UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION REPORT OF THE BOARD AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Scottish Charity Number SC019883 Henderson Black & Co CHARTF.RFD AccouTrrrA wr5. ST ANDREWS UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION CONTEfrirs Page Report ol the Board Independent auditNs' retx)rt 8-10 Statement of linanclal acllvilies Balance sheet 13-14 Slalemenl ol cash flows Notes lo the accounts 16-30 UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION REPORT OF THE BOARD FOR THE YEAR ENDED 31 JUL Y2024 The Board Members are pleased to present their report together with the financial s¢alemenls ol the Asgociation lor the year ended 31 July 2024. The financial slalements have been prepared in accordance wllh the accounting policies set out on pages 16 to 18 and comply with the charity's constitution, the Charities an Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended) and AccoLJnting and Reporting by Charities.. Statement ol Recommended Practice (Charities SORPI appll¢able to charities preparing Ihtrir acc￿NIS in accordance wilh the Finartial Reporting Slandard applicable in the UK and Republic ol Ireland effecllve 1 January 2019. Objocts and purpos¢$ The Association was established to promote the recreational, SOCI￿ and academic wellbeing ol the sludgnts of the Universrty of Sl Andrews. Governing documgnl The University ol St Andrews Students, Association is an As50cialion governed by its cons1￿Ul10n. Th& Asso¢ialion was in51iluled in April 1983 and comprlses The Students, Representative Counol. inslilul8d in January 1885, and the Students. Union, fouTrJed in 1892. 11 is a registered Gharity with the Off￿e of the Scottish Charity Regulator. Truslo9$ and Board Members The Slvdenls. ASs￿latIon is govemed by the Students. Association Board. On 22 2023 the Board Memi￿r5 resigned in favour ol a corporate Iruste8. University ol St Andrews Students, Asso¢ialion (Trusleesl Limitgd. The Board members ol the Students, Association Board were the Directors of the corporate trusleg aThJ Individuals appoinfed andlor elected as members of the SAB under the Constitution are, in that capacity, automatically appointed as Oireclors of the Corporate Trustee. The Board of the corporate trustee comprises 7 students and 6 non-students wrth voting rights. Non-students werè appointed by the Courl and Senate ol the University ol Sl Andrews and the Nominations Committee. Th8 Board owsees the control and superyision of the activilies ol the AsscKiation. Review ol the Activities and Aehièvem¢nts The Association's principal activity was the promolion of the recrealionJ, social and academic wellbeing ol Ihe students ol the Universty ol Sl Andrews. The Association had an overdl net increase in funds of £56,62812023- decrgasg 01 £102,831 l. The balance on the unrestricted general fund at the year-end was £1.063,41512023- £1,034,473) with designated reserves amounting lo £142.71512023 - £176,138) and restricted funds amounts'ng 10 £440,05012023- £378.9411. Ovorylew The 2023124 academic year was a mixed one for the Association. The ch)sure ol Venue 601 for the whob ol Ihe year brought both fi'nancial and aclivity prtrssures on the Union, while tho commencement ol a two-year Change Programm8 brought a new sense of irnpelus and opportunity lo the organisalion. Financial pressures. which had been a key issue lor the Association throughout Covid-19 and the immediate perlod following, were easeé somewhat with the University providing support for the lost business due to the RAAC ¢losure. The oprM)rtunity was also taken to enhance the operation of the Venue during the closure and additional servery space to enable faster setvi¢e lo ¢uslomers was bu1￿ as well as improved sound and lighting equipment being purchased and installed lo improve the experien￿ of mernbors and all users of the space. Engage￿nI in student aclivities. elections and other activities ¢onlinued lo grow In the year, refknting the recovery in these areas since the end ol Covid-19. UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION REPORT OF THE BOARD (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Change Programme The Students, Association laijnched a comprehensive Change Programrne in January 2024. Thts Programme aimed to address Ihg Chllenges laced by Ihe Students, Association ancl includes slralegic changes, slructural improvements, and operational enhancerllents with the aim ol ensuring thai rhe Association remains resilient, ett￿lent, and effective in lullilling the Asgociation's mission. A Change Director was appointed by Ihg Board in Dec 2023 and brought a team ol change specialists into the Association lo undertake the woth of ihe Programme. Extensive research and stakeholder consultations were held through the first half of 2024 and a formal report including a proposed medium-lem pLqn was presented lo and approv￿ by Ihe Board in June 2024. This report envisaged significant changes to slruclufe, operation and ottrEr areas ol the Asso¢ialion, which we covered below under fulure pjans. Actlvltle8 The year saw a total 01141 societies recogn15ed for affi'liation to the Students, Associab'on. Fresher's Fayre was again combined wth the AU'S sports layre. ¢realing strong interest from slLKlgnls and Ihere were 287 st211s, LJP slightly on the previous year. The Sludenls, Association provided over £27,000 in grants to student groups in Ihg year. The Charities Campaign again raised money for their three Th)minated charities. Race 2. one DI the biggest fundraisers ol the year saw 80 students racing to Copenhagen and raising over £32,000 in the proce&8. Wgllbelng and Equallty The year saw a locus on compassion as students continued to feel the effects ol the cost-ol-living crisis and workl affalrs and gk)bal conflicfs and crises had an ever-growng impact on St￿￿ents al the University. Among other work undertaken in the year by Ihe University in partnership with the Sludenls, Associalion were linguistic changes to the Acan to the Association's ongoing campaign lo raise funds lor nominated and other charities. The Mermaids Fund represents amounts raised and spent in rglalion lo the furtherance of the Assoclalion's theatre productions. The Debalgs Fund repr&5ents amounts ras9d and exp8nded in relation lo the furtherance of the Association's debating events. The Star Fund represents amounts rais8d and expended in relation lo the Ass(Lialion s local radio station. Awards ltsr All Scotland granted the Association monies toward5 equipmenl mryJ8rnL%allon tor the radio station. The SVS Fund represents arnounts raised and expetM19d in relation lo the furtheran¢e of Ihe Association's St Andrews Voluntary Services. The On The R￿kS Fund represents amounts raised and expended in relation lo an entirely student-run arts leslival incorporating art, photography. lilrn, theatre, dance, fashion, music and Comedy. Re Pictures Fund represents amounts raised and expended in relation lo the lurtherance ol the Asso¢ialion's film produclions. UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION REPORT OF THE BOARD (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 The LGBT Fund repres8nls