they do this:

Committees : By reading papers and providing feedback in meetings for new proposals and reports

Working Groups: There are multiple working groups that provide space for more targeted work on specific projects

Work with the Warden and SMT: The Officers meet monthly with the Warden to raise high-level issues, as well as meetings with SMT

Wellbeing Team: The Officers work closely with the College Wellbeing team

Below is a snapshot of some of the officers’ personal manifesto priorities points

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Decolonise : Fowsia is working on the Comprehensive Curriculum Review as well as working to engage with departments on their individual plans to decolonise their work, beyond the curriculum.

Accessibility: All Officers have worked with the Wellbeing team, and other teams in the College to tackle the physical and digital accessibility of campus and teaching.

Mental Health: All Officers are working to create more accessible, culturally competent mental health services and provisions that meet students’ needs in a year that has tested everyone’s capacity and wellbeing.

Racial Justice: Through multiple College and SU processes, the Officers have worked to develop new policies and initiatives that tackle racism at Goldsmiths’. The Officers continue to work on fulfilling all of the GARA demands.

Development and Communities

The Development and Communities team supports members and volunteers (student leaders) in societies, sports clubs, liberation networks, campaigning groups, Part-Time Officer and Full-Time Officer positions.

In total, we have 173 society leaders, 43 sports leaders, and 23 volunteers in elected positions (PartTime Officers, Trustees).

Our largest membership groups: Hacksmiths (Goldsmiths Tech Society) had 84 members in 2020/21 and the Debating Society are of a similar size, with 83 members.

Of the 6 Liberation Networks, the LGBTQ+ Network has the largest membership base, with 75 members.

Memberships 2020/21: 832 members hold a total of 3,196 memberships for a club, society or liberation network.

Liberation Networks: Liberation Networks are supported primarily by SU staff, with Part-Time Officers providing student leadership and direction.

A comment from Kocoa Brown & Alex Murray-Reynolds, our joint Women’s Part-Time Officers:

‘We had an incredible opportunity to work on a number of campus workshops with industry specialists. Those workshops were made possible with the help of the Students’ Union as you supported us to bring our ideas to life. Knowing there is a team behind us has helped us grow in confidence, which has allowed us to be even bolder in the things that we bring to the table.’

In our work we also support several unratified campaigning and mutual aid groups such as Goldsmiths University College Union (UCU), Goldsmiths Anti-Racist Action Group, Gold Rent Strike, Gold Fees Strike, Goldsmiths Community Solidarity Hub, Justice for Workers, and New Cross Packages.

Events .

The team have run, facilitated or supported over 100 virtual events across the academic year. The team lead on campus-wide events programmes throughout the calendar including Welcome Week, Black History Month, Islamophobia Awareness Month, Trans Awareness Week, Disability History Month, LGBTQ+ History Month, Women’s History Month, Mental Health Awareness Week and many more. We work directly with student leaders and Officers to bring their event ideas to our members.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Welcome Week in particular saw excellent engagement with 2,289 student sign ups across the week, which included our successful virtual Welcome Fair. The Welcome Fair had the most sign ups across a two day period, with 772 sign ups. Every student group that put on an event during the Welcome Week was given an online ‘Co-Creator’ pack to complete so that SU staff could see the progress of the student group and could support students in facilitating their online events.

Whilst attendance numbers and sign ups numbers have inevitably dropped since previous years due to Covid-19 restrictions, students appreciated a platform being available to stay connected, meet new people and find new hobbies to take up during this difficult period.

For Black History Month, we had a total of 23 online events and 719 student sign-ups in October 2020. Our Sabbatical Officers had a huge say in the events and planning. The events that saw the most signups were:

Black Bodies Matter: Life Drawing Class’ (with guest artists and hosts) with 57 sign ups. ‘Warmth From the Fire: Imagination Beyond the Institution’ (with guest speakers) with 39 sign ups. Black Story Telling for Children: Workshop’ (led by Sabb Niquella, with guest writer) with 21 sign ups.

