2020-07-31-accounts

WARWICK STUDENTS. UNION Trustees Annual Report and Consolidated Financial Statements For the year ended 3191 July 2020 warwick Company Reglstration Number: 07297865 'Jk43JCIWI* 0412021 COMPANIES HOUSE A10

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Charity Number.. 1136894 CONTENTS Pa9e Directovs Report TrusteeslCrectors ol Wwick SbJderts' Unir Subsithary CrynpaThes Legal and AdministfatNè Infomalic47 Indernnity Insurance o Disabled Persons Statement Employee Engagemenl Slatement o Matters ol SlrategK Imprytsnr Statement as to ("sdosure of Inforn￿ffj to AUdit￿S Stfatsgic Report o str[￿1[￿0, Governance and Managemenl 01r￿er5 of Ihe Union Board of Tfuslees ReLgIIcffj5PM"p with th¢ University 01.w￿lk o Risk Man•aement Key Policy Sialemenls o ￿rns, Objectives arbj Acti￿￿￿$ o The UnvJn's Strategic Plan and Impa¢t for StLwJÈnts Fulwe Plans.. The unl￿,$ Stratw fw 201>2023 The Year Ahead Financrdl Review Fund5 ￿k1 as Custc4Jiam Trustee on behatf of o Audit Statement of the Board of TfUStees' ReSp￿sIbilItIeS 26 Independent Auditorfs Report 27 Consolidated Statemènt of Financial ktiviti•$ 30 Staternents of Flnancial Positlon 31 C¢)nsolidated Statement of Cash Flows 32 Prln¢lpal Accountin9 Policies 33 Notes to the Financial Slatements 39

DIRECTORS REPORT Union Warwic Students. UnM)n Charitable Status Warwic Students. UnKin is a chanty established under Ihe Education Act 1994. wa￿￿k Students. Unw)n registered wlh the Charty Commiss￿ for Er4Jland and Wa￿$ on 1 Sth Juty 2010. Registered Charty Number. 1136894 Warwic Sludenls. Union is a Charitab￿ o)mpany linrted by guarantee and regtslered in England and Wales on 2 June 2010. Company Registered company number.. 07297865 WARWICK STUDENTS. UNION UnNer5ity of WaThvick Gibbet Hill Road COVENTRY CV4 7AL Registtred Office BOARO OF TRUSTEES Govemance aThJ Appointments Committee ensures that warW￿k Students. Union has effeclwe sy5terns for the apwntment and Ifaining of Trustees who are also Directors of the Company and that Ihe membership of the Board of Trustees is appfoprtale. SABBA TICAL OFFICERS AppoiAted Rgsigned 2019-20 8 Newsham C Bgtttn M Last E King A Churm L Mepham C Lloyd T Hol9ate P￿sIdent 1 August 2019 Education l August 2019 OÈmocra¢y & Develcymert 1 Augusl 2019 Postswaduale 1 August 2018 Postyaduate 1 September 2019 1 Avgust 2019 1 August 2019 l August 2019 31 July 2020 31 July 2020 31 July 2020 31 August 2019 31 Augus12020 31 July 2020 31 July 2020 31 July 2020 Sp)rts Wdlare & Campawns 2020-21 L Mepharn M Clathe A Sefah S D2￿nb￿a 0 8aFron C Uoyd 5 8ournÈ PresKlenl I August 2020 Education I A￿U51 2020 DemoGr8cy a De￿1$)￿)lert 7 August 2020 Po$tgraduate 1 September 2020 SOct￿s 1 August 2020 Sptrrts 1 August 2020 WeNare & Cwnpws l Awjust 2020

BOARD OF TRUSTEESIDIRECTORS Sabbati¢al Officer Trustees 8 Newsham Appointed Resigned 1 August 2018 31 July 2020 1 August 2019 31 July 2020 1.Augy&t 2Q19.- - JtJuly 202Q.. I September 2019 31 August 2020 1 August 2019 31 July 2020 1 August 2019 1 August 2019 1 August 2020 1 August 2020 S Ozumbira 1 Septernber 2020 O Barron I ￿JgUS1 2020 l Bwne 1 ￿ust 2020 8 Newsnam resKJned Chatr of the Bowo of Truste8s on 31 J￿Y 2020. L￿e Mepham became Charf on 1 August 2020 Chalr C Bien T HokJale A Churm M Last C Lloyd L Mepham M Cl¥ke Asef Chair Student Trustee$ A Owmody-Palmer M Renna L Kolodziej Ch¢n l August 2018 1 ￿9￿$t 2018 1 August 2019 1 August 2019 1 Au9USt 2019 1 ALVJU5t 2019 1 August 2020 1 Au9USt 2020 1 August 2020 1 Au9USt 2020 31 JLdy 2020 31 July 2020 31 J￿Y 2020 31 July 2020 A Jaileh L Onel J Aggrey F Andrews S Baldmn T Kunin External Trustees A Ward NP G Pker J Flnney A Hill-WAson S Daeche 1 August 2018 7May2013 7May2013 1 July 2017 l August 2018 1 September 2020 1 September 2020 1 Sepiember 2020 21 November 2019 31 JLIY 2020 31 July 2020 8 Fèbruary 2021 H Dhill¢ Amintt Secretary M Crook 1 ALYJUSI 2019 SENIOR MANAGEMENT Chief executlv• R Parkinson 14 October 2019

SUBSIDIAR Y COMPANIES Company Membership Solulions Limsted MÈrnbwship SokJh"ons Limited IMSLI is a subsidiary of the Union and wowdes IT systems foi the fwther education mafket, sMwKipaltyin the UK t¥Jt also in Eur￿￿ and the ￿$t of the world. It PfOVNle5 We￿"te. Verwe managemènt. e-commÈrcé and mefflbers￿p SUP￿ services. Governing instrument The crynpany ts a k"mrted C￿np￿ywlth share capital. It is governed by its P4enKKwhlum ancl Artide5 of A55ocithn. Company registered number 5525449 Directors Appoint•d R•signed J Bonsall G Parker S Hansen B Newsham G Bryant R Path'ns¢)n L Mepham 1 Augusl 2Th)9 1 Al￿uSI 2016 22 January 2018 l August 2019 I Au9U5t 2019 6 ￿vernber 2019 ) Au9U512020 31 ￿lY 2020 Company Secretary Registered Office SUHQ WARWICK STUDENTS. UNION University of Warw Gibbel Hill Road COVENTRY CV4 7AL

Company Students. UnKJn SetvKes Warwick Limited Thi5 15 the Uniw's s&sJiary CoMp￿Y for nC￿-prIrnary purF¢)se tradirvj whth covers the sale of mis¢dlaneou5 goocls servtts. This indudes events prowded for the general public and nrA just lor $trJdenl members such a5 ertemally promoted Ive music in the Copper Rtsjms and ¢￿ference related a¢b"¥ity I￿"n9 vacaknfyi. Governlng instrurnenl The ¢tynpany is a Ihmited Company ￿th share capital. tt is governed by its lAen￿andlrn aTrJ Articks of Associat￿. Company registered number 2197761 Directors A4¥POillted Rèsigned A Smith C Lloyd M Last R Parkinson A Selah 18 November 2010 1 August 2019 1 August 2019 6 November 2019 24 September 2020 31 JLty 2020 Company Secretary Regtstered Office SUHQ WARWCK STUDENTS. UNION University of Wa￿l¢k Gibbet Hill Road COVENTRY CV4 7AL

LEGAL AND ADMINISTRA TIVE INFORMA TION Bankers Natwest PLC 24 8roadgate Coventry West Midkinds CV1 1NE Solicltors Band Hatton 8uttoTr 5>55 Butts Rd. Coventry CV1 3BH DFA Law 2 WatersKle Way. Northampton NN4 7x0 Bates Wells and Brailhwalte LLP 10 Queen Streei Pbace L¢)ndon EC4R 18E Woodroffes Solicitors 7 8eeslon Place London SW1W OJJ Auditor RSM UK Audit LLP Chartered Accountants Si Philips Point Tefflple Row Birmingham 82 SAF

INDEMNITY INSURANCE WarwKk Studenls. Unw has in place Profeswinal Indemnity Insur8r￿e eo¥eT of £5m and this insurance poly indudes cover the Tnjslees. Directors. offKers arKI employees of Ihe Union. OISABLED PERSONS Full and fair consideraiitin is given to applicatw)ns lor employment by dISab￿d persons. having regard lo their aplrtudes and abililEs. Should an empkjyee become disabled during their employment. all efforts wll te made lo continue their empl¢)ymenl and lo provide appropriate training and suppjrt. The un￿ 1$ a t)isabilty Confidenl employer a￿1 training. career de¥eb￿￿ent and promotion opportunities will be, as far as p)ssible. thnlttl to those for other employees. EMPLOYEE ENGAGEMENT The Union encourages the invofvemenl of rt$ ￿r￿loYeeS in its management through regular meetings of the Staff C￿Su[￿lI¥e F¢)rum. This forum has the responsibility fof the dissemination of inforMat￿n of p8￿cular ct)neem to employees arvj for ieceNing their vEws on important maftefs of poI￿y. MA ￿ERs OF STRATEGIC IMPORTANCE Information is not shown wilhin the Direclors, Report as il is instead included wilhln the Slralegtc Report on page 7 10 25. under Companies Act 2006 S414c1111. STA TEAIENT AS TO DISCLOSURE OF INFORMA TION TO AUDITOR The Board of Trustees who v￿re in ¢)n the dale of appr¢)val of these financial slalemenls have confimed, as far as they are aware. that there is no relevant audit infom)alion of which the audrtor is unaware. Each member of the Board of Trustees has confin7xf thal Ihey have laken all the steps that they ought to have taken as Board of Trustees members in order to make themselves aware of any re￿vant audit informalM)n and to establtsh that il has been COMMUn￿led lo Ihe audiloi_ The Directors, ReFKJrt is approved on behalf of Ihe Board of Trustees.. Luke Me P￿￿dent Date.. 29 April 2021 ham Trustee

STRA TEGIC REPORT The Board of Trustees of the Union wtffiit Iheir Strategic Report tw the year erKled 31 July 2020. The financial statements have been prePa￿d in accordance vmlh the Financial Reporting Standard appI￿able in the UK arKI Republr of Irdand {FRS102), leffeetive 1 January 20151. Chaiities SORP {FRS1021 and the C￿panIeS Act 21￿. Illembers of the Union Full Members All regislered stL￿ents of the Univefgty of WaThMck ex￿p1 those who exercise their right to be a member undef ckuse 22 Icl of the Education Act 1994. Sabbalical Off￿e¥S of the Union are lull members of the UnK)n. As ers Those persons admitted lo membpJship ty the SILKlenl Council or a dele9aled offttr. who have paid anyfequired fee. Structure, Governance and Management Warnick Students, Union (the Union) is constituted under the Educati￿ Act 1994 as ¢harity with ￿ternal fules and regulations approved by UnNersity Councrf. the goveming body of the University of Warw(. The Union's Charitable objects under the Acl. to advan￿ the UnNersWs educational purposes by providing representsI￿n and support for the students of the University ol Wamck. are supplemented by the further object of helping nmbers lo ¢Jevelop Iheir V•vn charitable activities as participants in owl socaety. The Union is administered by rts Twstee Board of evJhleen members ￿MprisIng of seven Sabbatical Trustees, six Student Trustees and five externa frustees who are regarded as the Charity Trustees ol WarvAck Students. Unt•n for the puiposes ol the Charilies Act. At 31 July 2020 the￿ were seveftleen Injslees in post. The Union 0￿rateS on dernocrat￿ printyples. worklng for ￿th ¢xJr members. the stbjdents of the Universty of warn￿. There are h¥0 key student b(y*"es - Student Counpl and Ihe All Student Meetin9. Sludenl Council comprises of an eleded Chair arKI Deputy Chair of Council, the SabbatKal Offieers, the Chairs of eaeh of the Executive Commiliees and a number of Part-fime Officers. Sludenl Cwnul exists to ratify and pass routine. uncontroversial {as decided ty the Democracy Committee) resolution changes to 8y-laws and the prLK&Sures and principles of the Students, Union.