amounts raised and expended In relation lo the furtherance ol the Association's LGBT commilleg. The Music is Love Fund represents amounts raised and expended in relation lo the furtherance ol the Associats"on's Music Society. The PrincApal's Strategic Fund represented amounts raised and expended in relation lo the furtherance of sludent-created community and bek)nging initiatives. Structure, Govornance and Management The Students. Association is govem8d by tha Siudents, Associatr'on Board. The Board ¢>)mprises 7 students and 6 non-sludenls all with voting rights. Individuals appointed andlor elected as members of the SAB under the Constitution are. in that capacity are automali¢ally apptsinled as Direclors ol the Corporate Trustee which, Irom 22 June 2023, was the sole mernter ol the Board. The student rnern￿rS of the Board are.. directly ethted by the entire membership Two non-studenls arg appointed by the University Court, each m8mber so appointed serving for a three year period which is renewable provided that the total peri(Kl served by each member does not exceed nine years. It is convention that the University Proctor is one of the Court aptM)intee5 on the Board. External members are elected by the Students, A$s(￿lation Board following a sC￿enIng and strleclion process carried out by the Nominations Committee. The external members are elecled for a period ol Ihree years, renewable subject lo the total period ol service not ex¢egdlng nine years. In governing the Associalion, the Board is assisted by several Sul￿0MmIttee$= the Finance. Audit and Risk Committee, Governance, Nominations and Staffi'ng, and Health & Safety Cornrnittees, ea¢h of which has student and non-slLJdénl members. There are also commitlw with sludenl only membership covering key area5 such as Societies, Elections, Education. Accommodation, Sustainability. Community Relations and Equ Opportunities & Welfare but these r8tKJrt lo ttie student officers rather than the Board. The AssociatKJn has procedures in place lor the indu¢tion ol new members ol rhe Board which inclL*Je a meeting with existing Board mem1￿r$ aJKI th8 Senior Management Team. During the induclion, key matters such as oblvJations ol Board Members, flnancial and staffing issues and future plans and objectNes are discussed. New Btsard Members are given a pack which includes key documents induding an outline history ol the Association and the latest annual financial stalemenls. An annual Trustee training day is includgd as part ol the induction and development of the Board. A General Manager, atpointed by the Board. and the senior management tearn rnanage the day-to-day activities ol the Association. Koy management personnel remuneration The Board Members conskter the Senioi Manager and ihe managamgnl team as comprising the key management personnel olth6 charity in charge oldirecting and controlling the charity and running and operating the charity on a day-to-day basis. Remuneration was paKI during the year lo the Sabbatical Officer Board Member5', all other Board Members give their ts'me freely. The rèmLJneralion tsl the members ol the management leam is reviewed annualty. Det￿lS ol trustee expenses and related party transactions are disclosed in not$ 2 to the accounts- analysis of staff cosls and remuneration ol key management personnel is given in nole 10. UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION REPORT OF THE BOARD (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Rof•r8nce and adminislrative Infomialion Scottish Charity number.. SC019883 OperatK*nal address.. Sludenls, Union, St Mary's Place. St Andrews. KY16 9UZ On 22 June 2023 the existing B08rd Membws resign8d In favour of the appointment ol a Corporate Truste8, University of Sl Andrews Students, Association (Trustees) Limited. Individuals app)Inied andlor elected as mem1￿r$ of the SAB under this Conslilulion are. in that capacrty, Irealed a5 having been app)inted as Dire¢lors ol the Corporate Trustee and @xèrcise their duties and rèsponsibilities ol general control and management of the administration ol Ihe Association ihrough the Corporat8 Trustèè slru¢lure. In that rogard. lh8 lollowlng iThJiwduals were aptx)inled or ethted during the year and Since the year end.. Non-siudents AFpointgd by tha Univgrsity Court.. ppoinled by the Nominations Committee.. Professor Clare PedL*'e Chri31opher Milne Sludw Until the end ol the Academi¢ yeaf 2023R4.' Appointgd al the start of the Acaderni¢ ygar 2024125: Gonoral Managar Davld Whitton Ind•pondont Audltorg Hendefson Black & Co, Chartered kcountanls and Registered A￿lI0[s. Chestney House, 149 Market Street. Sl Arthews. Fife, KY16 9PF Bankers The Royal 8ank ol Scotland plc. 113-115 South Street, Sl Andrgws. Filg, KY16 9QB Solicitor¥ Turcan Connell Princes Exchange, 1 Earl Grey Streel. Edlnburgh, EH3 9EE UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION REPORT OF THE BOARD (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Board Memters responslbllltie3 in Telation lo the flnanclal statements The charity trustees are lesponsi￿9 for prèparlng a Board Members. annual report and linancial statements in accordance with applicable law and Unlted Kingdom Accounb'ng Standard5 Iuniled Kingthjm Generally Accepted Accounting Practice). The law applicable lo ch&ilie5 in &olland require5 the charlty irusiees to prepare financial sraiements each year which give a Irue and fair view ol Ihe stale ol affairs ol the charity and of Ihe incoming resources and application ol resources of the chaiily lor that pwiod. In preparing Iha financial slat8ments, the Board Members are required to.. selgcl suitable accounting polici8s and then apply them consislenlly,. observe the methods and pnncIp￿S in the appli¢able Charities SORP., rnake sound judgemenrs and estimates that are reastsnable and prudenl., stale whether appli¢*e accounting standards have been followed. subject lo any material departures disc105ed and ex ￿ained in th& financiaj statements," and prepare the linanciaj statements on the going con¢ern basis unless rt is inapwopriate lo presume that the Association VAII ¢onlinue in business. The Board Members are i&sponside lor maintaining proper accounting records disclose with reasonable accuracy at ary time the tinancial position ol the Associab'on and enaile Ihetll lo ensure that the finan¢ial Slalemenls comply with the Charities and Trustee Invostmenl (Scotlandl Act 20()S. the Charity A￿OuntS (Scollandl Regulations 2006 las amended). and Ihe provisicn5 01 the conslitulion. The Board Members are also responsible for safeguarding the assets of the Assoclab'on and hence for taking reasonable steps lor the d8l&¢ti(Jn and prevention ol fraud and olher irregulwilies. Stolement of Dl$closure to Audltor$ So lar as the Board Members are aware, there is no relevant audit information of which the Associalion's auditors are unaware. Aiklilionally, Ihe Board Members have taken all the necessary steps that they ought to have taken as Board Members in order lo make Ihemsefves aware ol all relevanl audll Inl¢ymation and to establish that the Asswialion's auditors are aware of that inlormalKJn. Approved by Ihe Board or 13 March 2025 and swJned on