2025-07-31-accounts

The Students’ Union, Queen Margaret University

Report of the Trustees and audited financial statements Scottish Charity number SCO12608

For the year ended 31 July 2025

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The Students’ Union, Queen Margaret University Report of the trustees and audited financial statements 31 July 2025

Contents

Page

Report ofthe trustees	1
Statement oftrustees’ responsibilities	6
Report ofthe independent auditors	7
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notestothefinancialstatements	14

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Report of the Trustees

The Trustees present their report together with the financial statements of The Students’ Union, Queen Margaret University (“SU”) for the year ended 31 July 2025.

Reference and administrative details

Registered charity number SC0O12608

Principal address Queen Margaret University Drive, Musselburgh, EH21 6UU

Trustees

The trustees who served during the year and up to the date of approval of the financial statements were:

J Brown (resigned 6 June 2025)

S Cardinale

C Kelly (resigned 5 June 2025)

R Bent (resigned 6 June 2025)

S Qreshi (resigned 6 June 2025) L Irvine C Grant

Z MacCallum (appointed 2 September 2024)

R Beasley (appointed 3 June 2025)

D Martin (appointed 3 June 2025)

C Slattery (appointed 14 October 2025)

S Thompson (appointed 3 June 2025)

The Chief Executive Officer for the year was Dan Doyle.

Auditors

Henderson Loggie LLP Level 5, The Stamp Office 10 — 14 Waterloo Place Edinburgh EH1 3EG

Bankers The Royal Bank of Scotland 142-144 Princes Street Edinburgh EH2 4EQ

Structure, governance and management

The Students’ Union, Queen Margaret University (SU) aims to support and enhance the student experience by providing representation, advice, activities and services to all matriculated students. To achieve this, the vision is to be an effective, sustainable, inclusive, student-led organisation providing relevant services to all QMU students.

The SU is governed by its Constitution and is an unincorporated charity. The Constitution was fully reviewed in 2022/23 in order to streamline the governance of the organisation. There were no changes made to the objectives of the organisation. The governance of Students’ Unions tend to be unique and can be complex as we work hard to ensure that students themselves are at the heart of the organisation.

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Report of the trustees (continued)

Structure, governance and management (continued)

The Trustee Board is currently co-chaired by the Student Presidents and is made up of six student representatives who work with three external Trustees. There is currently one vacancy. The Trustee Board deals with the HR, legal and compliance issues and sets the strategic direction of the organisation. Trustees are appointed in accordance with the Union’s Constitution. New Trustees are issued with an Induction Pack and meet with senior staff, Officers and existing Trustees.

The Officers’ Committee is made up of our two Sabbatical Officers and eight part-time officers. The Officers’ Committee works with student representative structures. They are responsible for student focused activities and making decisions and recommendations about student support and experience at QMU.

The key management personnel for the SU are the Chief Executive Officer and the two Sabbatical Officers and the Deputy Manager. The SU staffing structure is minimal due to resource constraints. Remuneration is aligned with the Queen Margaret University salary scale.

Objectives and Activities

The aims of the Students’ Union area as follows:

• « To be an effective, sustainable and inclusive student-led organisation which provides relevant services to QMU students.

• e To support and enhance the overall student experience and encourage engagement with the QMU community.

The objectives of SU as laid out in the Constitution are:

• « To enhance the student experience by providing representation, advice, activities and services to all matriculated students;

• e To stimulate the expression of student opinion within the University on all matters affecting the life and education of students and to be the recognised body representing the students views both within the University and to external organisations;

• e To promote co-operation amongst the students in order to further their educational, cultural, social, athletic and recreational interests, recognising the diversity of the student population and ensuring equal opportunities are available to all;

• e The provision of representation, advice, activities and services to students at all campuses.

Activities, performance and achievements

The SU engages with students in a range of ways. Services offered are as follows:

• e Student Representation which supports the recruitment and training of class reps, student reviewers and student trainers. Also, student representation on University Committees is promoted and supported.

• e Representation Forums in the areas of Sports & Societies and Academic Council (Class Reps). e The Help Zone which provides general welfare and specific academic support. C-Card Service operated on behalf of NHS Lothian which provides free contraceptives to students and promotes positive sexual health.

