Registered number.. 07275807 Charlty number: 1136470 Unlverslty of Wolverhampton Studonts. Unlon Trustees, Report and Flnanclal Slalemenls For the Year Ended 31 July 2023 JDAINS ACCOUNT ANT5
Unlverslty of Wolverhampton Stud&nts' Unlon IA Company Llmited by Guarantee) Contgnts Page Reference and Admlnlstratlve Detalls of the Charltable company> Its Tru$tgas and Advlsers Trustees. Report Independent Audllors. Report on the Flnanclal Statements 9-12 statement of Financial Actlvltle8 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Stal¥ments 16-34
Unlversity of Wolverhampton Students. Unlon IA Company Limited'by Guarantee) Reference and Admlnlstratlve Details of the Charitable comp8nyF Its Trustees and Advlser8 For the Year Ended 31 July 2023 Trustaès Yelunde Adedlpe, Sabbatical Officer lappointed 3 July 20231 Opeyeml Adoygmi, Sabbatical Officer {appolnled 3 July 20231 Oluwafunbi Babalunde, Sabballcal Officer {appoinled 3 July 2023) Chelan 8hattl. Exlarnal Trustee Sarah 8ishop, External Trustee An51 Chalal, Lay Tiuslee {appointed 8 February 2023) Omoriawo Idlakheua. Sludenl Twslee (resigned 30 January 2023) Gagandeep Kaur, Sabbatical Officer lappoinled 1 August 2022, resigned 20 June 20231 Derek Kll¢h8n, Lay Trustee lappoinled 14 October 20221 Veronica Leigh-Hanson, Exl8rnal Truslee (resigned 13 June 2023) Tayabah Mahmood. Sabbali¢al Offi¢er (resigned 30 June 20231 Angel Morphew. Sabbali¢al Officer {resigned 30 June 20231 Joshua Oke, Student Trustee Ir8signed 23 Aprll 20231 Bisola Olalunji, Sabbatical Officer B11n Yuksel, Extemal Trustee Iresigned 8 February 20231 Company reglstorgd numbor 07275807 Charlty r8glsterad number 1136470 R8glstered offlce Wulfruna Slrgel Wolverhampton Wost Midlands WV1 1LY Audltors Dains Audit Limited 15 Colmore Row Birmlngham B3 2BH Page 1
Unlverslty of Wolverhampton Students. Union IA Company Llmltod by Guarantee) Truste8s' Roport For tha Yaar Endod 31 July 2023 The Trustee5 present Ihgir annual report together wlh th8 audited fin8ncial slalements of the Unlversily of Wolveihamplon Students, Union for the year 1 August 2022 to 31 July 2023. The Annual Report serves the purposes of both a Tnjslees, report and a directors, report under company law. Tha Trustees confirm that the Annual Report and financial slatements of th8 charitable company comply with the current statutory requirements. th8 requSrem8nts of Ihg charllable company's govornlng document and the provisions of the statemenl of Recommended PraGllc8 ISORPI appliGable lo Gharilies preparfng their accounts in accordance with the Financlal Reporting Standard applicable In the UK and Republic of Ireland {FRS1021 (effective 1 January 20191. sin the charitable company qualifies as small under section 382 of the Companles Act 2006, the Slralegic Report required of medium and large companles under the Companies Act 2006 {Slraleglc Report and Directors, Report) Règulallons 2013 has been omilled. ObJéctfv•s and acttvities a. Oblectlvos 8nd alms As laid out in the Students. Unlon ISUI govarning document the objects remain as- The advan¢8ment of education of students at th8 unarSIty of Wolverhampton for the public benefit by.. Promoting the interests Bnd welfare of sludènls al the Unlverslty of Wolvethamplon durtng thalr course of study and rtspresenting, supporling and advislng students eing the recognised representative channel between studonls and the University of WolveThampton ané any other exlernal bodles Providing soclal. cultural. sportSng and reoreallonal aGllvlti8s and forums for élscusslon and dabate for th8 personal development of Sls slud6nls The core alms of the Students Union remain.. To enhance the student Vol across the Unlver81ty To maximise the studènt 8xperience for all students To promote and support students, success In setting objectives and planning for aclivilies. the Trustee8 have given due consideration lo ganeral guldance published by the Charity Commission relating to public benefit, includlng the guldanGe 'Public b8n8fil.' runnlng a charlly IPB2)'. Achlevemènts and rfOrMance a. Maln achievements of the charltable ¢ompany The SU has enjoyed a successful and posllSve year as we continue with our ioumey lo deliver our Strategic Plan.. Vlslon 'Proudly Wolverhampton. Insplring and empowering all students gel the best out of unlversily and life. Mlsslon "Al the heart of the sludenl communlty, maklng life bettèr, amplifying student volces, providing exciting opporlunllles and dollvgring sèrvices wh Impact.. Page 2
Unlverslty of Wolverhampton Students, Unlon IA Company'Llmlted by Guarante8} Trustees, Report {¢ontlnugd For the Year End•d 31 July 2023 Achlevement8 and porfomiance Icontinutdl Values ISIBII: Supportive Inclusive Brave Innovative Four Strat8gl¢ Themes: Belonglng, IdenlSly and Community Well-Being Opportunities Student Voice strataglc Change A new organisational slructijre has been implemented lo help drive the dellvary of the Straleglc Plan. We have focussed on dellv8rSng our seNlcés with B strong emphasis on BelongSng and Communlly and planning for a major Reganerallon Project for the 23124 acadamlc year. Belonglng and Communlty Our focus has been on promoting a sense of belonging for our diverse slud8nt body. Thls has included the delivery of both Freshers Iseplembar 20221 and Re-Freshers {January 20231. which for the first 1Sme Sn 3 years has been dellvered in full across all 3 campuses without any Inlerwplions oaused by the Pandemicl Black Hlslory Year Celebrating our diversity Is an essenllal part of croating a sense of Belonging. We adopted a new approach lo Black History Monlh,. we turned il into Black Hlslory Yearl Throughout the year we have delivered a fantastic range of aclivilies starting with an inspiring Conferen called 'Slawng Power. which celebrated Black Leadership across staff, sludenls and the wider community. We delivered a trlp lo the Inlemalional Slavery Museum in Liverpool lCh had an incwdlble impact on our students. We also h8d 1018 of fun actlvllS8s throughout the year including trips lo the cinema Its See films that celebrate our heritage. Celebratlng Communities We have celebraled many cultural events such as Diwali, Christmas, V8isakhi. Ramadan and Easter. bringing our students together wlth food and music. Our Langar, whlch Is the communal setving of food, was delivered in the first term to welcome new sludgnts lo Wolverhampton. Advice and Support The Advice Cenlre is our major frontline serwce that has supported 1,685 students this year. Societies Student led SletIes form a key part of building Communities and we have Increased the number of soclelles from 56 10 74. Page 3