Siudenl Council has the primary ￿s￿ns￿lI1fy f¢Y the implemenlalion and oVerS￿3ht of Unh)n policy. Union ￿ley. regulathMs and winciples are debated and voted for by members by way of an online secret ballot foll0Y￿n9 an All Student Meeting. The composit￿n and pr￿eeding$ of Sludenl Council are set oul in the 8y-Sav•S. The voice of ￿Udents is rep￿sented through a series of Union execulNe bodies cal Committees. There are ￿3ht Commrttees. Seven are direcuy ekcted Commrtlees and the eighth consists of the Union's eMJhi Part-Time Officers. The Demc¢racy C(xnmrtiee (has 6 directty elected wsrtions. plus the Chair and Deputy Chair of Counol. Retuming Off￿er (n¢Trvotingl and DemocTacy J)d Oevelowient OffI￿T- 10 in total, 9 voting): The Developmenl Committee (has 6 difectty elecled positions. plus the Enviniment & Ethics olf￿[ arKI the Democracy and Cvelopmenl Officer- 8 in lolafj.. The E¢Jucalion Cornm￿ee If0M)er￿ krthffl as Academic Council) (has 16 e￿￿ed Faculty Represenlalives wrth 7 protected pfaees for wslgfaduate students, elected into the fo￿ of Faculty Repsl- The P051graduale Comrnrttee (has 4 eknled Posbtions, 10 Poslgraduale Faculty Reps and Ihe Postgraduate Officer- 15 in lotall.. The Societies Committee {has 8 directty elected posilN)ns plus the Societies Officer- 9 in lotall: The Sports CLYnmittee (has 8 dIT￿tty elected posilions plus the Sports Offw- 9 in total): The Weffare Committee (has 6 directty elected Welfare Exec posrtions, 2 Mental Health Awareness Reps. and the Welfare & Campaigns Off￿er- 9 in iotal},' and The Liberation and ONersrty Cmlm￿ee {inclLhJes the 5 part-lime Liberats"on Officers. the Part-Time & Mature Slu¢Jents' Officer. the 2 International Students. Officers and the PresN1ent- 9 in tolaD. These C¢)mmittees are at the heart of h¢)w t1￿ SU rewesenl and acts on members, interests and ideas. The Committeès run campaigns. organise events. hold the Offttrs lo ac&)unl and make change Ihal will afffect students and Ihe Community. Policies hekl by Student Council cannot be overturned without being debated and voled on al an All Sludenl Meeting. POl￿S may be ¢)verbJrned by the Board of TTuslees tsn￿ for finanaal. repUtat￿nal or al ￿aSonS in xcordance with Artide 40.3. The Union maintains a policy file and record of lapsed pOl￿￿eS. Polic*s lapse aftef Iwo years unless renewed by Sludenl Council who will specty the next renewal date. As per the Memofandum and Articles of Ass¢tialion. Ihe Student Council shoukl receive report from the Board of Trustees on UnK)n activity each quarter. During 2019-2020. no report was submrtled due in part to adrninislrali￿ overwghl and in part due lo the COVID-19 crisis. Arrangements are now in place for this rep)rt lo be presented comme￿Ing 2020- 2021.

Officers ol the Union The Officers of the urt￿n ￿.. Seven Sabbatical Offttr Trustees". Five LiberatKm Part-Time Officer5". Four Part-Time Officers" Chair and Deputy Chair of Student CoLJncl- Chairs ol the societies and sports exe(xJtive crynmillees. Chairs of &x other ccmmittees,. and Univetsity Facuhy Rep￿sentat￿eS. The SabbalK* Off￿erS a￿ officer Iruslees ewed IhroLb3h a secret ballot by the Members each year, normally serving for one year in Off￿ bul can serve a second telm rf ie-elected. These are full lime posts remunerated as aulhortsed under the E¢JucalK>n Act and the MemorandLwn Articles of WarMdt Students. Unb3n. Board of Trustee5 "The Union is administered ty rts Board ot Trustees c¢yxprtsing." Vp lo five appointed external lay members". Up lo six appointed luN student members who are not Sabbatt¢al Offws.. and Up to seven student Sabbatical Offws {induding the Pre￿dent of the Un￿) The President of the Uni¢)n acts as Chair of the Board of Truslees. The appointed Student Trustees are [￿r￿lled to the 8oard and selected by the Trustees and Student Council to serve a maximum term of years. which may be exlended for second term. From August 2021 Sludenl Trustees will be e￿¢te￿ by a ￿re1 vote of students. The appoinled Lay Trustees are recruited to the Board and selected by the Trustees and Stydenl CoLbneil lo nom)aMy serve a temi of three years may be extended for a Se￿nd tem. Trustees, General Authoril The 8oard of Trustees has ultimate responsibility for Ihe finan¢ial matters and procedures of the Union. The Board of Trustees may choose to prohibrt the irnplemenlalion of any pob.cy re¢crtmmended by Student CC￿ncIl wh¢ch has finanaal implul¢ons if il is passed wilhoul a realistic financial plan. is not legal, or may not be in the best interests of the Unw in accordance wrfh Article 40.3 of the Memorandum and Art￿eS ol Asswation.

Trustees Induct￿n and Trainin Upon ap[￿￿ntMent all Trustees receive a Wdriety of infomiation through their rnduction. Trustees are br￿ed on their legal obl￿allOnS and other trustee resFonsibilities. The Sabbalical Officers are usually new lo Ihe Board every year. so they undergo more intensive, in depth training to ensure that they are fully aware of their roles and responsilylitw and can perfofm their range of dubes to the besl of Ihew abili￿5 as s¢)on as possible. There is an on-goTrng training prL)Jramme for Trustees for issues wh￿h may occjjr during their lemi of office and lo reinfcKce Prevailing legislative reqUIrery￿nts. The Board of Tnistees and the Chief Execulive The 8oard of Tfustees, assisted by su￿0MMitteeS where appTopTiate. has delegated the day-to-day running of WaThvick Students. UnK)n lo ChEf Executs"ve. The Unlon also a number of eNe staff to provM1e cont￿Ulty. o)nsistency and knowledge in the management of the many Union activit￿s. The staff team are aCc￿Jntab1e lo Ihe Chief Execulive for the perfOrMar￿ of th￿ duties. Committees The Board of Trustees rneels at kast five times a year lo receive reports from wmmittees, Sabbatical Officers. Senior Management and the Chief Exeeutive, Io feview the Union's performance and adminislralion generally. lo consider the Su's strategic objectives and their implemenlalion and lo aJree policy issues arisirrfj, subieca lo Consurtat￿ffi wmlh Student G)uncil. The Board of Trustees ts supported by three eommrttees Wh￿ ftxus on certain key aspects of Warwick Students. Union gOvern￿Ce and management". The Governance and Appoinlments Committee" The Audit and Risk Committee," and The People and Remunefation Committee. Governance and Appointments Commillee This ensures thal new trustee5 are Tecrurted, indueted and developed property. They also have responsibFlrty fof revwing the Tem)s of Relerenees of the Board of Trustees Sub Committees and C(xJe of Cond￿1 for Tfuslees. Audit and Risk Commitlee Th￿ monitors the Union's frameth for accounlabily. financial conlrol. risk profik and other aspecls which could impact on WaThwck Students. Union's organisat￿1nal health a$ well as ensurin9 that Ihe Unth is ecffiplying wrth relevant legislation The Committee is responsible for ensuring that there is a frarr￿wOrk of effe￿1ve internal and external audrt coverage and for overseeing ieports of data breaches to the Inforniat)n Commissionerfs Off￿e and seiityjs incidents to the Charty comm￿90ft. ioi

People and Rernunerat￿n Th￿ monitors issues relatry lo staff i￿luding the staff survey resutts. pay thanges.'training and development as well as slaff policies It also oversees the wocess for retruitmenl ot the Chief Executive and sen#y manageffwl posts. People and Remuneration The Slralegy Committee was established in 2020 to finah.se and oversee implemenlalion of the SU strategic plan. The Terms of Reference gives it delegated responsibilrty lo lead the process of finalising and publishing the five-year strategy, ciittslly support the director team in developing departmental plans whth ddr¥er the stralegy and monitor and ￿¥ ogress towards achievin9 the strategic targets and objectives. The Board of Twslees will review the Slrale9y Committee and ts CLMtinued value lo SU Operat￿n$ in July 2021. Relationship with ¢he University of Wamck The relationship belween the Universty aTrJ the Union is established in the Charter. Slalules, Ordinanees and Regulations of the Univerth. The Union re￿iVeS a block grant from the University and occupies a buil(Jing owned ty Ihe UnNersity of Warwck Foundation Fund which is leased lo the Union al an agreed rent. Thefe is no reason to believe that the bbck grant or equTrialent support from the Uftwersity of Wa￿iCk will not coniinue for the foreseeab￿ future. as the EdUcat￿n Act 1994 impx)ses a duty on the Universty to take such steps as are reasonably praclicable lo ensure that the Union oFerales in a fair and democrat￿ manner and is xcounIab￿ for ils finances. Warwth Students, Union therefore orks alongside the University of Wamick lo ensure that the affairs of the Union are property conducted and that the educational and welfare needs of the UnK)n's members are rrl. Risk Management The TnJstee Board has exanined the main strale9ic business and operational risks faced by the Union. A risk register has been esta￿•Shed aThJ 15 forma￿ revth•￿d and updated at kni twice a year. Where approprpte. systems arnl procedures have been established to miligale the risks that the Union faces and these are pefKéically revEwed lo ensure thal they continue lo meet Ihe needs of the Union. Budgetary and internal control risks are minimised by the implementation of procedures for aulhorisalion of all transactions and projects. Procedures are Ki place to ensure cornpl￿n￿ with the heallh and safety of staff, volunteers and participants on all activities otganised by the Union. These Pfocedures are periodically reviewed lo ensure they continue to meet the needs of the Union. li I

The strategic risks Ihat are wjenlifvl by the 8oard of Truslees are". Risk Area Governance and Compliance Risk Identified Failure to ￿•tect slafflstudenls from ser)us harm. Failure to manage a serious ineident with potential for Synif￿an1 reputalwial damage. Failufe to proled personal data in line wlh GDPR ulalh)ns. • Failure to address the funding gap over the next three years. • Failure to respond to Ihe financial ¢halberKJe of COVID-19 Failure lo respond to potential VAT thange5 affecting loc%J sales al the Duck. • Failure of commercial ath.vity and events lo break- evenldeliver return to Ihe Chariiy. Over celianee on the Univers block fant Failure lo eff￿tivety manage HR casework. Failure to succession pL4n, Part￿￿larIY in key areas. Failure 10 deliver an effectNe ED&1 review and su rtin eulture. A decline in St￿lent engagemenl with the SU and ils der￿)cIaliC prcKesses. • Failure to delNer a qualrty service and experience for students. Failure to address the Su's consistentty p(￿ NSS score. Failure to demonstrate value for ff￿ney for Ihe University. • Failure to balan￿ cornm￿￿1 interests with student welfa￿. Rlsks to the financial sustainability of the SU People and talent management Stakeholder engagement In response to the COVID-19 crisi& the Board of Truslees implernenled a gold. Si￿eT and bronze command structure lo manage the SFecik risks 0ri5ing from the crisis that impacted on the strategic and operat)nal opera11￿ of the UnN)n. This approach has. in conjunCt￿n with being part of the Uni¥er&ty's Mapr Inc*Jenl Team, ensured that the Union has maintained its financial positM)n and supported students and staff during a per￿d of S￿nifiCant upheaval during the periods of lockdown and changes to the way students Inlerad with trx)Ih the Union due to slaff having lo work frcffi home In line with Governmenl instruction and guidance. 121

