Registered number.. 07275807 Charitu number.. 1136470 Unlversity of Wolverhompton Students, Unlon Tru5tees' Report ond Financial Stotements For the Yeor Ended 31 July 2024 JDAINS
AUDIT
University of Wolverhampton Students, Union (A Company Limlted by Guorontee) Contents Page Reference ond Administrative Oetails of the Charitable company. Its Trustees and Advisers Trustees, Report Independent Auditor's Report on the Financial Statements 9-12 Statement of Financlal Activities 13 Balance Sheet 14 Stotement of Cash Flows 15 Notes to the Flnanclol Stotements 16-36
University of Wolverhampton Students, Union (A Company Limlted by Guarantee) Reference ond Administrative Details of the Choritable compony. its Trustees and Advisers For the Year Ended 31 July 2024 Trustees Adeuemi Adebayo. Sabbolicol Offlcer (appointed 1 July 2024) Yetunde Adedipe. Sabbatical Officer Opeyemi Adeyemi, Sabbatical Officer Oluwofunbi Bobalunde. Sabbatical Officer Chetan 8halti, External Trustee (resigned 12 August 2024) Sarah Bishop, Externol Trustee (resigned 31 October 2023) Michael Campbell. Lay Trustee (appointed 9 August 2023) Anil Chahal. Lay Trustee Derek Kltchen. Lay Trustee (resigned 13 September 2024) Stuart Ncculloch. Lay Trustee (oppolnted 29 January 2024, resigned 7 November 2024) Bisola Olatunji. Sabboticol Officer (resigned 30 June 2024) Dr Jonathan Shapiro, Loy Trustee (appointed 9 December 2024) Company registered number 07275807 Charlty reglstered number 1136470 Registered office Wulfruna Street Wolverhampton West Midlands WV11LY Independent auditor Dains Audit Limited 2 Chamberlaln Squore Poradise Circus Birmingham B3 3AX Page 1
University of Wolverhampton Students, Union (A Company Limited by Guarontee) Trustees, Report For the Year Ended 31 July 2024 The Truslees present thelr onnual report together with the audited financlal statements of the Universitu of Wolverhompton Students, Union for the year 1 August 2023 to 31 July 2024. The Annual Report serves the PLJrposes of both a Trustee5' report ond o directors, report under company law. The Trustees confirm thot the Annuol Report and flnanclal slolements of the choriloble company comply with the current stotutory requirements. Ihe requSrements of the chariloble compony's governing document ond the provisions of the Stutement of Recommended Practice (SORP) opplicable to choritles preporlng Ihelr occounts in accordance with the Flnanclol Reporting Standord applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). Since the chorltoble compony quallfies as small under sectlon 382 of the Companies Act 2006. the Strategic Report required of medium ond large companie5 under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omltled. Objectives and activlties a. Objectives and aims As laid out in the Students, Union (SU) governlng docLJment the objects remain os.. The advoncement of education of students ol the University of Wolverhampton for the public benefit by- Promoting the interests and welfare of students at the University of Wolverhampton durlng thelr COLJrse of study ond representlng. supporting ond advising sludents Bebng the recognised repre5entotive channel between students ond the University of Wolverhampton and any other external bodies Providing sociol. cultural, sporting ond recreatlonal activities ond forums for discusslon ond debate for the personol development of its students The core aims of the Students Union remain.. To enhance the student voice across the University To maximise the student experlence for oll students To promote and support students, success In settlng objectSves (Tnd plonnlng for octivities, the Trustees hove glven due considerotion to general guldance published by the Charity Commission reloling to public benefit, including the guidance 'Public benefit. running a charity (PB2)'. Achievements and performance a. Main ochievements of the charitable company It hos been a year of conlinued progress. poslllve Impoct ond achievement. Signiflcant highlights hove been the successful launch of the Regenerotbon Project and the completion of our new Strateglc Plan (2024-7). Poge 2
Universlty of Wolverhampton Students, Union (A Company Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 July 2024 Achlevements and performance (contlnued) Strotegic Plan 2024-7 Our new Strategic Plan is rooted in the needs of our diverse student body and recognlses the unique challenges ond opportunities our studenls moy foce. The Unlversity of Wolverhampton stLJdent populotlon Is diverse. with mony students from backgrounds traditionally less likely to ottend higher education. OLJr Strategic Plan is co-designed with students and the engagement process involved consultotlon with 1.666 students through surveys. focus groups. engagement week, plus a stakeholder survey ond workshops involving sloff ond Irustees. A Tosk and Finish Group involving both stoff. trustees ond students oversaw the drofting of the Strategic Plan. There is obsolute conviction that the vision, mission, volLJes ond priorities continLJe to resonate.. Vision Proudly Wolverhompton. Insplrlng ond empowering all students get the best out of un1versity and life. Mission At the heart of the student communlty. our mission is to make life better for students. amplify student voices. provide exciting events. octivities, ond opporlunllies. and deliver services wilh impoct. Values.. Supportive Inclu51ve Brave Innovotlve Four Student Prlorltles: Student Volce Belonglng & Community Wellbeing & Support Opportunity & Skills The Strotegic Plon provides a cleor direction of trovel for the SU for the next 3 yeors and an Impoct report will be produced at the end of the year. b. Revlew of actlvltles Regeneration Project A special highlight for us this year hos been our Regeneration Project, where we hove transformed the SU inlo a beautiful. welcomlng, and vibront space for our members. Students were very much at the heart of thls project. Involved in every aspect Includlng market research, deslgn ond now dellvery. After olmost u 20-year absence, we have established o bar back on City campus (Luna Lounge), a Oeli (Deli Moon café) and omozlng social space (The Den) and created valuable poid employment opportunities for our student5. These facilities have helped us to broaden our reach. bulld deeper connectlons wlth students and between different student communitie5 $0 we can celebrote our diverse cultures together. We have created a vibrant home. and It has certolnly Injected o sense of pride. Poge 3
