Chwity registration number SC019883 (Scotland) University of StAndrews Siudents. As60ciaion Annual report financial statements for the year ended 31 July 2025 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 1135 University of St Anthews Students. Association Lega and ￿lminiStrative information Trustees Professor Clare Pedde Chrislophfx Milne Jennifer Munro Daryl omi￿0d Robert Moran Cameron Coulls Emily BannistE Julia Emery (Appointed 17 De￿mber 2024) (Appointed 31 July 20251 (Appointed 31 July 20251 (Appointed 31 July 20251 (Appointed 1 August Z)25) Senior m￿agement Graf4ne Ffjrkpatrid( David Wiitton Ashley Thoms Chief EX{x￿live General Mana￿r Charity number (Scotl￿dI SC019883 Principal ad(tres6 Univ￿91¥ of SIAn(*ews Students, ASS￿allOn Sl Mary's Pla SIAndrews Fife United KintKJtJ KY16 9UZ Audtor Henderson Loggie LLP Level 5 The Stamp Offi 1 (k14 Waledoo Pla Edinbur EHI 3EG Solicitors Turcan C(Mnell Prin￿$ Exchange 1 Earl Grey Street Edinburtkn EH39EE 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 2135 University of StAnthews Students. Association Contents Page Trustees. rep(xl Slalement of Ituslees, responsibilib'es Indq)endenl auditor's rep￿1 Statem￿t of finanaal acb"vib"ES Balance sheet Slalement of cash fflows 12 Notes lo the finanaal statements 13-31 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 3135 University of StAnthews Students. Association Trustees. report for the year ended 31 July 2025 The trustees present their annual report and financial statements fDr the year end￿ 31 July 2025. The 2024125 year was one of S￿Ificant organisational (hange. renew£YJ S￿dent en￿￿Ment. and sustained ddivery of the Association's charitable pU￿oseS against a challenging higher Exducali(￿ landscape. Throughout the year, the Associah"on remained f(￿Sed on promoh.ng the academic, soual and wdlbeing interests of Its members, while streng￿￿Ing govE*nan￿, ffinancial sustainability and q)erah"onal capacity The Universty of Sl Andrews Students. Assoaati(￿ is governed by its consliluli(￿ and is a regIst￿ed charity wilh the Office of the Scolb"sh Charily Regjlalor (SC0198831 Since 22 June 2023, the sole Iruslee has been Univ￿91Y of Sl Andrews Stud￿[s. Assoaatl(￿ ITruslef*) ￿"mIted. a corporate trustee. The Direclors of the (x)rporale Iruslee (x)mprise indiM(*Jals app(inled andlor decled in ac(x)rthnce wth the conslitub.on The ffinancAal sfalements have been prepared In acc1Xdan￿ the ac£ounb"ng poliaes sel out in note 1 10 the financial slaletnents and CAJnply wlh the (harity's g)verning d(xumenl. Ihe Charili(s and Ttuslee Investrnent Iscouandl AGI 2005. the Charili(s Ar£ounts Iscouandl Regjlalions 2006. FRS 102 "The Finanrjal Reporb"ng Standard applirable in the UK and Republic of Ireland, and the charib.es SORP "Acmunling and Reporbng by Cherib"es." Stateynenl of Rec¢Jnmended practi￿ appli(8ble lo charib'es prepering Iheir a(rJ)unls in aC(X)rdan￿ wlh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021" Cl)jectives and activities The Assrxialion's d)jecl is to promote the reueab"onal. soaal and acad¢Jnic wellbeing of students of the un￿￿￿1V of SIAndrews TheAssociab"on delivers these charitable purposes through. Skndenl representab'on and &mocralic sltuclures Provis￿ of 1ndq)￿dent ad￿"￿, support and advocacy FacAlilalIt￿ of sludenl-led aclivilies. SOCAeb"es and volunlewing DdivEYy ofevenls, servi￿5 and c(Jnmunity-buildng Inib"abves Engagement wilh the UnNersily and external stakeholders During Ihe year, the AssouaD"on conlinufJJ lo delNer a broad and impacfful pr￿ramme of aclNily across repres￿latIOn, support, en£pg￿enl and swiices, wilh student partiupalion conts"nuing lo gr(w. stNcture. governance and management The Assoaab.(￿ Is govEmExJ by the Students. Assoryats"on EL)ard, comprisng seven student memb￿$ and six ￿￿-StUdent Memb￿$, all wth vob.ng rights. N￿-stUdent m£¥nbers are appointed by the University Court and through a Boar(*lfJJ nominabon prO￿S$. Eoard mfjnbers are aulomali(ally appointed as Directors of the co￿Orate Iruslee. The Board is responsible for selling strategic direction. overse¢ing ffinancial management. ￿Suring o)mpliance with charity and regulatory requir¢￿￿[$, and maintaining eff¢￿tIve risk management. 11 is pported by ￿be￿mMitteeS induding the Finan￿. Ajdil and Risk Commillee., GovunancE. Nominations and Slafing Canmillee.. and Health and Safety CtJnmill¢*. Day-lo-day operations are managed by the S￿10[ mana￿￿ent Team un￿r aulhonly thlegaled by the Board. The trustees who setved during the year and up lo the dale of signaiure of the ffinanaal slalements were". Professor Clare Pedde Christoph(￿ Milne Jennifer Munro William MacFadane Andrew Ke￿an Jonathan J(￿¢ (Resi￿£￿￿ 22 September 20241 IResignfA 1 Novf4nber 20251 (Resi￿ed 1 July 20251 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 4135 University of StAnthews Students. Association Trustees. report (continued) for the year ended 31 July 2025 Daryl Or￿￿(x1 Jack KennfAy Isaac Pi(krum Caitlin Ridgeway Catriona Marbn Hitanshi Badini (Appointed 17 De￿rnber 20241 IResign&l 1 July 20251 IResignExJ 1 July 20251 IResignfA 1 May Z)25) (Resigned 1 July 20251 IResignfA 1 July 20251 (Resigned 1 July 20251 (Appointed 31 July 2025 and rf*igned 1 July 2026) (Appointed 31 July 2025 and resigned 1 July 20261 (Appointed 31 July 20251 (Appointed 31 July 20251 (Appointed 31 July 20251 (Appointed 1 August Z)25) (Resigned 1 June Z)26) Alexandra Chun All￿ H(xlges Robert Moran Cameron Coulls Emily Bannist Julia Emery Cameron Brown The Assoaab"(M has pro￿thres in place for the induGbon of new m￿nbe[S of Ihe &)ard which Indude a tneebng ￿rith exsling Board Membus and Ihe Seni(x mana￿￿ent Team. During the inducti(m. key mallers such as obligations of Board Members, ffinancial and staffing Issues and fulure plans and d)jeclives are discussed. New &Jard Members are g[W￿ a pack which Includes key (kncum￿ts Includng an outline history of the ASS￿allon and the lalesl annual financial Statem￿ts. An annual Trustee training day Is