For Islamophobia Awareness Month November 2020, we had a total of 11 online events with 102 signsups. The most popular events were:

‘Islamophobia in Britain’ (led by Goldsmiths Debating Society), with 36 sign ups. ‘Goldsmiths SU Stands Again Gendered Islamophobia; (led by SU staff and guest speaker Samayya Afzal) with 43 sign ups.

For Trans Awareness Week in November 2020 we had a total of 7 events and 79 sign ups. The most popular event was the online Trans and Non-binary life drawing workshop, a joint event with UAL Students’ Union, which had approximately 40 attendees.

All of our events have been hosted online utilising ground-breaking new platforms and technologies such as Icebreaker, Remo, Gather.Town, Mentimeter and StreamYard to keep our students engaged.

We have worked with organisations and individuals such as MEND, ReThink, the Center for Black Equity, Unis Resist Border Controls, Speakers Trust and more.

SU Communications

The Communications Team make sure the student body know exactly what’s going on at Goldsmiths, whether that’s events and campaigns, or updates from the SU. We send out a weekly newsletter to 12,000+ students, and daily updates on the SU website and social media channels.

This year we’ve Worked on numerous SU campaigns such as the Elections, Welcome Week, Take Survivors Seriously (helping to secure funding for the Against Sexual Violence Project), Black History Month and Students’ Forum, to name but a few.

Seen an increase in student-led blogs on the SU website, such as with the Debating Society and Islamic Society, which have helped students to directly speak to their members. Developed and improved our relationship with University teams such as Accommodation Services, the Chaplaincy, Library, Careers, Wellbeing and Disability Services. Completed Accessibility for Copywriters Training by AbilityNet.org, implementing changes to our SU social media use, with updates for the website, and support for other SU team members, to come.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Our social media…

Additionally, we’ve…

Advice and Representation

The Advice and Representation team advises, supports and educates students. They have three primary functions; to gather student feedback through academic representatives, the operation of the Advice Service (an independent, impartial, confidential and free service that helps students with issues connected to student life), and to coordinate the Against Sexual Violence Project.

The impact of the SU Advice Service is wide-reaching; some examples from this year include:

Academic Representation

Our Departmental Student Coordinators and Programme Reps help to build the community within the students’ course and department. We currently have 48 Departmental Student Coordinators and over 390 Programme Reps.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Against Sexual Violence

We’re here to create culture change at Goldsmiths through policy, campaigns, and education around sexual harassment, stalking, domestic violence and sexual misconduct. Some of our recent highlights:

We had 1023 course registrations on Consent Matters Training Students rated Consent Matters 4 out of 5 on both overall quality of the training and on improving their understanding of the subject

29 members of the Ally Club 16 Days Against Sexual Violence campaign: 13 online events

Commercial Services

This last year has been difficult for the Commercial Services at Goldsmiths SU. Lockdown has meant that the income from our usual provision of events, food and beverage services, retail service, media sales and venue hire services all had to come to a standing halt. Throughout the nationwide lockdowns, we have sought to look after our Student Staff and have done everything possible to shield them financially from the negative effects of Covid-19.

The below from Jamey, a postgrad student who joined our team in late January: ‘I just wanted to send thank you for this working opportunity, even if it was short-lived! I really enjoyed working with the team and within the SU community, and being involved on campus in this capacity elevated my experience as a Goldsmiths postgraduate. I am also incredibly grateful for all you did to ensure we remained on furlough until the end of our contracts - this absolutely saved me, I cannot thank you enough!’

It hasn’t however been all bad...

We have managed, through our engagements with the local community, to bring in two regular venue hires which have brought in much needed income.

We have served as a filming studio for Native, who have provided virtual events to students all over the country.

