REGISTERED CHARITY NUMBER: 1204514 Report olthé TMstÈes and Flnanclal Ststomonts forth• Y•ar Endgd 31 July 2025 for ROYAL COLLEGE OF ART STUDEMfs' UNION Knox Cropper LLP Charter￿1 Aitountsnts and Slalulory Auditors 153-155 London Road Hempl Hempstead Hertlordshire HP3 9SQ ROYAL COLLEGE OF ART STUDENTS. UNION Contents of the Flnanclal Statements for th? Year Endod 31 July 2025 Page R•port of th8 Trusl8es Rep¢xt of the Independent Audltors Statement of Flnancial Activitiès Balanco Shoot 10 Cash Flow Statement 11 Not•s to the Cash Flow Ststement 12 Not¢s to the Flnondal Statèmènts 13 to 20 ROYAL COLLEGE OF ART STUDEKfs' UNION Report of tha Trustee$ lor th4 Year Ended 31 July 2025 Thè tnJstees present theSr rèport wNh the fine￿81 slaiements ol Ihe charlly for thè ended 31 J￿Y 2025. The twslees have adopted the provisvJns ol Accounting and Reporting by Charities-. Staternenl ol Recx)mmended Pracli plicable to ￿rf1￿$ preparing (l*ir accounts In accordance wth Ihè FinartLal RtrkYYli¥J StaJKlaid ap￿1¢a￿& IJ) the UK and RepublK of Ireland IFRS 1021 leffecbve 1 January 20191. OBjE￿IVES AND ACTIVITIES ObJec¢ives and alm$ The Union's objects are the advancertsnt of edut*tfon of sludents at the Royal Cdbje of Art for wblic benefrt by prornoling the Inte￿$ts and welfare of students at the Roy81 COl￿e of Art during Ihelr t￿r8e of study 8nd r8presenbng, supporting arfvising sludenls.. being the recognised ￿p￿sentatIVe channet belween studenls and the Royal College of Art and any tslhèr exlemal bodies.. and prOV￿1ng sctial, cuttural, sp￿ting and ￿(¥eational actiwlies and forums discu5sion5 and debate for the Fersonal devel(ytnent ol ils sludents. Oui vision is.. We will engage our membets In cwling an exceptional stL*lent exPeTre￿￿ at the Rty81 Ccllege ol Art and hetr* students to achlève theirpotentlal. OUTV￿￿85 are.. Ind8p8ThS8nc8 Transparency Equdlty Induslwty Susteinatylity Publlc benofit Stat•m•nt of Publi¢ B•n•fit Our students, unlon has a strategy that ￿llects fts Intentlon to lor public benefit under Ite following strateo Ihemes.. CONNECT.. Prom)ng the interests and welfare ol St￿Yents al the Roya1 Coll£ge of Art duttng IhGrt ctsjrse ol study and representing, SUPkK>rtINJ arKI athising stucsents., REPRESENT". Being Ihe rwnKsed r8pre58ntatN8 thannel b81w¢on 8tIAdeni8 and the Royal Cdlege ol Art and any olhw exiem81 bodies., SUPPORT.. WOVKling socigl. cultural. 8nd re(xealional adwilies a￿1 f(Kums for discussk)ns and dÈbaie for thg pewnal development of lis sludonts. Pagè 1 ROYAL COLLEGE OF ART STUDENTS. UNION Report of the Trustees forth8 Year Ended 31 July 2025 ACHievEMENTS AND PERFORMANCE I Introdu¢tlon This do(xJmenl highlights th8 RCA SU* activilies. achièvements. and ehalleNJes throughoul tho yèar. $mphasi$ing Its ftsmmitrnent to representing and supwrilng the student communlty. The repc¥t ¢Jetails progress made in eTrhanarvJ siudenl represenialion, irTrprowng the student eXperi￿CE, and fost8riiyJ an ￿￿us￿e environm8nL Th8 RCA SU expr&4ses gratitude to Ihe student body for thelr aL*ve participalion aryj ciAl8b0T8I￿fi wilh SU and College $laff and the RCA u)mrnLJnity. aiming to build a Stronger, rnore inclusive Royal Colege of Art. The RCA Students. Union re￿Ned a sKJnificant grant Of £379.O¢X> from the Roy81 College of Art for th8 year 2024125 as detailed in our a¢￿unts, to support th8 ath￿Ve￿onl of ih8se objedNes. Th8 Union gr8ally appreoates Ihls SL5PPOrt 8S well as the other in-kind contributions thal the LlnDn receives frotn Ihe Colege, including lor èxampke the provision of off￿e spacè and IT S&m￿s 11 also values the rel81ionships ￿th co#Èagues in the College who cdlaborate wilh the Unlon and who respond ¢0 our feedback and Ihe Issues we raise on behalf ol studenls. While tho UnKJns pfimary r8spon$i)lty is lo ils bgneficiaries, tt 1$ also awuntable lo its knnders for the use of lh8 r8sources which have been provlded. Vve are e51￿claI1Y grateful for the tontinued suprx)rt from the C￿￿ge foi knd5 to assist $ludenls with Ihe Cost of LNirKJ whlch we have d15tribuled durtng the yèar. 2 Stratoglc Plan The RCA SU 8tr8lepi¢ Plan12022-2027) is a roadmap to enhance the slud¢nt gxpÈrfeneè and foster indvsivily_ Progress towards the plans and obiecuves conllnued in 2024-25, but more dowty, as a change ol Dlrector (am￿)g$t other staff changes). reduced funding and various challenges meant short term priorities 0ft8n 8UP8rs8<18d larger Oi6cls. In pl1￿Cular prog￿$9 was made lo "Helplingl our membèrs na¥ngale Ihoir studenl ioumey by prowding infoTrnathon. advice. guKlarK8 and supporv through the increased profes5ionali5ation ol the advice servi￿. Progress Was also rLol8bFe in helping members 10 Crtal opportUAlres for our mernber5 to form divarse communities which nnect StL￿entS and enhan￿ thelr sense of hlentity.. In panknK¥ our excel18nl sLx#&ty engagement as well as