induded as part of Ihe Inducbon and development of the Board. Remuneration policy The Board Members consider the Mana￿ment leam as comprising the key management perS￿ne1 of the (harily in tharge of direcb.ng and c¢￿trollIng the charity and running and operating the charity a day-lo-day basis. RemunEYalion was paid thring the year lo the Sabbab"(zl Officw Board Members," all other Board Members give their b.me freely. Strateoic Ch￿ge ￿Vernance reform A major knus of Ihe year was prO￿eSS against a comprehenswe Change Programme designed to m(xlemise g0veMan￿ arrangements, Strength￿ staffing capaaty, and improve long-term Inanaal sustainability Key strands of woth induded leadership reslrucluring, increa*d staffing investment, and preparation a Iranslion to a CEO-l£xJ model. Central lo the Change PrtJJramme was a wide-ranging Demouacy Revie￿. Sttjdenl consullalion was undutaken through open forums and structured en￿￿Ment. allowng stud￿[ represenlalives lo shape proposals for rebrmed demtxrab"c slruclures. Revis¢xl arrangemenls. gr¢xJn￿d in accessbilily. clarity and impact. are sd)edul¢xl fr)r iMpl¢￿￿tatIon in the following academic year. The Board considers that Ihis work has signifficanlly slrenglhened the Assoaab'on's fr￿ndatiOnS and ils ability to ddNeY sustainable beneffit fDr students. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 5135 University of StAnthews Students. Association Trustees. report (continued) for the year ended 31 July 2025 Representation democracy Student represenlab.on remained al the heart of Ihe Asswab"on's wuk. Elected offiTrrs, Ihe Stu(*nts' Representakn"ve Counul, liberati￿ gr￿p$, fvtums and an exlensve aca¢*mic representakn.on system ensured that Ihe slu(*nt Vol￿ was meaningfvlly embe(thJed in Universly deusion4naking. A(3￿MiC r￿)r¢*￿tatIV¢￿ contributed lo Curri￿lIUM review. assessment and feedback processes. quality assuran￿ acbvily. poslgraduale cunmunily ￿VelOpM￿l and nab.onal poli(¥ discussi1￿$ Sludenl oficers led a(hocac¥ on key Issues induding affordabilily. htxjsng. wellbong. equality and higher educab.on fvnding. Consultabon around (Èmoctabc reform was a parb"(ular hithlighl of the year, r￿nfr)[CIng sludenl ovmership of the Assoaab'on's fvlure governance student support and wellbeing The Ass(xiab"on (x)nlinufA lo provide Independ￿[. Confidential advice and support IhrDugh profeg3onal and volunlefx-IfA seNces. The Advocacy & Advi￿ Sf4vice expan(*d signifficanlly wilh the app(inlmenl of a fvll- lime Advoca(¥ Co-ordinator. ￿pportIng over 300 slu(*nt (2ses across aca(*mic. acc(Jnmodall(￿ and non- a￿deMiC iSS￿e$ Wellbeing Iniliabves delivered thring the year included harm rethcbon acbmty. rjjns￿t educab"on. sexual health provision, peer support pr(yJrammes, Raisin sa￿tY support, and the distribubon of sustainable penod products. Campaigns such as SaE Nights Out and 16 Days of Actimsm cxjnlnbuled lo a safer and more inclugve SkndE￿I environment, while wotk under StAnd Together slrenglhened pe￿4ed wellbeing support. Activities. societies and v(Aunteering The Assoaalion facilitated a broad programme of studenl-led acb"vib"es. socieb.es and vdunleering opp(xlunib"f*. Engagement C¢￿1"nue￿ lo grow across cultural. educab.onal and social aclNily. rel(￿o"ng renewed cl￿fiden￿ followng pan￿miC dsruplion. Vdunleenng acb.vily expanded further, indudng the c(nb"nued redevelopment of Sl Andrews Voluntary Servi￿. prowding structured opprxtunilies for rxjmmunity ￿gagement and g(ills develq)menl. Funthaising acbvity remained strong. with Ra￿2 raising £58,S)O and addib.onal Income generated through RAG Week and Dare lo Donate. A highlight of the year was the inaugural One Union Awards, held on 19 April 2025, bringng logeth ac2demic rq)resentalion, soaety and volunteering awards into a sngle ￿lebratson rect)￿lS1￿g student leadership, inclusion and impact across the Associah"on. Events. services and ￿llItieS The reopening of key Union event Spa￿S. induding Venue 601. enabl￿￿ the delivery of a full and vibrant progratnme of events. These induded Fresh¢xs' and Refreshus, Weeks, Hallo-week. partnerships Hqth sports dubs and sociebes, and strJdent-l(aJ prothclions and perfOrman￿S. Attendan￿ across unl(￿ events reached ils highest level in five years, reflech.ng strong sludenl demand and (X)nfiden￿ In the ASso￿a￿"0n.S servi￿S Partnership w(xk with the Alhlelic Union continued lo strengthen spOrt-baS￿ engagem￿1. Wel1b￿ng and (x)mmunity-building. with 52 dubs supp(xting a wde range of strjdent partiapatirm. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 6135 University of StAnthews Students. Association Trustees. report (continued) for the year ended 31 July 2025 Financia review and reserves The A6soaah"on recorded an operating of £262.408 for the year ended 31 July 2025. While lolal income f(x the year of £3 9m was broady in line wlh expeclalions. this was offset by a combinabon of lowfx-Ihan- bUd￿ted ctJnm*xaal income and higher op¢xab"ng costs. par0.￿lIartY staffing and evenl-relaled expenditure. Total incxjme was most signiffiranlly Impact￿￿ by a(fv￿Se varianGes arising from". Bw income, reffiecting suslainExI changes in student spending bthaviour and incteased (x)mpebb"on within the Ioc21 hospitality matket Although cost of sales f(x the Bar ar￿nd the ￿ /0 matk rExMained in line with budget propottionalely Main bar food income, driv£￿ by lower footfall, the impact of the small kitthen ffire and redU￿d average spend per head during operating hours. Entertainments income. partly due lo s(Jne large-scale events being operated by Sd parties and ovEYall rA)sts of running events in house (*)uble the rxjsls as forecast. These shorlfdlls were partially mih"galed by the rest of calenng Inc(xMe and Iid(eled events perk)miing ahead of budget and Ihe stability of the University ￿ant. The £1,195,735 was re￿iVed In full and In line wth budget. Expenditure cost pressures Total expend￿lre ex￿eded bucljel. with overheads £25k above plan and staffing costs rq)resenb"ng the most maluial