Unlverslty of Wolverhampton Students. Unlon IA Coinpany Llmlted by Guarantèa) Trustees, Report Icontinuedl For the Year Ended 31 July 2023 Achlevements and parformanca Icontinuadl b. Revlew of actlvltles Cost of'Llvlng Students like the rest of souety contlnue lo face challenges of the oosl-of-llvlng crisis. The SU has focussed on providing as much support as posslble lo our members al Ihls difflcull lirne. Thls has included. for example. collaborating with our local charity, Sanl Zora Singh LopDn Charitablè Trust who have provided essential food which èombined with other food items that wo purchased lo create food'bags lo give to our students. Our Sabbatical Team Created healthy and cosl-effeclive recipes lo accompany Ihe food bags. so there was an element of fun and crealivily in what has been a very serious lime. We have also given out free hol drinks throughout the year lch has been 8 major boost to students. Furthermore, the SU has become a part of the Period Dlgnily C8mpaign, dislribuilng free sanlty products at our premises. W6 also taam8d up with the local Credlt Unlon lo provide guidan and information lo our students on how to look aft8r and maximise your finances. student Volce We hava delSv8red a successful Offlcer election with our highest turnout for many years, 2,417 students casling voles which represents a 430/0 Increase on the previous year. Furthermore, the Student Council has been reinvigoraled and is providing valuable opportunilies for students lo engage. Well-Belng Supporting the well-being of our members remalns a key priority and the cost of limng has had a major negativ6 Impact on this. We had a major Well-Belng CampaSgn which involved provlding a fanlasllc range of actlvllles Sncludlng free yoga, opportunities lo relax wlth pel8 and provlded students wllh free fresh frull and veg8tabl8s. R8generatlon - Plannlng for a transformatlon of our $grvice8 The SU has invested lime in kickslarting the development of a Regeneration Project that will revilalise the services and facilities al the SU and help transform the student experienc¢ al City campus by eslablishing a bar (Luna Lounge) and a julceldeli (Deli Moon) and refurblshing the Soclal Space (Th8 Den). This will create 8 vlbrant, safe and enoaging sludenl focused space. Sludenls are al thè heart ol this ProSe¢l as they have been creallvely Involved in every aspect of aach development slaga including market research, deslgn and of course, delivery. We conducted extenslve sludent engagemènt and market research Involvlng ov8r 1,800 students whlch Involved an in-person Survey, an Independent onllne surv8y, focus groups and local market research. This Identlfied that students want the SU lo establish a safe and affordable space that provides a diverse soclal offering whSch cullivales a sense of community and belonging, and enjoyable studgnl experiences. Students also want lo have more work experience and this project will create approximately 24 new sludenl jobs. A 3-year business plan has been produced and partnersh5ps have been estsblished with Sgssy Coffee and Carfsberg Marston's. Extensive dialoguo has taken place with th8 Unlversity in the eslablishmenl of the Regeneration Prole¢l. The Universlty has agread a financial conlribLilion of £75,700 In 2023124 towards the running costs of the Regeneration Project and the SU are very appreclative of Ihls SUPF)Ort. Pago 4
Universlty of Wolverhampton Students. Unlon {A Company Llmlt•d by Guarantee) Trustees. Raport Icontlnuedl For the Yoar Ended 31 July 2023 Achlevements and porformance {continu&dl We are excited about launching our new facililles and we are looking fotward lo conllnulng lo delSver our Strategic Plan. Capital investment has 8tsrted Ihis y8ar and the SU will be drawlng upon the Designated Fund, Capital Improvement R6seNe to finance thè neo8ssary capital work8 roady lo walcome sludants at the start of the 2023124 aGademlc y88r. Othor K&y Achlevemgnts Other Key Achievements for the yaar include-. 1,685 students supported through the Advice Cenlra 43% Incr88se in voter luinout in the SU Officer Elections 20 /0 growth In number of SoclelSes Helped students lo a¢¢ess £85.641 of flnanclal support to ald hardship. Prioritle$ for 2023124 Our overall prlorlty for tho next year Is lo.. Continue lo drlve the Implemenlallon of the Slrategl¢ Plan with strong focus on creating a sense of Community and belonging. Launoh and cons01idale the Regenerallon Project- Lun8 Lounge, Deli Moon and The Den DrSve campaigns on tackling the cost of livlng, promote Black Hlstory Year and Improvlng well-belng. Continue to build a positlve, mutually benefici81 partnership with the University of Wolverhampton Develop mutually b8n8ficial external partnershlps that add value and Innovation. Flnanclal rèvlew . Going eoncarn After maklng approprfjale enquirie8, the Trustees have a reasonable expeclallon that the charitable company has adequate rasources to contlnue in operational existence for the foreseeable futur8. For this Teason, Ihay conllnuo lo adopt the golng concern basls In preparing the flnancial slalemenls. Furth8r detalls regardlng th8 adoption of the going concem ba8ls can be found In the accounting pollcles. b. Flnancial posltlon In th6 year lo 31 July 2023 the SU generated a surplus of £107,442 12022: £26.5721. The total funds of the charitable company increased from £414,717 10 £522,159. Pa9e 5
Unlvorslty of Wolverhampton Students. Unlon IA Company Llmltod by Guaranteo) Trustees. Roport Icontinuedl For the Year Endod 31 July 2023 Reservos poll¢y Scope of ReseNes Pollcy and Deflnltlon of "Free Rg8orva$": The reserve polloy Govers all free reserves held at Ihe SU. The SU defines free r8s8rv8s as that part of a hariws income funds thal Is freely avallable to spend for any or all of the charitys purposes once11 has mel il commitments and covered its other planned exp8ndllur8. Funds excluded from the definition of free reserves, and hence the pollcy. arè.. Deslgnaled Funds including Societies., The Operating Reserve13.5 months, operating coslsl., The Fixed As861 Reservo ¢lemenl of designated funds, fellecling the expenditure on fixed assets already purchased.. The Regeneration fund. cost of livlng reseNe, website resetve and staff oneaoff discretionary bonus reserv8. Reasons for Holdlng Reservo8: Th8 reseN8s policy determines the lev81 of res8Nes requlred lo enablo lo SU to- fund working capital fund unexpected expenditure when unplanned events occur fund shortfalls in anticipated income Calculation of Required Reservo$: The polioy for activltles njn by UWSU 18 based on Ils I) maSor Incomè streams affecllng the 18val of frae reserves.. l. Unlverslly Block Granl173.7Yo of total income) 11. Tradlng Acllvlty Income11.8°A of total income) Th& minimum reserves requlred are c81culated as.. "3.5 Months operating costs {as defined by the annual budgeted organlsallonal expendilurel, known as lh8 'operating reserve It was agreed by the Twstees lo inuease the measurement from 3 10 3.5 months in a prior year lo reflect the impact of the pandemlc. ReseNes In excess of the requlred reseNes arè held as 'free r8setV8s' or'deslgnated reserves., in accordance wllh the Truslea Board. If reserves fall below 3.5 rnonlhs, op8raling costs for more than 6 months, the Trusl8OS would ask the management lo formulate a recovery plan to be submitted lo the Trustee Board for approval. If there are surplus funds above the minimum level. the Committee should plan lo ulilise these within three years. The Unlon sets aside a desSgnal8d reseNe lo cover 3.5 months worth of operallng costs so that there are sufficSent funds aavi18bl8 in an operallng reseNe' lo ensure adequate security for the Union 8xSsts. Page 6