Key Policy Statements Investment Policy The Trustees, objects.ve is lo invest sufplus cash to be51 advantage wth minimum rtsk. The Union has taken a prudent stance wrth funds being held in high interest-bearing deposit accounts for periods not exceeding 12 nN)nlhs. Cash funds so invested a￿ usually over a minimum balance of £21KJ.000 and must be placed with an approved and repLrtable banking institution to minimise risk. Inveslment ￿turnS in ￿ year rellect ihe stated [￿licY as well as the lower inleresi rates availaNe due lo market wndrtBJns. Reserves Policy The Truslees regulaty consider the level of free reseNes required. Issues considered by the Trustees during 2019-20 when thking at the level of reserves weie fvlure investment and Contingency requiremenls for risks. This includes such items as future strategic prqecls which indudes the requicemenl for any buildirKJ fefurbishment and infrastructure developrnenl and the Wnpact of the increase in the SUSS pensh)ns h"abilty and COMD-19. The Board of Trustees has agreed that the Unron shoukl have an unrestricted reserves target of at least £900,000 lexduding the unrestrrled pens*)n fund balance). Total un￿trIcted reserves al 31 Juty 2020. stsnd at £1.142,121 12019.. £1, 189.461 I and excluding fixed assels stands at £82S,438 {2019.- £841.306). The decrease relates lo the operational defi¢it generated by the Group during 2019-20. txje lo the impaet of the COVID-19 erists. there will be a signifunt use of ￿n￿$tr￿ed serves lo financialty sup￿￿ the Unmin during 2020-2021. Designated feseryes are held lo fund fulure slralegi¢ projects (including the Equality. Civersity and Inclusion project defecred until 2027 due to the COVID-19 cnsis) and the current level is £300,75312019". £350.812). DepWial￿n relating lo the planned refurbishment of SU buihjings and conlinuing work on the Union's website and d￿rtaI strategy accounts lor the use of the desvJnated reserve in 2019-2020. As a result of the recognilKJn of Warwick Sludents. un￿)n'5 pen&on deficit with the Students. Union Superannuation Scheme ISUSS) arising from the implernentation of the FRS102 accounting disclosures. a negative Unrestr￿ted pension fund balance of £8,176.590 (2019." {£5.367.652)l is recogni5ed at 31 July 2020 {see Note 211. representing the Wamck Students. Union share of the liabilrty. This notional increase in pensK)n fund balance arises from the impact of a scheduled In¢￿aSe on future annual contnbutK)n payments to the SUSS Trustees of 25.60h fr October 2021 and a ¢hange in the rale used lo drscouni these future annual conlnbution payments to 1.7% (2019." 3.2%). whjth is based the return on A4 rated UK gills. The Union is paying def￿11 conlribultons in line wilh the agreed contributions schedule. urrently planned lo end in August 2035. as discussed in Note 21. which has been ag￿ed with SUSS Trustees based on lalesl valuaiKJn. to eliminate the defKil Fosilion in the medium term. This is a slandard postrtK•n wrthin seekn. 131

Remuneration Policy The People and Remuneration c￿1M[ttee of the Trustees is responsible for defining pay policy and making recommendalK)ns in rekil￿n to pay. benefits and olher employment reialed policies. The Board of Tfuslees speafficalty con￿derS and ag￿eS any matters relating to the Students, Union's Chf ExecutNe's pay and benefits. The Chief Executive does not receive any fomi of bonus or perf0m￿nCE related pay and their benefrts are proporti¢)natety the same as other slaff. This role is benchmarked against the chwty seclor rather than Ihe wblic or Private sectOT Each role's salary is delermined by a fair evaluat￿n process (J'ob evaluation) based on len factors relevanl to Ihe Un￿n'S mission, values aThJ charitable obje¢tives. The ¢omplexty of roles. knO￿edge and skrfLs required as well as levels of respon5ibilrty afe cA)nsklered. The evaluation process deterrnines a salary band and these band5 are knchmarked in the rn￿dIe quart1￿ for the sector. Benchmarking is undertaken at ￿ast every fwe years and more frequenlty wtn requirèj. Wary￿¢k Students. Un#)n usesa pay Sca￿ whKh was oNJinally algned to the Higher Educath)n Single Pay Spine. The annual pay review determined exh year through an evaluatw)n of sector benchmar1(s and takes as a startiro ￿lfit the pay nego1￿1￿$ in higher education. The Union applies anfHJal cost of Ir4ing (intslionary) increases lo the pay scale each year after taking in lo accounl Ihe general econornic conditions and the affordaknlity of the proposed increases. The People and Remuneration Commrtiee rec(Mnmend for approval any annual cost of living rise Iwthich be zero) lo the Board of Trustees that falls within the financial budget apF￿Ved by the Board of Trustee5 in Ils annual five-year p￿n. The Union bwll monilor the spread ol pay in the LknN)n as a rio of pay disper￿On. The ratios considered will be the highest PaKJ lo median pay and the towest paid lo median pay. The largels a￿ tselV￿n 3 and 3.5 10 1 and no more than 4 to 1 respectivety. In accordance wrfh policy and desife lo be a gcMyJ empbyer. Ihe Union has been working towards king a Living Wage empwr. The Board of Truslees evaluates progress in this respect each year during rts fNe year planniry Pr￿e$s. The 8oard of Trustees has agreed that. effeelrle from 1 April 2020. the Union will pay the Nalional Living Wage Rale for ils Grade 1 staff - regardless of age. The pets￿e and Reiwneralion Committee undertake a review of pay and remuneration poli￿ during 2020-2021 and report its findings to the 8oard of TTuslees in December 2021. 141

Aims, Objectives and Activities Missit)n, Vision, Obieets and Values Our Pjlission: Po&"lively impacling students. lives at Warbwck and beyond. This means students enjoying their Universrty experien￿, making the most of the academic arKI extra-curricular opportunities, Iransfomiing theif own INes and the INes of the people around them. taking care of their wellbeing and rnaking change to soaety. Our Vision: Every WanvKk sludent unlockffng theirpotenlial. The Union aspires lo be the vehKle Ihat evw Wap￿k stud￿1 uses lo reach their full potential. This may be by influenciry the qualty of Iheii xadern￿ exper￿￿￿ through Student representation. by being there for any student in trouble. by havin9 lots of opportunities lo participate in debales, or Invotvemenl in sports clubs or studenl societies. Our Objects: The objecls of the UTh￿n are the advancement d educalw of students * the University of Wa￿1ck for the public benefrt by". Promoting the intefesls and wejlare of sludents at Warwick Students. Union duiing their course of study and fepresenting. supporting and advigng students: Being the fec¢)Jnised represenlalive Channel befv￿eTh students and the University of Warwick and any other extefflal bo¢y￿s.. and Providing socaal. cumural. sportirvj and re(xeational activities and forums for discussions and debate for the personal deVe￿pment ol ils students. The Trustees have had re9ard to the cha.rity Commission Guidance on Public Benelrt and believe that the obiecls at￿e c(4nFty wmth the publ￿ benefrt requirement. Our Values We a￿ a Uni¢)n foi all studenls. We are.. Student focused Democratic Welcoming Enriching Independent we put sliKlents at the heart of evemhing we do we are representative. elhical. transparent and accountable we are supportive. helpful. indusNe and value diversity t nurture sludenls. aspiraiions and help them eJevelt)P we are the independent voice of WaThvick students The Board of Trustees has agreed a draft Strateg￿ plan coverffw the Per￿ 2021-22. which updates the vtsion. mission and values of the Union. The strategy is due to be published in May 2021 I￿10￿￿n9 a final round of consullalion with members. In pursuit of ils vision. the Union will ensure the dNersity of rts membership Is recognised, valued and supported and has established depwlments and serv￿$ fof use by ils members and to support its work wrth the Uni¥ersrty 0fW￿lck and other cffjanisws on behaw of students. These indude.. 151

The SU advice cenlre, whth provides independent advice and suP￿rt on a range of key wellare issues affecting students at the Unjversty of wa￿¥1¢k. A governance and influence team. which manages academic rwesental¥)n, ¢)versee$ the provish)n of effeclr¥e govefnance and dem￿rat￿ prc¢esses. supports student-led campaigns and provides direclion to the Union's special pr0￿Ct5 and inilialives. Sludenl aclwilies. which Sup￿$ Ihe devebwenl of sports clubs and sccielies offering students a wide range of &ademic. sctol, cullufal, charrtable and interest based groups and the op{￿unity lo new F0￿. share their interests and deveb)p transferable Venues, bais and catering out￿tS. which offer entertair))ent. food, drink and cafes for students lo enjoy and employment opportunities for sludenls whilst they a￿ studying al Ihe Universty of WaAMck. The Sabbatical Offttrs represent students ty sitting ¢)n key committees working groups of the UnNersity of warn￿k. Thts ensuies that the student voice is heard and responded lo at all levels of the University lo enhan￿ the student experience. The UnK)n's Senior Managers and Officers also meet wlh Local Aulhorilies. local MP'S. councillors. local Clinical Commissionry Groups and other provideis of public services affecting students. To fvrther enhance the stLhYent experienee" Warvitk Students. Un￿n involves and supports students from all walks of lrfe to get invofved wilh both the Untversty and I￿al wmmunity by actively promoting the benefits of volunleefing in studenl-w a¢1￿￿"e$ such as Warwick Volunteers. Charity Commission AN Charbties are required lo make a serious incrdenl report to the Charrty Comrnission, where an adverse event. vthelher actual or alleged. resulls in or risks signifKanl.' harm to the charity's benef￿aries. staff. vobjnteers or others who come into contact with the charty thro￿h rts work- loss of the Chari￿s money or assets" damage to the charity's propeny", harm lo the charity's work or reputsth)n. Dufing Ihe year, Wa￿￿Ck Students. un￿rt d#1 not make a serious I￿￿dent report to Ihe Charity Commission. The Charity Commission did raise a regulalory case in respect of Ihe Students, Union Superannuatson Scheme to ensure that the Board of Trustees were 18king sufficient steps to manage the risk a$s￿lated wth the pens￿￿ liability and h¢X rt impacts on the Union. After respondiftg to questwis posed by the Charty C￿MiSsion and supplyry fesevant doevmentstion relaling to this issue. the Charty CommissTon ckjsed this case vith no further actN)n required. 161

Key achievements 2019-20 Over the last ye. we have delNered much sludents. dewle the COVID-19 crisis, including the following key achievements.. Phase 2 of the Decoloni5e Project was ￿UnChed. working to further liberate education al WaNitk after its init41 creation last yeai. RecoYd4>reaking Voter tvrnout was achieved in almost all of our ekntions and all sludenl voles. with candidate numbers for our Spring Elections increasing ffom 43 10 63. Our Sports and Tran5 Students. 01f￿rS (￿ated a new trans policy for BUCS. to ensure unwersty 5POrt is accessib￿ to all students. Our first ever Course Rep Conference. vrilh workshops frcth student Course Reps, staff. and Univefsrties UK. as well as a panel with represenlalives from NUS. Wonkhe. and OIA, helped to fvrther engage. train and empower OLtr Course Reps as academic iepresentats"ves. Our annual Housing Day. C0-h¢￿ted warW￿k Aec4)mm¢>Jalion, skni greater engagement than ever before. educatry sludenls around making informed decisions on ￿cOmModation. The Academic Representatlon Trartsformation Project. which aims lo enhance our ability to c￿deS￿n the educational experience al Warwick for the benefit of sludenls and the Univer$ty. w85 Ctjmpleled. Funding for the Rate Your Landlord initiative. which aims lo drive inproved private landlord housing quality, secured. Our Global Climate Strike 'Day of Action, and invO￿eMent in Green Week 2020 helped lo en9age many of our students with environmental issues. empowering them lo acti￿. Our first Union Awards were hosted online. celebrating Ihe outstanding achievements of (wr members. A variety of campaigns were laundled by our Officers. including our Voter regtstration campaon ahead oftts 2019 General Election, our 'Every 80ty' bcrtjy positNily ￿paIgn and our'Debullking the Myths, canpaign for sports d¥Jbs. Our Peer-Led Engagement Project has produced an evalualion lor aca¢Jemic representation in 8 universty departments and has created Employabilrty and Leadership Oeveloprnent training. Our leller campaign to Ictal landlords, in ccAlatxJ(ation with Socal government. has ensured renl waives and reductions for many students in off-campus accommcmjation for tem 3. Team Warwick defeated Coventry at Varsity, making us thampions for thè 30th year in a row, with final scores leaving Wawek wryth 47 pjints, Coventry 21. This was the first year a disability sport has ever been included. and we saw more friendly fixtuies than ever before. wrth w(Then's CYKel and dodgeball taking part for the first time. Our sports clLtbs and sCr￿treS have raised over £150.01)O so far this year for a wide range of chariltes. Three ol our socE1￿S won Bright Network Society of the Year awards. in the categories of Diversity and Indusion. Enlrepreneurship and Wcfflen's Swety. 171