strorvJ event attend8rKe helping in Ihrs are8 3 ArtBar & Physical Space The Art Bar and Lounge 8ar Gon11￿￿ to te hugely popul8t among students with stmg attenda￿9 81 k9y evonts. There was srgnifieant demand from students lor more events of dlffeMt klftds, and a wde variety of uses both as SPae8 fr)r al(x)hol SUPPDrted èvènls as well as w)rt(shops. leachlNJ, and various other 8¢tivilies. The year ended under som8 slrain with Ihe Trading SeThices Manager rde bal￿ unfilled lor a perm￿ of 58veral fflonths the departure (rf the f0m￿r role holder. A new Iradiry Se￿CeS rnanager has now begun with pl￿r￿ to r88t8rt l￿d seNice. dwersrfy product oftenngs and increase event volume. Work vAth varI￿JS university learns including Ihe AJchheeture deFQrtm8nt and Aumni tr) a variety of events that hèlped diversify thg schedule at Ihe Art B8r arKI aneouragèd mcfo Slaff use. F￿kn￿ng last yearf5 enfor￿ dDsure of thÈ Art Bar terrate due 10 51rudtJral concems, restri¢tions were placed on the lerrace capa(ily, In￿aSing security costs and lowering profilabillly ￿ sorne nights. F¢Jrther works ar9 planned on the Spa￿ in the nexi 18 mnths. 4 Events and Marketing The Union hosted 12+ evenls during WelcA)me Week 2024125. These incknded what Is a wdl*5ts￿lsh￿l 5thedu ol events induding.. - Meet the Sabbatiral Officefs F￿nIGs in the Park - Ari88r partl8s and quizz8 Inlernaknnal sludÈnl mixers and Fri8ndship mrAers - Arls & Cfafts sessions ancl boanl gaTne swals - Welo)me Fair Ev8nt 81tend8ne8 was strong Ihroughoul Ihe Iwo weèks wlh ArtB8r events b&rYJ near c8P8cily, each èvènt night an day time events altended particularlywell. Particular successes in lerrns ol events included the Spring Fair and Christmas Fete, h*71h hundreds of altendees daily. al exh. exlensive sludenl, staff and exlemal en9agernenl and extraordinary variety of students, slaff and alumni work di5play8d and sdd. Page 2 ROYAL COLLEGE OF ART STUDENTS. UNION Report of the Tiustees for tho Year Endod 31 July 2025 The Sprtng Falr continued lo be a major swcess wth 504 stall holdgrs selling Ihou$*s tl pouTh(Js ol wods desptte telng impacted by l)u"Iding worts blo(*iry the entranco and poDrw88thor. A partI￿13T highlight wag Lunar New Year. a uJllabo(ation trefv4een officers, $iudenls and the unl￿. Extsmal sp￿sOr$ were found increasing the event's scale and impatl 8nd student feedback was very positive. HallvA*en was also a rnassiva success With studenls wwaging to extraord#)ary levels with the fancy dr&ss, e￿n by th¢ S￿(lardS of 8 worfd leading art In5li1ution. The ball was also a sell out wrth demand for b¢*els suggesting Ihal poten0.al frjtwe events C￿ld u* a bigger space or be broken dovjn by schc*Jl into indlvldual events. 5 StudÈnt Societies 2024r25 Saw a continLtation of the pior yèafs high souety numbets with 42 50creties active ty the end of the aodamtc year, wth a steady flow of soaeb.es being set.up across the year. This was dèspite kJwer student numbers. So(1gty training and support conlinued io be developed aThJ new societies contillU8d to offer 5tudEn15 a variety ol . The Union offered each soclely a fund of £300, allhough rrK)St 50clelies activltles required Ilue to funding. socieb.es collaborat8d with th8 union to hdp with numerou5 ev8nts i1￿udi￿ supporting w VarK>￿ events Ihrwgh)ut the yaar. Our Student Newspap8r, Th8 DODO. ¢onlynued 115 on￿ing success wth an inc¥eas8 w pwd Ides availa1￿e for assstant editors. 3(K) papers Were rircxjlated to each carnpus and all tsken by sludenls. This represents an increase in per￿ntage readership given Ihe drop in total student numbers and leedba¢k on the ths*Jn edi￿n9 and support has be8n ￿SItIve. wlh a stron9 deplh in applicattons forroles ancl high quality artide And art SthnwsSh￿. 6 Non-Academlc Shows Thi5 year the Union facilita18d 10 N0n-Acad8rn￿ Show5 wilh th8 addition of new society s￿(i￿C shows addlng to the alr88dy busy ca18ndar. These IoL4( plac8 across Ihe exhibitiork spac8s 2nd carnpu8es n th8 Hockney Gallery, Hangar Gallery, the Upp8r Gulb8nkian. Th8 show5 cont¢Me to b8 a fanlaslic dÈmonstratK)n not 0rt5y of the worf( atKI INity ofthe RCA'S students, but ol th8 strong and ¢dlaborats"ve rela￿￿)Ship be￿en tho SU and Ihe CoY*8. pl[￿l￿n volumes were stroivj wilh between 9 and 15 applications for trach slK)w. PrNate views and FQP up bars for th• shows ramainad very Kwul￿ some shows having hundreds ofattèndèès induLlng pr&stWJK¥JS Oxtemal guesls. Overdll feedback was positive with very high dematKI lor in(xeased volurnB8 of sh(ws QV8r Ihe course ol the year despiie ￿Wer student numbers. Providing more ol these knnds ol OPFM)rtunlllÈs Is Ilkety lo be a centr81 focus of any future evenls and activities slralegy aThJ any ftrture strategic plan. 7 R¢w•$entatlon Following the ￿an to bn.ng Ihe admlnistralk)n and maln ￿SponSIbility ol sch(￿7 Ass•nNiès back to the C(Ilege. th8 