Unlverslty of Wolverhampton Students. Unlon IA Company Llmlt&d by Guarantee) Trustees. Report Icontlnuedl For the Year Endad 31 July 2023 structurei governance and managament a. Govemlng document The ch8rlty Is controlled by 51$ governlng do¢Ltmenl and cons1slul8s a Ilmlled company r8gister8d In England and Wales, limited by guarantee, as defined by the Companles Act 2006. The Slud8nts' Union is consisluled in accordance with Its Conslitutlon and Is admlnislered and managed by the Trustees. Tho sabbatical officers are glecled by the merllbership, through a secret cross campus ballot. to take office on 1 July of the year in which they are elected and hdd office for one year until the followlng 30 June. b. Methods of appolntment or electlon of Trustges The management of the charitable company is the responsibility of the Trustees who are elected and COryOPtad under the terms of the Trust deed. c. Organlsatlonal Structure The Unlverslly of Wolverhampton Students, Union {hereaft8r reforred lo as the Students, Union) falls under the definition of a Students, Union. in section 2011) of the Education Act 1994. The Students, Union Is a company 1MIted by guarantee with oharilable status. Wolverh8mpton University (hereafter referred lo as the University) exercisès 118 duty under the Education Act 1994 to lake such steps as are reasonably practicable the secure that Ihe Students. Union oper81es in a fair and democratic mann8r and is accountable for ils finances. The Students, Union and the Uner$ity agreed a comprehensive dala-sharing agraèmenl in November 2019. d. Management structure The Students, Unlon employs professional staff lo ensure effective management of its many actlvltles and lo Impl8rngnt the policy decisSons made by the Board of Trustees and Union Council. There is delegated authorlly, through the Chief Executive Officer, for operational decislon-making and accountability wllhin the various areas of Ihe Sludenls, Unlon, in accordance wlh agreod slruclures. Statement of Trustees, rè8ponslbllltla$ Th8 Trustees (who arg also the directors of the charitable company for the purpostss of company law) are responsible for preparing the Trustees, Report 8nd the financial statements in accordance with appllcabla law and Unlt8d Kingdom Accounllng Stsndards Iunlled KSngdom Generally Accepted AccounlSng Praotlcg). Company law requlres the Trusteas to prepare flnancial slalements for each financial year. Under company law, th8 Trustees musl not approve the finandal slalemenls unless they ar8 satisfied that they glve 8 true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application of resources, including its income and expendllure, for that period. In preparing these financi81 slalements, the Trustees are required lo: select sullable accounting policies and thfjn apply therll consis18nlly', observe the methods and principles of tho Charilles SORP IFRS 1021., make judgements and accounting esfjmales that are reasonabl8 and prudent.. slal? whelhei applicable UK Accounting Sland8rds IFRS 102) have been followed. subject lo any matsrfal dgpartures disclosed and explained in the financial slalemenls.. prepare the financlal stslemenls on the going concem basis unless11 is inappropriate lo presume that the aritsble company 11 ntIn[le In busin6s8. Page 7
University of Wolvorhampton Students. Unlon IA Company Limltsd by Guarant801 Trustees. R&port {continuedl For the Year Ended 31 July 2023 statoment of Trustees. Yesponslbllltlo$ (¢ontlnuedl The Trustees aro responsible for keeplng adequate accounllng records that are suffl¢ienl lo show and explain the charitable companls transactions and disdose wlth reasonable accuracy al any Ilme the financial position of the chariiable company and enable them lo ensure that the finan¢l31 statements comply with tho Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for laklng reasonable steps for tho prevontion and detection of fraud and other irregularities. Dlsclo8ur8 of infomiatlon to audltor8 Each of th8 persons who are Trustetss al the Ilme when this Trustees, Report Is approved has confimed that.. so far as that Trustee is aware, there is no relevant audlt Informatlon of which the charills 8udilor8 are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit Information and lo establish that the charitls auditors are aware of that information. Audltors Dains Audit Limited wèra appointed as auditor of the Charitable company upon the resignation of Haines Watts Bristol Limited. The audllors, Dalns Audlt Llmlled. have SndScated Ihelr willingness lo conlnug In offic8. The deslgnated Trustees wlll propos8 a molSon reappointing the audltors at a meeting of the fruslees. Approved by order of the members of oard of Trustee on 23 October 2023 and signed on their behalf by.. Sarah Blsho Chair of Trus es Pag8 8
Universlty of Wolverhampton Students. Unlon IA Company Llmited by Guarantag) Independent Audltor8' Roport to the Members ol Unlvarslty of Wolverhampton Students. Unlon Oplnlon We have audited the financial slalemenls of University of Wolverhampton Students, Union Ithe 'charilable companVI for the year enéed 31 July 2023 whlch Comprise the Slalemenl of Financial Activities, the Balance Sheet. the Slalement of Cash Flows and the related notes, including a summary of slgnrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢untIng Standards, including Financial Reporting Standard 102 'The Financlal Reportlng Standard applicable In the UK and Republi¢ of Ireland, IUnll8d Kingdorn Generally Accepted Accounting Praclicol. In our opinlon the finanolal slatemenls.. give a true antj fair view of the stale of the charllable companys affalrs as al 31 July 2023 and of Ils Inoomlng r6sourc88 and application of resources, including Ils Income and expènditure for the year then ended., havo been properly prepared In accordance with Unlted Klngdom Generally Accgpled Accounting Practice. and hava been prepared in accordance with the iequiremenls of the Companies ACA 2006. Basls for opinion We condLtcled our audit In accordance with Inlemallonal Standards on Audlling IUKI IISAS IUKI} and appllcable law. Our respons1blllties under those standards are further described in the Auditors, responslb111118s for the audll of Ihe