We have also been successful in our applications for the Local Council’s Additional Restrictions Grant scheme. To date, we have received £20K from this grant scheme. Finally, we have been in planning mode - preparing to welcome students back onto campus and introduce them to our SU in September 2021.

The Welcome Team

Although the Welcome Desk team have been unable to see students face-to-face, we have continued to support them via phone calls and email.

At the start of the pandemic, the team launched a live chat system through the SU website and we have received 300 student enquiries through this.

Over the course of the academic year we’ve answered approximately 2000 emails and 1000 calls, helping our students to get in touch with the right people and services.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Finances

The reserves of the Union comprise the Accumulated Fund balance. The Trustees consider that the Accumulated Fund balance on the Union’s Unrestricted General Fund at the financial period end is adequate for the immediate requirements of the Union.

Free reserves at the year-end stood at £ 264,183 (2020: £ 58,682). The Finance Committee previously set a reserves policy which aims to generate reserves of £300k, the equivalent to three months running costs (excluding rent charge) for continuation of current activities within the medium term.

The Union’s financial performance during the year was anomalous. The lack of students on campus meant a significant reduction in student activities, such as sport. Coronavirus Job Retention Scheme paid for the salaries of staff who were unable to work due to the lack of activity and closures on campus. Due to expected significant grant cut, the Union underwent a restructure in 2020/21 to allow time to prepare for the future financial reality.

As a result, the Union’s financial performance during the year increased unrestricted funds by £ 191,923 (2020: £ 11,281) resulting in a total general funds position at the end of the year of £ 289,399.

The Union received grant support from the University of £ 1,182,750 (2020: £ 1,245,000), a 5% reduction. Our grant will be reduced by an additional £225,000 over the next two years. A figure of £ 1,075,000 has been confirmed for 2021/22, and £ 957,750 is expected in 2022/23. This is cumulative reduction of £ 287,250 over three years, or 23%.

Our commercial departments (Bar, Café and Shop) opened in October in line with students return to campus, but they closed after three weeks in early November 2020 to minimises losses. Food & Beverage lost £37k, and the Shop lost £25.5k. The Nursery was able to continue operations and made a surplus of £ 69k, which helped absorb the losses in other outlets. Overall, commercial operations contributed £6.5k to the Union by year end.

External Affiliations

Affiliations Under the 1994 Education Act, the Union is required to report to Its members, on an annual basis, all current external affiliations. The Union was affiliated to the following organisations:

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Trustee Board Responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Incorporation

As you will know the SU was incorporated as a charity from midnight on 31 July 2021. Below is an overview document we sent to the university detailing the process and status. I have included this for content and information. This info is from July last year.

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

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GOLDSMITHS STUDENTS’ UNION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Approval of transfer of assets and liabilities

Once incorporated, GSU will have a new, fit-for-purpose, corporate form (as a CIO), and charity number but will otherwise continue to operate in the same way.

This report was approved by the Trustee Board on Team

and signed on its behalf by the SU Officer

Sara Bafo

Chair of Trustees

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDSMITHS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

Opinion

We have audited the financial statements of Goldsmiths Students’ Union for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Emphasis of matter – financial statements not prepared on a going concern basis

We draw attention to the disclosures made in note 2b to the financial statements concerning the charity’s ability to continue as a going concern. It is the intention of the Trustees of Goldsmiths Students’ Union to transfer the assets and liabilities of the current Union from midnight on 31 July 2021 to Goldsmiths Students’ Union (Charity number: 1194717). It is the view of the Trustees that the transfer will proceed and that it will be possible to close down the current charity without liability during the year ended 31 July 2022.

On this basis, the charity is not a going concern but no adjustments are required to the figures due to the transfer. If the transfer does not occur, there may be further adjustments required to the accounts which have not currently been recognised. Our opinion is not modified in this respect.