LEAP Forurns and SclKM)l a55emblies have gone frorn strength to strength wth feedbad( broadly posilive aboul the experience 8nd numerous 51uthnl i5sue5 resolved al good speed. Qu8ries around temp8ralures in buildlng5, acGe5s 10 workshops, training sthedules lor key equipment and cOn￿rn$ about building wa￿S have all been raised, es(xlatE¥J and solved. SU offi￿r$ ¢￿tinUe to attend to synlhesise leedback and use Il to Inf¢m hYJh 18vel tM)Iy disws¥ons al senaie and cwnril Mee￿n9$. One rntBble camp4n suLts$8 wks the offw8 caMp￿n io restor9 shuttle tyjs servrRs Stud8nts Union A5sembty tr￿k rAac8 once. alorosi¢Ye tha AGM but Ihe annual SU suryey did not 18ke plpLè due 10 limit￿ staff caparity 81 key periods. This years ele¢htsns were a ￿al Sur￿5 With 429 students voling. This Tepr858nted 8 17V• tur{￿ul. the highest in S years. 9 Candidates ran for thè 2 positions with a dlversity of experience5, ideas and approac*e8. Fvture plans indudè broadening Campaigning lime at the noTr-Kensiwton campuse5 and more accessi￿e hustin95. 8 Advlce & Support Frvrn August 2024 to July 2025, Advice Se￿1¢8 contlnued lo support students across the Colle￿ by providing frep and impartial advi￿ on a range of matters. Despite the disrupti￿ In service during th8 Chan￿0v6T of a3vi￿ officers. Ihg 5etvice ha5 [nainla￿S￿ a st8a¢Jy intake of ad¥￿e queri85 and cases, with high qualAy advi¢& and signposting offered by our Advice officer and other relevant staff. In this time Ihe serwr* saw 62 st￿lent$ for in Pers￿ athce èpp(xnttnents and responded to appr0￿MatelY 20 sludenls ter month for advice eThJuires. Of the students YwlKJ reached ￿1. arou￿1 5 pef month have roquired ongoing (asework and support. A signifKanl numbei ol our advice ca58s haye been for app8als and ￿l￿plainI8, especially arwnd eXar￿natIOn peric￿9. Beyond this, Ihtr main ￿su8$ students have wesenled with are dis8bilily arKI a lack ol support, menlal heatth, and financial hardship. Pag8 3 ROYAL COLLEGE OF ART STUDENTS, UNION Report of the Truste forth• Year Ended 31 July 2025 Feedbai* from students and staff has rema1￿￿ very rM)silive. Students have shared that they fell listened to and support•S' and that 51 was 'helpful lo havè sotn80na on my skle. duthg ￿rnplex univorsty processès. Staff g1s0 noted Ihal they have had w)sitwe inieractions with thg advice service and many students have also shared Ihal Ihty were slrongly encoureged by teachirrfJ slaff to contacl lh8 SU lor svpp)rt. Since Ihe new adv￿8 Off￿rS appointmenl, 8 key area ol fows lor the service has been iMpro￿ng [￿o￿5$￿S and safeguarding proc85885. The SU has applied lor membership with Advice UK and 15 in Ihe pro￿5$ of improwng our advice related Fx>lic￿s with supw)rt trom QUT HR provKfer. In ad(Jits"on 10 Ihis, the AiJwc8 S8rvi¢e is nDW using AthicePro as our CRM Icuslorner Rel81ion8hip Management sofN¥arel to hd¢J all th8 data we have on the students we supwJrL This has signifi¢anly improved our safe9uar¢fing praCti￿S and wll SUPPDrt Ihe long-term heahh of Ihe advi¢9 servke by &nsuring dear anLI wnsistenl recoTdkeeFMng is being donè. FINANCIAL REVIEW Th8 UnK¥n reported an cwerall profft of £47k. IncoJn8 increased overall by £43k frcm £601k in 2024 to £644k in 2025. Thsro is £100k of restrKted income Ihis year whlch predominantly relates lo a sludenl hardship knnd. Overall expenditure dec¥ea5ed by £20k from £617k ￿ 2024 to £597k In 2025. Nel 8ss*s in￿85￿d Irom £289k tts £335k. The Unl￿ inllially alm￿1 to make 8 small loss lo continue inve5tJn8nt in its 51r818gic d8velopment this year. bul T￿￿ced staff costs due to delays in hiring and increased income meant a profft wa$ rwded. Investment policy and objectlve$ The Charity.'s ￿lIcY is to invesl all cash t>818n￿3 in excess of day-to4ay requirements in Inter￿ bearing bank accounts. Reserves poli¢y The Trustess hav8 estsbllshed a res8rv8s policy. 11 is the 6fttention lo Maintain the ￿SeNe$ ltr fvnd al leasl six4nonths operalltsnal 8xp8ndilure in 8 nDmial oper£b"onal year. It will be reviewed in thè upcOM￿)g 18 monlhs. FUTURE PLANS The Union intends to (x>ntinu8 the impletnenlalion of its slrBIEgic while C(￿tribu￿.ng C￿structive1Y to Ihe College's stTale9i¢ Initiatives over the next ￿ar. We wll cont￿l￿e to develop (yJr events programms. utilisiNJ ArtBar aThJ SttJd&nts' Union 5p3ces. W8 plan to continue furtherevèThls across al the (ampuses in 2026. RCASU is ￿tInuIng lo worf( closely wllh Ihe RCA to help distribute lunds a(*OSS Ihè student ￿mmunIty. including I Cost of Fund. Studonl Community FutKI and Ih8 Student Communty Libe¥alion Fund. RCASU ¢onlinuos lo wowk dosely with Ihe Head of Student Experienc8 and the Student cent￿ lo ensu￿ U)al 811 students recefve the best p￿sIble eilucats.onal expafjerte. Student Expeiience and RCASU arè working log•lher to ensuia that representatbie syslems and feedback systems 8re effecljve and *V￿Ve Ihe SclNJoL8 mor8 clos81y. RCASU and the Sabbatical Officèr5 continue to be active across nuvnenms Cc¥nmittees ol the RCA, and we wll ontinue to $trNe for the best student eX[erien￿ fcrf our mevnbers. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng doeumont The unl￿ is a Chartta￿e Incorporated Organisation ￿ntrOle¢j by its gtr4èming documenl. the Consliiution and regislered as a Charty with Ihe Charity Commi%%on. number 1204514. Rtcrultment and appointmènt of newtntstee5 The RCASU operate as a full registe￿￿ charity. The Charity Board of Trusleos havè mpt vegularly thrthjghout Ihe yaar, ¢onsIde￿rn9 rnatlers suth a$ slaffing, RCASU'S stalulory oblig8b.ons and trustee recruilmenl. Trustees are elec18d to their position5 in accordan￿ wth thè ConstitLrtion Ind(￿e ihe salar£d Piesid811t & vi￿-P￿1dent of Ihe union. REFERENCE AND ADPIIINISTRATIVE DETAIL8 Rogistered Charlty numbgr 1204514 Page 4 ROYAL COLLEGE OF ART STUDENTS. UNION Roport of the Trustees forth• Yoar Endèd 31 July 2023 Prlncipal address Jay Mews Kensington Gore London SWT 2EU TNst88S President- L9￿8 Linjie ChaThJ- 04 August 2025 Vice-President- Sacchita Siiganapalhiraju- 04 August 2025 President- Len￿g Huang- 01 August 2024- 10 Aoril 2025 VictrPre$idenl-Janmeiay S￿gh- 01 August 2024- 31 July 2025 studentTruste&- Caroline Rolf- 04 March 2025- 31 J￿Y 2025 Student Truste9- Jit Long W8i- 09 Decefflber 2024- 31 Juty 2025 StudenlTrustee- Kaabya God- 10 Detsmbw 2025 Student Truslee- Yihe Yuan- 04 Augysl 2025 Exiemal Trustee- Sarah Goom ICh8krl- 09 D**mbgr 2024 Exi8rnal Trusteg- Jacqui M¢)ofe- 23 +ty4vs12023 Exiemal Trustee- Ed Pearson- 17 May 2023- 31 D8¢ernb8r2025 Exiernal Tw$tee. Gordon Matlocks- 28 Febnjay 2024 Dlrector George Blake- 03 February 2025 Ceti Daw8s- 01 S8Ptember- 04 February 2025 Ryan Lea- 10 or10￿r 2022- 18 Oetob8r 2024 Audltors Knox Cropper LLP Chartered Accountants and Statulory Auditors 153-155 London Road Hernel Hernpstead Hertfordshlre HP3 gso Bankers HSBC Bank PLC 92 Kensingt￿ High Strett London W8 4SA STATEMENT OF TRUSTEES, RESPONSIBILITIES Tho trustees arts responsibl¢ lor preparing the Report ol the Trustees aThJ Ihe financial sta18rnents in ￿rdanCe with applicab18 tswand United Kingthjm Ac(x)unb"ng Standards Iunrted KiThgdom G8n8rally Accepled Acujunting Pract￿1. Charity law rèquitss the Irus*8s to prep*8 financ#al slatem8nls for eath finandal year. Under that law, the tnJ$ièes have e18cled to pr8paie Ihe financial sl8bngnts in accordan￿ wlth United Kingdoffl Generally A￿pIed Aw)LFnlir¥J Practi￿ (United Ac£ounting Standards and applicable lawl. Under charily law Ihe Iw51ees musl nol approve the nnanclal slatemenis unless they are satisfied Ihat Ihey gTrve a twe and fair view of Ihe state ol affairs ol the charity and of tha incoming r8sources and application of resou￿$. including Ihe income and expendilur8, 01 th8 charity for that P8ri0d. In FYgparirrtJ those finanoal staigrn¢nls, the Irusle8s are requwed to Se￿¢t suitable arKounting and then apF4y them o)nsEtenty'. observè ihe melhod$ and principles in the Charities SORP". nwke judgements and 88timates Ihal are reasonai4e and pwd8nL state byhether appl¢c8ble accounling standwds hav8 folky*ed, SU￿.￿1 lo any rnaterial departures disdosed 8TrJ explained ia th9 financial statements., prepare the finanoal statements on the g￿n0 ¢oncem basis unless It Is in8ppropriat8 to presume that th8 cbarily will nlinue in buslness. Pa98 5 ROYAL COLLEGE OF ART STUDENTS, UNION Report 91 the TfUSte¢s for the Year Endèd 31 July 2025 STATEMENT OF TRUSTEES, RESPONSIBILmES- ¢ontlnu•d The Iruslees a￿ responsibl8 for keeping proper accountirg records whith discbse wlh reasonable accuracy 8t any tim8 Ihe financi￿ posit￿n of the charity and to enable them io ensure Ihat th8 finanliod in Iheir preparation is 8pplieAble law and United Kingvjom Aceounkn"ng Standards (United Kw(k)m Genefftlty A¢(¥pted A￿untr"ng PractKe). Qui ¢winlon the financial slatemgnts.. give a true and fair vi8w of the stale ol th8 Ghariws affairs as al 31 July 2025 and ol ils incLYning r8sowces arKI application of resources. for Ihe year then enthd,. have been propety prepared in arKordance wlh United Kingdom Generally Accepted Acemnh'ns Pract￿￿. 