financial slalemenls section of our report. We ar& indopendent of the chadlable company in accordance wilh lh8 ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We b&llevg that the audit ovidance we have obtained is sufficient and approprlal8 lo provide a basls for our opinion. Concluslons relatlng to going ¢onc8m In auditing the financiBI ststemenls. we have concluded that the Trusteès, use of the going concem basis of accounting In th6 preparallon of the fin8nclal statements is appropriate. Based on the work w8 have performed, we have not identified any materi81 uncertalnties relating lo events or conditions that. individually or collectively, may cast slgnificanl doubl on the charil8ble CoMpanS abllily lo continue as a going concem for a period of al least twelve months from when the flnanaal statements ar authorised for issue. Our responsibilities and Ihe responslbilllies of the Trustees Wth respect lo golng concern are de8crfbed Sn the re18vanl seotions of this report. oth•r infomiatlon Tho other Informatlon Gomprls8S the Information Included in the Annual Report other than the finandal slalements and our Audllors, Report Ihereon. The Trustees are responsible for tho other Informallon conlaSne within the Annual Report. Our opinion on the financial statements does not cover the other information ad. except to the exlenl othe19e expllcltly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other informallon and, in doing so, consider whelher the other information is materially inwnslstenl with the flnancial slalemenis or our knowledge obtained in the course of the 8udil, or otherwise appears lo be malgrially misslaled. If we identify such material inconslslencies or apparent material misslal8m6nis. we are requlred to delerTnin8 whether this gives rise lo a rnalerial mlsststemenl in Ihe financlal slalements themselves. If, based on the work we have performed, we conclude that there Is a malerlal misstalemenl of this other Snformation, we are raqulred to report th81 fact. Page 9
Unlverslty of Wolverhampton Students. Unlon {A Company Llmited by Guarant¢g1 Independent Audltors. Report to the Members of Unlverslty of Wolverhampton Students, Unlon {contlnuedl We have nolhino to report in thls regard. Oplnlon on othor matters proscrlbed by tho Companles Act 2006 In our oplnlon, based on the work undertaken in the course of the audit.. the informallon given in the Trustees, R8POrt for the financial year for which the financial stalernents are prepared is consislenl ¥th the financlal ststemenls. the Trustees, Report has been prèpared in accordance with applicable legal requSrements. Matters on whlch we are requlred to report by exceptlon In tha Ilghl of our knowledge and understandlng of the charitab18 company and hs envlronmenl oblainod in the course of the audit, we have nol identified material misstatements in the Trustees, Report. We have nothing lo report In respect of the folloring matters In relation lo whlch Companies AGt 2006 requires us to report lo you if, in our opinion.. 8dequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement wllh tho accounting records and relurn8', or Certain disdosures of TTUStees' r8munerallon 8peclfied by law are not madè.. or we have not received all the information and explanations we require for our 8udil', or the Trustees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lake advantage of Ihe small cornpanies, exemptlons in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Responslbllltles of trustaas As explained more fully in th6 Trustees, Responslbilltl8s Statement. the Truslees (who ar8 a180 the dlreclors of th8 Charitable Company for the pu¥pose8 of company law) are responsible for the proparalion of the financial slalemenls and for being satisfied that they giv8 a true and lair view. and for such intemal control as the Trustees de18rmin8 Is necessary lo enable the preparation of financial slalemenls that are free Irom material mlsslatemenl. whether due to fraud or error. In preparlng th6 financial slatemenls, the Tnjstees are responsible for assesslng the charitable ¢ompanls abillly to contlnuè as a going concern, disclosing, as applicable, maller8 related lo going concern and using the going concern basls of accounting unless th8 Trusl88s either intend lo liquidate the charitabl8 company or to cease opgratlons, or have no roalislic alternative bul lo do so. Audltors. re$ponslbllltle$ for th• audit of the flnanclal statements Qur objeolives are lo oblaln asOnable assurance about whether the financial 51algmenls as a whole are free from Mate81 misgtalemenl. whether du6 lo fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of a55urance, bul is not a guarantee that an aud51 conducted in awrdance with ISAS IUKI wll always delect a material misslatemenl when il exists. Misstatements can arl80 from fraud or error and are considered material if, individually or In the aggregate, they could reason8tY be expected to Influence the economic deaslons of users taken on the basis of Ihase flnanclal slalemenls. Page 10
Unlversity of Wolverhampton Students, Unlon IA Company Limited by Guarantaol Independent Audltors. Report to the Member5 of Universlty of Wolverhampton Students, Union {contlnuedl Irregularities, Including fraud, are Instances of non-compliance wllh laws ané regulallons. We deslgn proc8dur88 in line with our responsibilities, outlined above. lo delecl material misslalemenls in respect of irregularities. Including fraud. The extent lo whSch our procedures are capable of dgleGting irregularllS8s, including fraud is detailed below. Our approach to identifwng and assossing the risks of malerlal misslatemenl in reswl of irregularilies, including fraud and non compliance with laws and regulations, was as follows.. the senior statutory auditor ensured that the engagement team collectSvety had the appropdale competenco, capabilities and skills lo identify or recognlse non compliance with applicable laws and regulations., we Identifled thé laws and regulations appllcablg lo the company through discussions with dlreclors and other management, and from our commercial knowledge and experience of the soctor,. we focused on specific laws and regulations which we considered may have a direct material effect on the flnancial slalements or th8 operations of the company, indudlng the flnanclal reporting leglslallon. Companies Act 2006, laxatSon Iggislation, anti-bribery, employment, and environmental and health and safaly legislation.. we assessed the extent of compllance wllh the laws and regulations identified abovo through making enqulrles of management and Inspecting legal correspondence., and identified laws and regulations were communicated within the 8udll team regularly and th8 188m remalned alert lo instances of non compliance throughout the audit. We assossed the suscepllblllty of the charitable