pre￿re. In particular.. p￿manent staff wages exC￿ded budget, and Casual wages exceeded bu(*el largely refleckn"ng". Increased sfaffing prolle lo non-revenue generab.ng areas of the or￿niSation. Pay inflation and nab.onal living wage increases. Increase to Employers National Insuran￿. Operational covfx r￿Uir[￿l during pfxi(xls of staff va(3ncy and Irangb"on. Negolialed incfease lo Block Grant being abS￿bed by the Change pro￿amme Addib'onal adverse variances arose within sundry expenses, sludenl actNity support and pUblI￿lY cx)sls, some of which relate lo Intentional Investment de￿s1OnS made by TrUst￿S to protect Ihe sludenl expenence during a period of organisalional change While cost of sales were overall better than budget, parlicularfy In bar operations, these IMprOv￿￿ts were insuffiaenl lo offset the re(*Jcb"on in high-margin income streams and the increasfA fixed CDSI base. ReseNes position and baance sheet strength Despite the defial fr)r Ihe year, the Associab'on remains in a posilNe net assets positi¢M of £1.3effl 12024." £1.65ml. Cash balances at year end were £1.35m, providing shorl-lerm liquidity and operational flexibility. However, Ttuslees re(x)gnise Ihat the redjction in reserves during the year is sgnificanl and not sustainable in the medium letm vwthoul (x)rrective action Investment policy The investrnenl policy of Ihe Associab"on is lo Invest In fvjnts and Companies which are judged to be of low risk and good return whilst mnsid¢xing the StrId￿l-guided ethical C￿le[la. Risk management The Board has reviewed the prinupal ri4(s and uncerlainkn.es faang Ihe Assoaabon, including finanaal, operah"onal. regulatory and health and safely risks. Apprq)riale systems and pr(x2dures are in place lo i(*nlify. manage and mith.gate Ihese risks. wlh regular rq)(xb"ng and oV￿sIght by relevant CDmmillees. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 7135 University of StAnthews Students. Association Trustees. report (continued) for the year ended 31 July 2025 Plans for ￿tUre periods The Trustees have taken the defial seriously and have already begun implementing a ffinanaal recovery and slainability plan. which inclu(*s A detail￿￿ rewew of rJJmmeraal operations, includng bar trading wlh the likely outcome of ulilising a Franchise modd in the Main Bar. Tighter staftng [x￿tr￿S wed( to week and moving away from the Universty Pay Scales over bme as the real living wage increases. A renewed I￿uS budget dsapline and in-year ffinancial reporb"ng, in parts"cular turning around Mana￿ment accounts m￿e quid(ly. where net contribubon can be analysfJJ and corrective acD"on taken. C(mb"nued enga￿[￿ent with the univ￿S1￿ lo ensure cx)re grant fvnding remains appropriate, recognising rising sertor-Wi{￿ rJJsl pressures. Investment In athvih.es that are ewecled lo ￿liVer improved ffinanaal Performan￿ while still meeb.ng the Association's thantable objectives Budgets f(x the 2025126 ffinancial year have been prepared with a more c[￿se￿alIVe income ouUod( and realisl"c cost assumpb"ons. and eady indicators ￿ggest an improved ￿)￿aD"ng posibon. Going concern Trust&s have (x)nsidered the ASS￿a￿"0n'S ability to continue as a g)ing con(Hn for a period of al least 12 months from the dale of approval of these finanaal slatemenls. In making this assessment, Tnjstees have taken Into account". The Ass(xJab"on's str(￿g cash posil"(M al year end. The C¢￿1"nUed recqpl of the Universty bltxk grant. )proved budgets and forec8sl (ath flows for 2025126. On Ihis bass, Trustees are salisffied that, notMthslanding the defiat Incurred during the year, the Asswab"on has ade(wale resources lo conb.nue in q)￿atsonal existence, and Il Is therefore appropnale to prq)are the nanaal slalements on a gcyng conc￿￿ basis. Events after the reportsng date In May 2026, a franchising agreetnent was ￿t￿ed Into f(K the li￿nSeS of the main bar. Disclosure of information to audtor Each of the tsuslees has C¢￿￿rMed that there is no information of which they are aware which is relevant to the audit, bul of which the audlor is unaware. They have fvrlh￿ (x)nfirmed Ihal they have tak￿ appropriate steps lo identify such relevant inf(xmab"on and to f*lablish that Ihe auditor is aware of such inf(xmalion. The Itustees. report was approved by Ihe Board of Trust￿$. 7ur.24.1241 12 UTC 202 Robert Moran Trustee 2410712026 2025 Accounls SASA for signing pdf19aOee7e8-d7ce-469d-ba73-bffa03067bb41 Page. 8135 University of StAnthews Students. Association statement of trustees. responsibilities for the year ended 31 July 2025 The Iruslees are responsible for prepanng the Trustees, Report and Ihe fjnanual statements in accJ)rdance wilh applicable law and United Kingd)m Act￿nting Standards (United King(*)m Generally A(tepled A([￿nting practi￿). The law applicable to thanb.es In Scouand requires Ihe trustees lo prepare ffinancial statements fr)r each nanual year which give a Itue and fair view of the slate of affairs of Ihe charity and of the incoming reSoUr￿S and applicabon of resources of the charity frx- that year. In prq)aring these ffinanaal statements, the tsustees are required to". lecl ￿lIable accounting poliaes and then apply them consistenuy", (l)*￿e the melhods and principles in the Charities SORP IFRS 102)," make jud￿MentS and f%limales that are rea$[￿able and prud￿r, slate whether applicable ac(xxJnb"ng standards have been fvllowed, subject to any material departures disdosed and explained in the Inanual statem￿lS.. and prepare the finanaal slalements on the g)ing concern bags unless it is inappropriate lo presume that the (harily wll continue in operal"on. The trustees are respongble f(x keq)ing suffiuenl a(tounling r[￿rdS that dI￿108e with reas)nable a(turacy al any b.me the Inanaal posbon of the d)arily and enable them lo ensure thal the finanaal statements ctjnply with the Chanti¢% and Trustee Investment (Scollandl Acl 2005. the Charities Aco)unls (Scollandl Regulabons 2(X)6 and the provisions of the thanly's consb"tulion. They are also responsible for safeguarding the assets of the charity and hen￿ for faking reasonable steps for the prevenb.on and ￿t¢￿tIOn of fraud and oth irregulanb"Ès. The trustees are reg)(msible for the maInt￿an￿ and integrity of the rharily and financial infr)rmabon induded on Ihe charitls wd)sile. Legislation in the unl1￿ Kingd)m governing the prqjarabon and dissemination of nanual slalements may differ from legislation in olhEY jurisdictions. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 9135 University of St Anthews Students. Association Independent auditc¢s report to the twstees of University of St Andrews Students. Association C4)inion Vve have audited the finanaal statements of University ol Sl Andrews Students. Association (the 'charill) f(x the year ￿ded 31 July 2025 which comprise the slalemenl of ffinancial activilif*. the balance theel, the statement of cash flows and notes lo the finanaal statements. induding significant a(tounling policies. The nanThal rq)(xb"ng framewo￿ that has be￿ applied in their preparab.on is appli(8ble law and United lfjngdom Acc(xJnling sfandards. induding Finanaal Rq)(xling Standard 102 Ih8 Finanual R8POrting Standard applicable in the UKand Republic of Ireland (United King(*)m Genfxally Accepted Acc(xJnb"ng practi￿). In our q)in1(￿. Ihe finanaal stalemenls". give a tsue and fair view of the slate of Ihe Charity's affairs as al 31 July 2025 and of its incoming resources and applicab.on of reSoUr￿s, fr)r the year th￿ ended", have been properly prepared in accA)rdance United lfjngdom Generally Accepted Accnunb"ng prartI￿.. and have b￿￿ prepared in accordan￿ wlh the charib.es and Trust￿ Investment (Scolland) Act 2005 and regulats.￿ 8 of the Charities Accwnts Iscouandl Regulati(￿$ 20(b. Basis for cyinion We CA)nducled our audit in accA)rdance wilh Int￿na￿Onal Slandarts on Audib"ng {UKI {ISAs IUK)) and appli(3ble law Our resp(msibililies under those standards are fi1rth￿ describ￿￿ In the Auditors reswnsibilities for the a￿￿t of the finanGial stafefftents sectiffl of our report. We are Independ￿1 of the charity In accJJrdance wilh Ihe elhical reqUireM￿ts that are relevant to audit of the ffinancial statements in the UK, induding the FRC'S Ethical Sland8rd, and we have fulfilled our 01hE￿ ethical responsbilib'es in a￿ordan￿ wilh these requirements. We believe that the audit eviden￿ we have obtained is suffiaent and appr(ynale lo provi basis for our q)inion. ConClusic￿S relating to going concern In audibng the finanaal slalements. we have 0)nclu￿d Ihal the Irust¢*s' use of the going o)ncern basis of acLounling In the preparab.on of the fjnancAal slalements is appropriate. Bas(aJ on the work we have perform(aJ, we have not Idenb"ffied any material uncerlainbes relating lo events (x cxjndib.ons that. IndNidually or cdlectively. may cast sgnificanl thubl on the thanlrfs ability lo cJJnbnue as a gung cJJncEYn for a p￿1￿1 of al least twelve months frrAn when Ihe ffinancial statements are authoris￿ f( issue. Our responsibilities and the responsbilib'es of the truSt￿S wth respect lo going conrxn are de￿￿bed in the rdevanl secbons of Ihis rep(xt. Other information The Oth￿ infomial1(￿ Comprises the infotmab.on induded in the annual report other than the finanual statements and our auditor's report Ihereon. The Irusle¢% are r¢%ponsible for the other informab.on C¢￿taIned within he annual report. Our q)inion on the fjnanaal slalemenls (k)es not o)ver the other Informalit￿ and we do not express any ftxm ofassurance CA)nclusI￿ Our responsibility is lo read the other information and. in dting so. consider whether the Oth￿ informabon Is maluially inconsslenl M4th tt)e financial slalements tx our kntyNle(*Je (l)tained In the rnurse of the audL tx 01h￿￿lse appears to be [na[￿lallY rnlsstal￿J. If we idenb.fy gJch material IncDnsistencies ￿ apparent matenal misstat£yn¢￿ts, we are required lo tht¢xmine whether this gives rise lo a Mat￿la1 misstelemenl in the financjal statements themselves. If, based on the work we have perk)mied, we (x)ndude Ihal there is a material misstatemE￿t of this other informab'on, we are re(wired lo report that &cl Vve have nothing to report In this regard. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 10 135 University of St Anthews Students. Association Independent auditc¢s report (cC￿tinUedI to the twstees of University of St Andrews Students. Association Matters on which we are required to report by exception Vve have nothing to report in respect of the fr)Ilowng matters in relal"(M lo whith Ihe Charities Accounts (Scoland) Regjlalions Z)06 requires us lo report lo you If. in our q)In1(￿.. the Infomiabon g￿E￿ In the finanaal statements is InC(￿SIstent in any material respect with the trUSt￿s, report", or proper acLrAJnling reo)rds have not been kepl.. tx the ffinancial stalemenls are not in agr￿ment with the accounting records", or we have not re￿iVed all the inftxmabon and explanab.ons we require for our audit. Responsibilities of trustees As explained more fvlly in the statement of trustees. responsibilib"es, Ihe tsustees are responsible for the preparab.on of the finana81 statements and f{￿ being satisffied that they gve a true and fair view, and fr)r such inlemal control as Ihe Iruslees determine is n(￿es￿ry to ￿able Ihe preparati(￿ of finanual statements Ihat are free from material misstatf4nenl. Wheth￿ due to fraud (x error In prepanng the finanaal stalemenls. the trustees are rf*pongble fr)r assessing the (hanlys ability lo (x)nb"nue as a going concfxn. disdosing. as appli(Able, matters related lo g)ing concem and using the going C¢￿￿M bags of ac(x)unb"ng unless the trustees eilher intend lo ￿ase q)fxalions. or have no realistic allemalive but lo do so. Audtor's responsibilities for the audit of the financial statements We have been appointed as auditor under secti¢m 4411 Ilcl of the Charib'es and Tnjslee Investment (Scollandl Act Z)05 and report in accordance wilh Ihe Act and relev8nl regulab'ons made or having effect Ihereunder Our d)jectives