Ihoir b8hall by-. UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE STUDENTS, ASSOCIATION BOARD OF ST ANDREWS UNIVERSITY STUDENTS, ASSOCIATION Oplnlon We have audtted the financial statements of the University ol Sl Andrews Students. Association for the year ended 31 July 2024 which comprise the Statement of Financial Aciivities, the Balance Sheet, the Statement ol Cash Flows and the related notes on pages 16 to 30. The financial reporting framework that has been applied in their preparation is applicable law and Unf(ed Kingdorn Accounting Standards Iunited Kingik)m Generally Accepted Ac¢ounl'ng Praclicel- In our opinion thtr financial staternenls= give a true and lair view ol the slalg ol the Association's affairs as at 31 July 2024 and ol ils income and expenditure, lor the year then èndod., have been properly prepared in accordance wth United Kingikjm Gtrnerally Accepted Accounting Practice., and have been prepared in accordance wllh the requirements of the CharIt￿S and Trustee Investment Iscollandl Act 2005 and regulation 8 of the Charities Accounis Iscollandl Regulations 2006 las amended). Bos1$ tor oplnlon We conducted our audil in accordance with International Standards on Auditing IUKI ISAS IUKI and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities lor the audit ol the financial statements section ol our report. We are independent ol the Association in accordance with Ihe ethical requirements that are relevant to our audit ol Ihe financial slalemenls in the UK, including the FFIC'S Elhlcal Standar(J. and the provisions available lor small entities. in the circumstances set out in note 23 lo the financial statements, and we have lullllled our other ethical responsibilities in accordame with these requirernents. We believe that the audit evi¢Jen¢8 we have obtained is sullicient and approprialg to PTovide a basis lor our opinion. Con¢luslon¥ rglotlng to golng concern In auditing the financial slalements. we have Conc1￿led that Ihg BoarLI Members. use ol the going C￿cern basis of accounting in the preparation ol the financial statements is aFpropriate. Based on the wo¢k we have performed, we have not identified any material uncertainties in rglalion lo events or ¢oThJillons that. Individually or collectively, may cast sKJnifi'cant doubt on the Asso¢ialion'5 ability to continue as a going concern lor a peri¢xl ol al least Iwelve months from when the linanclal statements are authorised lor issue. Our responsibilities and the responsibilities ol the Board Membèrs with respect to going cotK8rn arg d8scribed in the relevant se¢lions ol this report. Olhor Infomiatl¢n The other information comprises the inlomialion Included in the annual report. other than the tinancial statements and our auditor's report Ihereon. The Board Members are responsibl8 lor the other information. Our opinion on the linanclal statements does not cover the other inlomalion and, except lo Ihe extent otherwise explialty slated in our report, we do not express any form ol assurance conclusion thereon. In connection with our audit of the financial statements, our responsibillty18 lo read the other information and, in doing so, considar whethér the other information is malerially inconsistenl with thg linanclal slalements or our knowledge obtained in the au(S1 or otherwise appears to be materially misstated. 11 we identify such material Inconsistencies or apparent Material misstatements, we are required lo delermI￿ whethtrr thtsre is a material misstatement in the financial statements or a material misslalement of the other inlorrnation.11, based on the work we have performed, we conclude that there is a material misslatement of this other information, we are reqUI￿d to report Ihat fact. We have nolhlng lo rewrt in Ihls regard. UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE STUDENTS. ASSOCIATION BOARD OF ST ANDREWS UNIVERSITY STUDENTS. ASSOCIATION (CONTINUED) Mattsrs on whlch wg are requlr8d to report by gX¢9pllon We have nothing lo report in res￿¢1 ol the following rnatters where the Charities Accounts (Scotlandl Regulations 2006 las amended) requires us lo r8POrt to you il, in our opinion.. the information in the Poard Members, report is Inconsistent in any material respect with the fina￿la1 slalemenls., or proper accounting records have not been kepl, or., the financial statements are nor in agreement with the accounling records and returns. or we have not re¢wv8d all the information and explanallons we require lor our audit. Responslbllltl&8 Ot Board Members explained more fully in the Board Members, Re5pon5ibilities Statement sel tsul on page 7, the Board Members are responsible lor the preparation ol financial statements whlch give a true and lair wew. and lor such intemal control as the trustees determine is necessary lo enable the pveparaliDn ol financial slalemenls that arg tree from material misstatement, whether due to fraud or error. In preparing the financial statements. the 8oard Mernbers are responsiblg lor assessing the Association's abllity to continue as a going concern. dlsclosing ,as applicable, matters relating lo going concern and using the going concern basis ol accounting unless the Board Members either iniend to liquidate lo Associallon or to cease 0￿ratIonS, or have no realistic allernalive but to do so. Audllorfs r¥$pon$ibilities tor tho audll ot the fInanc￿l Siatemonts We have been apFointed as auditor under $￿tion 4411 Ilcl ol the Charities anL% Trustee Investment Iscotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effe¢l Ihereunder. OL*r obj8cb'v8s are lo obtain reasonable assurance about whether the financial statements as a whole are Ir from material misstatement, whether dLJe lo fraud or error, and to issua an audil0rf5 report Ihal includes our opinlon. ReasonaLle assurance is a high level ol assurance, but is not a guarantee that an audit Conducted in accordance with ISAS IUKI will a￿ayS dele¢l a material misstatement when il 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 ol users taken on the basis tsf these financial stalemenls. Irregularllles, including fraud, are instances of non-comFliance with laws and regulations. We design procedures in line with our iesponsibilllies, outlined above, fo detect material misstatements in respect ol irregularities, including fraud. The extent lo which our procedures arè ¢apable ol detecting irregularilios, in¢luding fraud, is detailed below.. Inquiries with rnanagemenl about any knovm or suspected irtstances ol non-compliance with laws and regulations and fraud., Reading board meeting mlnules for evidence ol non-complian¢e with law5 and regulations and fraud., Challenging assumptions and judgements made by management in their signiticanl accounting estimates, in particular fixed asset depreciation. bad debt provisions, and a¢cruals.' and Auditing the risk ol management override ol controls, incI￿￿ng throuuh the lesling ol journal entries and other adjustments lor approprialene8S. As a result ol the nature of the opkralions ol the University ol Sl Andrews Students, Asso¢ialion, we have idenlilled the following areas as those most likely to have a material impact on the linanclal slalemenls.. GDPR in relation