company's financial statements lo material mlsslalemanl. including oblalnlng an understandlng of how fraud might occur. by.. making enqulrles of management as to where they conslderad there was suscepttblllty to fraud, Ihelr knowledge of actual, suspected and alleged fraud., 8nd considerlng the Intemal controls in place lo miUgale risks of fraud and non compliance with laws and regulations. To addres8 the rfsk of fraud through management blas and overrlde of controls. we.. performed analyiical prOdureS to idantlfy any unusual or unexpected r6lalionships', lesled journal enlyies to identify unusual transactions., assessed whether ludgements and assumpllons made in delermlning accountlng esllma168 ware Indlcatlve of polentlal bSas', and Investigated the rationale behlnd signlficanl or unusual Iransa¢lions. In response lo the risk of irregularilles and non compliance with law8 and r8gulations, we designed procedures which Included. bul were not IlmSled lo.. agr8elng financial slalem8nt disclosures to undering supporting documenlallon., reading the mlnutes of meetlngs of those charged wllh govomance,. enquiring of management as to actual and polenllal1Sllgation and claims,. and reviewing correspondence with HMRC, relevant regulators and the charftable coMpanS legal advisors. Because of the Inherent Ilm]ta0ns of an audit, there Ss 8 risk that we will not delecl all irregularilies, including those18adlng lo a material mlsslalement in the financial slalemenls or non-compliance with regulation. This risk Increases the more that compliance wlth 8 law or regulation Is removed from the events and Ir8ns8etions refl8¢led in the financl81 ststemenls, as we wll be lass likely lo become aware of instances of non.complianc8. The rlsk is also greater regardlng irregularilles occurrlng due to fraud rather than error, 8s fraud Involves inlenllonal concèalment, forgery, collusion, omlsslon or mlsrepres8ntalS0n. Page 11
Unlverslty of Wolverhampton Students. Unlon IA Company Llmlted by Guarantee) Independent Audltors. Rgport to the Memb&r$ of Unlversity of Wolv•rhampton Students. Vnlon Icontlnufjdl A further description of our re8ponsihilities for the audll of the finanolal sla18menls Is k)cated on Ihg Financlal Reporting Councifs website at.. m.frC.0r .uklauditorsres 0ll8ibll5116s. This descripllon fomis part of our Auditors. Report. Othor mattors The financial slalemgnts of the charltable company for the year ended 31 July 2022 were audited by Haines Watts Bristol Limhed. who expressed an umodifled opinlon on those flnandal stal8menls. An unqualifled audit report was issued and signed on 21 October 2022. Use ofour report This report is made solely lo the charitable comp8nls members, as a t)ody, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitable companls members those mallers we are required lo slate to them in an Auditors, Report and for no other purpose. To the fullest exlenl pemilled by law. we do not accept or assuma responsibility lo anyone other than the charitable company and its members, as a body, for our audit work. for this report, or for the oplnions we have formed. Mark Gurney (Senlor Statutory Audltor) for and on bghalf of Dains Audlt Llmltod Slalulory Auditoi Charterèd Accountants Bimiingham 23 October 2023 P8ge 12
Unlverslty of Wolverhampton Students. Unlon {A Company Llmltod byiGuaranteel Statement of flnanclal actlvltles {Incorporatlng Income and expendlture account) For the Ytar Ended 31 July 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable aclivilies.. Welcome Week Socielles TOTUM Other Iradlng 8Ctlvit19S Investments 1,341,328 1,341,328 1,213,380 231 4,829 1,323 24,228 5,595 231 5,967 7,621 1,182 47,126 697 4,829 1,323 24,228 5,595 Total Incomo 1,377.534 1,377,534 1,275,953 Expendlture on: Raising ftjnds Chadl8ble actlvllles.. Advice and Represenlallon Centro Sociètiès Sludenl Servlces 69,604 69,604 139,027 357.912 25.586 816,990 357,912 25,586 816,990 318,751 20,616 770,987 Total expondltur8 1,270,092 1.270,092 1,249,381 Nèt movement In funds 107,442 107,442 26,572 Reconclllatlon of funds.. Total funds brought forwar Net movement In funds 414,717 107,442 414,717 107,442 388,145 26,572 Totsl funds carrled fOard 522,159 522,159 414,717 The Slalemenl of Financlal Acllvltles Includes all gains and k)sses recognised in the year. The note8 on pages 16 10 34 form part of these financial slalem8nls. Page 13
Unlverslty of Wolverhampton Students. Unlon {A Company Llmlted by Guarantsel Reglstarod numbar: 07275807 8alance Sheet As at 31 July 2023 2023 2022 Note Flxed assets Tangible assets Current assets 13 11,462 4,779 Stocks 14 15 2,151 50,775 533,040 2,555 41,989 434,218 Dgblors Cash al bank and Sn hané 585,966 478,762 Creditors.. amounts falllng due wilhin one year 16 {75.269) {68.8241 Net Current O$Sets 510,697 409,938 Total assets less current liabilltles 522.159 414,717 Total net a88ets 522,159 414.717 Charity funds Unreslricled funds 17 522.159 414,717 Total funds 522,159 414,717 The Trustees ad(nowledge their responsiblllll88 for complying with tho requirements ol Ihe Act with respect lo accountlng reconls and preparation of financial statements. The financial slalemenls have been prepared Sn ac¢ordanc8 wllh th8 provisions applicab to entities subject lo the small companies regime. The finat)clal slalements were appioved and aulhor188d for Issue by the Trustees on 23 October 2023 and slgnad on Ihelr behalf by. Sarah B18h Chalr of Trustees The notes on pages 16 to 34 fom) part of these financial statements. PBge 14
Unlverslty of Wolverhampton Students. Unlon (A Company'Llmlted by Guarant801 Statem8nt of Cash Flows For the Year Ended 31 July 2023 2023 2022 Cash flows from operatlng actlvltles Nel cash uséd in operating acllvities 107,950 13,9461 Cash flows from Investing actlvltles Purchase of tangible fixed assets 19,1281 Net eash lus8d Inllprovided by Investlng actlvltlès 19,1281 Cash flows from finanelng actlvltlas Net cash provided by flnancing activltle$ Change In cash and cash equlvalents In th& year Cash and cash equivalènts at Ihe beglnning of the year 98.822 {3,946) 438,164 434,218 Cash and cash èqulvalents at the end of tho year 533,040 434,218 The note8 on pages 16 10 34 form part of these financial stotemenls Page 15