• e Sports & Societies funding, administration, training and general support.

• e The organisation of annual SU led events and support for student led events.

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Report of the trustees (continued)

Activities, performance and achievements (continued)

The elected student officers, two full-time sabbaticals and eight part-time officers continue to ensure the Students’ Union remains firmly centred on the student experience. Their work shapes the Union’s priorities, strengthens democratic accountability, and keeps student voice embedded across all areas of activity.

• Our officers this year were involved in:

• e Planning the annual LGBTQ+ flag raising event for LGBTQ+ history month

• e Developing a new neurodivergent student staff network across the University

• e Collaborating with University colleagues to develop a new trans-inclusion policy

Student-led activities and engagement

This year the Students’ Union supported 218 committee members across Sports Clubs and Societies. Clubs and societies continue to foster connection, belonging and academic support, with strong outcomes reported across the student body.

This year the SU supported 45 active sports teams and societies with over 1,405 memberships involved. Several new groups launched this year, including ADMiTs, International Society, Book Club and Swim. Highlights include national championship wins for Men’s and Women’s Gaelic, a 600-strong Cheerleading showcase, and sold-out Musical Theatre performances.

Student Representation

The Union trained and supported 259 course representatives. Representatives played a significant role in shaping academic experience, curriculum developments and policy conversations across the University including participation in senior committee representation across the University. QMUSU ranked 1* in Scotland for the 2" year in a row in the NSS for representing our students’ academic interests, having improved on our score from the previous year.

Events and community building

The Union delivered its four major annual events, Welcome Week & Give It A Go, Grand Ball, Teaching Awards and Big Bang, with Welcome Week and the fairs returning to pre-pandemic engagement levels. Additional support was provided for student-led events and graduation balls.

Maggie's Bar & Café remains an important social space for students, operated by BaxterStorey with a continued focus on inclusive pricing and a welcoming environment.

Student support and HelpZone

The HelpZone continues to provide independent and specialist support across academic and personal matters. This year, 305 students accessed the service (to end of May), many of them complex and time-intensive cases. The Union continues to work closely with University services to ensure coordinated support and is adapting staffing plans to meet sustained demand.

Food pantry

The Food Pantry, a student led initiative supported by the SU delivered 25 sessions since October 2024, supporting student members weekly and over 800 total attendees throughout the academic year, saving students an estimated £19,200 in grocery costs.

Academic societies and skills development

Academic societies held 46 skills based events attended by over 500 students, covering CPD sessions, specialist skills courses, drop-ins and workshops.

STaR Awards

Over 180 nominations were received for the Student Led Teaching and Representation Awards. The ceremony in The Halle, followed by celebrations in Maggie’s, showcased the strength of partnership between staff and the student community.

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Report of the trustees (continued)

Financial review

The results of the SU are set out in the Statement of Financial Activities, which shows that the SU had net income in the year of £8,213 (2024: £9,769). The block grant received from the University was £349k which was an uplift on the prior year of £309k. At 31 July 2025 the funds held by the charity amounted to £113,903 (2024: £105,690) with £111,623 (2024: £101,540) of unrestricted funds and £2,280 (2024: £4,150) of restricted funds.

Reserves policy

The current reserves policy specifies that three months running costs plus an allowance for liabilities such as redundancy payments should be held. As at 31 July 2025 this equated to approximately £75,000. At 31 July 2025, the SU had unrestricted reserves of £111,623 (2024: £101,540) and therefore the reserves policy has been met.

Risk management

The SU Risk Register has recently been fully reviewed and has become a standing item on the agenda for Trustee meetings. The current risks and mitigating actions are currently identified as:

Key risk Action Reliance on University support in a climate of Continue to build relationships and good reduced income for Universities communication of the Union's activities to ensure the University remains supportive. Work in partnership where we can. The uncertainty around Scottish Government Stay up to date with progress, monitor the funding for the HE sector anda national shortage situation and work collaboratively locally and of student housing. nationally.

Stretched resources of a small staffing structure Engage in discussions to increase resource in particularly in relation to student community block grant for specific staffing allocation. building and support.