to dats,. health and safely., and employment law. Owing to the inherent limiialions ol an audit, there 15 an unav(xdable risk that somè material misslalements in the financial statements may not be detected, even though the a(xYil is properly planned and performed in a￿OrdanCe with the ISAS IUKI. For instance, the furlher removed non-cornplianee is from the events and transactions r8118cled in the statements. Ihe less likely the auditor is to become aware ol li or to recognise the non-compliance. UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE STUDENTS, ASSOCIATION BOARD OF ST ANDREWS UNIVERSITY STUDENTS. ASSOCIATION (CONTINUED) Audltor's re$pon$lbllltles for the oudlt ot the flnancial slatements Icontlnugdl Alurther description of our responsibilities lor the audil ol the financial statements is on the Financial Reporting Council's website at.. vMw.frc.org.uklaLJditorsrestM)nsibililies. This description forms part ot our auditors. report. Us8 of our report This report is made solely to Ihe Board Members, as a bojy, in a¢¢ordan¢e with section 44111 Icl ol Ihe Charities and Trustee Investment Iscollandl Act 2005 and regulation 10 ol the Charities Accounts (Scotlandl Regulations 2006 las amendedl. Our audit work has been undertaken so that we might state lo the Associabon's Board Members those malters we are requlred lo slate io them in an auditor's report and lor no other purpose. To the fullest exlent permitted by law. we do nol accept or assume responsibility lo anyone other than the Association and ils Board Merrbers as a body, lor our audit work, lor this report, or lor the opinions we have forméd. *tondorgon Bl?¢k & Co Chartered Accountants and Statutory Audltors Cheslney House 149 Market Street St Andrews Flfe KY16 9PF Henderson Black & Co is eligible lor appointment as audiloi of the Charity by virtue of its eligibility lor apwintment as auditor ol a company under section 1212 01 the C(xnpanies Act 2006. 13 March 2025 111 omoJuJ LfJLnoLD ¢Dr oNtho ¢7>- Jr(D LT>￿0 movj ry)¢D 211 11 UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JUL Y2024 2024 2023 Net cash used In opwatlng actlvltle$ 1306,1881 1396,287) Cash flows from Invostlng actlvllles Interest Rental income Purchase of fixed assets 36,402 25,446 131,564 166,345 1116,1651 1145,7121 51,801 46,079 Changg In cash and cash equlvalent$ In year 1254.38n 1350.208) Cash and cash equlvaleni brought lotward 1,693,009 2.043.217 Cash and cash equivalent carried tomard 1,438,622 1,6¥8,009 2024 2023 Note lo the Cash flow statement econciliation ol nel movement in funds to net cash flow from operating activities Net movement in funds 56,628 1102.8311 AdjLJslments for.. Depreciation charge Interest shown in investing activities Rental income shown in invesbng activities 73.552 67.556 136,4021 125,4461 1131.5641 1166.3451 Ilncreaselldecrease In stocks Ilncreaselldecrease in debtors Increas&llde¢reasel in creditors IDecreasel in pension recovery plan provision 13.2861 1340,9841 84,053 18,1831 2,702 82,691 189,6851 1164,9311 Net cash used In operatlng actlvltlos 1306.1881 1396,2871 15- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y2024 Prfnclpal accountlny Polle￿ BA$ls of preparatlon and as$e$sment ot golng concem The accounts Ifinancial 51alementsl have bèen prepared under th8 hislori¢al cost Convent￿￿ wth it8ms remgnls ai c05t or transaction value unless olhefWiS& $1818d in the relevant nolelsl lo these a¢¢ounis. The finanLyal slalernenls hav8 b8en prepared in accordancg Wllh the Statement of Recommended Pra¢tte'. Accounting and Reporting by Charities IChari118s SORPI pfeparing their accounts in a¢coTdance with the Financial R8POrting Standard applicable in the UK and Republic ol Ireland IFRS 1021 effective on 1 January 2019 aré the Financial Reporting Standard ap￿￿￿able in Ihe United Kingdom and Republic of Ir8Land IFRS 1021. the Charities and Trusloe Invesiment Iscotlandl Act 2005 and Ire Gharities Accounts IS¢oiiandl ReguLItlOn5 2006 las amended) The AssoclatKin constitutes a publi¢ benefft entity as defined by FRS 102. The accoun1$ are prepared in sterling, which is Ihe fundional currency ol the Charlty. Monetary amounts in these accounts are round8d lo th8 nearest £. The Board Mernbers coftsklw Ihai thero ara no rnateria uncertaintles ab)ut th8 Assoaation's ability to continue a5 a going concern. 1.2 Funds structure Unrestri¢ied income funds eompris8 Iho$e lunds whlch the trustees ale free lo use for any purpose in furtherance of the charitable objects. Unrestricted lunés include designated fund$ wheo the truslees. al their discr8lion, have created a fund lor a spe¢ilic purpos8. Re51ricled funds are funds whlch a￿ 10 be used in accortkn¢e wlth spocific reStr￿tIonS imposed by donor 01 trust deed. Details of tha restricted lund$ are glven In note 16. 1.3 Alllllated Sludent Socletles Amounts paid lo afriliaied swielies are shown in Ihe a¢ctyJnls as grants paicl The flnanclal staternenls do not indude th8 financial r8suIts of these societies as the control of the societies lie5 with the individual committee of each soci8ty and not wilh the Asswialion. Conditions a￿ irnp05￿ on grants made to the $fKieiies 10 ensure that they are made in accordance with the Assoeialion's charitable obj8Ctives. 1.4 Incom8 recognlllon All in¢off* is recognised once the charity has eniillement to the income, it Is probable thai the income will b8 recewed and the aTnount ot income receivable Can be measured reliabty. Donations are recognisod when th8 ASSotiati￿ has notified in writing ofboth the amount and s8ttlem8nl date. In the event that a donation is subject10 con¢Jilions that requir8 a lev81 of perforrnance before th8 charity is eniilled to the funds, the income is defe￿ed and not r￿gnised until either those ttjndilions are fully fflel, or the fulfilment of those conditions 15 wholty within lh8 control of the charity and it is probabb Ihat thosè cond11K>r￿ will be futtill& in th8 repjrting p8riod. Int8r8St on funds held on deposft is included when receniable arKI the amount can be m8a$ured ￿liablY by the charity., Ihl$ Is nomially uwn notrfKatDn of th8 interest pald or payable by the bank. When income i8 received in advance of the sp8cilied Ilme period, il is deferred until tho ¢harlly has porformed th& a¢tniity related to the 5pecifi8d time period. 1.5 Expendlture recognlllon Liatslities are recognised as expenditure as soon a5 there is a legal or constructive obligation committing Ihe charlty lo that exp8ndilur8, it is prct>abl8 ihai Sett￿ment will be required and the amount of Ihe obligation ¢an be measu￿d All expenditur8 is accDunted for on an accruals basis. expenses including SUFPOrt ¢o$is and governance costs a￿ allo¢ated or apportioned lo th8 aprAi¢ablg exponditure h88dings. For more Information on this attribution refer io notè 1.7. Granis payable are payments mad& lo third parties In the furtheranc8 of the charitable c*jects of Ihe Assoaation. In the case of an unconditional orant otter this is accrued once the Tecipient has been nolrfied ol the grani award. Th8 noliticallon gives the recipient a reasonabl8 expe¢talion thai they will receive the grani. Gran15 awards that are Subject lo the recipi8Trt fulfilling performance conditions ar& only ac¢rued when the r8CiPi8nl has trKen noiilled ol the grant and any remalning unfulfilled condition attaching 10 that grant is outside of the ¢ONrol of the Association. Provisions for grants are made when the intention lo mak8 8 grant has been communicated lo the reciplent tJJi Ihere is uncertainty as to the titniw of the grant or Ihg amouni ￿ grant payabl8. 16- UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 1.6 Irre¢overabl• VAT The Association is'patyally exempi. lor VAT wrw58s and is therefore unable 10 recover all of the VAT linpul tax) it 18 ¢haiged on Its puichases. In these accounts the ¢osi of VAT not recoverabk8 has ￿en shown separatdy, except where the non-recoverable porflon ielaies dirgclly to a typ8 01 expenditure. in which cas8 11 is charged againsi the expense to which il relates. In Ihe case of irrecoverable VAT arising on th8 pur¢hase of fixed assets. the irrecoverable VAT is capitalised written otl ai the same rate and ov8r the same period as is applicable to the asset purchased. Allocalffion ol sw)port and governance co$t$ Supportcosls have been allccaied bet￿Een govem8nce costs and other 5UPPOrtcosts. G)Verna￿e¢osls Comprise all ¢o$ts involving the public acCoU￿tabl11ty ot the charity and its compliance with reoulailon and g(xxl practice. These costs includ8 costs r8laied 10 siatulory audit and legal lees iooethgr ￿th an apportionment ot ovorhead and supwrt costs. Governance c0515 and support costs relating to Charita￿e activities hav8 been apwitioned based on the lev81 of activity. The allocation of support and governanc8 Costs is analysed in no18 7. 1.8 Costs of ralslng funds The costs of generating funds consist ol the costs of staglng events and seeking dcfialions and grants. 1.9 Charltable a¢tlvltle$ C08t$ of Charitable a¢tivitie5 inclwje Ihe main operating Costs of the charty, grants made as well as governance costs and an apportionment of surp)rt eosts as shown in note 8. 1.10 Tanglble Ilxed ossèts and depreclatlon All assets are capilalised and valued ai historlcal cost. Depreaation is charged on the stravJhl line basis lo r8duc8 the cost ol the asset to Its nei realisabl8 valu8 OV8r ils esllmaied useful lrfe at th8 following rales=. Comwlgr equipm8nt General equipment Lift and ramp forthe disabl8d - 33 113% per annurn - 20% per annum 10Wo per annum 1.11 Leaslng Flentals under opwaling leases are Charged 10 incomg on a strauht Ilne basis over the laaso tèrm. 1.12 Stock Stocks a￿ valued at the lower ol cost and net iealisable value. 1.13 Penslons The Associatlon operate5 bolh a defined conlribthlon seheTne and defin8d benefit s¢hwnes. Obligation5 to the d8fin8d contribuiion penson schetne are charged to the Siai8m8ni ol Finanoal Actwi118s in the periocl to ￿1¢h the coniribulions relate. The d8tin8d benefit sch8m88 are m￿t1-eMploYer schemes where the obligatlons cannol be 5eparalgty identilied, Ihe Association account5 lor the SChe￿￿S as though Ihey were defined contribution schemes but a150 recognises liabilities to fund deficits relating lo past servlce wher8 an agr88menl exi$i$ ￿ lund any deticil rd8ting to past service. Furth&r deialls are given in note 12. 1.14 Flnanclal Inslrumenls The A$s￿laIK)n has ele¢ied to apply th• provlsh?rKq of Secllon 11 '8ask Financkal Instwm9nts' of FRS 102 to all of its linancial instruments. Financial instruments are recL¥Jnised in the Assoclallon's balance she81 when th8 ASSO￿ation becom8s party10 th8 contracbJal provisions of the in$lrumeni. Financial a55et5 and liabilities are offs81, with the nei amounts presented in the financial $￿tementS. when there 15 a1egally enforceable right lo s81 off Ihe wognised amounts and there is an Inieniion to settle on a nel basis or to realise tre assei and Settle liabllity simuttan8ou&y. 17- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 1.15 Judgernorns In applylng aeeountlng pollcles and kgy soure8s ol è$ilmated In the aFplicalion of the Assofyation's accounting policies, the Board Members are reqUIr￿j to make judgemenls, esiimaies ano assumpiions aL￿ut th8 carryiw amount of assais and Ilalilities that are not readily apparent fr¢)m other sources. The estimate$ ar￿ as$oGialed assumption are based on hi8toriGal e¥perierKe and other factors Ihal are considered lo be relevani. Actual rosults may difter Irom Ihesg. In preparlng th8s8 financial siaiemenTS. Ihe Board Members hava macle the ￿lIo￿ng iu(Jgements.' Tangitde liyed assets are d8preciated over a period of lirne to reflect their eslimaled useful ￿yeS. The applicabiliiy ol the assumed IlveJ review&J annualty, taking into a¢¢ount l&iors srth a5 phy%caleondlllon, rnain18nancg and obsolescerte. Tangilye fixed a55els ai8 also ass&ss8d as to whether there are Indicators ol impaIrm￿l. Thls assessment involves consid8ration of the ￿on0[￿￿ wablity of the purpos8 for whlth the a55el is used. Other debtors are includèd ai the y8ar-8Thl base¢ upon amounts ree8w8d after year 8nd. prepaymen ar? applied based on payments mad¥ before the year-end and the exp8rience of management. Accruals are applied al the y&ar-•nd basad upon krtown costs r￿alVed wst yoar-end aTrS Ihe ?xp8riewe of anagetnent. Rolated party Iran8adlons Th8 Union building is owned by the Unwersilyof Sl A Thsrews and rentol£NII waspaid in the y8ar12023-£100,0(N)I. The Associati￿ received an annual reverrtJ& graniof £845,73512023- £668,8501 from the University ol St And￿WS, along Wrfh a grant 01 £322.86812023- £NIll towards loss of in¢oThe fTOm the RAAC issue. A ieni of£130.156120fJ £125,102) lor the 'Your Unon, shop 15 received from the University of Sl Andrews Shop Ltd, a wholly owned subsidary of the Unwersity ol St Andrews. The Assoaalion also received a share of tha $hop'$ profiis of £6,462 12023- £13,930). Indetnnity insurance was taken oui on behalf of Ihe Board Membors and prernlums paid on thelr behall amountwj tc £5,91412023- £5.8691. Romuneralion wa5 during the year lo Ihe SiLHJenl Association Board Membgrs sabbatical and Is S￿11 as follows.. 2024 Saknry 2024 Penslon 3123 Pe￿10￿ 8•1•ry 2.021 20,348 3.900 recior o ucallon 4,041 202 20.348 1.012 22.340 Director o? Wellbekng and Equallty 24,248 1,212 194 934 Director of Studenl De￿I0￿￿ent and Acllv511•s 4.041 22.227 22,3&9 1.012 Director of Events and Sèrvkè$ 4.041 22,227 22,853 127,413 1,414 117.4 3,346 Empby•rs' naion41 insuranc8 of £11,02512023 - £10,189) wos also paid by th8 Association in ￿Spe¢l ofthe Student Association 8oard M8rnbgrs on satybailcal. At no point ns Services and la¢iliti&s Graduation ball 676.694 120.332 582,396 70,669 20,570 174,522 95,882 821,367 103,073 522,206 82,564 44,052 207.152 74.358 1.741.1%5 1.854.772 Restrlcted funds On the rocks 2.666 2,666 1,741,Cfj5 1,857.438 19- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Other tradlng act1v￿les. Fundrnlslng 2024 2023 Unrestrlcled lunds General 15,625 15,979 15,625 15,979 Restricted funds Charities campaign Mermaids 58,210 75.496 61,755 27,389 133,706 89,144 149.331 105.123 Investment Incorno 2024 2023 Unrestricted funds Interest Rental income 31,237 131.564 Z2,775 166,345 162,801 189,120 Doslgnoted funds Interest Restricted funds Interest 171 4.824 2.500 167,966 191.791 -20- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Allocatlon ol govemance and support costs The breakdown ol supFx)rt ¢osls and how these were allocated between governance and olhgr support costs is shown in th& table below.. Cost Type Total Allocated Govemance related Other Support ￿$1$ Basis of apportionment Staff costs Premises costs Administrative costs Olher Costs Depreciation 1,019,567 259,926 12,339 94,748 18,648 50,978 12,996 617 4,737 932 968.589 246,930 11.722 90,011 17,716 Staff lime Premises use Staff time Staff time Premises use 1,405,228 70,260 1,334,968 Prnvlous y Cost Type Total Govemance Allocalgd rolated Oth•r Support cost$ Basls of apportlonment Staff costs Premises costs Administrative costs Oth91 costs Depreciation 807,446 361,493 15,319 89,152 27,920 40,372 18,075 766 4.458 1,396 767,074 343,418 14,553 84,694 26,524 Staff time Premlses use Staff time Staff bme Premises usg 1,301.330 65,067 1.236,263 Governance costs: 2W24 Committee, board and publicity expenses Conference and travel expenses Reclorial and election expenses Change committee expenses Audil and accounlan¢y lees Legal lees Supwrt costs Ise8 above) 20,784 6,930 2,368 58,114 14.120 20.686 70.260 14,758 2,836 2.891 11.050 11,475 65.067 193,262 108,077 The Iruslees have decided to meet all govemance cosls from unrestricted funds and so no allocation OT Charge is made to restriclgd funds lor any govwnance reFaled costs. Alk)calion ol governance and other support costs 2024 20YJ Aecreation Social 1,350,378 177,852 1.213,949 130.391 Totd allo¢aled 1,528.230 1.344.340 21 UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Analysls of charltable oxpendllurg The charity undertakes its charitable activities through operational acl'vity and grant making lo a number of individuals, student societies and inslilulions in YurtheTance of its charitable aclivilies. Grant funded Operatlonal actlvlty actlvlty Support and gov8man¢e ¢ost$ Total 2024 Funded from unrestricted funds.. Recreation Social Education 1,394,273 37,522 98,925 1,350,378 177,852 2.744,651 227,573 98,925 12,199 12,199 1.$30,720 1.528,230 3.071.149 Funded frorn r9s1ricled funds.. Rgcreallon Social Education 87,166 103.168 4.244 190.334 4,244 87,166 107.412 194,578 Total 99,365 1,638,132 1,528,230 3,265,727 Prnvlous year Grnnt funded OperatM)nal tctlvlty actlvlty Support and govemanco Total 2023 Funded from unrestricted funds: R￿reatiOn ¢lal Educats'tsn 1.371,847 30,365 86,943 1213,949 130.391 2,585,796 184,978 24222 24,222 1,489.755 1,344.340 2,857,717 FurKled from restr￿ed funds.. R￿reatiOn Soclal Education 72,329 932 150.871 14,300 223,200 15,232 73.261 165.171 238,432 97,483 1,654,326 1.344.340 3,096,149 -22- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Analy$ls ot grants Grants lo individuals Grnnts to studènt societles Grants to institutions Total 2024 Funded from unreslricled lunds= Recreab'on Social Education 12,199 12,199 12,199 12,199 Funded from restricted funds.. Recreation Social Educalion 87,166 87,166 87.166 87.166 12.199 87,166 99.365 Pr•¥lou¥ ye•r Analysi$ of grants Grnnt$ to Indlvlduals Grants to sludont $0¢1gtl¢$ Qrant$ to In8tRulkJns Total 2023 Fund8d from unrestricted furKIs'. Recreation SC￿la1 Education 2.687 21,5&5 24.222 2,687 21,535 24,222 Funded from restricted furKb: Recreation ial Education 72.329 72.329 932 932 932 72,329 73.261 3.619 21.535 72,329 97.483 -23- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Anatysls ol grants Icontlnu•dl 2024 2023 R8clpl&nts ot Institutional grants Charities cafflpaign- nominated charities Bloody Gocxj Per Families First- Sl Andrews MSF UK Inlernats'onal Justice Mission Shelter Scotland LoveOliv8r 24,954 24,954 24,954 ,13.748 13,748 13,748 Charities campaign- various other 12,304 31,085 87,166 72.329 Grants of £20,674 were paid after th8 year end lo each ol the thr￿ norninated charities, Emergency UK, Srnartworks and Wave Scoiiand. In addition to the above, the followir)g transf8rs were made Irorn generd funds to r*str￿ted funds in resF*el of the woth of the subcommittees of the Board Inote 181.. 2024 20rJ Charitias campaign Debates Star Muslc Is love 7.974 8,OC4) 3.504 2.300 7,1C6 6,500 2.791 2.300 21.778 18.697 Grants are also paKI to various student societies which are affi'liated to the Assctiation. The Association imposes condition5 On the grants to ensure the acliviliès und8rtaken are consistent with the charitable rposes. 10 Analysls of staft Costs and remuneratlon ot key manag8m•ni personnel 2024 2ty23 Wages and salaries Social security costs Other pension costs 1.541,080 102,994 112.505 1,4&8.026 92.943 107.016 1.756.579 1.652.995 The average weokly number of full-lirne equivafent employ8è5 during the year was madé as follows.. General office Bars aThY catering Cash office Building and $￿Urty Others 32 13 16 64 The Association considers its key management personnel lo comprise Ihe Trustees and the management team. The toial èmployment benefrts. including employer p8nsion conlributions and termination benefrts, of the key Management personnel were £458,820 12023 £428,402). One employee received remuneration, excluding pertsion coniribulion$, in the band £70,000 to £79,99912023- One). -24- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 11 Audllor'$ remuneratlon The auditor's remuneralion conslitutgd an audit fee 01 £14,12012023- £11.0501. This included services for the preparation ol accounts amounting to £5.00012023- £4,150). 12 Penslons The Association's permanent employees have access to pension schemes of the University ol Si Andrews 'The Unwersily of St Andrews Superannuation and Life Assurance Scheme, and the 'Universi119s Sup8rannualion Scheme.. The University ol St Andrews Suptrrannualion and ￿le Assurance Schèrne is a defined benefit scheme. The last actuarial valualion on the scheme was pertormed al 31 July 2021 using the projected unit method and assuming inveslm8nl relurns o14.P/o per annum, RPI inflation o13.7Y., CPI inflation 013.2%. T1￿ market value of pension fund assets at the daltr ol the last valuation was £124.0 milli￿. The proportion ol members, accrLJed benelrts Covered by the actuarial valuation was 99.1 V.. The University Su￿rannuatIon Scheme is a defined benefit scheme. The last actLwial valuation on the scheme was performed al 31 March 2023 using the projected unil method assuming RPI at 3.OQ/., CPI al 3.4Qk, return Irorn gilts at 3.7%, retum above gills at 2.5Yo pre-retirement and 0.9 /. FK)sl-reliremenl. Th& market value ol pension ILJnd assets al Ihts date of the last valuation was £73.11￿ and the value ol the technical provisions was £66.7bn indicating a surplus of £7.4bn and a funding ratio Of 111Yo. The total ￿$t ol employers. pension contributions paid lo the schemes during the year amounted lo £95.60212023 - £92,943). The contribution rale for the University ol St Andrews Superannuation and Lite Assurance Scheme is 7.77QA lor employees and 17.83Yo lor employers. The ¢onlribLrtion rates for the University Superannuation Lrfe Assurance Scheme are 9.8°A lor employees and 15.6% for employers. The Associalion 15 unable lo identify its share ol the schemes. assets and liabilrties relating lo Association staff and pensioners and has therefore aecounled lor