Unlverslty of Wolverhampton Studonts. Unlon IA Company Llmlted by Guaranieel Notes lo tha Financial Staternents For tho Year Ended 31 July 2023 General Infom)atlon UnSversity of Wolv8rhamplon Students, Union is a charitable company incorFK)raled under Ihg Companies Act in England and Wales and registered with the Charity Commission for England and Wal8s. Tho address of the registered office is given in the reference and administration section. Thè nature of the charity and group's activities are given in the Trustees. report. Accountlng pollcles 2.1 Bosss of preparatlon of flnanclal statemants The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Ch8ritses'. Statement of Recommend8d Practice applicable to charities preparing their accounts in accordancé with the Financial Reportlng Standard applicable In the UK and Republic of Ireland IFRS 102118ffectSve l Janu8ry 2019}, the Flnancial Reportlng Standard applbcable In the UK and Republlc of Ireland IFRS 1021 and the Companles Act 2006. Univorslly of WolveThampton Students, Union meois the definition of a publlc bengfil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transactlon value unless olhenKise stated in the relevant a¢counting policy. 2.2 Golng concern Al the time of approving the fln8ncial slalemenls, the trustees have a reasonable expectation that the ¢h8rilabla company has adequate resourc8s lo continue in operational exislence for the foreseeable future. Thus the Irusl8es continue lo adopt tha going concern basis of accountlng In preparSng the financial slatemenls. 2.3 Income All income is recognised once the charitable company has enllllemont lo the income, il is probable that the income will be received and the amount of income recelvable can be measured reliably. The Students, Union recelve8 a block grant and other ml8cellaneous grants from the University of Wolv8rh8mplon each flnanclal year. These are included within donallons and Iggacies on a receivable basis. Donal8d serves are facilllies donated by the Unlversily of Wolverhampton Bre Included wllhin donations and legacies at IheSr esllmaled value lo the Slud8nls' Unlon wh8n rec8lv8d, and undar tha approprlale expenditure heading depgndSng on the nature of the service of facility provldad. Tlme donated by Ihg Students, Unlon members is not recognlsed the flnanaal statements are this cannot be rellably measur8d. All income from charflable aclivilies and trading acllvities are recognised on an 8ccru818 basls, exclusive of value added tsx, with any money recelve(S for s6rvices provlded after the year end deferred. Olhor inoome Is edIted to the Slalemenl of Financial Activities inl he year in which il is receivable. Page 16
Unlvèrslty of Wolverhampton Students. Unlon IA Company Llmlted by Guaranttel Notss to the Financlal Statements For,the Year Ended 31 July 2023 Accountlng policles Icontlnued) 2A Expendlture Llabililies are recognised as 8xpendilure as soon as there is a legal or consinjclive obligation committing hte charity lo that expenditure, il is probable that a transfer of economic benefits will be requir8d in settlement and the amount of the obligatlon can be measured reliably. Expenditure is accounted for on an accmals basls and has been classified under headings that aggregate all costs related to the category. Allocatlon and apportionmant of cost$ Where costs cannot b8 directly attrlbuted lo partlcular headlngs thèy have bean allocated lo activities on a ba818 consistent th the use of resources. 2.5 Intero91 recelvabl8 Interest on funds held on d8posII is included when reGelvable and the amount can be measured reliably by the choritable company., this is nomially upon nollflcallon of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Tanglble Ilxed assats and depraclatlon Tanglble fixed assets costing £1.000 or more are ¢aplla1ised and recognlsed whèn future economic benefits ar8 probable and the cost or value of the as861 can be measured rellably. Due lo Ihe layge number of smaller purchases rnade in the current yoar and likely to be made In fvture years regarding the regeneration plan, some items have been capilalised whlch fall below Ihis cost threshold due lo the high volume of p¥Jr¢hases made. Tanglble fixed assets are initially recognised al cost. After recognition, undgr the cost model, tangible rixed assols are measured al cost less ac¢umulaled deprecialion and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be Includgd in the mèasurement of cost. Depreciation Is charged so as to allocate the cost of langlb18 fixed as$81s less Ihfjlr residual value over their estimated usefijl Iiv8s. uslng the stralghl-llne method. Depreciatlon Is provided on the followng basls: 330A slr8ighl line 20% slralghl line Fixluros and fittings Improvements lo property Th8 assets. residual values, useful lives and deprgciation methods are reviewed, and adjusted prospe¢lively if appropriale, or if there Is an indication of a significant change since the last reporting date. 2.7 Stocks Stocks are valued al the lower of cost and n81 roali8able value after maklng due allowance for obsolete and slow-moving stocks. Cost Includes all direct costs and an approprlale proportion of fixed and variable overheads. Pag8 17
Universlty of Wolverhampton Stud8nts' Unlon 'i{A Company Llmlted by Guarantèe} Notes to the Finan¢lal Statements For tha Year Ended 31 July 2023 A¢counting pollcles {continuedl 2.8 Debtors Trad8 and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and In hand Includes cash and short-lerm hlghly liquid Inv6slmenls wllh a short malurlly of three months or less from the dale of acqulsition or openlng of the deposll or slmllar accA)unt. 2.10 Llabllltl8s and provlslon$ Liabiliti88 are recognised when thore is an obligation al the Balanc8 Sheet dale as a result of a past event. il is probable that a transfer of e¢onomic benefit will be required in selllement. and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amount that th8 charitable company anlS¢ipates it will pay lo settle the debt or the amount il has received as advanced paymtsnls for the goods or seNices il musl provlde. Provisions are maasured al th8 bost estimate of th8 amounts required to settle the obligation. Where tha effect of the lime value of money is material. the provision Is bas8d on the present value of those amounts, discounted al the pre-tax dlscounl rate that reflects the rlsks specSfiG lo the liabillly. The unwinding of the discount is recognlsed In the Statement of Flnanclal Activities as a finance cost. 2.11 Flnanclal Instruments The charitsb16 company only has financial assets and financial1Sabilllies of a kind th81 quallfy as basic flnancial instruments. Basic financial instruments are inltially recognisod at transaction value and subsequently measured al their selllement value wllh the exception of bank loans whSch arfj subsequ6nlly measured al amortised cost using the effective inlorest method. 2.12 Penslon costs and other post6quIreMént bonefits The charitable company operalas a defined conlrihutlon penslon scheme and the penslon tharge represents the amounts payable by the charitable company to the fund In rospect of the year. 2.13 Fund accountlng Gen8ral funds are unreslri¢led funds which are available for use al the dlscrelion of th8 Trustees in furtherance of the general objectives of the charitsble company and which have not been designated for other purposes. Designated funds comprise unreslrlclad funds that have been sel aslde by the Trustees for particulor purposes. The aim and use of each designated fund is set out In th8 nolos lo th8 flnan¢i81 slatemenls. Page18