Disclosures required by the Education Act 1994

Affiliations - None

Plans for the future

Trustees were delighted that the SU secured another uplift in block grant from the University for 2024/25 which allowed work to continue and develop and the staff to receive a pay rise in line with the University salary scale. The SU will continue to develop student awareness of the SU and how it can support and enhance their student experience with a key focus on how we can further engage with under-represented groups.

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Report of the trustees (continued)

Statement as to disclosure of information to Auditors

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant information of which the Auditor is unaware. Each of the Trustees have confirmed that they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that it has been communicated to the Auditor.

Approval of the report

The financial statements were approved and authorised for issue and are signed on behalf of the Board of Trustees by:

Zoe MacCallum - 2026-01-05, 10:55:26 UTC Silvia Cardinale - 2026-01-07, 10:38:31 UTC Z MacCallum S Cardinale

Chairs of the Trustee Board

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The Students’ Union, Queen Margaret University Report of the trustees and Report of the Trustees and audited financial statements 31 July 2025

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland, 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:

• . select suitable accounting policies and then apply them consistently;

• . observe the methods and principles of the Charities SORP (FRS 102);

• ° make judgements and estimates that are reasonable and prudent;

• ° state whether applicable accounting standards have been followed;

• ° prepare the financial statements on a going concern basis unless it is inappropriate to assume the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which 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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Report of the Independent Auditors to the Trustees of The Students’ Union, Queen Margaret University

Opinion

We have audited the financial statements of The Students’ Union, Queen Margaret University (the ‘charity') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and 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 FRS 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:

• e give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis of 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 the provisions available for small entities, in the circumstances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Report of the Independent Auditors to the Trustees of The Students’ Union, Queen Margaret University (continued)

Other information (continued)

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• « the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• « proper accounting records have not been kept; or

• e the financial statements are not in agreement with the accounting records and returns; or « we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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Report of the Independent Auditors to the Trustees of The Students’ Union, Queen Margaret University (continued)

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

• As part of our planning process:

• e We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud;

• e We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: Health and Safety; Employment Law, GDPR; FRS 102; and compliance with charity law;

• e We-considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and

• e Using our knowledge of the charity, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

• The key procedures we undertook to detect irregularities including fraud during the course of the audit included: e = Inquiry of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

• e Reviewing legal fee expenditure and minutes of board meetings;

• e Documenting and verifying significant related party balances and transactions;

• e Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

• e Testing key income lines, in particular cut-off, for evidence of management bias; e Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees.

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

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Balance sheet at 37 July 2025

	Notes	2025	2025	2024	2024
		£	£	£	£
Fixed assets
Tangible assets	10		6,413		8,193
Current assets
Debtors	11	17,621		34,565
Cash at bank		175,431		136,520
		193,052		171,085
Creditors
Amounts falling due within one year	12	(85,562)		(73,588)
Net current assets			107,490		97,497
Net assets less current liabilities			113,903		105,690
Net assets			113,903		105,690
Funds
Unrestricted	13,14		111,623		101,540
Restricted	13,14		2,280		4,150
TotalFunds			113,903		105,690

The financial statements were approved by the Board of Trustees and are signed on its behalf by:

1 Zoe MacCallum,2.20265 0)003,1055:26UTC Z MacCallum

ons Silvia Cardinale —2026-01-07, 10:38:31 UTC ____ S Cardinale

Trustee

Trustee

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Statement of cash flows for the year ended 31 July 2025

	2025	2025	2024	2024
	£	£	£	£
Cash flows from operating
activities
Net income	8,213		9,769
Depreciation	1,780		1,309
Investment income	(2,410)		(3,235)
Decrease/(increase) in debtors	16,944		(28,164)
Increase/(decrease) in creditors	11,974		(90,613)
Cash (used in)/provided by operating activities		36,501		(110,934)
Cash flows from investing activities
Purchase offixed assets	-		(2,575)
Investment income	2,410		3,235
Cash (used in)/provided by investing activities		2,410		660
(Decrease)/increase in cash and cash
equivalents in the year		38,911		(110,274)
Cash and cash equivalents at the beginning of
the year		136,520		246,794
Total cash and cash equivalents at the end ofthe	year	175,431		136,520
Cash and cash equivalents comprise:
Cashatbank		175,431		136,520

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements

• 1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The charity is an unincorporated Public Benefit Entity with the registered office as noted on page 1. The financial statements are compliant with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice (SORP) FRS 102 “Accounting and Reporting by Charities” and in accordance with Financial Reporting Standard 102 (FRS 102).