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDSMITHS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 7, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDSMITHS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the Union were Charity Commission legislation, General Data Protection Regulation (GDPR); anti-fraud, bribery and corruption legislation; health and safety legislation as well as employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Our audit procedures to respond to revenue recognition risks included sample testing of income across the year to agree to supporting documentation and testing income either side of the year to ensure this has been correctly recognised.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDSMITHS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Crowe U.K. LLP

Statutory Auditor

Reading

Crowe U.K. LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 17

GOLDSMITHS STUDENTS’ UNION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR

(Including Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2021

Note
Income and endowments from:
Donations:
- Grant income
3
- Other grants and donations
3
Other trading activities:
-Nursery
- Gym
- Advertising & marketing
Charitable activities for students:
- Bar
- Shop
- Societies & clubs
Coronavirus job retention scheme
Total income
Expenditure on:
Raising funds:
-Nursery
4
- Advertising and marketing
Charitable activities for students:
4
- Advice & Representation
- Bar
- Shop
- Societies & clubs
- Volunteering
- Policy Development
- Community Building
Total expenditure
4
Net income
Transfers
Net movement in funds
Fund balances brought forward
Total funds carried forward
12		 Unrestricted
Restricted
Funds
Funds
Total
Total
2021
2021
2021
2020
£
£
£
£
1,182,750
-
1,182,750
1,245,000
300,000
32,729
332,729
332,728
394,151
-
394,151
266,057
-
-
-
8,884
7,261
-
7,261
22,728
30,959
-
30,959
293,196
31,181
-
31,181
272,993
-
34,913
34,913
101,861
223,383
-
223,383
201,207
2,169,685
67,642
2,237,327
2,744,654
286,367
-
286,367
314,954
126,993
-
126,993
172,801
276,368
32,729
309,097
359,368
303,777
-
303,777
503,810
403,792
-
403,792
599,461
297,355
31,467
328,822
464,704
94,370
-
94,370
104,589
94,370
-
94,370
104,589
94,370
-
94,370
104,589
1,977,762
64,196
2,041,958
2,728,865
191,923
3,446
195,369
15,789
-
-
-
-
97,476
45,117
142,593
126,804
289,399
48,563
337,962
142,593

The notes on pages 21 to 30 form part of these accounts

Page 18

GOLDSMITHS STUDENTS’ UNION

BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2021

Note
Fixed assets
Tangible fixed assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank & in hand
Current liabilities
Creditors: Amounts due within one year
11
Net current assets
Total net assets
Representing charitable funds:-
Restricted income funds
Students’ Societies & Club Funds
14
Unrestricted income funds
General fund
13
Total charity funds
12		 2021
2020
£
£
£
£
25,216
38,794
44,906
60,157
42,444
70,813
395,726
143,292
483,076
274,262
(170,330)
(170,463)
312,746
103,799
337,962
142,593
48,563
45,117
289,399
97,476
337,962
142,593

These financial statements were approved and authorised for issue by the Trustees on signed on their behalf by:

and were

Sara Bafo Chair of Trustees

The notes on pages 21 to 30 form part of these accounts

Page 19

GOLDSMITHS STUDENTS’ UNION

CASH FLOW

FOR THE YEAR ENDED 31 JULY 2021

Note
Cash flows from operating activities:
Net movement in funds
Depreciation
(Increase)/decrease in stock
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the
year
19
Cash and cash equivalents is represented by:
Cash at bank and in hand		 2021
£
195,369
18,115
15,251
28,369
(133)
256,971
(4,537)
(4,537)
252,434
143,292
£
395,726
2021
£
395,726
£
395,726		 2020
£
15,789
17,388
(10,455)
(14,088)
(11,390)
(2,756)
(14,900)
(14,900)
(17,656)
160,948
£
143,292
2020
£
143,292
£
143,292

The notes on pages 21 to 30 form part of these accounts

Page 20

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

1 CHARITY INFORMATION

The principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. Goldsmiths Students’ Union is an unincorporated association with charitable status (Charity registration no. 1151581). It is unincorporated and domiciled in the UK. The address of the principal office is Dixon Road, New Cross, London, SE14 6NW.