Unlverslty of Wolvgrhampton Students. Unlon {A Company Limited by Guarantoel Notes to the Flnan¢lal Statements For the Year Ended 31 July 2023 Income from donatlons and1ggacl8s Unre8trlcted funds 2023 Total funds 2023 Donated seiceS and facili118S Grants 326,328 1.015,000 326,328 1.015,000 1,341,328 1.341.328 Unreslricled funds 2022 Total funds 2022 Donated services and facililles Grants other grants 188,860 1,015.000 9.500 188,860 1,015,000 9,500 1.213.360 1,213,360 Pag8 19
Unlverslty of Wolverharnpton Students, Unlon (A Company Llmltod by Guaranteo) Notes to the Flnancial Statements For the Year Ended 31 July 2023 Income from charltable actlvltles Unrestrlcted funds 2023 Total funds 2023 Welcome week income Society incomo TOTUM card sales 231 4,829 1,323 231 4.829 1,323 6,383 6,383 Unreslricled funds 2022 Totsl funds 2022 W8lcome week Incom6 Soclety Income TOTUM card sales 5,967 7.621 1,182 5,967 7,621 1.182 14,770 14,770 Page 20
Unlverslty of Wolverhampton Studénts. Unlon IA Company Llmltgd by Guarantee) Note8 to the Flnanclal Statements For the Year Ended 31 July 2023 Income from other tradlng actlvltles Income from fundraising events Unrestricted funds 2023 Totol fundy 2023 Events Advertlslng Income The SU Lounge 4,249 2,390 17,589 4,249 2,390 17,589 24,228 24.228 Unreslrlcled funds 2022 Total funds 2022 Events Advertising income Th8 SU Lounge 3,177 8,3 35,046 3.177 8,903 35,046 47,126 47,126 Investment Income Unr•6tr1ctad funds 2023 Total funds 2023 Bank Interest 5,595 5.595 Unreslri¢led funds 2022 Total funds 2022 Bank Inler8s1 697 697 Page 21
Unlverslty of Wolverhampton Students. Unlon IA Company Llmlted by Guarantee) Notes to the Financial Statgmants For the Yèar Ended 31 July 2023 Expondlturn on raising funds Fundralslng tradlng expenses Unrestrlctad funds 2023 Total funds 2023 Events Thè SU Lounge Wages 8nd salarias Social securSty costs Ponsion costs 6.189 18,110 42.565 1,942 798 6,189 18,110 42,565 1,942 798 69.604 69,604 Unreslricled funds 2022 Total funds 2022 Events Advartlslng The SU Loung8 Wages and salailes Sory81 security costs Penslon costs 16,353 90 28,632 85,688 4,939 2.024 1,301 16,353 90 28,632 85,688 4,939 2,024 1.301 Depreciation 139,027 139,027 Pagé 22
Unlverslty of Wolverhampton Students. Unlon {A Company Llmited by Guarant¢g1 Notes to the Financlal Statements For the Year Ended 31 July 2023 Analysls of expondlture on charltablg actlvlties Summary by fund type Unrestrlcted funds 2023 Total 2023 Advlce and Representation Centr8 Societies 357,912 25,586 816,990 357,912 25,586 816,990 Student Services 1.200,488 1.200,488 Unrestricted funds 2022 Total 2022 Advice and Representation Centre Societies Student SeNic8S 318,751 20,616 770,987 318,751 20,616 770,987 1,110,354 1,110.354 Pag8 23
UnSverslty of Wolverhampton Student$. Unlon IA Company Llmltsd by Guarantee) Notes lo the Finan¢lal Statemènts For the Year Ended 31 July 2023 Analysls of expendlture by actlvltle8 A¢tlvltlas undertakèn directly 2023 Support costs 2023 Total funds 2023 AdCe and Represenlalion Centr8 Socl81i&s Student S&rvlces 167,617 9,237 245,216 190.295 16,349 571,774 357,912 25,586 816,990 422,070 778,418 1,200.488 Aclivllles undertaken directly 2022 Support costs 2022 Totsl funds 2022 Advlce and Representation Centre Socielles Student Serylces 114,021 7,375 275,793 204,730 13,241 495,194 318,751 20,616 770.987 397,189 713,165 1,110,354 Page 24
Unlverslty of Wolverhampton Studonts. Unlon IA Company Llmlted by Guaranttel Notes to the Flnanclal Statements For the Year End•d 31 July 2023 Analysis of expendlturé by activltles Icontlnuedl Analy818 of support costs Advlc8 and Representa- tlon Centrè 2023 student Services 2023 Total funds 2023 Soclelles 2023 Staff costs Human rewurces Financa Manag8mant Marketing Governance 54,832 18.747 10,201 99,058 5.617 1.840 4,723 1,572 879 8,532 484 165,162 54,962 30,929 298,258 16,920 5.543 224,717 75,281 42,009 405.848 23,021 7,542 159 190,295 16,349 571.774 778,418 AdvSce and Representa- tion Centre 2022 student Servlc8s 2D22 Total funds 2022 Societies 2022 staff costs 95,882 32.484 4,329 63,059 5.985 2,991 6,203 2,101 280 4,079 385 193 231,917 78,569 10,469 152,527 14,476 7.236 334.002 113,154 15,078 219,665 20,846 10,420 Human resource8 Finance Management Marketing Goveman¢e 204.730 13,241 495.194 713,165 10. Audltors, remuneratlon 2023 2022 Fges payable lo the charitable companys auditor for the audll of the charitable CoMpanS annual accour)ts 9,500 8,010 Page 25
Unlverslty of Wolverhampton Studonts. Unlon {A Company Llmlted",by Guarante81 Notes to the Financial Statements For thg Yoar Ended 31 July 2023 11. Staff costs 2023 2022 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 586,290 36,306 11,594 711,074 45.847 16.621 634,190 773.542 The average numbor of persons employed by the charitable company during thè year was as follows.. 2023 No. 2022 No. Full Time Sludent Staff 19 33 23 37 S2 60 The number of employees whose employee benefits (excluding employer pension costs) èxcee(Sed £60,000 was: 2023 No. 2022 In the band £60,001- £70,000 12. Truste•s' remunorallon and expensès In accordance with the University of Wolverhampton Sludgnls, Union memorandum and artlcles of association, salaries and employer pension contributions of £65,242 12022 - £75,314) were paid lo the elected officers in respect of qualifwng s&rvices. During the year ended 31 July 2023, no Trustee expenses have bean Incurr8d12022- £431. Page 26
Unlverslty of Wolverhampton Students. Unlon {A Company Llmlted by Guarantee) Notes to the Financial Stalomènts For tha Year Ended 31 July 2023 13. Tanglblo flx8d assets Fixtures and Improv8M&nts to property Total Cost At 1 August 2022 Addlllons 114,190 8,239 9,128 122,429 9,128 At 31 July 2023 114,190 17.367 131,557 Dopreciation At 1 August 2022 Charge for the yèar 113.393 797 4,257 1,648 117.650 2.445 Al 31 July 2023 114,190 5.905 120,095 Not book value Al 31 July 2023 11,462 11,462 Al 31 July 2022 797 3,982 4,779 14. Stocks 2023 2022 Goods for rosale 2,151 2,555 Page 27
Unlverslty of Wolverhampton Students, Unlon IA Company Limlted by Guarant68) Notes to the Financial Statements For th• Y•ar Ended 31 July 2023 15. Debtors 2023 2022 Due withln one year Trade debtors Other debtors Prepayments ané accrued income 1.928 15,942 32,905 93 13,659 28,237 50,775 41,989 16. Crodltors: Amounts falling due wlthln one yoar 2023 2022 Trade creditors Other taxaUon and social security other creditors Accruals and deferred income 50,307 4,437 2,823 17,702 43,870 8.222 2,030 14,702 75.269 68,824 Paga 28