The financial statements are prepared in sterling, which is the functional currency of the charity Monetary amounts in these financial statements are rounded to the nearest £.

Non-audit services provided by the auditor

In common with many other organisations of our size and nature, we use our auditor to assist with the preparation of the financial statements.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Union will continue to operate for the foreseeable future. This assumption is based upon the continued support of Queen Margaret University as, in common with other student unions, the Union relies upon the financial support of the institution with which it is associated. The University has indicated its intention to continue to support the Union, however, there can be no certainty that this support will continue to be available.

Income

Income fram donations is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

In accordance with the Charities SORP (FRS 102), services provided by volunteers and provision of facilities are not recognised.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

• Expenditure is classified under the following activity headings: - Expenditure on charitable activities includes the costs of the delivery of services to meet the Union's charitable objectives.

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

• 1 Accounting policies (continued)

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charitable activities. Governance costs are those associated with the constitutional and statutory requirements of the charity. Overheads have not been allocated to governance costs, as in the trustees’ opinion, there exists no consistent, reliable method, which would result in a meaningful allocation of such costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Bar and disco equipment 20% on cost Catering fixtures and fittings 20% on cost Sports equipment 20% on cost Computer equipment 20% on cost Office furniture & fittings 10% on cost

Fixed assets are stated at cost less depreciation. Items costing less than £200 are not capitalised but are charged to revenue in the year in which the cost is incurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is a credited or charged to the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.

Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

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

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

• 1 Accounting policies (continued)

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and use of the restricted funds are set out in the notes to the financial statements.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

The charity is exempt from tax on its charitable activities.

Irrecoverable VAT

Any irrecoverable VAT incurred is charged as an expense in the period in which it arises.

Judgements in applying accounting policies and key sources of estimation uncertainty In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

No significant judgements or estimates were applied in the preparation of these financial statements.

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

2 Income from donations and legacies

==> picture [420 x 101] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Block|grant|from|Queen|Margaret|University|349,000|309,000| |Additional|funding|from|Queen|Margaret|University|-|18,505| |Other|grants|636|2,372| |349,636|329,877|

----- End of picture text -----

All income from donations and legacies in the current year was unrestricted (2024 - £309,873 unrestricted and £20,004 restricted).

3 Income from charitable activities

==> picture [420 x 136] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |Activity|£|£| |Advertising|income|Other|income|11,675|9,690| |Sundry|income|Other|income|11,054|12,066| |Freshers’|income|Other|income|10,977|9,560| |Grand|Ball|income|Other|income|33,280|34,322| |Events|income|Other|income|52|80| |Pool|Table|income|Other|income|2,138|-| |69,176|65,718|

----- End of picture text -----

All income from charitable activities in the current and prior year is unrestricted.

==> picture [449 x 90] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |4|Income from|other|trading|activities| |2025|2024| |£|£| |Sponsorship|income|15,000|-| |15,000|-|

----- End of picture text -----

All income from other trading activities in the current and prior year is unrestricted.