The crealion of tl)e WaTwick SU Corona Communlty Facebook group, where our off￿e[s, Sports clubs and societies, and indivhdual students have been sharing fun activities and a￿¥￿e for COFxng during kxkdNn. has helped to support our sluoents during these unprecedented limes. Alonggde Ihis, we have worked dosety ¥ith the UnNer%ty on key projects lo". Implement the Warwi¢k values and continue W￿rk on Phase 2 of the Student Disciplinary Pn)ce55 reforms. Oeliver Wa￿￿k'S second Welcome Week. packed full of excrting events and opportunities for new and returning sludenls. We have also started work with the Unwersity lo devdop Ihe 2020 Wekome Week, undertaking both online and physical s¢enar? ￿anni1¥a so we are prepared for all eventualilies. Co-wnte the UniveNty-wide Wellljeing Strategy, to be nnplemented across every aspect of Universty life. Provide crucial sbjdent v￿Ce lo inform the University's COVID-19 response. using rinding5 from the Su's sludenl wrvey. Cieale a work-slream wrthin Wawck's Inlernaii¢)nal Higher Education Academy lo focus on the drfferent￿l access lo wellbeing SUPPOrt for liberation communities. Pwde input to and content fof the Warnryck Online Leaming Certificate. Develop the Academie Repre$enL*ion Partnership AgreemenL Create and c￿ChaIr the University's ￿denIng Participation Student Advisory . Group. Develop and initiate implementation of the Warwick Core Skills, to assist students in recogn￿ing ano harnessing the Sk￿15 they ha¥e acquiied tn older to impiove their employabilty. Kiek-slart plans for tackling the Climate Emergency. as members of the Universi￿$ Climate Emergency Task Force. Develop and pitch plans for the University library renovation. Develop a joint Stralegy for Al¢ohol and other Dwgs wrth a foraJs C￿ harm reductw and edvcation. The s)nset ol COVID-19 had a S￿nificant impact on the Union in Term 3 and pfevenled us from delivering key aspects of our work. This was largety due lo the inrtial national lockdown whth saw all of ¢)ur staff vKJrking Irom home and students unable to integrate on to campus in Ihe'ncxmal. ways, social ¢Jistancing ￿aSureS introduced whbch redU￿d the Union's ability to provide in-person events and a ConsKIerab￿ amount of staff pLaced on the Job Relenlion Scheme. The Uniw¢ has worked wrth Ihe UnNersty lo establish the Univergty-studenls. Union strateg￿ Partnership ReV￿W Group, lo ueate a fresh sel of principles io enable partnership working. establish a ne•V franwlork under whth the Untversity can monilor and review the Sluderils. Union'5 progress against its 51rategy and expk)te where oui organisalions. 51fategEs align and the benefits that could be attained through furthw collaboration in these areas. The recomrnendathjns of the review group were approved by the Board of Trustees and Un¢versily Council in Juty 2020. 181

The Year Ahead Like many other organ￿allOn$, the Students. Un￿Tr started 202CF2021 in 8 challenging r#Tranc￿l p￿lI￿n. Had it not been for the Govemmenl's Job Retent￿ft Scheme, the Students. Union would have had to significantty redu￿ cosls. Ihrough staff reduclions. to protecl the financial sustainability of the Union The external and intemal factors affecting the Unton's plafts have constantty changed and the challenges of COVID-19 restiictions well into the 2020-2021 financial yeai has not onty impacted on student experience. but has also had a ￿gnIfICant ¥npact on ihe way that the Union's staff have had lowork. with many either W￿rkIng from since March 2020 or have been fvlly furloughed. Since July 2020, staff have aLso been ￿xiblY fudoughed where appropriate. As a consequence. the UnK)n has forecasted the use of c. £8(KJk of reserves in 202￿2021. which includes reslructure costs. HoV￿ver, the aSsumpt￿n$ on which the original 2020-2021 forecast has been based have subsequently changed several limes, e.g. the IntroduclKJn of the Tier System. further national l(Kkdowns and the exlenwon of the Job Retention Scheme until Seplember 2021. In fact, COVIO reslrKlh)ns are likely to resuli in the Union's ¢ommercial tyjtlets being closed for much the 2021k2021 financial year. However, whilsl Ihe Union believes that it 15 a g￿n9 C￿ncErn. with the UnNers¢ty continuing to provide the same level of support through the annual bk)ck grant. the tha1￿NgeS faced during 2020-2021 due to COVID ￿rnaln real and complex and ryll most likety continue lo impacl and reduce the seryices that be provJed lo sluoents on campus al home Mi the sh¢yl lemi. The exisliThJ finanual pressures that weie facing Ihe un￿ before the added complications of covitk19. such as a 25.6% i￿lease in the amount contributed to fund the Union's share of the Sludents. Union SuperannvatKJn Scheme {sussI pensK)n liability from October 2021. means that the Union has had to Ynplement a programme of reorganisalion lo manage these financtal wessures and the changes artsing from Ihis reorganisation has resumed In a leaner and more focused Union from January 2021. Looking ahead. every year our Sludenls are rvjhtty expecting and demandiro mre frorn their Siudenls. Union. This ￿ not onty b￿ause the opportunrties we present them are key to their immerston in the sludenl communrty al WapHi¢k. but also because the skills gained from these are fundamental io beeoming the well-rounded indwNJuals so￿h1 after by prospeclive ernployers. Therefore. Ihe Truslees have worked hard lo revie•Y the UnKJn's strategy in ￿h1 of this and the context of COVID-1g and meeling those demands whilst also ensur￿9 the Same. exceptional stLKlenl experience MJI be challeroing. 191

Future Plans." The Union's Strategy for 2021- 2025 The Board of Tnjstees has agreed a draft strategic plan Covering the per1￿j 2021-25, which updates the vision. mission and values of the un￿n. The slralegy is due lo be published in May 2021 follwng a roun(l of ¢￿sU1t0t10n Wbth mambers. The strategy aims to create the best experience for every student at Warwth 11 also ¢hallenges the StLbdents' Un￿n lo become a dynamic force for ¢hange where all sludents fed a sense of c1￿￿mun￿y. The strategy Sets out the follthry five pri￿1￿$". 1. Ensu￿ students. ¥0￿e is central to University lrfe 2. Improve students. weffare 3. Develop a well.led and values4riven orgaTrsation 4. Create oreal networks and communrties 5. Ensure the SU is fnancialty sustainabk 11 introduces the fdlowing fNe new work pfc3rammes to delNer the strategic priorities.. 1. Student voice- academic rep￿sentatiOn, campawk ns. decobnising the oJrfiuJlum. support for liberalK)n groups, a critul lo the University and democrati¢ processes which maximise involven￿nI. 2. Advice and support- building an excellent ad¥￿e Servi￿ whith offers quality support on key issues and improved links lo exiemal support Providers. 3. Positive change- consulting on new organisalional values, wnplemenling the equality. diversity and inclusion fevw. colleague development and an innovatNe ￿aYe[Ship Pfogramme for sludenl officers. 4. Building communities- supporting Ihe develowEnt of ¢lubs and xieties, enablin9 a g￿31 inlfO(luction lo WaTh¥ick Ihrough welC￿e Week and helping lo detsver a modem c<>mmerual offer on campus. 5. A sustainable future- providing g¢)od financor foundalior)s, including an effective COVIO-19 recovery ￿an. and impbementw the recommendalions ol a new dwJital Iransfomialion project. Finally. il sets c￿t the following six high ￿ve] L¥9ets to te achieved by 2025." 1. 12.000 Mern￿ voting in electK?ns. 2. 97% Advice Centre users repyl improved well-beiThJ. 3. Top 10 Russell Group SV by NSS sC￿e 4. 909h staff colleagues report the SU INes ils values_ 5. Financial plan end of year goals a¢h￿ve 6. 20% rnore students activety engaged with the SU. zoi

Financial Review In¢ome and Expenditure The overall ￿$￿￿S for the year were.. 2020 2019 Movement Inccffie Expendrture Net Income for the Year As a % of Total In¢M)e 7.968,372 10.846.736 {2.878.3641 {36.1%) 8,996.637 (1.028.265) 9.266.980 (1,579,756) {270.3431 12.608,02-11 {3.0%1 The annual recurr?￿ grant contribution from Ihe Universty increased by £43.863 (1.6%) to £2,858,263 (2019.. £2.814,4001. Additionally, the UnKJn recognises contributions in kind tolalling £72,82812019-. £72,828) for management seThi￿ as granl income from Ihe University. Overall income ha5 decreased by £1.028.26512019: Increase £23.055). The Ixkdown ofthe country by the Governn￿nI on 23 Ma￿h 2020. due to covi[￿19, ctosed all food and beverage ￿tle1S and stopped entertainment events thr¢xwJh to the end of this reporting period. This has resulted in an overall TeductKin in ffKome generated by F&8 outlets and our venue of £1.550,656 c￿pared to the prewous year12019." incLxne decreased by £26.158 on I Pfior yew). However, this has been offsel. through the use of the ())vernment's Job Retentson Scheme, wh￿h enabled Ihe Union to continLÈe lo pay ils salar￿d staff throughout the Closure and easual staff until the end of July. arms to have received grant to the sum of £584,52212019". £nill. The Union has also pa￿ termin•ion payments to tsvo members of staff in Ihe year. A further six payments were approved by Ihe Board of Tfuslees as part of a wKler organisalional restructure of the Union. whieh was implemented in 2020 to address a shortfall in funding over the medium term As a ￿SuIt, temiinali¢)n payments lolalling £I29.￿5(2019.. £23.2921 have been reccgnised in 201&2020. Net Asset$ The year-on-year movements were.. 2Q20 2019 Movement Fixed Assets.. Tangible Fixed Assets: Intangible Fixed Assets: Investments 316,683 348,155 2.050 6,245 16.664 16.664 2.786,588 2,631.040 11.625.462) 11,436.155) 1.496.523 1,565.949 {31,4721 14,1951 Curfent Assets 1 55.548 (189,307) 169.4261 I8.176.5￿) {5.367.652) 12.808.938) Creditors.. Amounts falling due wthin one sear ProViS￿nS for 11a￿l￿1eS.and charges Net liabilities (6.680.067) {3.801.7031 12.878.364) 211

Tolal Net Liabilities in¢¥eased by £2,878.364 to £6.680.(￿7120l9= £3.801.7031. The value of tangible fixed assets dec¥eased by £31.472 to £316.683 (2019". £348.155). During the year £98.341 of fixed assets were acquired. This included the procurement of equipment vmlhin the var*)us outlets operated by the Union, the Installat￿)n of an upgraded CCTV system and improvements to fLXtures and frttings and IT equipmènt. Inlangible assets relate primarity to softwafe systems. During the year £nil {2019'. £6,150). has been spent and the reduction in intsngibte assets ts due lo the appI￿allOn of deprecialion charges of £4,195 {2019-. £21,068). feduciThJ Ihe nel present value of these assets. CUr￿n1 assets have increased by £155.548 to £2.786,588 {2019'. £2.631,040). Cash and short-term deposits have ir￿eased by £136,180 to £2.176,645 (2019.. £2,040,465). refieelww the net cash infbjw during Ihe.year. see.Note 20. Debtors have inc￿3$ed ty £8.090 to £561.878 (2019 £553.7881. Credrtofs have in¢reased by £189.307 to £1.625.462 {2019. £1.436. 155). This is primarily a5 a resutt of the deferral of VAT payments to HMRC under arrangements pul in pla￿ by Government lo support bugnesses during the COVID-J9 crises and lease rental Charges to the Universty Foundation as part of the process to manage cash fbows during the perK#J the Union has been able to Irade. These deferred anounts ￿11 be pa during 2020-2021 The proviston foi liabilities an(t charges relales entirely lo the Students. UnDn superannuab.on Scheme {SUSS} pension def￿1 1hakn.lity (see note 13 and note 211. The amounts ￿ld as CLJslodian on tehalf of student sports dubs and Societ￿ increased by £11,933 10 £701.71512019.. £689,782) Reserves Free unrestricted general reserves at 31 2020 decreased by £147,340 to £1.142.121 12019. £1,189.461 } In h'ne wrth the requirements of FRS102. Warwjck Students, Union reports the discounted Students. Union Superannuation Scheme ISUSS) pens￿ liability for wa￿￿k Slthjenls. Union. At 31 July 2020 this was cakulated lo be £8.176.590 (2019-. £5.367,6521. The Board of Trustee5 have previousty approved that £300.00012019.' E300.0001 be sel a$ide In a designated reseNe for future strategi¢ infrastruetufe deveb)pments. As al 31 Juty 2020 the value of designated funds held was £300,753. 221