Unlverslly of Wolverhampton Student$. Unlon IA Company Llmlted by Guaranta81 Notés to the Financlal Statements For the Year Ended 31 July 2023 17. Statement of funds Statement of funds - curr9nt year Balance at I August 2022 Transfèrs Balanca at Inlout 31 July 2023 Income ExndItre Unrestricted funds Deslgnatad funds Capllal Improvements res8Ne Socielles Flxed asset reseNe Operallng re8ewe Regeneration fund Regneralion fund Icapilal) Cost of Ilving reseNe Website reserve 50,000 3,171 4,779 265.730 (50.000) 4.829 11.6651 12,445} 6,335 2.334 252,763 110,872 9.128 50,000 8,000 (12.967) 110,872 9.128 50,000 8,000 10.500 staff discretionary bonus 110,5001 323.680 4.829 {14,6101 125,533 439,432 General funds General funds 91.037 1,372,705 {1.255.482) (125,533) 82,727 Total Unrestrlcted funds 414,717 1,377,534 11,270.092) 522.159 Page 29
Unlverslly of Wolverhampton Student$. Unlon {A Company Llmlted by Guarantee) Notes to the Financial Statement$ For the Year Ended 31 July 2023 17. Statement ol funds {contlnuedl Statement of funds - prlor year Balance al 1 August 2021 Transfers 8818nce al inloul 31 July 2022 Income Expenditure Unrèstricted funds Doslgnat8d funds Capitsl Improvements reserve Societies Flxed asset reserve Operallng res8Ne COVID-19 hardshlp fund 50,000 2,925 8,956 252,169 400 50,000 3.171 4.779 265,730 246 14.177) 13,561 14001 314,450 {4,177) 13,407 323,680 Gen8r81 funds General funds 73,695 1,274,453 11,243,704) 113,4071 91,037 Total Unrestrlct8d funds 388.145 1,274,453 11.247,8811 414,717 Re$trlct8d funds Restricted Funds 11.5001 Total of funds 388,145 1.275,953 {1,249.381) 414,717 Page 30
Universlty of Wolverhampton Students. Union IA Company Limlted by Guaranlg81 Notes to the Flnanclal Statements For the Year Ended 31 July 2023 17. Statemant of funds {contlnued) Included wilhln unrestricted funds are the following deslgnaled funds.. Soelètiès Any unspent income at the end of the year, whether raised by members or as a result of unspent grant income from the Unlon, is Carriod forward for us in future periods. Any deficit of a SOCAely al the end of the year is w¥itlen off to the SOFA so as not lo prejudi future members of that society. Fixed asset reserve and rag&n•ratlon fund Icapltall The fixed asset reserve and regenerallon fund (capltall reflect fixed assets already purchased. As these assets are depreclated, a transfer Is made from the designated reserve to the g&no¥al reseNe. Operatlng reserve Tho operating reserve represents three and a half months of operallng costs In line wth the Union's slated feserves poli¢y. Rggeneration fund and webslle reserye The rggeneralion fund and website Tèserve represfjnl funds sel aside for future Capital projects. Capltal Improvement re50rve Th8 historic capital improvement reserve has baen redesignated to fomi part of the regeneration fund. Cost of Ilvlng re801V8 The cost of Ilvlng res8N8 represents funds to support individLFals through the ongoing cost of living crl81s. General fund Al the end of the year, the general fund, which is used for the ongoing business of the Union. slo¢xl al £82,727 {2022- £91.0371. Page 31
Unlversity of Wolverhampton Students. ijnlon IA Company Limlted by Guaranteol Notas to the Flnancial Statements For the Y•ar Ended 31 July 2023 18. Summary offunds Summary of funds- currentyear Balance at 1 August 2022 Transfers Balanc8 at Inlout 31 July 2023 Income Expgnditure D8signal8d funds General funds 323,680 91,037 4,829 (14,6101 125,533 1,372,705 11,255,482) 1125,5331 439,432 82,727 414,717 1,377,534 11.270,0921 522,159 Summary offunds- prloryear Balance al 1 August 2021 Transfers Balan al Inlout 31 July 2022 Income Expenditure Designatad funds General funds Reslrlctsd funds 314,450 73,695 14.1771 1,274,453 {1,243,7041 1,500 11,5001 13,407 113,4071 323,680 91,037 388,145 1,275,953 {1,249,3811 414,717 Page 32
Unlverslty of Wolverhampton Student$. Unlon {A Company LSmlted by Guarantoel Notes to the Financial Statements For tha Year Ended 31 July 2023 19. Analys18 of net assets betrjeen funds Analysls of nat assgts betwoen funds- current year Unrestrlctèd funds 2023 Total funds 2023 Tangibla fixed assels Curronl assets Creditors due wilhln one year 11,462 585,966 {75,2691 11',462 585,966 175.269) Total 522,159 522.159 Analysls of net assets between funds - prior year Unreslricl8d funds 2022 Total funds 2022 Tangible fixed assets cuent assets Credllors due wilhln one year 4,779 478,762 168.824) 4,779 478,762 168.8241 Total 414,717 414,717 20. Reconclllatlon of nat mov•mant in funds to net cash flow from operating activities 2023 2022 Net Income for the year las per Slalemenl of Flnanclal Aclivlllesl 107.442 26,572 Adjustments for: Depr8cSallon charges Decreasel(increasel In stocks Ilncreaselldecrease in debtors Increasel{decrease) In creditors 2,445 404 16,3331 3,992 4,177 15871 15,367 149,4751 Net cash provlded byllused Inl oporatlng a5VIlle$ 107,950 {3,9461 Pag8 33
Unlverslty of Wolv8rhampton Studonts. Unlon {A Company Llmltod by Guaranl8el Notes to the Flnan¢lal Statements For thè Year Ended 31 July 2023 21. Analysis of cash and cash equivalents 2023 2022 Cash In hand 533,040 434,218 Total cash and cash equlvalents 533,040 434,218 22. Analy818 of changes In net debt At 1 August 2022 Cash flows At31 July 2023 Cash al bank 8nd In hand 434.218 98,822 533,040 434,218 98,822 533,040 23. Related party dl8cIo8urè8 The University of Wolverhampton Students, Union received a recurrent block grant from the University of Wolverhampton of £1,015,000 12022 £1,015,000) during th8 year. In addition the Union receSved olhor grants arbd other income of £1,55412022 - £16,368) during the year. There were no balanS outslandlng at the year end12022- none). Th8 Unlon made purchases of £5,401 12022 - £8.003} from the Unlverslty ol Wolverh8mplon durfng th8 year. The balance owed lo the University al the year 8nd was £5.500 {2022- £1401. The Unlon occuplgs the Unlversrtvs bulldlngs on a rent free basss under a fomial arrangement al the Cfty Campus and an infomial basis al the Walsall & Telford Campus. In accordance with the Charf(ies SORP FRS102 the trustees have eslimaled the use of the bulldings and utillties with reference to market rents al £326,328 {2022 - £188,860). TrLtslee and key rnanagemenl personnel remuneration for the year was £170,25112022 - £134.9341. 24. Pension oommitments The Unlvarslly of Wo8rhampl0n Students, Unlon operates a daflned conlrlbuuon penslon SGhemo. Tho assets of thè schem& are held In a saparalely admSnlslered fund. The pension cost Charge represents contributions payable by the Unlon lo the fund and amounted to £11,59412022- £16,621). Inlcuded wllhln other creditors are unpaid pension contrlbulions of £2,82312022 - £2.0151. 25. Ultlmato Controlllng party The ultimate control of the University of Wolverhampton Stud8nls' Union is vested under the Conslilullon in the members in General Meetings. As such no single person or entity controls the Unlon as deffined by Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ir81and'. Page 34