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

5

Expenditure on charitable activities

				2025	2024
				£	£
Directcosts
Trustees’ wages (note 8)				45,402	43,930
Trustees’ Employer NI				4,211	3,287
Trustees’ Pensions (note 8)				-	1,163
Wages				49,004	52,435
Clubs and societies (note 7)				42,221	37,380
Freshers’ week and student events				11,833	13,333
Grand Ball				43,788	34,318
Sporting affiliation and insurance				5,513	5,504
Student support and welfare				12,360	12,019
Depreciation				1,780	1,309
Equipment				11,192	-
Total direct costs				227,303	204,678
Share ofSupport costs (note 6)				189,756	150,944
Share ofGovernance costs (note 6)				10,950	33,439
				428,009	389,061
Splitbetween:
Unrestricted				426,139	373,207
Restricted				1,870	15,854
Support and governance costs
		31 July 2025			31 July 2024
	Support	Governance	Total	Support	Governance	Total
	costs	costs		costs	costs
	£	£	£	£	£	£
Staff costs	139,020	-	139,020	113,163	-	113,163
Stafftraining and	2,368	-	2,368	590	-	590
development
Insurance	10,576	-	12,113	12,114	-	12,114
Travel expenses	3,447	-	3,447	2,742	-	2,742
Print, post and stationery	1,926	-	1,926	1,798	-	1,798
Telephone	20	-	20	42	-	42
Sundry	13,841		13,841	5,640	-	5,640
Professional fees	8,800		8,800	12,808	23,939	36,747
Subscriptions	8,563	-	8,563	1,274	-	1,274
Auditor's remuneration	-	10,950	10,950	-	9,500	9,500
Licensing loans	677	-	677	773	-	773
Recruitment	518	-	518	-	-	-
Support costs relating to	189,756	10,950	200,706	150,944	33,439	184,383
charitableactivities

6 Support and governance costs

Included within auditors remuneration is £475 relating to non-audit fees (2024: Enil).

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

7 Grants payable

==> picture [422 x 573] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Clubs|and|societies|42,221|37,380| |The|total|grants|paid|to|institutions|during|the|year was|as|follows:| |Cheerleading|Club|3,000|3,400| |Music|-|150| |Dance|3,000|3,000| |Basketball-|Men|-|800| |Football|—-|Men|2,702|1,802| |Football|-|Women|1,460|1,520| |Women’s|rugby|1,024|662| |Men’s|rugby|1,000|234| |Volleyball|3,000|2,600| |Netball|3,987|3,651| |Women’s|basketball|1,842|2,191| |Women’s|hockey|1,684|1,915| |Badminton|3,000|2,600| |Gaelic|Football|—|Men|1,690|1,800| |Gaelic|Football|-|Women|1,700|924| |Drama|Society|978|210| |Christian|Union|341|250| |Musical|Theatre|3,546|3,500| |S&S|Rewards|and|recognition|-|2,119| |Film|Society|-|183| |Tabletop|Society|228|100| |Running|&|Cycling|346|190| |Food|Pantry|Society|950|800| |Psychology|Society|40|26| |Physiotherapy|Society|38|25| |LGBT|24|-| |Give|it|Ago|1,738|95| |Gaming|Society|337|330| |Techno|Society|-|28| |Yoga|Society|900|805| |Muslim|Society|-|25| |QMUOK|-|220| |Speech|Language|Therapy|350|195| |Paramedics|Society|52|-| |Varsity|2,214|630| |Costume|Society|86|400| |GIAG|Hall|Hire|442|-| |Asian|Society|8|-| |Irish|Society|11|-| |Adventure|Society|500|-| |42,221|37,380|

----- End of picture text -----

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

8 Trustees’ remuneration and benefits

The President and Vice-Presidents are required by the constitution of the Union to be Sabbatical members of the Officers’ Committee and Trustees ex-officio and as such are remunerated for their work. Remuneration and pension contributions were paid as follows:

					Employer
				Gross	pension	Total
				salary	contributions	2025	2024
				£	£	£	£
Jay Brown —	President (Academic			19,950	-	19,950	21,802
Life)
S Cardinale -	President		(Student	22,577	-	22,577	2,743
Activities)
Louise Ford - Vice-President				-	-	-	20,548
Zoe MacCallum		—	President	2,875	-	2,875	-
(Academic Life)
				45,402	-	45,402	45,093

Trustees’ expenses

Trustees may claim reimbursement of such incidental expenses as are necessarily incurred in the performance of their duties. The total of such expenses claimed in the year ended 31 July 2025 was £506 (2024: £1,342). The number of trustees reimbursed for expenses or who had expenses paid by the charity was 4 (2024: 3).