Students, Union Ser¥ices Warwick Limited For 2019-20 Studenls. Union Services Warv•ick Limited {SUSW) made a donation under 9rft aid of £91.84912019." £165,736) to warW￿k Students. Union. a decrease in ¢onlribulion ol £73.887. The year showed a reduclion pfimarity a5 a ￿S￿lI of COVID-19 impacting on Refresh 8uffels and Income related lo W8Th¥￿k Conferences. Ho%4Ever, inrJ)me from sales of Ihe NUS Totem Card continues to be poor, and the lailuTe of the STA travel company has generated a bad debl in resFect of lease income not paid of £7.486 {2019". £nil). Overall Iwnover during 201￿20 decreased by £160.968 on the previous year at £250,518 12019. £411.4861. Membershlp Solutions Limited The 2019-20 financial year saw Membership Solutit)ns Limiled IMSL} making a transfer under gift of £313,841 {2019." £217,681) an increase in contributK)n of £96,160. MSL has delivered a suceessful sel of financial fesulls arMI consolKlaled ils posilion as the . market leader for websrte and rnembership management syslems in UK HKJher Education students. unions despite increasing coffy11th￿ in Ihi5 5eclor. It has won several nèw dients and MSL'S dEnt base under conlracl continues lo exceed 100 institutions. Planned work on the mlxlernlsal￿n of platform has not progressed a¥ quickty as expected and expenditure planned for 201￿2020 will now be incurred in future Feriods. Turnover in the year for the Company irKreased by £17.797 10 £1.246.8B812019.' £1.229.0911. Fundraising The Union does nol undertake any street or dotsr-to-door furAlratsing actiwty and does Th)t engaoe a third party organisats.on to advise of undertake fundraising on its behalf. The Rai&ng and Grvin9 Society do raise funds Ihrough eollection 10 be donaled lo eharilable organisat40ns selected by students. and other than &tuig as custodian of funds. the union does not influence or control this activity. All commercial 8Ctivrty ts undertaken wilh the aim of ratsing funds to support Charitable Activity, and the Untm th)es hold up lo evJht events annually with the expressed purpose of lundfaising. These events lake advantage of HMRC relief in respect of Value Addèd Tax and are in compliance wth the ass¢xialed HMRC guidance issued in respeet of such events. 231 ' Jrtea Th.we

Futurt Funding Every year the Union produces a FNe Year PLan that enables the Union to ￿VIeW the current and future financial perfoTmarKe of Trts aclivils. The ￿afi (including the twdgel for the 2020- 2021 financial year) was approved by the Board of Trustees in Cktober 2020. The budget for 2020-2021 f¢xecasts a defKkl Frf)Sition of £848.219)12019.. def￿11 £222.7801 which reflects Ihe financial impacl of the organisalional restructure on our staffing base and as$￿Ialed costs of restwctLsring together with the ongong impact of COVID-19 restrttions on Ouf ¢ommer¢o1 Out￿1$ and events. Ihal we estimate will be severety re￿riCted due lo St￿81 distanang requirements Ihe whole of the 202￿2021 ￿jemIe year. The def￿1t includes £84,28412019.. £137.22n lo te funded from the designated reserve. of which £56.000 is earmarked to support the delivery ol the UnDn's Equalty. Diversity and InClU￿On Prc4ect. The actuarial re¥￿ undertaken by SUSS Trustee5 as at June 2019. has indicated that cash pension deT￿t contributN)n of £367.372 (2019". £349.475) wll be due before accounting adjuslmenls for FRS102, and this has been incorporated in to the 2020-2021 financial plan. Thts plan also includes an approved reeurreftl grant fr(Yn Ihe University of WaNick for 2020-21 of £2,947.081 (2019.. 2,903.0201 an inuease of £44.061 11 5%) The current Fsve Year Plan assumes that the UniveNty of wa￿￿k will u)nlinue lo conlribule an annual recurrent block grant al the level approved for 2020-2021 atXOSS the planning peri&J. Allhou9h the UnK)n has Th) definitive guarant& that funding will Continue from the Untversity al these levels. the un￿ wll eonlinue rts diawue wrth the University atK)ul the future and monilor any inpact lo the Univefsty of any change lo htgher ed(￿at￿]n funding and Ihe ongoing impaci ol COVID_19. The Capital Commrtments (note 7} reports thai in resFonse to the COVID-19 crisis and with the aim of managing cash during 2020-2021 there are no caprtal (xyr￿1¢rnents approved bul not yet contracted The Union polenlialty faces significant financRI risk as a resutt of the current pension defie4"t reported from the Students, Union SuperannuatKJn s￿￿Me ISUSS>. This is a defined benefit ￿herne whose rnembership consists of students, unions and reLated Ihroughout the country {see ￿te 21). This scherre ck)sed lo fvture &crual on 30 September 20) I. The amounl contributed in the year to 31 Juty 2020 was £349,475 {2019'. £332.8341 (see Note 21). Contribution amounts are included in the Group's Five Year Plan y￿th a known increase of 25.6% and 5% in October 2021 and October 2022 respedively, and an on-going estimated annual increase in contributions of 5%. Th• pon￿Oft daf¢eil 16 accountgJ for as a liabilily undor FRS 102, al th8 nel prgBOnt valu9 Qf the agreed future payments. The net present value discount rate applied in forecasting our future liability is 1.7%12019'. 3.2%). SUSS will undertake the nexi 1ndera￿ent tn'annual aetuarial ￿VIeW as al 30 June 2022 and this may resum in increased pension deful contributions from October 2023 and an extende¢J recovery period t¢Y￿K1 the cuffent p￿ne￿ end date ol August 2035. 241

Funds Held as Custodian Trustee on Behall of Others Cu51odiaTr Funds Warwick Students. Union acts as a custodian for lunds raised by Ihe my sports clubs. student soc4elies and RAG (Raising and Giving) affiliated to the Union These funds are held in a separate bank account and the yearnd balartees fcr e&h sports dub and society are wilhin the Union's ueditor baL￿r￿ {see Note 11). The balance hehj for student sp)rts ¢hJbs and societies at 31 July 2020 was £701,715 12019.. £689,782). see Note 11. The i1￿orne and expendtture for the student spxts dubs and socElies is not reported vithin the Union's Stalemellt of Finanoal Aclivilies. During the finarrfial year ihe sports dubs and socrets received £1.722.868 of income (2019." £2.016,660}. Included in this inccxne were 9ranls from Ihe un￿>n'S Sports Exec and warW￿k Sport of £291,49912019_ £316,C83) for SF)Orts dubs and £38,018 (2019. £70.9801 from the Union's SocElies Exec for student societies (see Note 181. These grant awards were spent in the year and appear in the Union's Slalemenl of Financial Ath'vilies as a cost in the"Studenl Activilies. sO¢￿ties and sp￿ Clubs" line. Auditor In line with best pyaclice. the Union underto)k a lendei exercise lo inrtiale a new three-year appointment ol a slalutory audrt fimi during 2018-19, arKI RSM UK Audit LLP have been reappointed to commence as at 31 Juty 2019. The Trustees. Sirategic Retth is apwoved on behalf of Ihe Board of Trustees." Luke Mepham Pres￿nI Date.. 29 April 2021 Trustee 251

STA TEMENT OF BOARD OF TRUSTEES RESPONSIBILITIES The Trustees (who ale also direclors of Wawck Students. UnK)n for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financpl statements In accordance wilh applicable law and Uniled Kingd￿ Accounting Stsndafds {Unrted Kingdom Generally Accepled Accounlirg Praclice). Company law requires Trustees to prepare finanual ststements for each financial year wilh give a Irue and fair wew of the stale of affairs of the charilabbe e(Mnpany and the 9roup and of Ihe incoming resources and applKalron of resources, including the income and expenditure. of the charitable group fw that period. In weparing Ihose financaal slatemenls. the Board of Trustees is required to.. Seled suitable accounling polKies and then appty them consistenlty.. Observe the methods and Principles in the Chatrt*s SORP". Make judgemenls and ests"rnates that are reasonable and prndenl". Slate whelhei ap￿icable UK Aecounling Slandards have been followed. 5ubJe¢i to any malenal departures discbsed and explained in the finarKial statements., and Prepare the financial stalemenls on the going concem basis unless Il is Inap￿0priate lo presumè that the charrtab￿ company will conlinue in business. b} dl The Trustees are reSpons￿e for keeping proper ac£ounling records that dixlose with reasonable accuracy at any time the fmartial posrtion of the charilable company and enable them to ensure that financial 5tatthr￿nts COM￿ with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charrtable company and the group and hence for tsking reasonable steps for the prevention and detecth)n of fraud and other Irregularit￿S_ In so far as the Trustees are aware" ThpJe is no relevant audit inf(xmalion of wthich Ihe chavilabk ¢ompanYs auditor is unaware.. and The Trustees have taken al sleps that they ought lo have taken lo make themselves aware of any relevant audit inf0math￿ and to establish Ihal Ihe auditor is aware of that infornation. The Trustees are responSi￿e for the maintenance and inlegrtty of the corporate and finanual infomalion included on the charitable companls website. LegiSlat￿n in the Uniled Kingdom governing the preparation and disseminatKJn of financral statements may differ from legislalw in other junsdiclions. 261

INDEPENDENT AUDITORS. REPORT ro the Members of Wanvick Students. Union Opiftiti We have audited the financial staternerrfs olw￿ck Studenls, Un￿n I￿,9¥ent thariiabbe compan and its subsidiaries Ithe'group'l for the year ended 31 July 2020 w￿th compn.se the Grwp Statement of Financi￿ Acliwties. the GrTrJp and Comwy Balance Sheets. the Group and Company Cash Flow Statements and notes lo the fi￿•¥1 staments. a SLKnmary ol si9r¥ficart accounting policies. The financiJ reporrin9 trarne￿ thai has been •p￿￿d in preparabon is appl¢able law and UrHted knngdom Acc(thtiro Siandar¢Ys. ncfLKltng FRS 102 "The Financial Reporting Standard applicable in Ihe UK arxl Repu￿1¢ of Ireland" (United Kir¥3dom Generalty Accepied Accountsrvj Praeiicel In ¢xr opl￿On the finan¢1￿ statemerts". givè a true and fair vthv ofthe siale ofthe group's and the pa￿nt tharsiable crynpany'$ affair5 as al 31 J￿Y 2020 and of the group's incomirMJ res<)urces applKation of resources, including rts come and expernJitLffe. for the year I￿n ended.. have been properly prepare¢J in accor¢jan￿ wlh Unrted Kwydom G￿raIIyA￿tedAcC0￿tin9 Practice". and have been prepwed ￿ accordance with Ihe req[K￿rtS ofthè Companies Ad 2tKfj. Basis for opiftion We have been appcdrrtÈd a￿lI10T$ urJer C¢ry¥es Aci 2006 and seclion 151 ofthe Charities Act 2011 and ￿pOrt in ￿(￿darKe wth those Acts. Wè conducted wr audrf in a(cuda￿2 wth Intemaliwl Standwds on AuditiThJ IUKI IISAS IUKII and applicable law. Our reswnsikn"liti¢s undw Ihosè standards we furthef desuibed in the Auditor's responsibilits frjr the audit ol the fina￿01 statements S￿l￿n of our rept)rt We are irHlependent of the group parent chafrtable ¢cMpany n acccKdance wrth ihe ethKal requirements that are rdevant to our audit of the fin￿0a1 slatements in Ihe UK. nckjding tl FRC'5 Elt}￿ Slandard we have fU￿11¢d our olhef ethKal responsiNrties in accordarte with these requiremenls. We believe that U)e auElil evidence we have oblained is suffioeth and appropriate to provKle a basis for our )pinion. Contlvsions relatlng to going concern We have nolhry to ￿POrt in respect ol fc4FcAMng mattws ￿ relab.on to Wh￿ the ISAS {UK) re4uwe us to report lo you where". the InJslees' use of Ihe goirKJ concern basis ofx¢ountYvJ in weparatr)n filw￿#1 staiernents ts not appfoprie", Of the Imstees have rKbl disdosed in the finarKial slatemenis any identified rnaleiial ur￿ertaintie5 that may cast signiftsnt doubl about ts group's parent charilable companls ability to ntinue to adopi the g￿r￿j concern basis of accounts'ng for ¥ pen￿4 of ai leasl ￿e1Ve rnenths from Ihe date fin￿e￿I statements are 8￿h0￿"Se￿ Iss￿. Other informatFQn The trustees are resp(￿•ble for the fv wftmation. dhEr 1nfmtl￿ ¢ompris¢5 t information included ￿ the Truslees Annual Repryt other than the ffinancial 51atemen15 and our audiloi's fepNt thereC￿ Our opinion on Ihe firwcial slalements doès not Gover the o¢her information and, except to the extent othewse exFAicitly stated in wr ￿￿1. we do rK)t ewess any lorm of assuiance condusicKt I￿reon. 271