University of Wolverhampton Students, Union (A Companu Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 Julu 2024 Achlevements and performance (continued) We hove delivered an incredible ronge of 84 events with an estimated 77.484 students, frlends. fomily and visitors allending various engagements throughout the yeor. They include quiz2es. karaoke, film nights. muslc event5, family events Includlng porlies for the chSldren of moture students, wellbelng events, conferences such os Block Resistonce Conference, Society events such os the Nepalese New Year Celebrolions ond the Lar)gar, os well os exlernol events such as The Wolverhampton Fllrn Festivol. We olso hosted for the very first time. Ihe groduollon drinks receptions in March ond it was wonderful to see our students celebrating with their friends and families. Our student services Advice and Representation Centre (ARC) continues to provide hlgh quolity, free, confidentlol. and ImportiCs1 odvice, and Ihis yeor they supported 1556 students. ARC also successfully went through a rigorous exlernol oudlt and secured the Advice Quality Stondard Award, which recognises the quallty of our services. Societies brlng vlbroncy. skills development, fun ond friendship to the student experience. We contlnue to grow societies, and we hove 88 societies with 832 members, and they cover the areas of Academic. Cultural. Entertalnment, Faith ond Worldvlew ond Hobbies and Inlerest. The folth ond cultural societles especlolly ploy o key role in creotlng o sense of community and belonglng and we have been involved in celebrating mony cultural event5 such as Eid. Diwali. Chrlstmas. ond Easter, Student Voice is veru much ot the heort of the SU and we delivered our electlon in Morch with 1444 students castlng o lotol of 4505 votes across the 4 Sobbaticol p051tions. There had been o trend of increased voting numbers for the last few years. but this year saw o decreose. The election timeloble colnclded with the cyber Incldent which coused a temporary disruption on compus and the election wos rescheduled and a new system of voting had to be creoted. This year we hove increased the number of Course Reps, creoted a new feedback system, held o number of Student Councll Neetlngs ond a successful Annual General Meeting. Our elected Sabbatical Officers have had a busy year supporting students on a wide vorlety of projects. campaigns. and strotegies. They have contributed towards both the SU (Stroteglc Plan 2024-7) and the Universlty's 2035 Strotegy, as well os contributing towords policy development ot the University. They have spearheaded a number of campaigns includlng. Black History Year A dynamic and engaging year-long campaign celebrotlng black heritoge Including o Black Resistance Conference. trip to the International Slovery Nuseum In Liverpool ond a Black Hlstoru themed Karaoke Nlght. Cost-of-Living This year hos also been about hardship and challenges. The cost-of-living crisis hos affected our students, ond we hove continLJed lo work with local charities such os the Sont Zora Singh Lopon Chorltoble Trust to support us wlth Items for food bags. We formed o new portnership with the Clty of Wolverhampton Council and secured for Ihe flrst time £20,000 from the Household Support Fund to distribute to students In need and we even hosted a number of cooking sesslons wlth the Councll's Community Chefs. so students can leorn lo cook and enjoy healthy ond affordable meals. For the first time. we orgonlsed o clothe5 swop and it helped students to hove a cost effectlve way of getting the clothes theu need, Students really enjoyed this. and It was greot for the envlronment too I Page 4
Universitu of Wolverhampton Students, Unlon (A Companu Limited bu Guarantee) Trustees, Report (continued) For the Year Ended 31 July 2024 Achievements and performance (continued) Wellbeing The Students. Union has continued to champion students. mental heollh ond wellbeing by working with a wide range of partners ond dellverlng o host of octlvltles and Initiatives oround self-core. eoting well, physlcol. ond mental wellbeing. This has Included free yoga cSosses scheduled to coincide with busy ossessment and exam periods, providing a dedlcoled space and time for student5 to unwlnd and prlorlllse thelr wellbelng. We have also built good partnerships with local agencies and run o range of drop In stalls where students can get support on a variety of issues such as personal sofety. oddiction. gambling. ond sexual health. Priorities for 2024/25 Our overoll priority for the next year Includes.. deliverlng on our new strategic plan with a strong focus on the four student prlorltles.. consolidoting the Regeneration Project - Luna Lounge Bor. Oeli Moon Café ond The Den,. further developlng the cost of Ilvlng campolgn and explore additlonal initiotives to oddress hardshlp amongst students., and deliverlng o year-long campalgn to celebrale ihe diversity of our student populotlon. Financial review a. Going concern After moking opproprlote enqulrles. the Trustees have a reasonoble expeclatlon thot the chorlloble compony h05 odequote resources to continue in operolionol existence for the foreseeoble future. For this reoson. they continue to adopt the going concern basis in preparing the financlal statements. Further details regarding the adoption of the going concern basis con be found In the accountlng policies. b. Flnonclal posltlon In the year to 31 July 2024 the SU generated a deficlt of £17.762 (2023.. surplus of £107.442). The total funds of the charitoble company decreosed f rom £522,159 to £504,397 representing a deficit on unrestricted f Ljnds of £17.988 less a surplus on restricted fLJnds of £226 giving a total movement of funds of £17,762. c. Reserves policy Scope of Reserves Policy and Definltion of "Free Reserves": The reserve policy covers all free reserves held at the SU. The SU defines free reserves os thut port of a charbty's Income funds that is freely ovoiloble to spend for anu or all of the chority's purpose5 once It hos met It commltments and covered its other plonned expenditure. Page 5
University of Wolverhampton Students, Union (A Compony Llmlted by Guarantee) Trustees, Report (contlnued) For the Year Ended 31 July 2024 Funds excluded from the definition of free reserves. and hence the policy. are.. Designated Funds Including Soclelies., The Operating Reserve (3.5 months, operatlng costs).. The Flxed Asset Reserve element of designoled funds, reflecllng the expenditure on fixed assets alreody purchosed., The Regeneration fund. cost of living reserve, website reserve and staff one-off discretionary bonus reserve. Reosons for Holding Reserves: The reserves policy determlnes the level of reserves required lo enoble to SU to.. fund working capital fund unexpected expenditure when unplanned events occur fund shortfolls in onticipoled income Calculation of Required Reserves: The policy for activities run by UWSU is based on its two major income streams affecting the level of free re5erve5.' l. University Block Gront (62.8% of total income) (2023 93.7%) 11. Trading Activity Income (4.8Q/o of totol Income) (2023 1.8%) The minlmum reserves requlred ore calcLJloted os.. "3.5 Months operating costs (os deflned by the onnuol budgeted orgonlsotional expenditure). known as the 'operating reserve It was agreed by the Trustees to Increase the measurement from 3 to 3.5 months in o prlor year to reflect the Impact of the pandemic. Reserves in excess of the required reserves ore held as 'free reserves, or 'designated reserves,. in accordance with the Trustee Board. If reserves foll below 3.5 months, operotlng costs for more thon 6 months. the Trustees would osk the management to formulate a recovery plan lo be submilled to the Trustee Board for approvol. If there are surplus funds above the mlnlmum level, the Committee should plon to utilise these within three years. The Union sets aside a designated reserve lo cover 5.5 months worth of operoting cosls so that there are sufficlent funds aovilable in an 'operoting reserve, to ensure adequate security for the Union exists. Structure, governance and management a. Governing document The charlty Is controlled by Its governing document ond consistutes o limited company registered Sn Englond and Wole5, limited by guarontee, as defined by the Componies Act 2006. The Students, Union is consistuted in accordance wlth Its Constitution and is administered and managed by the Trustees. The sobbotical offlcers are elected by the membershlp, through o secret cross campus ballot. to toke office on l July of the year In which they ore elecled and hold office for one year until the followin¢3 30 June. Poge 6