8nd have been prepaied in aG¢ordance wth Ihe rwuirements olthe Charities Act 2011. Bagls for opinion We conducied our audil in acc(Ydanc8 wlh 1ntemats.onal Standards on Auditing {UKI IISAS IUK}l aThJ ar¢)lieable lèw. Our reswnsibil1ti8S under thtsst standards a￿ futher described in the Au(Jilors' respGY15ibilits"es lor the audit of th8 finanaal 5ta18ments $8ction of our report. We are independent of the charity in arKordan¢e with th8 eth￿81 req￿l￿MentS that are relevant to our awlil of Ihe finarrial ststemenls in the UK. indudiryg (he FRC'S Ethical Standwd, aThl we h8ve [￿￿1118d our other eth'r81 ￿spOnSibl1111es in aC￿rdanc@ with these requirements. WE bèliev8 that Ih9 audit evldence we have obtained is suffiiienl and approprlate to provide 8 ba81$ for our opinkjn. Concluslon5 rglatlng to golng ¢on￿rn In auditsng the finanaal statement5, we have concluda thal ihe tru51ees' us8 of th8 going concem basis of acL4)unkng in the preparats.on ol th8 fiTranGial sla18rn8n15 is appropriate. Based on th8 work we hwe p8rforrned. we have r￿t KJentif18d any m8terial unc4rtainb.as ièlab.ng to o￿nts cf coryfitpons tha( individually or cdleclivety, may cast significant doubt on thg tharilys ability to continLJ8 as a rA7ncem for a Feriod of al least ￿1ve nv)nths from when Ihe finanLad statements ara aulhortS8d for i8sue. Our respc￿s1b1lltieS aTrJ Ihe respon&bilttse5 Df the Injstees ¥vsih ￿$￿et 10 90ing CA)ncem are descr#)ed ui the ￿￿vant sethons of this rèpLYt. Other infomialk+n Tho trustees arg responsible lor U)e olher information. The other InfO￿atIOn ￿MprISeS th8 infam￿tK)n I￿￿ded in the Annual Report. other than the finan(xal ststements and our RepDrt of Ih? Independ8nt Auditors Ihereon. opinion cli the financi81 statements doos not cover the other infomlation and, eX￿p1 to the exlenl 0th8rwts8 explitily ststod in i)ur report. we tain8d in Ihe aud51 or otherwbe appears lo be maierialty misstaled. If we idenlfy such material 1￿ConsISte￿o65 or 4)parenl malerial rnis51alements. w8 are reouirod lo detèrmine whether this gives rise to a matèrial misstslèmenl in Ihe finanoal stalemènts Ih8mselves. If, l)ased on the Work wo have performed, we conrjude Ihat Ihere is a mateiial misstatemen* of this ￿her Infom)alth. we we required lo report that fact. W¢ have nothing lo reprAI rn this regard. Matters on which we are requlred to reptsrt by exe&ption We hav8 nothing to fèport in respect ol Ihe followng matters wMr8 the Charitses IA¢count8 and Reports) Re9uL8lic￿S 2008 reouires us to wort to you il, in our opinion: tho infomaknon s4v8n li Ihe Report of th8 Trustees is inconsistènt In any rrn8tew181 respgct wilh Ihe financial staletnenls.. or suffideni aCC￿nI￿1g rewrds have not been kept.. or Ihè financial stalenients are WK)t in agreamenl wlh the accounltng records and returns.. or we have not retsived all the infom)81ion and explanations we require for audiL Responsibilitles of trustees As expL4ined more fully in the Staten*nl ol Truslees. Responsibilities, the trustees are responsible for Ihe pieparation ol the financial statem￿lS which give a true fair wew, and for such internal control a5 the trustees determin8 n8cÈssary ￿ enab18 preparation of finanoal slalements that are free from material mi8slatement, thether due to traud or error. In preparing Ihe f￿an¢￿1 slalements. the Injstees are reSp(￿SIble for ass8ssing the charitys ability to wntr"nLE as a going co[￿ern. disdosirKJ. as ap￿.￿9b5￿. mallers ￿lated lo going concem and usiw ihe wing con￿rn ba&5 of ac￿￿nIIng unless lh8 trustees eith&r intend lo liqU￿ale the tharity or lo cèasè opera1￿￿5, or have no realistic altemative bul to do so. Page 7 Report of the Independent Audltors to the TnJ$tee$ of Royal Colleg8 of Art Stud8llts' Unlon Our raspon$lbilitl&s for thè audlt of the Ilnancial statemènts We have been appointed as audrtors under So¢tion 144 of Ihe char￿"e$ Acl 201 l and rewrt in aCCL*dan￿ with ihe Act and Id¢vant r￿ulati￿$ madg oi haym￿ o11ocl the￿under. Our objectives are to oblain reasonable assurance about w￿￿ther the f￿an¢1￿ ststernents as a whok are free from material nwsstatement, whether due to Irdud 01 error, and lo issue a Report of Ihtr IrKlependenl Auditors Ihal includes OLJr opinion_ ReaSona￿e assur8ncè is & high level of assuran¢8, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will atr•48ys detocl a tnaterial mi551alement when it exists. M￿stateMents can arise from fraud or error and aro ¢onsKJered material if, individually or in the a99regat&. they ￿Uld re850nably be expg¢led to infflueThcè econorn￿ ol users taken on Ihe basis of these financI81 ststemerfs. Tl* extent to which our proC￿J￿re8 are ¢ap8bl¢ of dgiecling IrTeguPdrliles, th￿(¥ng fraud is d818i16d bolow". . The Charita)le Company is reqUI￿d to eA)mpty with both CA)mp8ny law 8fKJ Gh8vty law and. based on our knth%l6dge of its actniities, we idenlif18d that the legal reoulrement lo accura181y account for ￿$trthd funds was of key slgnrficance. We g8in8d an understanding ol how charilable ￿rnpany complied w71h its legal and r8gulalory frarnework. induding the requtremenl to properly account for reslricted funds, thrwgh discussions wlth management and a ievlew of the documentwl ￿lIC￿S, procedu￿5 and Controls. The audil lewn, which is 8xperienced in the audit of charities, ￿nSIder8d th8 d)arilable companls susc8plibillty lo material misslatemgnt and h¢M fraud may occur. Our COns￿eratIonS in¢luded th8 rtsk of managemenl override. Our approath was to cheek that all r85tricl8d inc£>mg was proporly ￿ntIr￿9d and separately a¢couTr18d for and lo ensure Ihal only valKI and appropriate expenditure was ehar9ed to r8Stricled fwds. This IndUd￿ ￿VIewIng lotsmal adjustments and unusual transaCt￿)n8. arè Inlkrenl limilalons in the audil pr￿dUreS described al￿Ve and. the further removed noTreompliance wth 18ws and regula*.