INDEPENDENT AUDITORS. REPORT (Continued) To the Members of Wanwck Students. Union In connecticn ￿lIT0￿ ￿di1 cl Ihe fina￿al slatemwts, rmjr resporfyts.lity is to read the other informatyon and. In dtyThJ so. consider whetw ts other irtsmatK)n 15 materially inconsistent wlh Ihe finan¢ial Statemenls or our kt￿?+41edge obtrd in the aLwJit or othervise appews to be materially misslaled. If we identify such matwwl Ircfyi%stewKte5 or apparent rnaterial MtsStst￿en1￿, we are fequired tts d•ternwne whethèr there is a mat41 misstatnenl in fin￿cial slalements or a matefial misststement of Ihe <)thef Intsmathoft. If, based on Ihe woffk we have performed. we condude thai there is a rnateri¥ misstatement ot IMS intsmaii¢>o ¥e required io rewt that lact. We have nothiTr4 lo in this reg¥d. Oplnlons on othef matters prescrrbed by lh• Companies Aet 2006 In our o￿nI￿. based on thÈ wuk LYMlertaken in the c￿r$e of fv audrt". the inlwmalicn gi¥eft in Ihe Trustee5' Annual Report. whth indudes the Diredors, Repjrt ènd thè Straie9ic Report prepared the pwposes of ecffnpany law. for the finartial year for which Ihe finawal staiemenls we wepared is ccKJsistenl with the fjnaroal slatèment5'. and Ihe OirectLYS' Report and thè strate9K Report induded the TfUStees' Annual Retth have been wepared in aCCOfdarKe ¥pkable W reqsJ¥ements. Mattws on whieh wè are requ•r¢d to rnport by xe•ption In the thght of the knO￿ledge and uThJerryliTh3 of the grw) and Pa￿nt d4n"table company 8rwJ their environment obtained in Ihè course of the audrt. we have ¢￿t Idenbfed material misstatemenls in the Directors, Reput ry the strateg￿ Report wllyn TnJslee$' Annual Report. We have nothirrfj to fepy( in ￿SpeCt ofthe lejkY￿g matters Wtte￿ the COMpan￿S Act 2006 rewrire5 us to report to you if. ifi Ouf Opinion". adequate acc4yJNiryJ records have rnt been kept by the parent tharitable company. OT feturrt$ adequate far ¢Xtr audit have not been waved Irom brathe5 not visited by us." or the parent chantable company financial staternents afe rKJt in agreement with fv a¢￿tin9 cords and ielvm5." or certain di5cbsures oftruslees, remweration specifd l)y are nol madp". w• have rnt rewved all the infc¥malM)n and t4)I￿t￿￿$v retyi￿ ts our audit. Respoiisibiltties of Trustees As explained morè fulty in the Siament d Board ol Trustee$. Responsibilrties sei wt on page 26. the Iruslees (who are also the directcKs of chwttable company for Ihe purp95es of crynP￿y lawl are reSponS￿)Ie for the weparabon of the finwcial statements and fr￿ beirJ Satisfied Ihat they give a true and fair view. and for such internal c(ntrol as the tr[￿teeS (JelerrThne 1$ n￿essary to enable the preparation of finanrial statement5 Ihat are free from maieriai misslalement. vtheiher duè io Iraud or erw. In preparing ihe fuwncol stalemerts. the fruslees e responsib￿ for assessing the group's and parent charitable ctyXp￿Y 5 ability to Continue as a pn9 CThKern. disdosiNJ. as applicable, matters related to going ccffjcern and using the goThJ ¢￿￿er￿ basis of accounting unless the truslees either intend lo liquKJate If 9roup or parent chrtaL4e c(wnpany C￿ to cease operabons. u have no realistic allernats.ve bul to do x¢. 281

INDEPENDENT AUDITORS'REPORT (Continued) to the Members of Warkvick Students. Union Auditorfs responsibilities for the audit of the fIna￿la1 $tatements Our obieclives are to ot)iain reasonablè a5surcÈ about whether the financlal statements as a whole are ffee from material misstatement. whether due to frJd errr¥. and to Issue an auditorf5 report ihat includes tyjr Opin￿)n. Reasonable assur￿ is a hyh level of asSUr￿Ge. but Is not a guwantse that an au(Jrt te￿ducted in accordan￿ with ISAS IUKI WAI thays deted a material Mi$stsl￿enl when it exists. Misstatements can arise Ir(km fra(AY c error d are eonsKtered material if. indMthJally or in the a99regate, they ¢oJld rea50nably be expe¢ted to inliue￿e the erI￿Omi¢ decisions of users taken on the basis of these fmanckql stalements A des¢ripth"on of ojr wponbthkn"es the ￿dit of f#iarKial statements 15 prowded on the Finanual R•porling Council's webgte at ￿1p'.1￿.fr¢.rmg.u￿audi¢or$rÈSpon$I￿.I1E¢eS. This descripkn.on forms part of our a￿ttl10r.S report Use of our report Ths report is made solety lo thecharitJle companl$ merrthrs. as ¥ ttyjty. in a¢¢ordancè wrth Chapt•i 3 01 Part 16 01 the Companies Act 2006. (hJr audrt w(Kk has been undèrtaken xl thai we M￿ht statè to the charitable cornpanvs menknr$ IIKise matters we are required to stale to them in an a￿litor. port and for no other purpose. Tg the fvllest exlent permilled by I￿, we do not accept or ass￿rne sp)nsibility lo anyrne other Ihan the charrtable company a￿1 the charilable comwy's members as body. for ow audit work. lor Ihis report, Ix the opiThon$ we have forrned. ULa PAUL OXTOBY (Senior Statutory A¢Jditwl For and on behalf of RSM UK AUDIT LLP. Slatirt¢yy ALYitor Chartere(J AC￿untants St Philips pO￿t Temple R(Mt Birrniroham B2 SAF Dale 29 April 2021 291

CONSOLIDA TED STA TEMENT OF FINANCIAL ACTIWTIES Including incorn and expenditure Kcount lor the year ended 31 July 2020 ihwèstri¢ted Oesignaied RestrKted Funds Fund5 2020 TOTAL 2019 TOYAL Note INCOME Donation5 VrMver5ity Grants Joty Relentign Grant 2.931.Ce9 584.522 55.801 2.916,890 $84,$22 2.917,250 Incwe Ifom charitable Activities FoTrJ Bew4e Venues. Events & Enwlain￿rts Adminislrolion an¢ Support Servi¢¢s St￿￿ents & Reprp5enlabon StudentAclities. Scoebe5 8 Spjrts ChJ)5 In¢tyne Irom Tiadin9 AGtivitye5 Commercial Inctyne athi09 8 Sk>ywship Inv•stment I￿om¢- Inl•r•s¢ Receivabl• 1.643,213 747.395 51.735 2.7C¥) 2%,912 1.643.213 747.39$ 54.740 2.700 457.712 2.941.408 939.857 12,330 8.377 495.885 IfAS.8 1,45s.858 30,948 1.455.858 30,948 4.391 1,S82.661 32.836 6.233 TOTAL INCOMe 7,7SI.763 216,606 7.968.369 8.996.637 EXPENDITURE expenditure on Raising Fun¢ls CommerciJ A(liy4ties Expenditure on Ch4ri1•tyl¢ Ac¢bvity Food an4 BeVer￿e Venues, Events & Entert3innnts SIL¢et)l Membwshio servI￿s RekYesentaiKsn & Affilialio Student Aciivil*S. Scoeiies & SF4rt cl￿$ In¢Mase in SVSS Pen$ions Liabil 1.035.393 1,035.393 1.157.470 2.678.307 1.176.327 1.1S5.893 499.254 1.307.021 2.￿.936 2.678.307 1.176.327 1.183.726 499,254 1,464.781 2108,938 3,215.238 1.441.750 1.204,391 523.105 1.724,726 27.833 157.T67 13 TOTAL EXPENDITURE 10.661.133 185.600 10.046.733 9.266.980 NET SNCOMEI(EXPENDITURei 11909.3701 31,006 12.878.364) 1270.3431 Trwslers 8ewn FU￿ts NET MOVEIIENYS IN FUNOS 15 {50.0591 150.0591 13.0331 27.913 12,856.2781 12.878.364) 1270.3431 Fund Balances &owJN For4var 14.178.191) 350.812 25,676 I3.￿1.703) 13,531,360) TOTAL FUNOS CARRIÉD FORWARO 17.034.4691 300.7$3 63,649 16.610.067) 13.801,703 This Consolidated Statement of Finaneial ActNilies represents a consolidalion of the income and c051s for Wamick Students, Union. Students. Union Services Warwick L Thiled and Membeiship Solutions Limited. all operations a￿ continuin9.

STA TEMENTS OF FINANCIAL POSITION Company Registration Number." OT297865 GROUP 2019 UNION 2020 2020 2019 FIXED ASSETS Tangible FixeLI Assets Inlangibie F￿¢ Asseis Inve5tmen15 316.683 2.050 16.664 348.155 6.245 16.664 316,583 2.050 17.934 348.155 6.245 17.934 335.J97 371,064 JY6.667. 372.334 CURRENT ASSETS Stod¢s DebtQfS short.krm Oephxits Cash al Ba￿ and in HaTr 48.C65 $61.878 1.363,792 812.853 .787 553.788 1.202.175 36.787 740,979 862.805 823.774 10 680.110 1.047,611 799,581 2.78W8 2ffi31.040 1675,347 2.464.346 CREDITORS Arnounls Falkn9 one ye¥ 11.625.462) 11.436.155) 11.414.991) 11,271.2301 NET CURRÈNT ASSETS 1.161.126 1,194.885 1,160,3S6 1.193.115 ProwsK)￿ lor & Chaf9e5 18.176.59)1 15.367,6521 18.176.5901 15.367.652> NET LIA81LITIES 16.680ffi71 13.101.7031 16.679,5671 IJ.802.203 REPRESENTING Chariuble Fund5 Restricted Fwds 17 51649 Z5.676 25,676 Un￿$1¢￿ed Funds Gerr4 Pen$NJn Oesignd 1.142.121 le.176.￿) XKI.753 1.189.461 (S.￿7.65?) 350.812 1,142.621 1.188.961 {8.176.5901 15.367,6521 .753 350.812 16 15 TOTAL FUNDS 16.680,0671 13.801.703) 16.679.567> 13,801203 The Company's de(￿rt and total wrnwehensive eynditure for the year was £2.878.36412019.' 1£270.34311 The finanaal statements on pages 30 to 55 were approved by the Board of Trustees and authorised for issue on April 2021 and are signed on Its behaff ty.. Luke Mepham Presldent Trustee

CONSOLIDA TED STA TEMENT OF CASH FLOWS 2020 2019 Nei C45h Infhjw Ii¢yn Owatir¥J Acb¥ryt5 230.130 (631.9071 INVESTMENT ACTMTtES irteresl ReeeNed Purcha¥eof Taryib Assets Purchasec41ntangth Assets 4,391 198.3411 6.233 1279,6611 16.1501 Cash in Inve5tirvJ 193,9501 1279.5781 INCREASEIIDECREASEI W CASH At40 CASH EQUIVALENTS 136.180 cash ¢a$h E￿￿¥￿1$ al Ihe eeg"nrMrsyts Ye¥ 2.040.465 2.951.950 Cash and Cash EqL¥ent5 al Ihe End of Ye 2.176.645 2,040.465 REPAÉSENYED BY.. Cash and short.term D¢pwitS at Bank 2.1Th64S 2,040,465 321

PRINCIPAL ACCOUNTING PQLICIES General Infomation WaTh¥ick Sludenls. Union Limited is a tharitable ojmpany limrte(I by guarantee and domiciled and incorporated in England. The address of the Company 5 registered office and principal pLAce of business is Warwth Students, Unk?n. Universty of Wa￿￿k. Gibbet Hill R¢)ad. Coventry, CV4 7AL. These accounts Tepresent a eonsolthtion of the ￿tyjnts of Warvitk SiL•Jenls' UnK)n and ils sub&diary undertakings Students. UnK)n Services Warwick Limited and Memtership Solutions Limrted. The CompanWs and the Group's principal activit￿ are as disclosed in the Annual Report of the Board of Trustees. Basls ol Accounting The accounts have been prepafed under Ihe Charities Act 2011 in accordance with Ihe Slalement of Recommended Ptactice". "Accounting and Reporting by Charities". Statement of Reeommended Pracliee" ap￿1¢able lo charities preparing their accounts in accordance with the Finaneial Reportin9 Standard applicable in Ihe UK and RepublK of Ireland (FRS102) effectNe 1 January 2015 {Chanties SORP IFRS102}l. Ihe Financial Reporting Standard app1$cab￿ in the UK Rewbltc of Ireland IFRS102} and the c￿￿pan￿$ Ad 2006. Warwck Student5. Unwjn meels the definrtK)n of a public benefit enlty un¢Jer FRS102. Assets and liabilities ¥e inrtially recogntsed at histrical mst or transactK)n Va￿ unless otherwise staled in the relevant accounting policy notelsl. FRS102 Reduced Disclosures In acwdanee with FRS 102. the C(*mpany has taken advantage of Ihe eXempt￿n$ from the following disclosure requirements- Seclion 7 'Siatemenl of Cash Fbws, _ Presentat￿n of a Statement of Cash Fl¢)w and related notes and disclosures". and SectK)n 33 'Relaled Party Dtscbsures'_ Compensation for key managerrent personnel. Judgements and Estimations The 8oaid of Trustees have not made any signiftsnt judgements and e$timalh)ns in'lhe process of applying the accounting policies except for recc4Jnilw)n of the Sludenls. Superannuation Scheme {SUSS) pension liability. see Note 21. There are no areas of eslimats"¢)n uncertainty that have a Signrf￿ant risk ol causing a material adjuslmenl lo the Car￿n9 amounts of assets and liabilities within the next financh31 yèar except for the SUSS pension liab￿lty. The SUSS penwon scheme ¢onduci¢d a full aduarial evaluation as at 30 June 2019 and all estimates are based on the 1nfomial￿n arigng from this valuation. Thi8 indudes a review of the discounl rate used in the calculation of the pensKJn liabilty which after consideration has been reduced lo 1.7%12019. 3.2%) 331