University of Wolverhampton Students, Union (A Company Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 July 2024 Structure. governance and management (continued) b. Methods of appointment or election of Trvstees The management of the charitable company Is the responsiblllty of the Trustees who are elected and co-opted under the terms of the Trust deed. c. Organisotional structure The University of Wolverhompton Students, Unlon (hereafter referred to os the Students, Union) falls under the definition of a "Students, Union" in section 20(1) of the Education Act 1994. The Students, Union is o compony limited by guarantee with choritoble 5totU5. Wolverhompton University (hereafter referred to as the Unlversity) exerclses Its duty under the Education Act 1994 to take such steps as are reasonably practbcable the secure that the Students, Union operates in a fair and democratlc monner ond Is occountoble for Its finonces. The Students, Union and the Universlty agreed o comprehenslve dolo- shoring agreement in November 2019. d. Management structure The Students, Union employs professlonal stoff to ensure effective management of ils many activitles ond to implement the policy declslons made by the Board of Trustees and Union Council. There 15 delegated outhorbty. through the Chlef Executlve Offlcer. for operatlonal decision-making and accountability within the various areas of the Students, Union. in accordance with agreed structures. Statement of Trustees, responslblllties The Trustees (who ore olso the directors of the charitoble company for the purposes of company low) are responsible for preporlng the Trustees, Report and the finoncial 51otements in accordance with applicoble low and United Kingdom Accounting Standords (Uniled Kingdom Generolly Accepted Accountlng Practlce). Company law requlres the Trustees to prepare financial statements for each financlal Under compony law. the Trustees must not approve the financial statements unless they are satlsfled that they glve o true and folr view of the stole of affairs of the charitable compony and of Its Incoming resources ond application of resources. including its Income and expenditure. for that period. In preporlng these flnanclol statements, the Trustees ore required to.. select suitoble accounting pollcies ond then opply them conslstently., observe the methods and princlples of the Chorities SORP (FRS 102)., moke judgements ond accounting estimates thot are re050noble ond prudent. stale whether applicable UK Accountlng Standords (FRS 102) have been followed. subject lo any moterlal departures disclosed and explolned In the flnonclal statements., prepare the financial statements on the going concern basis unle55 It 15 inappropriate to presume thot the chorltoble compony wlll continue in business. Poge 7
University of Wolverhampton Students, Union (A Companu Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 Julu 2024 Statement of Trustees, responsibilities (contlnued) The Trustees ore responsible for keeplng odequote occounting records thot are sufflclent to show ond exploln the charitable company's transactions and disclose with reasonable occuracy at ony time Ihe financial position of the choriloble cotnpany ond enoble them to ensure Ihot the flnonclol stotements comply with the Componies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention ond detectlon of fraud arid other Irregularities. Disclosure of information to auditor Eoch of the persons who ore Trustees at the time when this Trustees, Report Is approved hos confirmed Ihol.. so for os thot Trustee is owore. there Is no relevant audlt Informotlon of whlch the charity'5 auditor is unoware. and thot Trustee has taken oll the steps Ihot ouoht lo hove been token os o Trustee in order to be owore of ony relevant audit information and to establish ihat the charity's ouditor is aware of that information. Auditor The auditor. Dains Audit Limited. hos indicated hls willingnegs to continue in office. The designated Trustees will propose a motlon reappolntbng the auditor at o meeting of ihe Trustees. Approved by order of the members of the board of Trustees on 9 December 2024 and slgned on thelr behalf by.. Dr Jonathon Shapiro Convener Page 8
Universlty of Wolverhampton Students, Union (A Company Limited by Guarantee) Independent Auditor's Report to the Members of Unlversity of Wolverhampton Students, Union Opinion We have oudlted the flnancial stotements of University of Wolverhompton Student5, Union (the 'charitable compony,) for the year ended 31 July 2024 which comprise the Stotement of Financiul Activities. the Balance Sheet, the Statement of Cash Flows and the related notes, Including a summary of significant accounting pollcles. The financlol reporting framework thot has been opplied in their preporatlon Is applicoble low and Unlted Kingdom Accounting Stondords. including Financial Reporting Stondard 102 'The Financial Reportlng Standard applicoble in the UK ond Republic of Irelond, (United Klngdom Generally Accepted Accounting Proctlce). In our opinion the financial stotements.. give a true ond falr view of the stote of the charitoble compony's affairs as ot 31 July 2024 and of its Incomlng resources and opplicotion of resources, including Its Income and expenditure for the year then ended.. have been properly prepored in accordance with United Kingdom Generally Accepted Accountlng Practice.. ond have been prepared In accordance wlth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our oudit in accordance with International Stondards on Audltlng (UK) (ISAS (UK)) and opplicable law. Our responsibilities under those standards ore further described in the Audltor's responsibilities for the audit of the financiol stotements section of our report. We ore independent of the choritable company In accordance wlth the ethical requlrements that ore relevont to our audit of the finoncial statements In the United Kingdom. including the Flnonclal Reporting Councll's Ethlcol Standard. ond we have f Ljlfilled our other ethlcal responsibilities in occordonce with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In oudltlng the financial stotements, we have concluded that the Trustees, use of the going concern basls of occountlng in the preparation of the financial stotements is oppropriate. 