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
B1￿1n 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 un￿arSIty 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 w￿h 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 S￿letIes 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
1￿MIted 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 Un￿er$ity agreed a
comprehensive dala-sharing agraèmenl in November 2019.
d. Management structure
The Students, Unlon employs professional staff lo ensure effective management of its many actlvltles and lo
Impl8rngnt the policy decisSons made by the Board of Trustees and Union Council. There is delegated authorlly,
through the Chief Executive Officer, for operational decislon-making and accountability wllhin the various areas
of Ihe Sludenls, Unlon, in accordance wlh agreod slruclures.
Statement of Trustees, rè8ponslbllltla$
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 CoMpan￿S 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 a￿d.
except to the exlenl othe￿19e 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 follo￿ring 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 Mate￿81 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 reason8t￿Y 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 prO￿dureS 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 under￿ing 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 coMpan￿S legal advisors.
Because of the Inherent Ilm]ta￿0ns 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 fO￿ard
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 post￿6quIreMént 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 se￿iceS 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
Ad￿Ce 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 CoMpan￿S 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 Ex￿ndIt￿re
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$. Unlon
{A Company LSmlted by Guarantoel
Notes to the Financial Statements
For tha Year Ended 31 July 2023
19. Analys18 of net assets betrjeen funds
Analysls of nat assgts betwoen funds- current year
Unrestrlctèd
funds
2023
Total
funds
2023
Tangibla fixed assels
Curronl assets
Creditors due wilhln one year
11,462
585,966
{75,2691
11',462
585,966
175.269)
Total
522,159
522.159
Analysls of net assets between funds - prior year
Unreslricl8d
funds
2022
Total
funds
2022
Tangible fixed assets
cu￿ent assets
Credllors due wilhln one year
4,779
478,762
168.824)
4,779
478,762
168.8241
Total
414,717
414,717
20.
Reconclllatlon of nat mov•mant in funds to net cash flow from operating activities
2023
2022
Net Income for the year las per Slalemenl of Flnanclal Aclivlllesl
107.442
26,572
Adjustments for:
Depr8cSallon charges
Decreasel(increasel In stocks
Ilncreaselldecrease in debtors
Increasel{decrease) In creditors
2,445
404
16,3331
3,992
4,177
15871
15,367
149,4751
Net cash provlded byllused Inl oporatlng a￿5VIlle$
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 balan￿S 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 Wo￿8rhampl0n 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