are lo obtain reasonable assurance about whether the ffinanual slalements as a whole are free matdial misstatement, ￿the1her due to fraud or err￿, and lo issue an audit(w's report that indudes our opinion. Reasonable assuran￿ Is a hi￿ level of assurance but is not a guarant￿ that an audit conducted in accordan￿ with ISAS IUKI vknill ahvays (*lecl a mat￿la1 missfalement when it exists. Misstatements (an anse frcxn fraud or err￿ and are c(￿s1dered Mat￿la1 if, indriidually or in Ihe agtTeipte, they could reasonably be expected to Influen￿ ihe economic deusons ofu*rs taken on the bass oflhe* finanual Stat￿]entS. Extent to which the audit was considered capable of detecting irregularities. includng fraud Irregularibes, induding fraud, are instances of non-complian￿ with laws and regulats"ons. We design prO￿dureS in line with our resp(￿sibIlitIes, outlined above, lo delect material misslalements in re4)ecl of irregulanb"es. induding fraud. The extent lo whith our procfAures are capable of deleth.ng irregularib"es. includng fraud, is detail￿￿ below". As part of txjr planning process.. We enquir￿ of managetnenl the systems and CA)ntrols the charity has in place. Ihe areas of the finanaal slalements that are mostly SUS￿Ptib1e to the risk of itr¢yJularilies and fraud, and whether there was any knovvn, suspected or alleged fraud. Management infotmed us that there were no instan￿8 of knovvn, suspeded or all￿ed fraud", We obtained 8n understanding of the legal and re￿latorY frameworks applicable lo the charity. We determined that the followng were most relevant Heallh and Safely, employment law, bar li￿nsIng laws and com pliance with charity legi4alion", We considered the in￿ntiVeS and opportunities that exist in the charity, iTrdud'ng the exlenl of Mana￿ment bias. whith present a pot￿b"al for irre￿lantIeS and taud to be perpetrated. and tall(￿ed our ri4( assessment accordingly", and Usng our kno￿ledge of the thaiity, t￿ether with the dscussi(￿S held with management al the planning stage, we f(JThed a condusion on the risk of misstatem￿t due to irregularities induding fraud and tailored (xjr pro￿{￿jr(￿ ac(x)rdng lo this risk assessment. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 11 135 University of St Anthews Students. Association Independent auditc¢s report (cC￿tinUedI to the twstees of University of St Andrews Students. Association The key pro￿dureS we undEYtod( lo irregularib'es includ'ng fraud during the cxjurse of the audit incluthd". Inquiry of [ll8nagemE￿t ab(￿t any known or suspected InStan￿S of notk-compliance with laws and regulakn.ons and fraud", Revie￿ing minutes of m￿￿"ng$ of Ihose charged with ￿ve￿an￿., Reviewing the charity's poliryes and procedures in relakn.on lo charity law and retulabon, employment legslats"c￿, heallh and safely legi4aDon, licensng and commerual regulati(￿", Review legal and professonal exp￿diture incurred In the year", Challenging assumpts.ons and judgements made by managfjmenl in th￿r sgnifficanl accounb.ng ests"males, in parlicuSar the recoverability of debtors, impairment and u*fiJl Iries of fixed assets, and acojracy and CDmplelenf*s of accruals". and Auditing the risk of management override of cr￿trol$. induding through lesling journal entries and other adjuslmenls for approprialen¢*s. Owing lo the inh¢xent limitab.ons of an audit, there is unavoickble rig( that some malenal misstatem￿[$ in the nancAal Stat¢￿entS may not be ￿teCted. even Ihtxjtkn the audl Is properly planned and performed in acLordance the ISAS (UK). For instance. the fvjrther remov¢xl non-crmpliance is the events and transactions reffl¢%ted in the ffinancial stal¢Jn￿ts. he less likdy the auditor is lo beo)me aware of il or lo r￿JniSe the non-fA)mplIan￿. A further deSr￿P110n of oui responsbilib.es Is available on the Finanaal Reporting Coun(il's webste at." hllps".11 www.frc.org.uklaudit(xsresponsbilib"es. This descripb.on fotms part of our auditor's rq)orl. Use ofour report This report is made sddy lo the charity's Iruslees. as a b(xdy. in acc(xthnce wlh Regulab"on 10 of the Charil"es Accounts (Scolandl RegJlab"ons Z)(b. Our audit wotk has been und(x1ak￿ so Lhal we might stale lo the (haniy's trustees those mallers we are rewired ID slate lo Ihf4n in an auditor's rep(xl and f(x no olhf purpose To the fvllesl exlenl permilled by law. we (*) not accq)l (x assume req)onsibilily lo any(Me olhf than the tharily and the charills Iruslees as a b(xly. for Dur audit wo￿. tDr knis report. or frjr Ihe opinions we have fvrmed. 6.-58 UTC Diana Penny F{￿ and bthalf of Henderson Loggie LLP Chartered AccA)unlanls Level 5 The Slatnp Office 1 (>14 VVatfJ100 Pla Edinbur EH13EG 22 July Z)26 Henderson Loggie LLP Is eligible for appointment as auditor of the charity by v1r￿e of ils digibilily f(x appantment as audit(x of a company under secbon 1212 of the CompaniesAct 2006. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 12 135 University of StAnthews Students. Association statement of fjna)cial activties including income and expenditure for the year ended 31 July 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestiicted Restiicled fvjnds fvjnds 2024 2024 Total 2025 2024 Notes Income from: Donatsons and legacies Charitable aclimbes Other trading acbvibes Inveslments 1.214829 1213,660 117.169 1.331.998 2,213.660 1,1&3,614 1,741.065 111,756 1,280,3TO 1.741.065 30.464 166.302 159.641 6.343 190.105 172.645 15.625 163,142 133.706 4,824 149.331 167,966 Tota income 1625.255 283.153 3.908.408 3,0&8,446 250,286 3,338,732 Expendibjre on: Raising fvnds Charitable aclivibes 16.377 16.377 194,578 3,265,727 1873.235 297.581 4170.816 3,071, 149 Tota expendture 1873.235 297.581 4170.816 3,071, 149 210,955 3,282,104 Net incomel(expenditurel (247.9801 114.428) 1262.4(B) 17,297 39,331 56,628 Transfers beiween funds (11.8271 11.827 (21,7781 21,778 Net movement in funds 11 (259.8071 12.601) 1262.408) 14,4811 61,109 56,628 Reconciliation of funds: Fund balan￿S al 1 August 2024 1.2)6.130 440.050 1,646.1 1,210,611 378,941 1,589,552 Fund balances at 31 July 2025 946.323 437.449 1.383.772 I,?