805ed on the work we hove performed, we hove not identlfled ony material uncertolnt1es reloting to events or conditions that. individuolly or collect1vely, may cast slgniflcant doubt on the chorltable company's ablllty to contlnue as o golng concern for a perlod of al leost twelve months from when the financlal slotements ore authorlsed for Issue. Our responslbilities and the responsibllities of the Trustees wlth respect to going concern ore descrlbed in the relevant sectlons of this report. Other Informotlon The other informatlon comprises the information included the Annual Report other than the financial stotements and our Audltor's Report thereon. The Trustees are responsible for the other informotlon contained within the Annuol Report. Our opinion on the financial statements does not cover the other Information ond. except to the extenl otherwise explicitlu stoted In our report. we do not express any form of ossuronce concluslon thereon. Our responsibility is to read the other Information and. in dobng so. consider whether the other Informotion is moterially inconslstent with the flnoncial statement5 or our knowledge obtalned In the course of the oudit. or otherwise appeors lo be moterially mlsstoled. If we identify such moterial inconslstencles or apparent materbal mlsstatements, we are requlred to determlne Page 9
University of Wolverhompton Students, Union (A Company Llmited by Guorontee) Independent Audltor's Report to the Members of Unlversity of Wolverhampton Students, Union (contlnued) whether this gives rise to a moterial mlsstatement In the financial statements themselves. If. based on the work we hove performed. we conclude thot there is o materlal misstatement of this other informalion, we are required to report thot foct. We hove nothlng to report in thls regard. Opinion on other matters prescribed by the Cornpanies Act 2006 In our opinion. bosed on the work Ljndertaken in the course of the oudst.. the Informatlon glven in the Trustee5' Report for the financial ueor for which the finoncial statement5 are prepared is consistent with the financlol statements. the Trustees, Report has been prepared In accordonce with applicoble legal reqLJlrements. Matters on which we are required to report by exception In the Ilght of our knowledge and underslondlng of the chariloble compony and Its environment obtoined in the course of the audit. we hove not identified moteriol misslatement5 in the Trustees, Report. We hove nothing to report in respect of the following matters In relatlon to which Companles Act 2006 requlres us to report to you if. in our opinion.. odequote accountlng records have not been kept. or returns adeqLJOte for our audit have not been recelved from bronches not vlslted by us.. or the finonciol statements ore not in ogreement with the occountlng records and returns.. or certain disclosure5 of Trustees, remuneration speclfled by law ore not made.. or we have not recelved all the informotlon and explanatlons we require for our oudit.. or the Trustees were not entitled to prepore the financial statements in accordance with the small companles regime and toke advonlage of the small componles, exemptions In preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, Responsibllilles Stotement, the Trustees (who ore olso the dlrectors of the charitoble company for the purposes of company law) are responsible for the preparation of the f inancial statements and for belng satisfied thot they give a true ond foir view. ond for such internol control as the Trustees determbne Is necessary lo enable the preparation of financial statements that ore free from materlal misstotement. whether due to froud or error. In preparing the finoncial statement5, the Trustees ore responsible for assessing the choritable company's ability to continue as o golng concern, disclosing, as applicoble. matters related to going concern ond using the going concern basis of accounting unless the Trustees either intend to IiqLJSdate the charltable company or to cease operations. or have no realistlc aliernotlve but to do so. Audltor's responsibilitles for the audit of the flnancial statements Our objectlves are to obtaln reasonable ossuronce about whether the financlol stotements os a whole are free from material mlsstatement. whether due to fraud or error. and to issue an Auditor's Report thot includes our opinion. Page 10
Unlverslty of Wolverhampton Students, Union (A Company Limited by Guarantee) Independent Auditor's Report to the Members of Universlty of Wolverhampton Students, Union (continued) Reosonable ossuronce is o high level of ossurance, but Is not o guarantee that an oudSt conducted In occordonce with ISAS (UK) will always detect a moterial misstatement when il exists. Misstatements con orise from froud or error ond are conssdered materlal If. Indlvbdually or In the aggregote. they could reasonably be expected to Influence the economlc decisions of users taken on the basis of these fsnonclol statements, Irregularities, including fraud, are instances of non-compllance wlth law5 and regulations. We deslgn procedures in line with our responsibilities, outlined above. to detect material misstotemenls in respect of irregularitles. including fraud. The extent to which our procedures ore copoble of detecting Irregulorilies. including fraud is detailed below. Our approoch to identifylng and assessing the risks of materlal mlsstotement In respect of irregulorlties. including fraud ond non compliance with lows and regulations. was as follows.. the senlor statutory auditor ensured thot the engogement teom colleclivelu hod the appropriate competence. copabilities ond skllls to identlfy or recognlse non compliance with opplicable lows ond regulotions. we identified the lows ond regulotions applicable lo the compony through discussions with directors ond other manogement. ond from our commerclol knowledge and experience of the student unlon sector. we focused on specific law5 and regulations which we considered may have a direct material effect on the f Snancial statements or the operotlons of the compony. Including the finonciol reporting legislation. Companies Act 2006, toxotion legislotion. anti-briberu, employment, and envlronmentol and health and safety legislotion., we assessed the extent of compliance with the laws and regulatlons identlfled above through moklng enqulries of monagement and Snspectlng legal correspondence. c5nd identified laws and regulations were communicoted wlthsn the audit team regularly and the team remained alert to inslances of non compllonce throughout the oudit. We ossessed the susceptlbillty of the charitable company's financial statements to moterlol mlsstotement, Including obtaining an understonding of how f roud mlght occur. by.. making enquirie5 of management as to where they considered there was susceptlbility to f roud. their knowledge of octuol. suspected ond olleged fraLJd.' and considering the Internal controls In ploce to mltlgate rlsks of fraud and non compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we.. performed analytlcal procedures to identlfy ony unusuol or unexpected relationships., tested journal entrles to Identlfy unusual transactlons., assessed whether judgements ond ossumplions mode in determlning accounting estimates were indicotive of potentlol bios.. and investigated the rolionale behlnd slgnificant or unusual tronsactlons. In response to the rlsk of IrregLJlarStles and non compliance with law5 ond regulotlons, we designed procedures which Included, but were not limited to.. ogreeing financial statement disclosures lo underlying supporting documentation., reading the mlnutes of meetlngs of those charged wlth governonce., enquiring of manogemenl as to octuol and potential liligatbon and clolms.. ond revlewlng correspondence with HMRC, relevonl regulotors and the charitable company's legol advlsors. Because of the Inherent Ilmltotions of on audit. there is o risk that we will not detect all irregularities, including those Page 11