the schemes as if it were a defined contribution heme. The Association is obliged to make employerfs contributions in respect ol Ils staff al rates Sel by the schemes, Truslg9s. The Contribution rale is set lor each scheme ygar comtnencing on 1 August annually. RKovgry plans The Association recognises the liabilty arising from an agreement made in respecl of comrnilting to pay an extra 1.4V.12023- 1.4°Al of pensionable salary towards the University of Sl Andrews Superannuation and Life Assurance S¢h&me lo eliminate the funding shorffall. Th& fu￿lIng shortfall is expected to be eliminated by 31 May 2026. The Association re¢ognises the lialility arisirrfJ from an agreement made in respect ol committing to pay an extra 6.2VA12023- 6.2V.l ol pensionable salary towards the Universities Superannuation Scheme to eliminale the funding shortfall. Following the actuarial valualitsn of Ihe Scheme at 31 Mar¢h 2023 the Tequired additional contributions reduced lo Nil al 1 January 2024 however, the recovery plan remains in place should there be a need lo increase contributions in the future. The plan is in place up to 31 July 2038. The effect ol this reduction in expected contributions has reduced the liability in this accounts year by £8, 18312023 - £164.9311. The Association is satisfied that the schemes meet me definition ol multi-employer s¢hemes and has therefore recognised the dis¢ounled fair value of the contractual contributions under the funding plans in existence al the dale of approvSng the finar￿la1 statements. -25- UNIVERsrrY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 13 Tanglbl8 Ilxad 8980ts Flxlures and Ilttlng5 Cost At 1 August 2023 Additions 1,305,280 116.165 At 31 J￿Y 2024 1.421,445 Depre¢lation Al 1 August 2023 Charge tor the year 1,155,379 n.552 Al 31 July 2024 1.228,931 Net book value At 31 July 2(y24 192,514 At 1 Auoust 2023 149,901 Pr¢¥loy¥ year Flxture9 and Ilttlngs At 1 August 2￿22 Acklitions 1.133,361 171,919 At 31 July 2023 1.305.280 D•prnelatlon At 1 August 2022 Charge lor the year 1,087.821 67.558 At 31 July 2023 1.155,379 Nat bockx valu• At 31 July 2023 149,901 At 1 August 2022 45,540 Thè follo￿ng 1$ a sumrnarised analysis ol the captal expenditure incurred.. 2024 2023 Catering Bar Association services a￿1 facilities General Computèr Equipment and printers Other 8,156 2,728 18,106 129.168 96,894 11,115 13.780 8.137 11,115 21,917 116,165 171,919 -26- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 14 Sto¢k$ 2024 2023 Bars Calering General office 38,864 8,874 500 38,913 5,537 500 48,238 44.950 All stocks related lo unresth'cted funds in trx)Ih 2024 and 2023. 15 D&btor8 2024 2023 Trade debtors Other debtors and p￿paYments 427,993 25,809 83,012 29,807 453,802 112,819 Debtors relating to restr￿ted funds amounlgd lo £2,24712023- £2,24n. All other debtors were unrestricted. 16 Crodltor$: amounts lalllng due wlth5n ona year 2024 Trade creditors Other taxes and social seCUr￿Y costs Other credilors and accruals Pension rÈeovery plan (note 121 203,393 226,946 7,438 160.373 10,8S5 218,134 4.183 425,710 405,612 All creditors related lo unrestricted funds in both 2024 and 2023. 17 Credltors: amounts falllng due after morn than one year 2024 2023 Pension recovery plan Inolg 12 Deferred grant income Ibelowl 4,004 57,283 5.515 61.287 5.515 The creditors rdated to unrestricted funds in ￿>th 2024 and 2023. Deferred grant Incomo 2024 20¥d As at 1 August An￿Unt deferred in year 57.283 As ai 31 July 57.283 -27- UNIVERsrrY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 18 Anoly8ls ol charitable funds Balancg at 1 August 2023 Incomlng Rgsources resour¢o$ expended Balance 8t Translors 31 July 2024 Unrestrl¢ted funds Gene¥al fund 1,034.473 3,088.105 13.071.149) 11,986 1,063.415 Designated Funds Overseas scholarship lund Fixed assets fund Re(Jevelopxnent fund 21.702 149.901 4,535 341 22,043 116,137 4,535 133,7641 Restricted funds Charities campaign Mgrmaids Debate5 Star svs On Ihe rocks Re Pictures LGBT Music is love Principal's Strateg￿ fund 193,289 122,881 8,719 8.794 9,655 5,258 93,280 100,071 11,469 415 114 213 1100.2311 1&3,3531 14.2441 12,3381 1581 7,974 194,312 169,599 23,944 10,375 9.711 5,471 8.000 3.504 17,134 8,381 4.830 41,306 3,418 143,9301 16,8011 14,510 7,298 4.830 2,300 Total 1.589,552 3,338.732 13,282,1041 1,646,180 Prevlous year Balanc• at Ineomlng Re8our¢es 1 August 2022 resourc￿ oxpendod B•lan¢g al Tr•nsfors 31 July 2023 Unrestrlcted fund8 General lund 1,276.467 2,738,781 12.857.717) 1123.0581 1.034.473 Oesignated Funds Ove¥seas scholarshlp fund Fixed assets fund Redevelopment fund 21,531 45,540 4.535 171 21.702 149,9)1 4.535 104.361 Rèstrlcted funds Charities campaign Mermaids Debates Star svs On the rocks Re Pictures LGBT Mus¢ is love PrincApal's strategic fund 161,502 112,842 10,177 8,491 9,975 8.172 118,117 95,551 6,342 899 256 2,770 193,4361 185.5121 114.3001 13.38n 15761 15,6841 7,106 193.289 122.881 8,719 8,794 9,655 5.258 6,500 2,791 20,894 6,495 5,762 48,564 2,608 152,3241 13.0221 19321 17,134 8.381 4.830 2,31)0 Total 1,692.383 3,014,059 13,116,890) 1,589,552 The pU￿oseS and activities carried out in the restr￿ted funds are detailed in the Report ol the Board on page 4. -28- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JUL Y2024 19 Analysts ot net assets bgtween lunds Unr8Strletsd ILTrnd8 Deslgnated funds R8strlcted funds Totsl Fund balances at 31 July 2024 aro r￿rtr￿n1ed by: Tangible fixed assets Current assets Creditors.. amount falling due within one year c￿ditorS.. amount falling due after morg than one year 192,514 1,357,898 192,514 1,940.663 142,715 440,050 1425,7101 1425,7101 161,2871 161.2871 1,063,415 142.715 440,050 1.646.180 PrnvSous y￿r Unr•s1￿Cl￿d funds Oeslgnat8d R•strlthd lund$ funds Totsl Fund balances at 31 July 2022 ar• pr8g•nt8d by: Tanolble fixed CuThent assets Creditors.. amount falllng due ￿1th1￿ one year Creditors.. amount faling du& aftèr mo than one year 149.SXJ1 1,295,699 149,901 1.850.778 176.138 378,941 1405.6121 1405,6121 15,5151 15,5151 1,034,473 176,138 378,941 1,589,552 Subs¢rlpllon$, feos and donallons lo external organlsatTrons In accordance with the dis¢losure requirements ol the 1994 Education Act. no affiliate lees have been paid to èxternal organisalions during the ygar12023- £Nill. 21 Capltal ¢ommltmeni$ Capilal expenditure aulhorised for but not provided lor in the financial statements was £Nil12023- £Nill. 22 Contlngent liabilities The Board Members are not aware of any contingent liabilities. 