￿,130 440,050 1,646,180 The statem￿[ of Inanual acb"vib"es indudes all gains and losses r￿￿gnised in the year. All Ino)me and expenditrjre duive from o)nb"nuing actNibes. The notes on pa￿$ 13 10 31 ftxm parl of these financial slal¢Jnenls. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 13 135 University of StAnthews Students. Association Balance Sheet as at 31 July 2025 2025 2024 Notes Fixed assets Tangible assets 15 152.116 192.514 Cu￿ent a66et6 Stocks Debtors Cash at bank and in hand 16 17 56,345 319.129 1350,237 48,238 453.803 1,438,622 1.72&711 1,940,663 Credtors.. amounts falling due within one ye 18 (455.8661 (425.7101 Net cuNent assets 1.269.845 1.514.953 Total assets less current liabilities 1.421.961 1.707.46T Credtors.. amounts falling due after r￿re than one year 19 38.189) 161.287) Net assets 1,383.772 1.646.180 The fvnds of the charity Restricted inc(JMe fvnds Unreslrirtfxl fvnds 437,449 946.323 440,050 1.206.130 1.383.TT2 1.646.180 The notes on pa￿S 13 10 31 f(Thi part of these ffinattcial slatemenls. The Inanual statemE￿ts w￿e approved by the Ituslees on 22 July 2026 -202 r.24. 12 41 12 UTC Robert Moran Trustee 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 14135 University of St Anthews Students. Association statement of cash Ilows for the year ended 31 July 2025 2025 2024 Notes Cash fflow6 from operating activities Cash absort)ed by operabons 27 1230.835) 1306,188) Investing activities Purchase of tangible fix¢xl assets Proceeds from di4)osal of tangible ffixed assets lnveSkn￿t income r¢xgved {30.2561 1116.1651 61 172.645 167.966 Net cash generated from investing activities 142.450 51.801 Net decrease in cash and cash equivalents 188.385) 1254,38n Cash and cash e(wlval￿ts al beginning of year 1.438.622 1,693,009 Cash and cash equivalents at end of year 1.350.T37 1,438,622 The notes on pa￿S 13 10 31 f(xin part of these ffinancial slalemenls 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 15 135 University of StAnthews Students. Association Notes to the fjnancial statements for the year ended 31 July 2025 Accounting policies Charity information The University of Sl ￿drewS Stud￿lS. Ass(xialion is an Associab"on governed by its consb.1uli(￿. The Assoaalion was Inslituled in April 1 &S3 and CDmprisf* The slud￿￿. Rq)resentalive Counul. insb"luled in January 1 &85. and the Slu(*nts' Union. fr)unded in 1892. 11 is a regislerfA (harity wth the Office of the Scollish Charity Regulal(x. The registered Offi￿ is Students. Union, Sl Mary's Place. Sl Andrews. Fife. KY16 9UZ. 1.1 ACC￿nting convention The finanaal statements have b￿n prepared in accordance wilh the thanly's governing d￿UMent, the Charibes and Twstee Investment (Scoland) Act 2005, the charib.es Accx)unts IScx)l8ndl Regulabons 2006, FRS 102 "The Financial Rep(￿lIng Standard appli(able in the UK and Republic of Ireland. and the Charibes SORP "A(tounling and Reporb"ng by Charities." Statem￿1 of Rec(Jnmended Pracb"ce applicable lo (harib"es preparing their accounts in ac(x)rthnce with the Finanual Reporting Slanthrd applicable in the UK and Republic of Ireland (FRS 1021" The charity is a Public B￿efit Enbly as defined by FRS 102. The finanaal statements are prepar¢xJ In sterfing. whith is the fvjncb.onal UIrr￿(W of the charity. Monetary amounts in these fjnancial statem￿[$ are rounded lo he nearest £. The finanaal statements have been prepared under the historical cost conv￿￿On. The prinapal ac(x)unbng policies adopted are sel out bdow. 1.2 Going concem Al the litne of appromng the ffinanaal statements. the trust￿5 have a reasonable expeGlali(m Ihat the charity has adequate resources to rxjnlinue in operational existence for the foreseeable tulure. Thus the Ituslees continue to adopt the gjing C(M￿rn bass of actJJunling in preparing Ihe financial Stat￿￿entS. 1.3 Charitable funds Unrestncled funds are available for use al the dis￿e￿on of Ihe tsuslees in fvr1heran￿ of th￿r chaiilable objecbves. Unreslricled fvnds include desgnaled tunds where Ihe trustees. al Iheir dscrelion. have ealed a fvjnd for a specjfic purpose. R¢%th"cled fvjnds are subject lo speafic C1￿￿￿On$ by d￿￿(x$ or granltxs as lo how they may be used. The purpos¢% and us¢% of the restn.cled fvnds are sel txjt in the not¢% lo the ffinanaal slalements. 1.4 Income Income is reCO￿lSed when the charity Is legally enlilled lo it aft￿ any performance condibons have been met, the amounts can be measured reliably, and Il is probable that income will be re￿IVed Cash d{￿allonS are recognised on re￿Ipl. Olher donab.ons are recx)gnised Ihe thanly has been noliffiExI of Ihe donati(￿, unless Performan￿ condbons rE4uire deferral of the am￿nI Incx)me tax recoverable in relation lo donations recfxved under Gift AJ"d or deeds of covenant is recognisfA al the lime of the donab(M. Interest fvjnds held on deposl is inClu￿d when recovable and the amounts can be measured reliably by the charity.. this is nomially upon nob.ficali1￿ of the inleresl paid tx payable by the bank. en income Is in advanc£ of the speafied b.me p￿0d. il is deÈrred until the Gharily has performed Ihe aclimty relat￿ lo the speuffied b.me period. Capital grants relating lo ffixed assets are deferred and rde8sed lo in(x)me over Ihe usefvl life of the asset lo which they relate. Unspent grants received in advance are held as de￿[Ted income. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 16 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 AcC￿Jntlng policies (continued) 1.5 Expendibjre Expenditure is recO￿lSed once Ihere is a legal or conslruch.ve obligab.on lo transfer (￿onoMiC benefit lo Ihird party. Il Is probable that a transfer of economic b￿efits wll be rewired in setUf4n￿t. and the amounl of the obl1￿b.0n can be measured rdiably Expenditure is dassifred by acb"vily. The CA)sls of each activity are made up of the lolal of direct o)sls and shared o)sls. induding ￿ppOrt costs involved In underlakn.ng each acb.vily Dir¢xt costs altribulable lo a sinye acliwty are allocated direcuy lo that acb"vily. Shar¢xl o)sls which o)nlribule lo more than one acb.vily and supporl o)sls which are not attributable lo a single aclimty are apportioned be￿een those acbvilies on a bass CA)nsislent with the use of resources. Central staff costs are allocated on the bass of time spent, and dqJrÉxialion charges are allO￿ted on the porb.on of the asset's use_ The costs of ￿nerating funds consist of the (x)sls of staging events and seeking donali(Ms and grants. Cost of charitable acb'vilies incluth the main operab'ng costs of the charity, grants made as well as governan￿ costs and an apporb'onment of support (x)sls. Support cx)sls have been allocated belween goverTran￿ (x)sts and other support costs. Govetnance costs comprise all costs involving the public accountability of the (harity 8nd its Complian￿ with regulah"¢m and good prath'￿. These costs include costs related lo statutory audit and legal fees logeth th an apporti(￿ment of ovExthead and support costs. GOV￿Man￿ (L)sls and support costs relab.ng to charitable aclNilies have b￿￿ appothoned based on the level of ackn"vity. The allwalion of support and ￿Verna￿￿ costs in analysed. Grants payable are payments made lo third parb.es In the luth￿anCe of Ihe (haiitable objects of the Assoaalion. In the ca* of an uncondiD"onal grant offer Ihis is accwed the recipient has been noliffifJJ of Ihe grant award. The noD"fficalion grées the reupienl a reasonable expectati(￿ that they wll receive Lhe grant. Grant awards Ihal are subject lo the recipient fvlffilling pr￿ance conditic￿$ are only ac(rued Wh￿ Ihe reupienl has been nol"ffied of Ihe ganl and any remaining unfvlffilled c(Mdb"on allaching lo that grant is (xjlgde of Ihe control of the Assoaalion. 1.6 Tangible fixed assets Tangible fixed assets are Initially measured at cost and subsequenlly measurExI at cost or valuabon, net of depreaalion and any impaitmenl losses. Dq)rfxJalion is rec(xJnised s) as to WTile off Ihe cost or valuation of assets less Iheir re￿dUal values ov their useAJl lives on the following bases Fixlurf* and fillings 3 10 10 years straight line The gain or loss arising the disposal of an asset is detumined as the dfferen￿ be￿een the sale pro￿￿1$ and the (arrwng value of the asset. and is recDgnised in the Stat￿￿1 of finanaal acb"vib"es. 1.7 Impairment of fixed assets Al each reporb.ng end dale. Ihe charity reiiews Ihe carrying am(xJnts ol ils tangible assets to determine whether there Is any Indcalion Ihal those assets have suffwed an impairmenl loss. If any 1ndcab.on exists. the r¢xoverable amount of the asset is eslimaled In (￿der lo delemiine the exlenl of the impairm￿1 loss (if any). 1.8 Stocks Stocks are slated at the loww of cost and nel realisable value. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 17 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 AcC￿Jntlng policies (continued) 1.9 Cash and cash equivalents Cash and cash equivalents Indu￿ ￿sh in hand. (Èposils held at call wth banks and thtxt-lerm liquid investments with original matrjrilies of three months or less. 1.10 Financial instruments The charity has elected lo apply Ihe provis(￿$ of Section 11 'Basc Finanaal Instruments. and SecD"on 12 '0ther Finanaal InstruM￿lS Issues of FRS 102 to all of ils finanaal instruments. Finanaal instruments are re(x)gnised in the Charity's balan￿ sheet when the charity b*￿OMe$ party lo the c(Mlractual prowsi(Ms of the inslrumenl. Finanaal assets and liabilities are offset. wlh the nel amtxjnts pr¢%enled in the fjnanual statements. when there is a legally ￿f(x¢eahIe right lo set off the reC￿￿lSed amounts and there is an intention lo se￿e on a nel ba9s or lo realise the asset and sellle the liability simultan*y)usly Basic ffinancial assets Basic finanaal assets. whith indude dd)tors and cAsh and bank balan￿s. are inib.ally mea&Jred al lransacb.on pric£ Induding lransacb.on costs and are subseqjendy carried al amorlised cost using the effecb.ve Inleresl methtxl unless the arrangemenl o)nslilules a financing transacbon. where the lransacb.on is mea￿r¢xl al the present value of the fvlure receipts discounted al a market rale of Inleresl. Financial assets dassiaed as re￿1vable within one year are not amortis￿l. Basic ffinancial liabilities Basic ffinancial liabilib"es. induding credltxs and bank loans are inib.ally rea)￿iSed al lransacb.on price unless the arrang¢Jnenl conslilules a Inancing Iransaclion. where the ￿bI instrument Is mea￿red at the pr¢%enl value of the fvlure payments discounted al a market rale of interest. Finanaal liabilibes dassiaed as payable wthin r￿e year are not amorb"sed. Ddjt Instruments are subsequenly rarned al amorbsed cost. using the e￿cbVe inleiesl rale meth(xJ. Trade cr￿lI0[S are obligab.ons lo pay for g(K)ds (x ServI￿S that have be￿ acquired in the ordinary course of operations frrAn suppliers. Amounts payable are dassfied as current Iiabililies If payment Is due wilhin one year or less. If nol they are presented as non-cutrenl liabilibes. Trade (redlors are recognised Inibally at transach.on p￿￿ and subsequenuy measured al amorlisExI cost usng the effethve Interest method. D￿ecOgnIti(￿ of finanaal liabilits.es Finanaal liabilities are derecognised when the tharity's contractual obligab'ons expiie or are dscharged or cancdled. 1.11 Taxation The charity is exempl tom tax on ils d)aritable acliMb"es. 1.12 Erry)loyee beneffits The cost of any unused holithy ￿0"llement is rec(xJnised in the period in which the employee's setTrices are received Terminabon b￿e￿I5 are recxjgnised Immediately as an exp￿Se when the charity is demonstrably committed lo lemiinale the employment of an employee or lo promde tetminab.on benefjts. -15 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 18 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 AcC￿Jntlng policies (continued) 1.13 Retirement benefits TheAsswalion operates both a defined ¢r￿mbUl10n stheme and defined b￿efit schemes. Payments lo defin¢xl conlributs"tM retirement benefit schemes are charged as an expense as they fall the. The defined beneffil SGhemes are mults"￿￿p1oYE￿ schemes whue the obligabons (znnol be sqjaralely Id￿ts"￿ed. the ASs￿latIon ac£ounts for Ihe sthemes as though they were defined CA)ntribubon sthemes bul also rErognises Iiabililies to fund deficits rdabng lo past Servi￿ where an agreement exsls lo fund any defficit rE4abng lo past ser￿￿. 