University of Wolverhompton Students, Union (A Company Llmited by Guarantee) Independent Auditor's Report to the Members of Universitu of Wolverhampton Students, Union (continued) leading to a material misstatement in the flnanciol slotements or non-complSonce with regulatlon. Thls rlsk increases the more that complionce with a law or regulotion is removed from the events ond tronsoclions reflected In the financial statements, os we wlll be less likely to become awore of instonces of non-compliance. The rlsk is olso greoter regardbng irregulorities occurring due lo froud rother thon error. as fraud involves inlenlional conceolment. forgery, collusion. omisslon or misrepresentotlon. A further description of our responsibilities for the oudit of the financial stolements is locoted on the Financlal Fleporting Councll's webslte at.. www.frc.or .uk oudltorsres on5ibilities. This description forms parl of our Auditor's Report. Use of our report This report is made solely lo the charitable company's members. os o body. In accordance with Chapter 3 of Port 16 of the Companles Act 2006. Our oudit work has been undertaken so that we mlght stole to the chorltoble company's members those matters we are requlred to state to them In an Auditor's Report ond for no other purpose. To the fullest extent permitted by law. we do not occept or ossume responslbility to anyone other thon the charitable company and Its members. os o body. for our audit work. for this report. or for the oplnlons we hove formed. Mark urney FCCA (Senior Statutory Audltor) for ond on beholf of Dolns Audlt Llmlted StotLJtory Auditor Chartered Accountants Birmingham 9 December 2024 Page 12
University of Wolverhampton Students, Unlon (A Company Limited by Guarantee) Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 July 2024 Unrestrlcted funds 2024 Restrlcted funds 2024 Total funds 2024 Totol funds 2023 Note Income from: Donotions and legacies Choritable activlties.. 1.496.879 20.000 1.516,879 1.341,328 Welcome Week 7.977 7,977 231 Societies 250 250 4,829 TOTUM 1,323 Other troding activities Investments 78.215 78.215 12.083 12.083 5,595 Total income 1.595.404 20.000 1.615.404 1.377.534 Expenditure on: Ralslng f unds Charltoble activitles.. 265.880 265.880 69,604 Advice and Representation Centre 467.578 467.578 357.912 Socletles 17.495 17.495 25.586 Student Servlces 862.438 862.438 816,990 Other choritoble actlvities 19.774 19.774 Total expenditure 1.613.391 19.774 1.633.165 1.270.092 Net movement in funds (17.987) 226 (17.761) 107.442 Reconciliation of funds.. Total funds brought forward Net movement in funds 522.159 522.159 414,717 (17.987) 226 (17.761) 107.442 Total funds carried forward 504.172 226 504.398 522,159 The Stotement of Finonclal Activities Includes oll gains and losses recognised in the year. The notes on poge5 16 to 36 form port of these finonciol statements. Poge J3
University of Wolverhampton Students, Union (A Company Limited by Guarontee) Registered number.. 07275807 Balance Sheet As at 31 July 2024 2024 2023 Note Flxed ossets Tonglble assets 13 63,844 11,462 Current assets Stocks 14 5.053 2,151 Debtors 15 56.935 50,775 Cash at bank and in hand 436.683 533.040 498.671 585.966 Creditors.. amounts falling due wlthin one yeor 16 (58.117) (75.269) Net current assets 440.554 510,697 Total assets less current liabilitles 504.398 522,159 Total net ossets 504.398 522.159 Chorlty f unds Restricted funds 17 226 Unrestrlcted funds 17 504.172 522.159 Total funds 504.398 522,159 The Trustees ocknowledge thelr responsibllities for complylng wlth the requlrements of the Act wlth respect to accounting records and preparation of financial statements. The financial 5totements hove been prepared in accordance with the provisions opplicable to entities subject to the small companies regime. The finonclol stotements were approved and authorlsed for iSSLJe by the Trustees on 09 December 2024 and signed on Iheir behalf by.. Dr Jonathan Shopiro Convener The notes on pages 16 to 36 form port of these finoncial stotements. Page 14
Unlversity of Wolverhampton Students, Union (A Compony Limited by Guarantee) Statement of Cash Flows For the Year Ended 31 July 2024 2024 2023 Cash f lows from operating actlvltles Net cosh used In operotlng octlvllles (17.128) 107,950 Cosh f lows from investing activities Purchase of tonglble flxed assets (79.229) (9.128) Net cosh used Sn Investlng actlvlties (79.229) (9,128) Cosh f lows from financing octivities Net cash provided bu finoncing activities Change In cosh and cosh equlvolents in the year (96.357) 98.822 Cosh ond cosh equivolents ot the beginning of the year 533.040 434,218 Cash ond cosh equivalents ot the end of the year 436.683 535,040 The notes on poges 16 to 36 form part of these financial statements Page 15
Unlversity of Wolverhampton Students. Union (A Companu Limited by Guarantee) Notes to the Financiol Statements For the Year Ended 51 July 2024 General Information Unlverslty of Wolverhampton Students, Union Is a charitoble company Incorporated under Ihe Componles Act In England and Wales and registered with the Chorlty Commission for England ond Wales. The address of the registered office is given in the reference ond odmlnistration section. The nature of the chority and group's octivities are given in the Trustee5' report. Accountlng policies 2.1 Bosls of preparation of financial stotements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accountlng and Fleportlng by Charities.. Statement of Recommended Practice oppllcoble to charities preparing thelr accounts In occordance with the Financial Reporting Standard applicoble in the UK and Republic of Ireland (FRS 102) (effective 1 Jonuory 2019), the Finoncial Reportlng Stondord opplicoble in the UK ond Republic of Ireland (FRS 102) and the Companies Act 2006. Unlversity of Wolverhampton Students, Unlon meets the definition of o public benefil entily under FRS 102. Assets and liabilities are initiolly recognised ot historical c05t or transaction value unless otherwise stoted in the relevant accountlng policy. 2.2 Golng concern At the time of approvlng the flnonclal statements, the trustees hove o reosonable expectollon thot the charitable company hos odequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue lo adopl the going concern bosis of occounting In preporing the financial stotements. 2.3 Income All Income is recognised once the chorltable company has entitlement to the Income. it is probable that the income will be received ond the amount of income receivable con be measured reliably. The Students, Union receives a block grant ond other miscelloneous grants from the University of Wolverhompton each finonclal yeor. These ore included wiihln donotlons ond legacies on o recelvable bosis. Donoted serves ore facilities donoted by the Unlversity of Wolverhampton ore Included within donolions and legacies al Ihelr estimated value to the Students, Unlon when received. and under the appropriate expenditLJre heoding depending on the noture of the service of focillty provlded. Time donoted by the Sludents, Union members is not recognised in the financial statements are this cannot be reliobly measured. All Income from chorltoble octivlties ond iradlng octlvltle5 are recognised on on occruols basis, exclusive of value added tax, with any money received for services provided after the yeor end deferred. Other income 15 credited to the Statement of Flnonciol Activilies int he yeor in which it Is receivable. Poge 16