• 9

Staff costs

Staff costs
	2025	2024
	£	£
Wages and salaries	221,329	198,493
Social security costs	12,936	9,831
Other pension costs	3,371	5,654
	235,911	213,978

The key management personnel are the Chief Executive Officer and the sabbatical officers whose employment benefits during the year totalled £139,936 (2024: £116,564).

The average monthly number of employees during the year was as follows:

	2025	2024
	No	No
Sabbatical Officers	2	2
Student support	3	3
Administration and finance	4	4
	9	i)

No employees received emoluments in excess of £60,000.

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

10 Tangible fixed assets

		Catering			Office
	Bar and	fixtures			Furniture
	and disco	and	Sports	Computer	and
	equipment	fittings	equipment	equipment	Fittings	Totals
	£	£	£	£	£	£
Cost
As at 1 August2024	976	1,409	617	7,371	6,741	17,114
Additions	-	-	-	-	-	-
Disposals	-	-	-	-	-	-
At 31 July 2025
	976	1,409	617	7,371	6,741	17,114
Depreciation
At 1 August2024	976	1,409	617	2,830	3,089	8,921
Charge for year	-	-	-	1,106	674	1,780
Eliminated on disposals	-	-	-	-	-	-
At 31 July 2025	976	1,409	617	3,936	3,763	10,701
Net book value
At 31 July 2025	-	-	-	3,435	2,978	6,413
At31July2024	-	-	-	4,541	3,652	8,193

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

11	Debtors: Amounts falling due within one year
		2025	2024
		£	£
	Trade Debtors	7,080	21,506
	Other debtors and prepayments	10,541	13,059
		17,621	34,565
12	Creditors: Amounts falling due within one year
		2025	2024
		£	£
	Taxation and social security	5,704	5,079
	Other creditors and accruals	79,858	68,510
		85,562	73,588

Included in other creditors and accruals is £64,528 (2024: £51,963) which is money due to clubs and societies, with a corresponding amount in bank.

13 _~—— Analysis of net assets between funds

	2025	2025	2025
2025	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	6,413	-	6,413
Current assets	190,772	2,280	193,052
Current liabilities	(85,562)	-	(85,562)
	111,623	2,280	113,903
	2024	2024	2024
2024	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	8,193	-	8,193
Current assets	166,935	4,150	171,085
Current liabilities	(73,588)	-	(73,588)
	101,540	4,150	105,690

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

14 Movement in funds

2025		At			At
	1	August			31 July
		2024	Income	Expenditure	2025
		£		£	£
Restricted funds
Student supportfunding		4,150	-	(1,870)	2,280
		4,150	-	(1,870)	2,280
Unrestricted funds
General fund		101,540	436,222	(426,139)	111,623
Total funds		105,690	436,222	(428,009)	113,903
2024		At			At
	1 August				31 July
		2023	Income	Expenditure	2024
		£		£	£
Restricted funds
Student supportfunding		-	18,505	(14,355)	4,150
Give it a Go Funding		-	1,499	(1,499)	-
		-	20,004	(15,854)	4,150
Unrestricted funds		a	—____	—____	—____
General fund		95,921	378,826	(373,207)	101,540
Totalfunds		95,921	398,830	(389,061)	105,690

The restricted fund income was grants from the University for specific projects in relation to student support, as noted above.

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The Students’ Union, Queen Margaret University Report of the Trustees and audited financial statements 31 July 2025

Notes to the financial statements (continued)

15 Related party disclosures

The Union is in receipt of a recurring grant from Queen Margaret University of £349,000 (2024: £309,000).

Other sales invoices issued to Queen Margaret University in the year totalled £400 (2024: £18,778). Purchase invoices received were £20,657 (2024: £23,336). There were no outstanding balances due to or from Queen Margaret University at either year end.

The Union occupies its premises on a rent-free basis under an informal licence subject to the Union maintaining the building in a good state of repair. Due to the layout, location and purpose ofthe building no accurate estimated annual rent for the building could be calculated and as such has not been recognised as a donation in the accounts.

The trustees of the Union are the members of the Executive Committee. The Sabbatical Members of the Executive Committee receive remuneration for their services in accordance with the Constitution. Refer to note 8 for further detail.

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to income and expenditure in respect of defined contribution schemes was £3,371 (2024: £5,654).

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