1.14 Affiliated Siudentsocieties Amounts paid to affiliat￿1 SOfAeb"es are shown in the aru)unts as gants paid. The ffinanGial statements do not Indude the finanaal resulls of the soaebes as Ihe mnlrol of the soaelies lies Mqlh the Indiwdual cotntniltee of each sorjely and nol wilh the AssocJali(m. condb.ons are Itnposed on grants Ma[￿ lo the soaelies lo ensure Ihat they are made in accAJrdanGe wlh IheAssociab"on's thanlable obiecb"ves. 1.15 tkferred Inccthe Defe￿ed income represents income receivfxl in advan￿ of Ihe peri(xl lo which Il rf4ales (x whfxe the condibons f(x r[￿gnItion olinc(Me have not yel been mel. Amounts recognised as deferred incotne are induded within cr¢xlilors and are rdeased lo incoming resour￿ In Ihe p￿10d In whith the rdaled ServI￿S are proVi(￿d or the rdevant condib.ons are sab"sfied. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 19 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 Critical xcounting estimates and judgements In the application of the charills accounting pdiaE8, the trust￿S are required to make judgements, estimates and assumpbons about the catrying amount of assets and liabilib'es that are not readily apparent from other sources. The estimates and associalExl assumpb'ons are based on hist(￿cal experience and other factors that are u)nsideYed lo be relevant. Actual results may differ from these estimates. The esb"matES and underlying assumpbons are reviewed on an ongoing basis. Revisons lo accx)unb"ng esb"males are recognised in the period in whith Ihe estimate is revised where the revision af￿CtS only that period, or in the peri(xJ of the revis(￿ and frjlure peri(xJs wh￿e the revision affects both current and future periods. Critical judgements Accruals and deferred incc*ne The r¢xognibon of accruals and deferred IncA)me involves eslimabng costs and revenues attn"bulable lo the rep(xb"ng period wh￿e Invoices or receipts are not yel reG￿ved. These esbmales are remewed regularly and adjusted where ne￿Ssary, but adual oulrA)mes may differ. Usefjjl lives and Impai￿nent of fixed assets mana￿Ment exercAses judgement in determining the usetjl economic lives of tangible fixed assets and in assessing whether those assets are impaired These Judg￿llen[S and eslimales affecl both the depre(aabon charge and the carrwng value of assets. Usefvl lives are reviewed periDdirdlly. taking into accx)unl factors ￿ch as physical condits.1￿. mainl￿ance. and obsoleSc￿ce, while impaimienl is considered where eV￿[S or changes In arcumstances indicale that the carrying value may not be recoverable Recovera)ility of debtors The Trustees have assessed the recoverability of debtors based lh￿r knowledF of the charity's income sour￿$ and funding arrangements and have made appropriate proms(￿$ where there is Un￿rtainty OV￿ the receipt of invol￿￿ amounts. 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 20 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 Income from donations and legacies Unrestricted Restricted fund6 funds 2025 2025 Total Unreslricted Restricted fvnds fvnds 2024 2024 Total 2025 2024 Grant- UOSA Capital grants Donabons 1.195.735 19.094 1.195.735 19.094 117.169 1.1 &8.603 1.168.603 117.169 11 111.756 111.767 1.214829 117,169 1,331.998 1.1&8.614 111.756 1.280.370 Income from chwitable activities Unrestiicted ffijnds 2025 Unrf*thcled funds 2024 Bar Main bar ftyjd Calfxing Freshers, week Publi(2bons Se[Tri￿s and facilibe Graduabon ball 966.362 75.169 631.477 64,135 35.940 339,027 101.550 676,694 120.332 582.396 70.669 20.5TO 174,522 95.882 2.213.660 1.741.065 Income from other trading activities Unrestricted Restricted funds funds 2025 2025 Total unrestn.cted Restncled Ajnds fvjnds 2024 2024 Total 2025 2024 Fundraisng events Olher income 18.954 11.510 159,641 178.595 11.510 15,625 133,706 149,331 trading actimb.es 30.464 159.041 190.105 15.625 133.706 149.331 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 21 135 University of StAnthews Students. Association Notes to the fjnancial statements (continued) for the year ended 31 July 2025 Income from investments Unrestricted Restricted fund6 funds 2025 2025 Total Unrestricted Restricted Jnds fvnds 2024 2024 Total 2025 2024 Rental inctjne Interest 138.466 27.836 138.466 34.179 131.564 31,578 131.564 36,402 6.343 4,824 166.302 6.343 172.645 163,142 4,824 167,966 ExpBn(Sture on raising funds Restricted fvnds 25 R(stncled fvnds 2024 Fundraising and publicity fvnthaising costs 16.377 2025 Accounts SASA for signing pdff19aOee788-d7ce-469d-ba73-bffffa03067bb41 Page. 22 135 Ln Ln CN Ln c 4) C Lrj oi o ew J cn 54cNM04422-$594691&a138 COMPLETEDS￿￿lE￿212 COMPLETEDIN PLAG aGFIATJPÈ2 313 COPIPLETEDIN PL1￿ INrnALS QIQ ARBDN COFYEECIFYEMrs 2 ORGIN4TTh IPADDRE￿.. 157.231.93.186 Slgnatures Tlmellne É.sio4Èts￿ PxlJBrtMoran(ore5rpr*t-￿dre*S￿GUTrJ SECLIRIThLEVÉL Suure Emllwj￿* E.SI@4ATJRE ID ac41d13(k92eW1&83b74W2&1e46 NTlu122. 2026Wlhl WC VIEYIED JLI242026 12AOPM Lrrc gGNETr ILI 2420261141 urc USNG IPAWRES5 13￿51.1652 IPAEETOTrECeNfEP4fSI%*LLP￿￿fvfft11Th AN ￿Et￿N￿S￿NATUPE PRINTN*ME RobertN%Jh¥n wes(¥p*-ar￿rÈX￿e￿k E.51fy4EDW DLyr•Pery(JV•￿V￿ro￿Ae￿ SEQURIThLEVEL SvA7Jre Em*lIfvJ￿*k E.sif&4ATURE ILI f1115(o74es41knbitd.1621347141a9 %NTlu122. 102fj WC VIEIYED I￿27,2026312 PM Utc gGNETr ILI Z7,1tykn326 PM urc USNG IPAtDRES% 151231.￿l86 1IO&ETOTrECalllEpIfs(**lLP￿￿￿E%4Th AN ￿E￿￿[IN￿s￿lI*1uRE PRINTN￿￿È tXarA per￿ EMAIL I￿n*F￿n￿*•￿￿k Carbon Copy G￿￿K￿￿ÈMA1L g￿l￿￿nIte￿AXL1l NI￿￿ I&*TtbJrnS EthIL zix 2025 AcctunÈ- SASA fu signing pdfflgaOee7e8-d7ce-469d-b873-bffffa03067bb41 Pago 35 135