University of Wolverhampton Stvdents, Union (A Company Limited by Guorantee) Notes to the Financial Statements For the Year Ended 31 July 2024 Accounting policles (continued) 2.4 Expenditure Liobilities are recognised as expendbture os soon os there Is o legal or constructive obligation committing hte chorlty to thot expenditure, It Is proboble that a tronsfer of economic benefits will be required In settlement ond the amount of the obligotion con be measured reliably. Expenditure is occounted for on an accruals basis and has been classified under headings that aggregate all costs reloted to the colegory. Allocatlon and apportlonment of costs Where costs cannot be directly ottrlbuted to partlcular heodings they have been allocated to activltles on o bosis consistent with the use of resources. Expenditure on choritable activities Is Incurred on dlrectly undertaklng the actlvltles whlch further the charitable company's objectives. as well as ony ossocloled support costs. 2,5 Interest recelvoble Interest on funds held on deposlt Is Included when recelvoble and the omount con be measured reliably by the chorltoble compony.. thls is normally upon notificotion of the interest paid or poyoble by the institution wlth whom the funds are deposited. 2.6 Tangible fixed assets and depreciotion Tangible fixed assels cosling £1,000 or more ore copStolised ond recognised when future economlc beneflts ore probable and the c05t or value of the asset con be measured reliobly. Due to the large number of smaller purchoses mode in the current yeor ond likely to be made future years regarding the regeneralion plan. some items have been capitalised whlch fall below this cost threshold due to the high volume of purchases mode. Tanglble flxed assets are Inltlolly recognlsed at cost. After recognlllon. under the cost model. tangible fixed ossets are meosured at cost less accumulated depreciotion and any accumulated impoirment losses. All costs incurred to bring a tongible fixed asset Into its Intended working condition should be Included In the meosurement of cost. Depreciation is charged so as to ollocote the cost of tonglble flxed ossets less thelr resldual value over their estlmated useful Ilves. Ljslng the stralghi-line method. Depreclation Is provlded on the followlng basls.. Flxtures and flltings Improvements to property 33% stroight line 20Yo slrolght line The assets, residual values. Ljseful lives and depreciation methods are reviewed. and adjusted prospectively If opproprlate. or If there Is an Sndication of o significont chonge since Ihe lost reporting date. Page 17
Unlversity of Wolverhampton Students, Union (A Company Llmited bu Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 Accounting policies (continued) 2.7 Stocks Stocks ore valued at the lower of cost ond net reolssable value ofter making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs ond an opproprlole proportlon of fixed ond voriable overheads. 2.8 Debtors Trade and other debtors are recognised at the setllement amount after any trade discount offered. Prepayments are volued ol the omount prepoid net of any trade discounts due. 2.9 Cash at bunk ond in hand Cash ot bank ond in hand includes cash and shorl-term hlghlg Ilquld Investments with o short moturitu of three months or less from the date of acquisition or opening of the deposit or similor account. 2.10 Liabilities ond provlslons Liabilities are recognised when there Is an obligatlon at the Bolance Sheel dote as a result of a past event. it Is proboble thot a transfer of economlc benefit will be requlred In settlement, ond the amount of the settlement can be estimoted reliobly. Llobllltles are recognised at the omount that the charitable company ontlclpotes It will poy to settle the debt or the amount It has received as advanced poyments for the goods or services it must provide. Provisions are measured ol the best estlmote of the omounts required to settle the obligation. Where the effect of the time value of money is material. the provision Is bosed on the present valL)e of those omounts. discounted ot the pre-tax discount rate that reflects the rlsks speclflc to the liability. The unwinding of the discount is recognised in the Statement of Financiol Activities os a finance cost. 2.11 Financial instruments The charitable company only has flnanciol assets and flnancial liabilities of o kind thot qualify as basic finonclol instruments. Basic financial instruments are initlolly recognlsed ot tronsoctlon value and subsequently measured ot their settlement volue with the exception of bank loans which are subsequently measured ot ornorllsed cost uslng the effectlve Interest method. 2.12 Penslon costs and other post-requirement benefits The chorltable compony operote5 0 defined contribution pension scheme and the penslon chorge represents the amount5 payable by the charitable company to the fund in respect of the year. Page 18
Unlversity of Wolverhampton Students, Union (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 Accounting policies (continued) 2,13 Fund accounting General funds are unrestrlcted funds whsch are available for use at the discretion of the Trustees In furtheronce of the generol objectives of the charitable company ond whlch hove not been deslgnoted for other purposes. Designaled funds comprise unrestrlcted funds thot hove been set aslde by the Trustees for particular purposes. The aim and use of each deslgnated fund Is set out in the notes to the financial slatements. Restricted funds ore fund5 which ore to be used In occordonce wlth speclfic restrlctlons Imposed by donors or which have been raised by the charitable company for porliculor purposes. The costs of raising ond admlnlsterlng such funds are charged against ihe specific f Ljnd. The oim and Ljse of eoch restrlcted f und Is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donated services ond facilities 375,940 375.940 Gronts 1.090.700 20.000 1.110.700 Other donations 30.239 30.239 1.496.879 20.000 1.516,879 Unrestricted funds 2023 Total f unds 2023 Donoted servlces ond focllitles 326.328 326,328 Grants 1.015.000 1.015.000 1.341,328 1,341.328 Page 19