2 ACCOUNTING POLICIES

(a) Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommend Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Goldsmiths Students’ Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

(b) Going concern

At the time of approval of the annual report and accounts, the Covid-19 pandemic continues to evolve and the long-term impact on the Union, in common with other businesses, is unknown. The Trustees have reviewed the position carefully with a view to ensuring the ongoing provision of student representation and services as well as employment of staff. The Union has cash resources and net current assets.

University grant funding has decreased in the current year and is expected to decrease further as the University faces its own financial issues. To cope with the anticipated decrease and other uncertainties resulting from Covid, the Union is in the process of a restructure. The restructure is intended to reduce costs and facilitate a more flexible and streamlined service that will allow the Union to operate more efficiently and effectively.

Conservative forecasting indicates that the Union is able to meet its obligations as they fall due. Accordingly, the Trustees believe the Union’s financial resources are sufficient to ensure the Union will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements.

It is the intention of the Trustees of Goldsmiths Students’ Union to transfer the assets and liabilities of the current Union to Goldsmiths Students’ Union (Charity number: 1194717) from midnight on 31 July 2021. It is the view of the Trustees of Goldsmiths Students’ Union that the transfer will proceed and that the Union’s business will transfer into the new Charitable Incorporated Organisation. As a consequence of the transfer the trustees expect to close down the residual charity without liability or gain during year ended 31 July 2022. On this basis, the charity is not a going concern but no adjustments are required to the figures due to the transfer.

(c)

Income

All income and capital resources are recognised in the accounts when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. The College grant of free serviced accommodation on the campus is accounted for as income and expenditure of the year at an estimated value to the Union by reference to the alternatives available on the commercial market.

Coronavirus Job Retention Scheme grant income is recognised on a straight line basis over the furlough period of each relevant employee, as permitted by the Charity SORP.

Page 21

GOLDSMITHS STUDENTS’ UNION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

2 ACCOUNTING POLICIES (CONTINUED)

(d) Expenditure

Expenditure includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers. The value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

(e) Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:-

Bar extension & Entertainment - 20-25% per annum straight line Shop refurbishment - 25% per annum straight line Union equipment - 10-33% per annum straight line

Fixed assets costing more than £700 are capitalised at the time of acquisition.

(f) Pension costs - defined contribution pension plan

The Union operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Union pays fixed contributions into a separate entity. Once the contributions have been paid the Union has no further payment obligations.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Union in independently administered funds.

(g) Taxation

No provision is made in these accounts for corporation tax as the union is exempt from such taxes as a result of its charitable status.

The Union only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(i) Leased assets

Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.

(j) Stock

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

(k) Debtors

Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at transaction price.

(m) Fund accounting

Page 22

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

GOLDSMITHS STUDENTS’ UNION

2 ACCOUNTING POLICIES (CONTINUED)

3 VOLUNTARY INCOME

Block grant
Restricted grant for Sexual Violence Project
Grant for serviced accommodation		 2021
£
1,182,750
32,729
300,000
1,515,479		 2020
£
1,245,000
32,728
300,000
1,577,728

The University provides rent-free accommodation and other services to the Union under the Charities SORP the ‘donations in kind’ must be valued and included within the accounts. The value to the Union is considered to be £300,000 and is included as ‘Grant for serviced accommodation’ above.