PRINCIPAL ACCOUNTING POLICIES (continued) Financial Instr¢mwnls Warwick Students. Union and its subg"diarEs onty have finan¢ial assets and financk?I liabilities of a kind Ihal qualify as bay¢ finanoal instruments. Basic financk71 instruments are initially ￿Cognised al Iransaclion value and subsequenlty measured al their settlement value. Going Concern Warwick Students. Unb)n rep￿5 a net liabiltties i>ostion of £6.680.C67 on rts consolidated balance sheet as al 31 July 2020. This ￿ directly as a resull of recognigng the discounted Students, Union Superannuation Scheme ISUSSI PenS￿n l￿bilItY calculated as £8.176.S90 (2019. £5,367.652} for both the Union and its Sub￿diary companies. However. this liakn.lity is payable on an incTemenlal basis over a pefiod to August 2035 and there is no reason lo believe th* Warty￿k Students. Union cannot meet its annu81 commitments lo repay Itms liabdily. An independent actuar￿1 review of the scheme tC#)k place as at 30 June 2019. and an increase in deficit contribulK￿$ has ari%en as a resuli. The Board of Trustees wll continue to monitor the impact that this may have on the UnKJn. The current economic condit￿n$ create uncertainty particularly over the level of demand for the Union's services. H¢y•vever, current Infom￿110ft from the Univergly of Warwick indicates that future income provided uTrJer the bk￿k grant a9￿ment ￿11 be maintained at current levels. The impad of the Cov1￿19 crises has resulted in a sunrficant drop in commeroal In￿Me due lo the closure of the Union's outkts from 23 March 2020 due to lockdown. It 1$ anticipated that whilst ieslrictions applieabte to social distancing conlinue. this reduction in income will continue Ihr¢yJghout 2021>2021_ The Union's forecasts and project￿n$. takiThJ acuunt of reasonably poswbie changes in trading performanee because of COVID-19. show that the Union should be able to opèrate wrthin the level of its current facilitses for al least twelve months from the date of approval of these accounts. A reslruclure of the UnKJn. including a redudion in staffiThJ numbers has been undertaken and was ¢ompkted at the end of CEcember 2020. 11 is ankipated thal there will be a requirement to draw on unrestrscted reserves to support the adivilie5 of the Union throughout 2021>2021. although this has been offset by the extension lo the Job Relent￿n Schwne. The Tfuslees have a reasonable expectation that the UnK)n has adequate resources lo continue in operational existence for the I￿e$eeable future Thus they continue lo adopt the going concern basis of acccAJnling in preparing Ihe annual financial slalemenls 34 |

PRINCIPAL ACCOUNTING POLICIES (continuedl Basis of Consolidatlon The financial statements consolidate the sktements of the eharrtable company and its subsidiary undertakings. Inter-group transactions. balances and proffts are eliminated on consolidation. The consolidation is carned out on a line-by-line basis. In accordance with SectK)n 9 of FRS102 - Consolidated and Separate Financial Statements- both Students, Union Services WaThvick Limited and Memkrship SolulK)ns Limited ale considered lo be under the control of the Union. A separale Statement of Finawal Aclivrties ISOFAI for Charrty rtseK is not kyesented because the charity has taken advantage oflhe exemmion afforded by Section 408 dthe CompanEs Act 2006. For the charilable company for the periths ended 31 Juty. 2020 2019 Income Expertdilure 6.963,986 19.842.350) 7.877.694 18,148,037) Net IExpenditureylncome for the Pefiod 12.878.364) 1270,3431 Tangible Fixed Assets Fixed assets are staled al cost less xcumulaled depreaation. The cost of minor additions- aside from computer equipment- or those costing below £1.500 are not capilalised and are writlen-off lo the income and expenditure &count in the year in the expenditure ocojrred. IT equipment is capilali%ed rf Ihe item value is greater than £400 indNhlually crf in aggregate. The Union occupxes premises wovided by the UnFverW of WaThvick and the Universrty ofwarwick Foundation Fund. Intangible Fixed Assets lntartgi￿e Frxed Assets incfudes s1gnif￿nI investment in non-physKal assets suth as sothvare systems. SQfva￿ systems are capitalised rf the rtem value is greater than £10.000. Depreciation Deprecialion is provided lo wrrte-off the cosl ￿s5 the eslinaled resKlual value of fixed assets by equal instslmenis over their eslimaled useful INes as loJk)ws". Yea 3-10 Building Improvements, Fixlures & Fith'ngs General Equipment. Vehicles IT Equipmenl- Desk T¢)p Compulws IT Equiprnenl- Lapt¢)p Computers Sofvare 351

PRINCIPAL ACCOUNTING POLICIES (continued) Stocks Stocks are valued at the lower of cosi and r￿t realisabk ￿Ue. Cosl is recognised on a firsl in. fvrsl out basis. Net realisable value is based ¢)n estimated selliffJ w ￿$$ the eslimated Cost of disp¢)sal. Income The Un￿n receNes donaltons in the fwn d a blc# grant frryn the Univer%ty of War￿1Ck and this is credited to the financial State￿1$ in respect of the perh)d lo whth each grant relates. All inecffie and catxtal resources are recognised in the ￿Thts Nhen the Charity is legally enlilled to the incoyne, the amount can be quantrfied, and feceipt is probabk. Income from tharitable ￿tIvItieS inckmjes income receivell under contract or where entrtknnt to granl funding is 5ubjecl to speofic perfomiance cl￿d￿￿n$ or felales lo pl￿ary'pU[pOse charitable trading. Such incc¥ne is recognised as earned as the related goods or services are provided. Income from cwimercial trading activities (r￿ of Value Added Tax} recognised as earned when the rdaled goods and sep4ices are pro¥k4ed. Investment income is rectrJnised on a re￿1Vable basis Expenditure Expenditure is recognised when a liabilty is incurred. Liabililies are [￿ognISed as soon as there is a legal ￿ conslruclive Obl￿atIon eommitting the charity lo pay out resources. This applies lo Ihe annual grant awards rnade by the Union to Ihird party sludent Spofls clubs and socls Contr3clu81 arrangements and perforrnan￿ related gfanls are recognised as of seNices are provKled. Exp8ndrtUTe incuff¢d on ¢harrtable actNilies ￿1prIseS the direct arKJ indirect costs of delivering public"benelit. -fhis includes expenditure asswaled wrth student democrw. acadernic representalKJn. student advice and weKwe. sl(thnt de¥ekwent and charitable trading. Expendrtufe on raisry funds includes Costs ineuffed in tr&Jing and ccwnmercial activilE5 undertaken lo raise funds as well as to aitract donations. Support costs consist of overheads and governance eosls and are apportK)ned lo aclivrties on a basis eonsistenl with the use of the resources. SupFL)rt ¢osts include ￿ntral fun¢t￿n$ such as Finance and HR (see note 21 and the buikJiThJ leases Expendrture indudes irrecoverable Value Added Tax. Tefrnination Payments The Union recognises a liats'lity for leminalion benefjts at the FDMII Whe￿ it is committed to making Ihe payments in relum for employee redurHSancy. Leased Assets All leases are operating leases and Ihe annual rentals are charged lo expenditure as the costs fall due. 36 |

PRIAICIPAL ACCOUNfiNG POLICIES (Continued) Defined Benefit Pension Scheme The group participales in the Sludenls. Union super8nnuats.on Scheme. a defined benefit scheme which is exlernally funded and the mernber5 are c4)nlracled out of the Slate Second Pension. The fvnd is valued at least every three years by a professionalty qualif￿d inderendenl actuary with the rales of ¢onlribution payable being deterrrNned ty the Tiustees on the adv¢e of the actuary. The scheme ch)sed to luture owual on 30 Septembef 2011. Whilst the Scheme cbperales as a pooled affangement. under FRS102, a contractual aoreerrnl under a mujli-employer defined benefit pension scheme lo fvnd a past de￿rt should be accrued for as a liatslty diseounted lo nel present value. Warwick Sludenl$' Union partiupate$ in the National Unton of Students Pension Scheme INUSPSI - proved by Aegon Wh￿ is a brand name of Scottish Equilabk plc - and the government NEST scheme. 80th NUSPS and NEST are defined c0nlfibul￿n schemes and are accounted for under Ihe terms of FRS102 based upon lual ￿tributIOnS paid during the year. Investments Warwick Students. Union has ftxed asset investrnents in NUS Services Limited whKh are valued al cost. as Ihese assels are not readity saleable and a reliable market value is not readily available. The Board of Trusiees value the shareholding in sUbS￿lary companies at fair value. Funds Strncture WaNick Sludenls, UnKin administers and xcounls for a numter of ehartsble funds, as foll¢JWS." Unrestitled Funds representing unspent income ¥th￿h may be used for any activity I purpose al the Board of Trustees, discreli¢)n. Desgnated Funds set asde by the Boafd of Trustees to be spent on scqne specific Pufpose at its own disC￿lI0n, which ir￿lUdeS financing key Strateg￿ projecls such as building refurbishment. Reslricled Funds raised and adrninistered by wa￿sek Students, Union for specir purposes. This indudes revenue received frorn a donor to be used for aclivities prescribed by the donoT. Custodian Funds entwsted to wa￿￿k Students. Union for safekeeping. bul not ut)der its control such as Sports Club and S¢¢iety fvnds (including annual Raising and Giving). Custodian aclNrt￿s a￿ dtsclosed in the Annual Report. tmjt any assocsaled in¢c¥ne c expendrture has been exduded Irc¥n these accounts. and a matching creditof i8 in place for these. Taxation Warwick Studenls. Union became a registered charity on 1 August 2010 and is cOns￿ered to pass the lesls Set out in Paragraph 1 Schedule 6 Finance Act 2010. TtterefO￿, il meets the definition of hariiable company for UK COfporKJn tax purposes. Accordin9ty. the charity is potentially exernpi from laxalion irb respect of income or caprtal gains recewed wrthin categories covered by Chapter 3 Part 11 COrporat￿n Tax Act 2010 or Section 256 of the Taxat)n of Chafgeable Gains 11992. to the exlenl that suth or gains are ap￿￿1 exdusivetsy to C?￿r￿ab￿ purposes. 371

PRINCIPAL ACCOUNTING POLICIES {confinuedJ Students. Union Services WaTh4iek Limited The tsxable profits of Students. Union se￿￿$ WaNitk Limjted are donated. through a deed of covenant, under Grft ￿"d lo the Unit￿ th the Conseque￿ Ihal no taxation 15 payable by that company. Membership Solutions Limited The taxable profils of Membership Solulions Limited are donated. through a deed of covenant. under Gift Aid to Ihe Un￿n the Consequence thal no tax8tK)n Is Payab￿ by that company. 381

NOTES TO THE FINANCIAL STA TEMENTS Consolldated Prior Year Statement ol Financial Activities for the Year Ended 31 July 2019 Unrestricted Funds De81gnated FuTrds Restrlcted Funds 2019 TOTAL INCOME DoftatioThs UnNersity Giants Ineome from ¢hritsble Aetfj¥Sties Fcod an4 8everag¢ V¢True5. Ev¢nis & EnttsFNnents AdrniThstralion anLS Supwl Sw*es StudeNS Seryices & Reprtsental 2.894.311 22.939 .2.917,250 2.941.40 999.857 2.941.408 999.8S7 12,330 8,377 495,685 1.000 8.377