University of Wolverhompton Students, Union (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 July 2024 Income from charitable activities Unrestrlcted funds Total funds 2024 2024 Welcome week Income 7,977 7,977 Society income TOTUN card sales 250 250 8,227 8.227 Unrestrlcted funds 2023 Total funds 2023 Welcome week Income 231 231 Society Income 4,829 4.829 TOTUM cord sales 1.325 1.323 6,383 6.383 Poge 20
University of Wolverhampton Students, Union (A Company Limited by Guorantee) Notes to the Finoncial Stotements For the Year Ended 31 July 2024 Income from other trodlng actlvltles Income from fundraising events Unrestricted fvnds 2024 Total funds 2024 Events 4,952 4.952 Advertlslng income The SU Lounge 6,593 6.593 66.670 66.670 78.215 78.215 Unrestricted funds 2023 Total funds 2023 Events 4.249 4.249 Advertising income 2.390 2.390 The SU Lounge 17.589 17.589 24.228 24,228 Page 21
Unlversity of Wolverhompton Students, Union (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 Julu 2024 Investment income Unrestrlcted funds 2024 Totul funds 2024 Bank interest 12.083 12.083 Unrestricted f unds 2025 Totol fund5 2023 8onk interest 5,595 5,595 Page 22
University of Wolverhampton Students, Union (A Company Limited by Guorontee) Notes to the Financial Statements For the Yeor Ended 31 Julu 2024 Expenditure on raising f unds Fundraising trading expenses Unrestricted Totol funds 2024 funds 2024 Events 4,634 4.634 Advertising The SU Lounge Wages ond solaries Social security costs Pension costs 2,742 2.742 68.504 68.504 156,850 156.850 6.407 6.407 1,437 1.437 Depreclation 25,306 25.306 265,880 265.880 Unrestrlcted funds 2023 Totol funds 2025 Events 6,189 6,189 The SU Lounge Woges and solories Social security costs Penslon costs 18.110 18,110 42.565 42.565 1.942 1,942 798 798 69,604 69.604 Page 23
University of Wolverhampton Students, Union (A Company Limited by Guarantee) Notes to the Flnoncial Statements For the Year Ended 31 July 2024 Analysls of expendlture on charltoble actlvltles Summory by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Advlce and Flepresentotion Centre Socletles 467,578 467,578 17.495 17.495 Student Servlces 862.438 19.774 882.212 1.347,511 19.774 1.367.285 Unrestricted funds 2023 Total 2023 Advice and Represenlotion Centre Societies 357,912 357.912 25.586 25.586 Student Services 816.990 816.990 1.200.488 1,200.488 Page 24
University of Wolverhampton Students, Union (A Company Limited by Guarantee) Notes to the Flnanclol Stotements For the Year Ended 31 July 2024 Analysls of expendlture by activities Activities undertaken directly 2024 Support costs Totol funds 2024 2024 Advice and Representotion Centre Socletles 203.263 264.315 467.578 174 17.321 17,495 Student Servlces 237,407 644.805 882.212 440,844 926.441 1.367.285 Actlvities undertaken dlrectly Support costs 2023 2023 Total funds 2023 Advice and Representation Centre Socletles 167.617 190.295 357.912 9.237 16.349 25,586 Student Services 245.216 571.774 816.990 422.070 778.418 1.200,488 Page 25
University of Wolverhampton Students, Union (A Company Limited bu Guarantee) Notes to the Financlal Statements For the Year Ended 31 Jvly 2024 Analysis of expenditure by activities (continued) Analysis of support costs Advice and Representa- tlon Centre Student Servlces 2024 Total funds 2024 Socletles 2024 2024 Staff costs 47.234 3.689 137.420 188.343 Humon resources 58.920 1,600 59,585 100.105 Flnonce 30,806 2.407 89.429 122.642 Monogement Marketing Governance 123,830 8,414 313.296 445,540 21.005 1.014 37.742 59,761 2,520 197 7,333 10.050 264,315 17,321 644,805 926.441 Advice ond Represento- tlon Centre studenl Servlces 2023 Total funds 2023 Socletles 2023 2023 Stoff costs 54.832 4.723 165.162 224,717 HLJmon resources 18.747 1.572 54.962 75,281 Finance 10.201 879 30.929 42,009 Management 99,058 8.532 298.258 405.848 Marketlng Governance 5.617 484 16.920 23.021 1.840 159 5,543 7.542 190.295 16.349 571,774 778.418 Page 26
University of Wolverhampton Students, Union (A Company Limited by Guarantee) Notes to the Financial Stotements For the Year Ended 31 July 2024 10. Auditor's remuneratlon 2024 2023 Fees poyoble to the chorltoble company's auditor for the audit of the chorltable company's annual accounts 10.000 9.500 Staff costs 2024 2023 Woges and salaries Sociol security costs Contribution to defined contribution pension schemes 677.825 586.290 38.124 36.306 10.667 11.594 726.616 634,190 The average number of persons employed by the charitable company during the year was as follows.. 2024 2023 No. No. Full Tlme 19 19 Student Staff 42 33 61 52 The average number of students employed varies in line with the ocademic tirnetoble. At the height of term-tlme up to 47 students were employed. The number of employees whose employee benefits (excluding employer penslon costs) exceeded £60.000 was.. 2024 No. 2023 No. In the band £60.001- £70.000 Page 27
University of Wolverhampton Students, Union (A Companu Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 12. Trustees, remuneratlon ond expenses In occordonce with the University of Wolverhampton StLJdents' Unlon memorondum and articles of association. solaries ond employer penslon contributlons of £85.4S4 (2023 - £65,242) were poid to the elected officers In respect of quolifying services. During the year ended 31 July 2024, no Trustee expenses hove been incurred (2023 £NIL). 13. Tongible fixed assets Fixtures and Improvement fittings s to property Total Cost At l August 2023 Additions 114.190 17.367 131.557 40.591 38.638 79.229 Disposals Transfers belween classes (1.380) (1.380) 7.728 (7,728) At 31 July 2024 161.129 48.277 209,406 Depreciation Al l August 2023 Charge for the year On disposals 114.190 5.905 120.095 16.271 9.655 25.926 (459) (459) At 31 July 2024 130.002 15.560 145.562 Net book value At 31 July 2024 31,127 32.717 63,844 At 31 July 2023 11,462 11,462 Page 28
University of Wolverhampton Students, Unlon (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 14. stocks 2024 2023 Goods for resale 5.053 2.151 15. Debtors 2024 2023 Due wlthln one year Trade debtors 37.016 1.928 Other debtors 17.477 15.942 Prepayments ond occrued income 2.442 32,905 56.935 50.775 16. Creditors.. Amounts folling due within one year 2024 2023 Trade creditors 12.809 50.307 Other taxution ond social security Other creditors 4.437 6.813 2.823 Accruols ond deferred Income 38.495 17.702 58,117 75.269 Page 29
University of Wolverhampton Students, Union (A Company Limited by Guorontee) Notes to the Flnoncial Statements For the Year Ended 31 July 2024 17. Statement of funds Statement of funds - current year Balance ot 1 August 2025 Transfers Bolonce at 31 In/out July 2024 Income Expenditure Unrestricted funds Designated funds Societies 6.335 250 (142) 6,443 Flxed asset reserve 2.334 (2.334) Operatlng reserve Flegenerollon fund Flegeneratlon fLJnd (copital) Cost of livlng reserve Webslte reserve 252.763 27.938 280.701 110.872 (52.383) 54.717 58.489 9.128 63,845 50.000 50.000 8.000 8.000 439.432 250 (142) 27.938 467,478 Generol funds General funds 82.727 1.595.154 {1.613,249) (27.938) 36.694 Totol Unrestricted funds 522.159 1.595.404 (1.615,591) 504.172 Restricted funds Household Support Fund 20.000 (19,774) 226 Total of funds 522.159 1.615.404 (1.633.165) 504.398 Page 30