23 Audltors. EthScal Standards The relevant circumstances requiring disclosure in accordance with the r&]uirernents ol APB Ethical Standard - Piovisions Available lor Small Entities are.. In common with many Charilles ot OUT Size and nature we use OUT auditors to assist with th& preparation of the financial slalemenls. -29- UNIVERSITY OF ST ANDREWS STUDENTS, ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 24 Amlysls of ehanges In not debt Balance at 1 Other non BaFanc• at 31 Augusl 2023 Q8h low cash changès July 2024 Cash and cash equivalents.. Cash at bank and in hand 1.693,009 1254.3871 1,438,6Y2 1.693.009 1254,3871 1,438,622 Borrowings.. Debts falling due wrthin and after one year 1,693,009 1254,3871 1.438,622 Prevlous year ealane& at 1 Othèr non Balance al 31 August 2022 Cash flow changes July 2tr23 Cash and cash equivalènts.. Cash at bank and in hand 2,043,217 1350,2081 1.693,009 2.043,217 1350.2081 1,693,009 Borrowings: Dèbts fallTrng due within and after one year 2.043.217 1350,2081 1.693,009 -30- UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION Detalled Income and Expendlture Account &mmary for the year ended 31 July 2024 rhe$e pages do not torm part of the audlted flnanclal Statemènts) 2024 2tr23 INCOME Contribution from activities.. Unrestrlcted fvnds Catering Bars Main bar food Asso¢iation semces and lac41ilie8 Freshers. week Publications Graduation ball 79.500 148,444 1,084 13,7681 33.147 178,3541 30,291 68,913 231,448 19,450 25,233 52,199 142,8911 11.265 210,344 365,617 Restricted funds Charities catnpaign Mermaids Debates Star svs On The Rocks LGBT Music is love pr1r￿1pal s strateg￿ Fund 16,9511 46,718 7,225 11.9231 56 213 12,6241 13,3831 24,681 10,039 17,9581 12.4881 13201 12,9141 13,7601 14141 932 39,331 15.934 University grant Coronavirus Job Retention Schemg grant Donations Societies FayTe Interest received Auto Bank rental income Bookshop rental in¢om8 Shop rental income Other rental irrome 1.168,603 668.850 10,060 15,979 22,946 417 26,596 139,032 300 15,625 31,578 131,564 Carried forward 1.597,056 1.265.731 UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION Dgtalled In¢ome and Expendlture Account Summary for the year ended 31 July 2024 hese pages do nol tomi part of the audlted flnanclal slatements) 2024 2023 Brought lO￿ard 1.597,056 1.265,731 Less: EXPENDITURE Other Charilable expenditura Grants made 24,222 112,1991 124,2221 Support costs Staff Costs General wages and national insurance Sabball¢al saLqries and expenses Training 845,407 159,922 14.238 657,349 142,516 7,581 11,019,567) 1807,4461 Premisas costs Ftenl Heat, light and power Water charge5 Waste disposal Insurances Repairs and maintenance Equipment rental and cleaning maleriats 100.000 151,475 7.229 10,129 38,498 43,362 10,800 153.558 7,880 14.240 38,815 36,987 1259.9261 1361,4931 Admlnistratlve costs Tg19phong 19 9.IX)O 3,319 93 12,000 3.226 Stationery. a(fverti5ing, postages and pholocopwThJ 112,3381 115,3191 Oth¢r costs Van expenses Education and post-graduate expenses Welfare expenses M5scellaneous expenses Change on discount ol ￿nSIOn pro￿s1On Irrecoverable VAT 2,339 1,519 11,195 42.604 2,010 13,335 22,311 15481 46,504 37.091 194.7481 189,1521 Depreciation Genefal deprecia140n charge 18.648 27,920 118.6481 127,9201 Govgmonco ¢ost8 Committee, board and publicity expenses Conference and travel expenses Rectorial and election expenses Audit and accounfancy fees Legal lees 20,784 6,930 60.482 14,120 20,688 14,758 2,836 2,891 11,050 11,475 1123,0021 56,628 143,0101 102,831 Surplus/ld8ficill for year UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION t)elalled Income 8nd Expenditure Accounts for tl* year ended 31 July 2024 (Thèse pages do not lorm part of Ihe audlted flnancl81 slatementsi 2024 2023 Unr8stTlctod fund8 Cai•rln# Turnover 582,396 522,206 Purchases 1171.4Q51 1162.6181 Gros5 Prolit 70.W¢ 410.991 68.9% 359.588 Less.. Wag&s arKI national insurence Expgnses linclL4#ing repais ol equlpm&nii D8pre¢la1￿n 287,988 36,602 6.901 251.221 35,410 331,491 290,675 Sutplu$ for year Turnover Loss.. Purchases 676,894 821,367 1192.6091 I239,0￿) Gross Profit 71.5% 484,085 70.9 582,361 Less.. Wages and natronal insuran¢8 E¥p8ns8s Consumablgs Depreciation 281,379 52,250 3,067 1,055 278,415 62,950 3.413 335.641 350.913 Surplus for yyar 231 448 Bar lood Tumovor Less- Purchases 120.332 103,073 144.9761 135.7061 Gross Prolil 82.6% 75.356 65.4% 67,367 Le$s: Waggs and national insuranc8 Expens8S Consumablès Doproclalon 69251 4,101 920 44,f 71 2,817 647 282 74272 47,917 Surplus lor year UNIVERSIYY OF ST ANDREWS STUDENTS, ASSOCIATION Detalled Intome •nd Expendlture Accounts for the yearended 31 July 2024 (Theso pages do not lomi part otlh8 audlled flnancl81 slaièmentsi 2024 2023 ssoclatlon str¥1¢￿ and facllltS8s Incorne.. Games and ma¢hines Room hire and othei associal￿n seNi¢es Entortainmellt5 4,688 4.018 165,816 10,520 3,168 193,464 174,522 207,1S2 Le¥¥ expendlturn: Enlertainm8nis Gaming ma¢hlnes rental and licenca Depreciation 127,359 1.872 150,870 1,872 178.289 181,919 (Dellcltllsurplus for year 25 Freshars, w88k Entertainment and ticket saK8S Univorsity Event 70.669 82,564 Less: Postages Cost of freshers. week acifvmgs Miscellaneous expenses 261 17,852 12,252 21,306 16,205 30.365 Suiplu$ k+r year Publleaiions Sales of directOiK?s, dlarfes and publication5 Less.. Wages and national insuranc8 Printing and publishing costs Postsg88, Stationery and advortslng 20,570 44.052 91,336 4,388 3.200 78,913 4,630 3.400 86,943 IDell¢bll ft*r ￿•r Graduotlon ball Income Less: Entertainmonts Faciliti￿ and servicas Sales and markotlng 95,882 74,358 65,483 10e 62.970 65.591 63.093 Surplu$ for ypar UNIVERsrrY OF ST IADREWS STUDENTS. ASSOCIATION Det8118d Incom? and Expendlture Accounts for the yÈNr ended 31 Juty 2024 rhe¥e p•ges do nol form part of thÈ audited flnanclal stsfementsl 2024 2023 Rostrfcled funds Charltles Campal9n Fundraising Donations and sponsorship$ Bank Inter8St re¢el¥ 58,210 32,783 2,287 93.280 61,755 55.025 1,337 L85S'. Donations granigd Fundraising costs Postsges. stationery and adverbslng Miscellar￿0us expenses 87,166 16,377 13 3.325 72.329 20,741 226 140 100.231 93.436 (D￿1¢11)1$UlpIu$ tor year Mermalds Fundraising Donat￿n$ and srxinsorshlps Bank inier8$1 recolved 75,496 22,756 1,819 100,071 27,389 67,326 836 95,551 Less.. Operation of charity Donat￿￿5 grantsd 53.353 81,132 4.380 53.353 85,512 Surplus lor yaar D¢batos Donath?ns and sponsorship$ Bank inleiest retéfv6xI 6.265 77 6,342 218 11,469 Operab'on of charty Miscellanetrus ¢xpensgS 4,244 14,293 4,244 14,300 SurpluW(d•fl¢ttl for y￿1 7.225 UNIVERSITY OF ST MDREWS STUDENTS, ASSOCIATION Detalled Income and Expenditure Accoums lor ihÈ yeor ended 31 Juty 2024 (rhe5e pages do not lorm part of th¥ audlted flnanclal sta16ment$l 2024 2023 Slar Donations and sponsorships Bank inl8rest received 273 142 415 824 75 899 Operab'on of charfty 2.338 3,387 (Deflcltl tor year 1.923 svs Donations and sponsorships Bank inlerest raceived 203 53 256 114 Less". Opgralion of charity Exp8ns8S 576 59 576 SurpluslltlefScltl lor year 320 On The Rock8 Irwme from charitable activities Donations and sponsor8hips 2,668 104 2,770 213 213 L8$s= OperatiorTr of charity Expenses 5,278 406 5,684 Sur￿U81(de1IClV tor yaar 213 UNIVERSITY OF ST ANDREWS STUDENTS. ASSOCIATION Deta11￿ Incorne and Expendlture Accounts for the year ended 31 July 2￿}4 IThfrse pages do not lorm part Ollhe audlled Ilnanclal statsm8nt$l 2024 2023 LGBT Donations and Sponso￿hlpS ank inieie$i receivod 41.062 244 41,306 48.442 122 48,564 Oper8t"on of charity MIscella￿OuS oxponses 43.930 52,096 228 43.930 52,324 (Delldtl f¢x yegr Mu8Jc Is love Donat￿￿$ and sw)n50tships 3,418 3,418 2,608 Le Opgration ol charfty Mbf*llaneous expenses 6,801 2,992 30 6,801 3.022 IDellclll for yaar 83 414 Prln¢lpJl's StrHteglc Fund Donations and sponsorships Less= Donations granted 932 932 SurFAuslldefScHI lor year 932