(￿5 is Irotn the ovenls and transactions rellected in the finarrid state￿nts. th8 less lik81y wè would b8come aware of it. The risk of not deteding a material misslalem8nt due to fraud is hkJher than the risk ol not detec¢ing one re5u￿.ng from error. as Iraud may involve deliberale conc&alrnenl by, for exampl*. for9ery or intentional miSrep￿ents￿o03. or throW colluwon. A lurther dpscri)h"on of ouf responsibiliti85 lor the audit of th8 financial stat￿e￿￿ is I￿ated on the Finandal Repth*'ro CO￿￿1.5 w8b5ite at fftw.frc.wg.uk1auditorsresp￿sltsll1tses. Thts description forms part ol ow Report ol the Independent Auditor5. Usè of our report This report is made solely to Ihe charills trustees, as a ixjdy, in accordance Mlh Part 4 of Charities (Accounts 8nd Repjrts) Regul3lvJn5 2008. Our audit work ha5 been undertaken so that we might state io the charity's tru$tee$ those matt￿5 we are required to stale to them in an auditors, report and for no Oltter purpose. To the lu1188t extent permilied by law, we do not accepl ￿ assume Tesponsibl￿tY lo anyone olher than th8 ch¥fjty Ihe charily's trustees as a bcKJy, forour audit VKJrk, for Ihi5 rery>rt. or forthe oplnlons we have lormgd. Knox Cr(wper LLP Chart8rEd Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Herffordshire HP3 9S0 Dat8.. £6 Page 8 ROYAL COLLEGE OF ART STUDENTS. UNION statement of Financial Actlvltles for th• Year Ended 31 July 202S 2025 rotsl fvnd$ 2024 TDlal lunds Unrestr¢cted fuThJs Resln"cted fuThJs Not88 INCOME AND ENDOWMENTS FROM Incorne- grani from Royal Colleg8 0IArt 379,000 100,000 479.000 466,898 Charitable activities Art Bar Sodal Events Clubs Societies 122.113 11,845 19 122,113 11,845 19 110,￿6 11.310 Olher Irading activitie5 Bank Interest Other incorne 9,507 9,655 2,000 19.507 9,655 2,000 7,915 2.495 1,531 Total 544.139 100,000 644,139 601,066 EXPENDITURE ON Charltablo actlvlties AA B8r Social Events c￿b$ and Societies Slu¢ent Vvettarè 122,982 60.442 4,655 322,438 121982 60,442 4.655 409,151 118.487 64,655 2,444 430.957 86.713 Total 510.517 86.713 597.230 616.543 NET INCOMEIIEXPENDrruREI 33,622 13,287 46,909 115.477) RECONCILIATION OF FUNDS Total funds brought forward 288,897 288,697 304,174 TOTAL FUNDS CARRIED FORWARO 322,319 13,287 335,fj06 288,697 The notes form part ol these financol slatemenis Page 9 ROYAL COLLEGE OF ART STUDENTS. UNION Balance Shè8t 31 July 2025 202$ rotal lund5 2024 Total lunds Unrèthettd fund5 R88trict8d lunds FIXED ASs￿s Tangible as5é1s 73 8,372 8.372 10,337 CURRENT ASSETS Stocks Debtors C&sh at baTrk 14 15 6.$04 13,748 319.192 6.504 13,748 332879 7,241 10,246 286,587 13,287 339A44 13.287 352.731 304,074 CREDITORS Arnounl$ Wling within onè yea¥ 12&497} 125,4971 125,714} NET CURRENT ASSETS 313,947 13.287 327,234 278,360 TOTAL ASSETS LESS CURRENT LIABILITIES 322.319 13.287 335,606 288,697 NET AssErs 322.319 13,287 335.606 288,697 FUNDS Unrestn'cted funds.. General fund Sc*ielies fund 17 318,5 3,723 280.31 8,391 322,319 288.697 ReStriC￿d funds 13,287 TOTAL FUNDS 335.606 288,697 financial statemehts ￿re aKwroved by the Board of Trusiees aTrJ aulh(￿Sed for ts$ue were Si￿￿d on ils behJf by.. on S Go￿- Twsi The notes form port of these finaK4d statements Page10 ROYAL COLLEGE OF ART STUDENTS. UNION Cash Flow Ststement forth• Year End•d 31 July 2025 2025 2024 Notes Cash l￿w3 from C*pfrrating actlvllles Cash generated trom OP8Tations 37.691 124,0031 Net cash provided byllus£d in} operating activlties 37,691 124,(X131 Cash Ilows from Investing 8¢tlvltlès Purchase of tangible fixed assets Interest received 11,4541 9,655 4.4751 2,495 Nel cash pmided byllused ￿veSting act5vIt￿5 8.2Q1 11,9801 Change in caGh and tash 6qulvalonis In ¢he taportlng perfod Cash and cash ￿u[Val￿nIs atthg beyinnin9 of the r8POrtln9 perlod 45,892 125,9831 286,587 312.570 Cash and cash equlval•nts at the end of thg reporting perfod 332,479 286,587 The notes limi part of Ihese ffi￿an￿1 slalements Page 11 ROYAL COLLEGE OF ART STUDENTS. UNION NtAe$ to the Cash Flow Ststement lor th8 Y•ar Ended 31 July 2025 RECONCILIATION OF NET IN¢OMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTMTIES 2025 2024 Net In¢om4llexpenditur•l for the reporting ￿T[0d las p•r th• Statement of Finanrlal A¢tNitiesl Adju5trnenls for. Depwiation thargÈs lTrlei8st received D8creasellincr8asel in stocks Increase in debtors Dec￿Se in cr8ditor5 46.909 115,4771 3,419 19.6551 737 13.5021 12171 2.405 (2,4951 15651 {9191 16,9521 Net cash provlded byllused In) opeTatlon$ 37,891 124.0031 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.24 Cash flow At 31.7.25 Net cash Cash at bank 286.587 45.892 332,479 286,587 45,892 332,479 Total 286,587 45,892 332.479 Thè notés fonn part oflhese fjnanual statements Page 12 ROYAL COLLEGE OF ART STUDENTS, UNION Notes to th¢ Fh)?