University of Wolverhompton Students, Union (A Company Limlted bu Guarontee) Notes to the Finonciol Statements For the Year Ended 31 Julu 2024 17. Statement of funds (continued) Statement of funds - prior year Balance at 1 August 2022 Tronsfers Balance at in/out 31 July 2023 Income Expenditure Unrestrlcted funds Designated funds Copital Improvements reserve Socletles 50.000 (50.000) 3.171 4.829 (1.665) (2,445) 6.335 Flxed osset reserve 4.779 2,334 Operating reserve Regeneration fund Regenerotlon fund (capllal) Cost of livlng reserve Website reserve 265.730 (12.967) 110.872 252.763 110,872 9.128 9.128 so.000 50.000 8.000 8.000 Staff discretionary bonus (10.500) 10,500 323.680 4.829 (14.610) 125.533 439,432 Generol funds General funds 91.037 1.372,705 (1,255,482) (125.533) 82,727 Total Unrestricted funds 414.717 1,377,534 (1.270,092) 522.159 Page 31
University of Wolverhompton Students, Union (A Companu Limited by Guarantee) Note5 to the Financiol Statements For the Year Ended 31 July 2024 17. Statement of funds (continued) Included within unrestricted funds are the followlng deslgnoted funds.. Societies Any unspent income ot the end of the year. whether roised by members or os o result of unspent grant income from the Union, is carried forward for us in future periods. Any deficit of a societu ot the end of the year Is wrillen off to the SOFA so os not to prejudice future members of that society. Fixed asset reserve and regeneration fund (capital) The fixed asset reserve ond regeneration fund (capitol) reflect fixed assets already purchosed. As these os5ets ore deprecioted, o tronsfer is made from the deslgnoted reserve to the generol reserve. Operating reserve The operoting reserve represents three and o half months of operoting costs in line with the Unlon's stated reserves policu. Regeneration fund and website reserve The regeneration fund ond website reserve represent funds set oside for future capital projects. Capital improvement reserve The historic capital improvement reserve hos been redesignoted to form part of the regenerotlon f und. Cost of Ilvlng reserve The cost of Iivlng reserve represents funds to support indivlduols through the ongoing cost of Ilvlng crisis. General fund At the end of the year, the general fund. which is used for the ongolng business of the Union. stood at £36.692 (2023 - £82.727). Included within restricted f unds is the following restrlcted fund.. Household Support Fund A gront from Wolverhampton City Council for distribution to eligible students to support them and thelr household with food vouchers and energy payments to ollevlote hordshlp. A f urther £10.000 was received in August 2024 for distrlbutlon on the same lines. Page 32
Universlty of Wolverhompton Students, Unlon (A Company Llmlted by Guarontee) Notes to the Financial Statements For the Year Ended 31 July 2024 18. Summory of funds Summary of funds - current year Balance at 1 Transfers Balance at 31 in/out July 2024 August 2023 Income Expenditure Designated funds General funds 439.432 250 (142) 27.938 467,478 82.727 1.595.154 0.613,249) (27.938) 36.694 Reslricled funds 20.000 (19.774) 226 522,159 1,615,404 {1.633.165) 504.398 Summaru of funds - prior uear Balance at 1 Augusl 2022 Transfers Balonce at in/out 31 July 2023 Income Expenditure Designated fLJnds 323,680 4,829 (14,610) 125,533 439.432 General funds 91,037 1.372,705 (1.255.482) (125,533) 82.727 414,717 1,377,534 (1.270,092) 522,159 Poge 33
University of Wolverhampton Students, Unlon (A Company Limited by Guorantee) Notes to the Financial Statements For the Year Ended 51 July 2024 19. Analysis of net assets between funds Analysis of net assets between funds- current period Unrestrlcted Restricted Total funds funds funds 2024 2024 2024 Tangible fixed assets 63,844 63.844 Current assels 498,445 226 498.671 Creditors due within one year (58,117) (58.117) Total 504.172 226 504.398 Analusis of net assets between funds - prior period Unrestrlcted funds 2023 Total funds 2023 Tangible fixed assets Current assets 11.462 11.462 585.966 585.966 Creditors due within one year (75,269) (75,269) Total 522.159 522.159 Poge 34
Unlversity of Wolverhampton Students, Union (A Company Llmited by Guarantee) Notes to the Finonclal Statements For the Year Ended 31 July 2024 20. Reconclllatlon of net movement In funds to net cash flow from operating octivitles 2024 2023 Net income/expenditure for the perlod (os per Statement of Financial Activities) (17.761) 107.442 Adjustments for: Depreciation charges Loss on the sole of fixed ossets 25.926 2.445 920 (Increose)/decreose In stocks Increose In debtors (2.902) 404 (6.160) (6.333) 3,992 (Decrease)/increase in creditors (17.151) Net cash provided by/(used in) operating activities (17.128) 107,950 21. Analysls of cash and cosh equivolents 2024 2023 Cash In hond 436.683 533,040 Total cash and cosh equlvalents 436.683 533,040 22. Analysls of changes In net debt At 1 August 2023 At 31 July 2024 Cash flows Cash at bank and in hand 533.040 (96.357) 436.683 533.040 (96.357) 436.683 Page 35
University of Wolverhampton Students. Union (A Company Limited by Guorontee) Notes to the Financial Statements For the Year Ended 31 Julu 2024 25. Related party disclosures The University of Wolverhampton Students, Union recelved a recurrent block grant from the Unlverslty of Wolverhampton of £1.015.000 (2023 - £1.015.000) during the year. In addition, the Unlon received other grants of £75.700 and other income of £30,239 (2023 - £1,554) during the year. The gront was the first parl of 0 3 year Flegenerotbon Project ond other Income was for costs Incurred by the Union on one porticulor motter. At the yeor end no grants were outslonding ond the £30.239 wos settled by the Unlverslty on 13 August 2024. The Unlon made purchases of £10,660 (2023 - £5,401) from the University of Wolverhampton during the year. The balonce owed to the Unlverslty ot the yeor end wos £10.660 (2023 - £5,500). The Union occupies the Universlly's build1ngs on a rent free basls under a formol orrongemenl ot the Clty Campus and an informol basi5 Qt the Walsoll & Telford Compus, In occordonce wiih the Charities SORP FR5102 the trustees hove estlmoted the use of the buildings and utilitles with reference to morket rents ot £375.108 (2023 £326,328). Trustee ond key monogement personnel remuneration for the year was £172,473 (2023 - £170.251). 24. Penslon commltments The Universlty of Wolverhampton Students, Unlon operates a deflned contribution pension scheme. The os5ets of the scheme are held In o separotely admin1stered fund. The penslon cost chorge represents contrlbutions poyoble by the Union to the fund and amounted to £10,667 (2025 £11.594). Included within other creditors are July pension contributions of £2,264 (2023 - £2,823). 25. Ultimote controlllng party The ultlmote control of the Universlty of Wolverhompton Students, Union is vested under the Constitution in the members In Generol Heetbngs. As such no single person or entity controls the Union as defined bu Financial Reporting Standard 102 'The Financial Reporting Stondord applicoble In the UK ond Republlc of Irelond,. Poge 36