4a CHARITABLE AND OTHER ACTIVITY COSTS - 2021

Raising funds
Nursery
Advertising & marketing
Charitable activities
Advice & Representation
Bar
Shop
Societies & Clubs
Volunteering
Policy Development
Community Building
Total costs		 Cost of
sales
£
-
-
-
8,328
26,314
-
-
-
-
34,642		 Staff
£
211,781
70,594
211,781
211,781
282,373
211,781
70,594
70,594
70,594
1,411,873		 Serviced
accomm
odation
£
45,000
15,000
45,000
45,000
60,000
45,000
15,000
15,000
15,000
300,000		 Other
£
29,586
41,399
52,316
38,668
35,105
72,041
8,776
8,776
8,776
295,443		 2021
Total
£
286,367
126,993
309,097
303,777
403,792
328,822
94,370
94,370
94,370
2,041,958		 2020
Total
£
314,954
172,801
359,368
503,810
599,461
464,704
104,589
104,589
104,589

2,728,865

Included above are governance costs totalling £14,340 (2020: £13,390) and this includes the annual audit fee of £14,340 (2020: £13,390 ).

Affiliation fees included in the above amounts to £22,226 ( 2020: £34,089).

Page 23

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

GOLDSMITHS STUDENTS’ UNION

4b CHARITABLE AND OTHER ACTIVITY COSTS (continued) - 2020

Raising funds
Nursery
Advertising & marketing
Charitable activities
Advice & Representation
Bar
Shop
Societies & Clubs
Volunteering
Policy Development
Community Building
Total costs		 Cost of sales
£
-
-
-
104,166
181,104
-
285,270		 Staff
£
241,750
80,583
241,750
241,750
322,334
241,750
80,583
80,583
80,583
1,611,666		 Serviced
accommod
ation
£
45,000
15,000
45,000
45,000
60,000
45,000
15,000
15,000
15,000
300,000		 Other
£
28,204
77,218
72,618
112,894
36,023
177,954
9,006
9,006
9,006
531,929		 2020
Total
£
314,954
172,801
359,368
503,810
599,461
464,704
104,589
104,589
104,589
2,728,865

5a CENTRAL OVERHEAD COSTS INCLUDED IN NOTE 4a - 2021

Usage
Costs of Generating funds
Advertising and Marketing
5%
Nursery
15%
Charitable activities for
students
Advice & Welfare
15%
Bar
15%
Shop
20%
Clubs and societies
15%
Volunteering
5%
Policy Development
5%
Community Building
5%
Totals
100%		 Staff
£
70,594
211,781
211,781
211,781
282,373
211,781
70,594
70,594
70,594
1,411,873		 Serviced
accomm-
odation
£
15,000
45,000
45,000
45,000
60,000
45,000
15,000
15,000
15,000
300,000		 Other
£
8,776
26,329
26,329
26,329
35,105
26,329
8,776
8,776
8,776
175,525		 2021
Total
£
94,370
283,110
283,110
283,110
377,478
283,110
94,370
94,370
94,370
1,887,398		 2020
Total
£
104,589
72,018
313,768
72,018
96,023
72,018
104,589
104,589
104,589

1,044,201

Many of the costs suffered by the Union such as support staff costs, rent and rates, and other costs are shared between activities.

Page 24

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

5b CENTRAL OVERHEAD COSTS INCLUDED IN NOTE 5b (continued) - 2020

Usage
Costs of Generating funds
Advertising and Marketing
5%
Nursery
15%
Charitable activities for students
Advice & Welfare
15%
Bar
15%
Shop
20%
Clubs and societies
15%
Volunteering
5%
Policy Development
5%
Community Building
5%
Totals
100%		 Staff
£
80,583
-
241,750
-
-
-
80,583
80,583
80,583
564,082		 Serviced
accomm-
odation
£
15,000
45,000
45,000
45,000
60,000
45,000
15,000
15,000
15,000
300,000		 Other
£
9,006
27,018
27,018
27,018
36,023
27,018
9,006
9,006
9,006
180,119		 2020
Total
£
104,589
72,018
313,768
72,018
96,023
72,018
104,589
104,589
104,589
1,044,201