￿lal Statements for the Year Endèd 31 July 2025 ACCOUNTING POLICIES Bas•s of prtparfng the Ilnancial 8tatoment5 Th8 finaThrial slatements of Ihe charity, which is a public benefrt enlily urder FRS 102. have been prepared in 8eu)rd8n(x wth Ihé Chari118s SORP IFRS 1021 A(￿unli1￿j 8nd R8porting by Charilios.. Stalgmont ol Re¢ommend8d Praelic£ applicable lo charities preparing Ih8ir accounts in acrA￿danC8 With the FinanrAal Reporbng Standard applicab￿ in Ihe UK and Republ￿ of Ireland {FRS 1021 (effective 1 January 20191,. Finawal Reportj'ng Standard 102 The Finanual Repoitrng St3nd8rd at4)lic8bl8 in Ihe and Republic of I￿land, and th8 Charities Acl 2011. The financial slalemenls have been prepared under hislorical Cost convenbon. The accounts have been p￿pared lo give a 'lrue and fair and have departed from Ihe Charitie5 (Accounls and R8POrtsl Regulab"on$ 2008 onty io Ihe extent ￿qUIred to provid8 3 'lrue and fair view,. Thi8 deparfufe involved follo￿ng AtttyJnting and Reporting by Charities preptrrng iheir aeeounts in accordancg with the Finanusl Reporting Standard applicable in lh8 UK and R8public of IreLgnd IFRS1021 issvod on 161h July 2014 r8ther Ih8n th8 A(xounting and Reportiw by Charitie$ Statement of Rewrnrnendgd Practice elleG￿ve from 1st April 2015 whKh ha5 Since beèn withdrawn. In¢orne All ￿nCOme B re￿gnised in the Slatemenl ol Financ481 Activlties 0￿e the charty has 9n￿treMan1 to thè lunds, It is wobable that the incomg will be rewved and tho amount Can be measured relFably. Expandilure Liabilities are recognise(1 35 expendrture a5 soon as there is a legal or conslrucbve i)bligalw commiming the chafity to thal expenditure, it is probable th8t a Imnsfer of eCon￿nIC b8n8fits will b8 requlreil in settlemenl and th8 amounl ol th8 oblwJalknn can ba m8asur6d r81iably. Exp8nditur8 18 8ccount8d for on an accruals basis and has be9n clas6ifjed undgr hgadings th81 eggregalg all cosl relat&* IL> the ¢atggory. Wher8 Costs canno( bè directty attriti￿ed to particular headings Ihey have been allocated to a¢￿v￿e$ on a basis consistenl with tt)e use ol resources. Tanglble fixed assels Depwation is proV￿8d 8t the l(AlowrvJ annual r81è5 In ord8r to ￿TIl8 ofl e8th 8558t ovér Its èsfr"mated usefvl Plant and rnath'nery Compulef equlpment 20% on cost 33% on eosi Th8 Charitvs policy is lo capilali58 any exp8nditure on Facdily Improvemgnls. New EqLMprnenl, Refurbishmenl. or Purchases Inol for ￿sale) over £700,. and for thes? ilems to be deprec*aied over fixed lem15 as defined by pprovgd accounts￿Y prcKedures. Stock$ Stock$ are valued at the l¢)w8r ol ￿$t and n¢1 realisablg V81ue. after making duo allowaw lor obsolete and mowng it8m8. Taxation The charity is Oxompltrom tax cffi tts ¢harilablo a¢tivllf6$. Fund accounting Unrestrt9d lunds Can b8 U88d in ar£ordance with the Charits￿e objectives at lh8 discretion of the tnJ51eès. RestsKI￿1 funds are funds which are to be used in attOrdan￿ with 5Kwfic ￿$t￿ctiOnS imw)sed by (k)nors 01 which have baen oised by the Charity for parb"cular purposes. The CO￿ ol raisirYJ and administering wch fund5 are charged against the specific lun(J. FLWth8r explanation of th& nature and purpose of each lund is in¢lu¢*d in the noles to Ihe finarrial 5taternents. Hire purchase and leaslng commltments ReAtals paid under operating leasès arè chargad to the Statement of Finana81 Ac*vitie5 on a stratyht line basis over Ihe pervjd ol Ih818as8. PensTOn COSt5 and other post-retirement benefit8 The charity operates a defined conlribulion pension sch8m8, 8 group ￿rSOnal pension plan managed by Legal and General. conlributior15 Pa￿db1@ to the charrty'5 P8n5ion stheme are charged lo the Staternent ol Finanaal Act"￿1￿S In Ihe pellod io which they relate. Page13 conlinued... ROYAL COLLEGE OF ART STVDENTS. UNION Notes to the Financial Stataments- contlnued fortho Year Endad 31 July 2025 ACCOUNTING POLICIES- ¢ontlnued Goin9 coneem After making appr(4)rlale enquiries. Ihe trustees have a ￿8$onable expectsbon thai the chafity has aclequate ¥gsourc8S to continue in operational 9X￿tenC8 for th8 f￿e58&able future. For thi5 ￿50n, they continue to adopt Ihe going conc8m bas15 in preparng th8 financi818talgmenis. INCOME- GKANT FROM ROYAL COLLEGE OF ART 2025 2024 Cdlege grant 479.0( 486,898 OTHER TRADING ACTIVITIES 2025 2024 M8rthandis8 8a8S NUS extra SludÈnt union bar hl Other tradlng Incom 14,403 1.888 2.104 3.000 2.042 3,978 19,507 7.915 BANK INTEREST 2025 2024 Deposit acuunl int8r88t 9,6SS 2.495 INCOME FROM CHARITABLE ACTIVbTIES 2025 2W24 Activity MBar Art Bar Social Events Soci81 Events Clubs and Soaeligs