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