6 STAFF COSTS

2021
£
Wages and salaries (including temporary staff)
1,260,515
Social security
108,508
Pension costs
42,850
1,411,873
he number of employees whose emoluments exceeded £60,000 was:-
2021
£60,001 – £70,000
1		 2020
£
1,445,658
120,994
45,014
1,611,666

2020
1

The number of employees whose emoluments exceeded £60,000 was:-

The key management personnel of the Union are the Trustees and the Senior Leadership Team. The aggregate employee benefits of key management personnel (including employer’s NI and employer’s pension) was £246,839 (2020: £238,620). The average staffing was as follows:-

Full time
Part time
Students – term time only		 2021
No
36
8
21
65		 2020
No
32
15
54
101

Page 25

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

7 TRUSTEES’ REMUNERATION AND EXPENSES

Trustee salaries were paid to 5 (2020: 6) full time Sabbatical Trustees and amounted to £111,838 (2020: £107,180), and reimbursed expenses to Trustees were £210 ( 2020: £3,863 for travel, conferences and training).

Mona Mounir
Lauren Corelli
Jo Leam
Beth Lowe
Fowsia Kadiye
Niquella Simpson-West
Sara Bafo
Hafsa Haji
Joseph Tema
Taylor McGraa		 2021
£
-
23,404
-
-
27,624
28,372
28,753
3,685
-
-
111,838		 2020
£
24,895
24,893
22,469
24,895
3,256
3,256
3,516
-
-
-
107,180

Trustee salaries will vary due to length of employment and the financial year not corresponding with sabbatical officer terms of office.

There were no other trustee-benefits for the year.

8 TANGIBLE FIXED ASSETS

COST
At 1 August 2020
Additions
At 31 July 2021
DEPRECIATION
At 1 August 2020
Charge for the year
At 31 July 2021
At 31 July 2021
At 31 July 2020		 Union Bar
&
Entertainment
£
753,967
-
753,967
741,574
5,212
746,786
7,181
12,393
Shop Refurb
& Union
Equipment
£
85,668
4,537
90,205
59,267
12,903
72,170
18,035
26,401		 Total
£
839,635
4,537
844,172
800,841
18,115
818,956
25,216
38,794

Page 26

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

9
STOCKS
Bars
Shops
Cafe
10
DEBTORS
Trade debtors
Other debtors
Prepayments & accrued income
11
CREDITORS: AMOUNTS DUE WITHIN ONE
YEAR
Trade creditors
Social security and taxation
Other creditors
Accruals and deferred income
12
ANALYSIS OF NET ASSETS
Fund balances at 31 July 2021 are represented by:
Tangible fixed assets
Net current assets/(liabilities)
Fund balances at 31 July 2020 are represented by:
Tangible fixed assets
Net current assets/(liabilities)		 2021
£
11,442
32,075
1,389
44,906
2021
£
16,460
13,810
12,174
42,444
2021
£
22,976
6,279
67,023
74,052
170,330
Unrestricted
funds
Restricted
funds
£
£
25,216
-
264,183
48,563
289,399
48,563
Unrestricted
funds
Restricted
funds
£
£
38,794
-
58,682
45,117
97,476
45,117		 2021
£
11,442
32,075
1,389
44,906
2021
£
16,460
13,810
12,174
42,444
2021
£
22,976
6,279
67,023
74,052
170,330
Unrestricted
funds
Restricted
funds
£
£
25,216
-
264,183
48,563
289,399
48,563
Unrestricted
funds
Restricted
funds
£
£
38,794
-
58,682
45,117
97,476
45,117		 2020
£
2,535
48,631
8,991
60,157
2020
£
2,427
60,503
7,883
70,813
2020
£
20,169
65,202
66,902
18,190
170,463
Total
funds
£
25,216
312,746
337,962
Total
funds
£
38,794
103,799
142,593