Art Bar s?le5 CEL retro dtscount Even15 hosled Convocation ball, lairs & fute Society & dubs IrKome 120,382 1,731 110.908 2,987 8.323 11,845 19 133,977 122,227 OTHER INCOME 2025 2024 Markeling income 2.1)00 1,531 Pa9e 14 ccA)linu8d... ROYAL COLLEGE OF ART STUDENTS, UNION Not85 to tho Flnanclal Statom•nts-contlnu8d for tho Year Endèd 31 July 2025 CHAR￿ABLE ACTIVITIES C08TS Support eosts (see note 81 rect Costs Totals AJI Bar S(Kial Evenis Clubs and &Kiebes Sludenlwdfare 122,982 60,442 4,626 97.661 122.982 60,442 4.655 409,151 311,490 285,711 311,519 597.230 SUPPORT COSTS Govemance C0515 Management Finan Totals Clubs and Societies St￿￿en1 Welfarg 29 311,490 267.371 4,858 39.281 287.397 4858 39.264 311,519 A¢b"vlly Manag8rn8nl Fi)ance Govem8ncè costs Basis of allocation Estirnate oftim8 spgnl Estimate of fr'm8 SP8ril Estimale ofb'rn8 SP8nl anag8m8n( i￿ludeS C￿Presidents. Au0￿oRs. REMUNERATION 2025 2024 Fees payatlè lo the charitys auditors for thè 8￿lit of the d￿rItyS financial slalernerEIs Auditors. rgmunerntion f¢x non audit work 4,730 3,183 10. TRUSTEES. REMUNERATION AND BENEFITS The cmstitubon empow&rs the unic￿ lo pay the CfyProsldenls who arè also tmsloès. Tra trust8es wore rernJneraied in Ihè year e￿ad 31 July 2025. Employers Pension Ewnploye NIC E1,865 £2.719 Salary £17,644 £25,195 Total £19,509 £27,914 Len1￿ Huang Janmejay SiTrJh Trustees. expenses TIw8e buslees receNed expenses loialling £344 lor the year ended 31 July 2025. expenses consisted of.. Travell#)g and accommodatlon expenses £344 Page15 continued... ROYAL COLLEGE OF ART STUDENTS. UNION Notes to the Fonanclal Statements- cont]nued for th8 Year Endod 31 Juty 202S 11. STAFF COSTS 2025 2024 Wages and sabries Social security cost5 Oih8r pgnsion costs 296,027 1g,117 4913 302,941 23.114 5.413 320.057 331.468 The average moniNy number ofernphjyees during Ihe y&arwas as fdkws.. 2025 2024 Sabbatical Officgr8 AdminlFinance Diversty Events Advi 14 15 o employ6es r￿fved wndun*nts ITr excess ofE60.000. The key mall£gefflenl personnel of the charity during thè year en(Jed 31 July 2025 consisied of the Director. Th8 total amount pad. including Employers National Insurance and PensK)n, to Ihe Key Management Personnel lor Ihe year ended 31Juty 2025 was £46.099 lytsar er¥Jed 31 July 2024 £59,370>. 11 COMPARATIVES (PRIOR YEAR) FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Totsl funds INCOME AND ENDOWMENTS FROM Incorr*- grant frorn Royal College of Art 387.898 99,000 466.898 Charitable actfvities Art Bar Soc¢al Events Clubs and So￿8￿￿5 110.908 11,310 I10,￿8 11.310 Olhèr trading a￿VitieS B8nk intwest Olher ino)me 7,915 2,495 1.531- 7,915 2.495 1.531 Total 502.066 601,(￿6 EXPENDITURE ON Charitable actFvltles Art Bar Social Events Clubs and SO￿8￿85 Sludentwelfare 178.487 64,655 2,444 328,128 118.487 64,655 2,444 430.957 102,829 Total 513,714 102.829 616.543 NET INCOMEIIEXPENDITUREI {11.6481 13,8291 115,4771 RECONCILIATION OF FUNDS Total lund5 brought forward 300.345 3.829 304,174 Page 16 continued... ROYAL COLLEGE OF ART STUDENTS. UNION Not•s to the Flnanclal Statemènt$- contlnued forthe Year Endod 31 July 2025 12. COMPARATIVES (PRIOR YEAR) FOR THE STATEMENT OF FINANCIAL ACTWMES - eontlnued Unrestrict8d Restricted funds funds Total fvrKIs TOTAL FUNDS CARRIED FORWARD 288,697 288,697 13. TANGIBLE FIXED ASSETS Plant and mathinery Computer equiprn8nt Totals OST Al 1 August 2024 Addil'u)s 12.340 1,454 5.294 17.634 At 31 July 2025 13,794 5,294 19,088 DEPRECIATION Al 1 August 2024 Charge for year 3,734 2.755 7,297 3,419 At 31 July 2025 6.489 4,227 10.716 NET 8OOK VALUE At 31 July 2025 7,305 1,067 8J72 Ai 31 2024 8,606 1,731 10,337 14. STOCKS 2025 2024 stocks 6,504 7,241 15. DEBTORS.. AMOUNTS FALLING DUE WIThIN ONE YEAR 2025 2024 Twade debtors Prep8yrr*nts and accwed inccme 2.541 11.207 4.510 5.736 13,748 10,246 Page 17 continued... ROYAL COLLEGE OF ART STUDENTS. UNION Notes lo the Finenclal Statements-contlnued for thfj Ygar Ende 6,000 1180.3921 13,1501 16.000 9.608 11501 199,OLNI {189.5421 9.458 TOTAL FUNDS 1.245.205 11.213,7731 31,432 8o¢lgties fund Is a designated fund set aslde that can be used by the Clubs and &Kag￿e8 il Ihoy v￿$h. Student co$t ol Ilvlng fI￿d A reslricted fund lo supFy)rt students experienclng unanDdpated 8nd s¥Jnfficant financial diffiujltiès with assential hving costs IhroW o grocery yo￿h￿r Scheme. StLKl•nt communlty fund A r8slw+cted fund tg enable gr￿P conne¢tK)n-m8king through an offer ol (undlng food and drink lor studenl grcwjp meet4JPS. Equalty, dlverslty and incluslon lund A ￿$t[￿ted fund lo sw)port student groups for organis¥w evants a￿1 proie(*s alvJn&Y wilh the pTrn¢w)le ol Equality, DiV￿￿ty 8nd Indusion. 18. RELATED PARry DISCLOSURES Olher th8n as dlsclos&l in ￿te 10 the￿ wer8 no relal8d parly transadi￿5 lor the year ended 31 July 2025 nor for the y¢8r end￿j 31 2024. Page 20