48,563

Restricted
funds
£
-
45,117

45,117

Page 27

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

13 UNRESTRICTED FUNDS

2021
General Funds
2020
General Funds
RESTRICTED FUNDS
2021
Against sexual violence
Societies
2020
Against sexual violence
Societies		 As at
1 August
2020
£
97,476
86,195
As at
1 August
2020
£
-
45,117
45,117
-
40,609
40,609		 Incoming
resources
£
2,169,685
2,610,065
Incoming
resources
£
32,729
34,913
67,642
32,728
101,861
134,589		 Resources
expended
£
(1,977,762)
(2,598,784)
Resources
expended
£
(32,729)
(31,467)
(64,196)
(32,728)
(97,353)
(130,081)		 Transfers
£
-
-
Transfers
£
-
-
-
-
-
-		 As at
31 July
2021
£
289,399
97,476
As at
31 July
2021
£
-
48,563
48,563
-
45,117
45,117

14 RESTRICTED FUNDS

Societies’ fund

Societies’ funds represent amounts raised by the clubs and societies of the Union for their own use.

Against sexual violence campaign

In both 18/19 and 19/20 Goldsmith College gave the Student Union a specific grant to spend on a campaign against sexual violence. Activities undertaken included educating students on what to do in the event of sexual violence, how not to be sexually violent and how to give and receive support.

15 CONTROL RELATIONSHIP

Ultimate control of Goldsmiths Students’ Union rests with its membership, represented by the Trustee board.

Page 28

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

16 RELATED PARTIES

The Union is in receipt of a recurrent grant from the parent body of £1,182,750 (2020: £1,245,000), and other grants of £32,729 (2020: £32,728). The amount due from Goldsmiths College at the yearend was £210 (2020: £209).

In addition, the Union occupies its building on a rent free basis under an informal license subject to the union maintaining the building in a good state of repair. Goldsmiths College also provide other services in the year. A notional value for serviced accommodation is included in the accounts and amounted to £300,000 (2020: £300,000).

17 PENSION COSTS

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £42,850 (2020: £45,014) .

18 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Increase/(decrease) in cash and net funds in the year
Net funds at 1 August
NET FUNDS AT 31 JULY		 2021
£
252,434
143,292
£
395,726		 2020
£
(17,656)
160,948
£
143,292

19 ANALYSIS OF CHANGE IN NET FUNDS

Cash at bank and in hand Net funds as
At 1 August
2020
£
£
143,292		 Cash
Change
£
£
252,434		 Net funds as
at 31 July
2021
£
£
395,726

Page 29

GOLDSMITHS STUDENTS’ UNION NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021

21 PRIOR YEAR COMPARATIVES

Income and endowments from:
Donations:
- Grant income
- Other grants and donations
Other trading activities:
- Nursery
- Gym
- Advertising & marketing
Charitable activities for students:
- Bar
- Shop
- Societies & clubs
Coronavirus job retention scheme
Total income
Expenditure on:
Raising funds:
- Nursery
- Advertising and marketing
Charitable activities for students:
- Advice & Representation
- Bar
- Shop
- Societies & clubs
- Volunteering
- Policy Development
- Community Building
Total expenditure
Net income
Transfers
Net movement in funds
Fund balances brought forward
Total funds carried forward		 Unrestricted
Restricted
Funds
Funds
Total
2020
2020
2020
£
£
£
1,245,000
-
1,245,000
300,000
32,728
332,728
266,057
-
266,057
8,884
-
8,884
22,728
-
22,728
293,196
-
293,196
272,993
-
272,993
-
101,861
101,861
201,207
-
201,207
2,610,065
134,589
2,744,654
314,954
-
314,954
172,801
-
172,801
326,640
32,728
359,368
503,810
-
503,810
599,461
-
599,461
367,351
97,353
464,704
104,589
-
104,589
104,589
-
104,589
104,589
-
104,589
2,598,784
130,081
2,728,865
11,281
4,508
15,789
-
-
-
11,281
4,508
15,789
86,195
40,609
126,804
97,476
45,117
142,593

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