￿667 1￿.018 Clubs Ineome from Tradtng Aetivsttes ommeroal lrtomè Mafketing 8 spwSw￿) Investment Incorne- Inter¢st Reetivable 1.151.470 32.8 6.rJ3 1.157.470 32.836 6.233 TOTAL INCOMÈ .781680 213.9S7 8,996,637 EXPENDITURE Expndilurt on Raislng Fvnds Ctsm￿rtya1 ActiTr&ilS Expenditilfe on Chaiitabl• ActM¢i¢s Foo¢J an¢J 8evera9e Venues. E¥eols & Entertairments Siu¢Jent ￿￿ber$￿p Swv Representhiion & AffilialKJns Sludtnl Athvilie5. Se¢￿ts & Swrts c￿b$ 1.157.470 1.157.470 3.215.238 3.215.238 1.441.750 1.204.391 523,405 1.724,726 1.180.051 523.105 1.520.970 24.340 203.756 actuarizl valuation) TOTAL EXPENDITURE 9.038. 22•,096 9,266.980 NET INCOMUfEXPENDmJREI 12$6.2041 1270.3431 Transfws 8etrween Funds NET MOVEMeNT IN FUNDS 86.947 1169.2$71 I1￿,685? 1100.6651 13.788 4011 1270.3431 Fund Batsn¢e$ 8r¢wht F+Mfd 14.(*M.9341 451.497 26.077 13.531.360) TOTAL FUNDS CARRED FORWARD 14.178.191) 350.812 25.676 13.801.703) 391

NOTES TO THE FINANCIAL STA TEMENTS (Continuedj 2. Charltable Activtriy and Support Costs Other Operatiny Expenses Support Costs Charitabl¢ Activity Costs Chaniable AclivtlyCostRe&¢8i Fwd and Bevv4e Ven￿. Events & Entertnwnt5 Student Member$hip se￿ti$ Sly¢enl ReWesents1M￿ 3nd AffilithS Slu¢Jenl AclNits, S¢xls and Spms. TOTAL Staff Costs Cosl 01 Sabe$ 16Y8.X17 1,176.327 1.183.728 499.2S4 14￿788 1.193.837 328.851 590.357 159.724 202.586 542.837 243.582 841.131 572,S35 5)4.631 319,023 895.235 31.359 68.738 10.507 366.967 7,002.402 2.485.355 786.419 598,073 3.132,SSS 2019 1,109.510 2.514.692 1.451359 921.036 J,221,42) CIMritableA¢twity Costs Summary 2020 2019 F¢od and Beverage Venues, Events 8 Entertainments Sludenl Memb¢rship Seiyices SJdeni Rewesenk8tion arKI Affiliat¥)rffj Stsleni Aciiviiies. Sc¢i$ aThJ Sp￿ts. 2.678.JQ7 1.176.327 1.183.726 499.254 1.464.788 3.215.239 1.204.391 523.405 1724 726 7.002,402 109.510 Student RepresenlalKJn expenses indudes the affiliation fee for the National Union of Students. of £60.000 (2019.. £57,103). For further infofmation on affiliat￿nS see Note 23.. Affilhions on page 5S. Gov¢Tn4ncE. Admin & General Manag•mÈnt riarketing. IT& Comms. Finance &HR Support Costs TOTAL Premixs Srwp¢Yt C¢xW Rp.4lkw4li Foco anL$ Beverage Venues. Events & Eniertainmer45 SI￿￿ent Membership Serv Student Represenlalion and Affi[tal￿$ 10.2 Sludent AaNitiES. SocEts and Sports Club5 28.5 1.1J1 572.$3S 504.631 319.023 895.235 239.174 259.IC6 149.484 436.834 148.4C 19J.124 $4.244 315.847 80.712 80,663 80.663 80.712 161.425 84.411 18.3 84.￿) 84.411 168 823 249.140 100.0 3.132,SSS 996.560 1.14S.4SS 484.175 506.366 2019 3.221.423 1.037.214 586.735 652.976 Stspport Costs StsTTrary 2020 2019 Fc4Jd and eevwage Venues, Events & Eni¢rtairrfn*nts SILK1enl Membership Seryi¢es StL#leni Represenlatiw and Alfrliat¢ons StudentAclivilies, sO￿lIes arx1 sp￿ts 641.131 572.535 9)4.631 319.023 B95.235 797.756 595.717 489.174 348.362 990.412 3,132.$6S 3.221.423 401

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 2. Charitsble Activity and Support Costs (continued Support Costs are allocated on Ihe following basis.. Piemises is allocated on space ￿cup￿d Finance is allocated on total number of finanual tranSaCt￿nS HR Is all¢xaled based on staff costs Marketing, IT Service5 and CommunicatK)ns are pro-rata across all aclivrties Governance. Admini%trat￿n and General Management are pr￿TrIa across all activities Governance. Administration and Gener￿ Management costs indude.. 2020 2019 Governance Costs Auditors. remuneralion- Audit Fees Auditors, remunerat￿fi- TaXat￿n Services Professional Fees- IT Conlrads & Slrnclures. Other Legal and Professional Fees eoard of Trustees- Committee Expenses eoard of Trustees- Reuurtment 8oa¥d of Twslees- Travel Reimlyxsemenls 17.500 lo.￿0 6.123 38.027 791 17.500 16.453 9,2S3 93.332 1.381 119 2.573 73,460 140,492 Insurance Irreeovefable Value Added Tax 82,678 37,662 193.800 82.924 223.206 446 622 3. Net Movernent in Funds 2020 2019 Net Movement in Funds for the Penod is SlatedAfter Charg￿g Auditors. remuneration Auditor Fees Tax advisory 17,500 10,900 17.500 16.453 Cost of Stock Reecgnised as an Expense 542.837 995.153 Stock expended in each year relates to the c¢)sts of food and beverages sold across the UnK)n's vènues. 411

NOTES TO THE FINANCIAL STA TEMENTS (Confinued) 3. Net Movement in Funds (Conlbnued) 2020 2019 Net Movement in Funds for the Peirod is StatedAfter Chargmg Depreciation and Amounts Written-off ned Tangible Fixed Assets ned Inlangible Fixed Assets 129.813 126.292 21,068 147.360 Operating Lease Rentsls Plant and Machinery Buildings 3.319 437,000 437,000 440 319 4. Staff Costs 2020 2019 The Aggregate Payroll forthe Year was Salaries and Wages National Insurance Define(J Contribution Pension- Contributions in the Year Oefined Benefit Pension - Delicil Contribution Defined Benefit Pension {SUSSI- PensKJn L￿bIl￿ Changes 3.855,244 299.230 173,017 349,475 2.808.938 3,884,276 291,921 176.946 332.834 173,738 7.48S 904 4 512 239 2020 2019 The Average Staff Numbers was as Folk•ws Monthty Salaried Staff l Full Time EqUiVa￿D1- Group onlhty Salaried Staff l Full fime Equivaknl- Union 142.001105.52 145.0 1109.0 127.49 192.06 130.2 196.46 Weekty Paid Stall l Full Time Equivalenl- Group Weekly Paid Staff l Full Time Equivaleni- Union 396014661 410015194 396 0 146.00 410.0 1 $1.05 42 |

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 4. Staff Costs {Conlinved) The number of employees ern￿oYed by the Union and MSL receiving benefts above £60,1)W within Ihe year". 2020 2019 £105.000- £109,999 £95,000 . £99.999 £90,000- £94.999 £70.000- £74.999 £65.000- £69.999 £60.000- £64.999 The above members of staff are in the Union's defined conlrtbulion scheme NUSPS. The employer pension contribut￿S arn￿nIed to £22.10912019.. £22.6791 for these emphjyees. Wafwiek &udents' urt￿ made terminations payment lo Iwo employees in respect ofthe lerminalion of Iheir employment during 2019-20 and approved and accounied for six further termination payments. prior to 31 Juty 2020. lo rnembers of staff who i•iill leave the Union under the approved Voluntary Leavers scheme and feceiv.e their tenninalk)n payments in eaty 2020-21. These payments lolal £129.905 (2019. £22.5231 S. Key Management Personnel. Trustee Remuneration and Expenses The key managemenl personnel a￿ ihe Tiusteenirectors. Sabbatical Off￿er$ and the Chief Execyjlwe of Wapwick Students. UnK)n. As well as hawng a role as a Trustee ofwafy￿ Students. Union Ihe seven Sabbatical Offters pgrfom a fvll time role as the v¢itt ofWaNick st￿$ents. They afe aulhofised in the Union's g¢)verning document to ￿present students. undertake Campaigning and support work as distinct from their trustee reSpOn￿bIlItIeS. They listen lo how students want things lo be done and work with Warwick Students. Union staff. the 8oard of Trustees and partners to make il happen. They represenl students to the Universty of WaThvick. exlemal organisations and the widef communty. Each of ihe Sabbatical off￿er$ receNed a salary of £20.604 {2019' £20.2[￿)1 during Ihe year. This salary was remunefated by way of their role as a Sabbatvl officer- not as a Trustee. 2020 2019 Total ReMuneral￿n Pa￿ to Key Mènagement Personnel is Salar￿$ National Insurance Pension Costs 216.695 20.124 7.031 247,189 21,736 10,762 243 850 279.687 431

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 5. Key Management Personnel. Trustee Remuneration and Expenses (continued) Two members of the 8oard of TNstees clain*d and were reimbursed a total of £11912019.. Three Trustees, £1.0731 for personal Iravel and subsistence expenses in performing Iheif role as a Tru51ee. No provision has been made f¢Jr elaims from further trustees not yet submrtted {2019". E1,5001. No Trustees received any remuneration as a resull of iheir rcle as Truslee. A number of the Unv)n's Trustees have personalty th)sen lo waive their expenses and not daim travel exFenses lo attend Board and Ccwnmittee meetings. The value of these expenses is unknown. Warwick Sludenls. Union also incurred costs of £5.631 12019.. £5.1831 within the year relating lo Professional Indemnty insurance u)ver 01 £5m (2019.. £5ml. This policy incbjded eover for the Tfuslees. Direclois. Olfrceis and employees of the un￿n. 6. Fixed Assets- Group and Union Fixtures. Fittings and IT Equipment Building .Impwovements Intangible {Softwarel TOTAL Cost 1 ALPJUSt 2019 1.015.108 73,039 883.288 58.781 Oisposals Addrtions 98.341 98.341 31 July 2020 1.113.449 73.039 981.629 SB.781 Depre¢￿tIOn 1 Augusl 2019 660.708 21.855 586.317 52.536 . Disposals Charge for the Year 134,008 6.882 122,931 4.195 31 July 2020 794.716 28.737 709,248 56.731 Nel 8ook Value 31 July 2019 354.400 51.184 296,971 6,245 31 July 2020 318 733 44.302 272,381 2.050

NOTES TO THE FINANCIAL STA TEMENfs (Continued) 7. Capital Commitments 2020 2019 Fufufft Ca￿1•1 Expendrftsre Aulhorised bul not Contracted Contracted 15.000 59.064 Due to COVID-19 and lo manage eash-fhjvts. the un￿ has not aulhorised or contscled capital cornmilmenls. 8. Fixed Asset Investments GROUP 2020 UNION 2020 2019 2019 NUS Services Limited 16.664 16.664 8.332 8.332 Investment in Sub&diary Ccwnpanies 9.602 9.602 16,664 16.664 17.934 These amounts repTesent deposits held under NUS SeNices Limi(ed Central Billing Scheme for Studenls. Unions and is held in respect ol payment for monlhty supplies of brewed and olher products. Warnvick Students, Union also hotds equty share ￿pital In Ihe followng unlisted companies-. Students. Union Services Wan￿ck Limited." Warwick Students. Ur&ion holds 102 ordinary shares of £1 each being 100% of issued ordinary shares. Students, Un*)n Services Wawck Linrted is registered and operatss in Great Brtain. The primary nature of Ihe buwness being non primary purpose tfading seNtiS on behalf of the charrty. Turnover for the year ended 31 July 2020 was £250.518 {2019'. £411.486} and profits of £91.849 {2019'. £165.7361 were generated which wa5 donated to the Union under gilt aid. Nel funds al 31 July 2020 were £102 {2019'. £102). The lotsl assets at 31 Juty 2020 were £317,011 and lolal Ik?ts"lilies were £316,909. 451

NOTES TO THE FINANCIAL STA TEMENTS (Continued) Membership Solulins LNnrfed.' wa￿￿k Students, Un￿n directly owns 9.50012019.. 9.5(KJ) £1 ordinary shares in Membership Solutions Limiied. a company limrfed by shares regislered ￿ Great 8ntain. beiry 95% of issved share capital. and conlrols the remaining 5%. The prKnary nature of the buyness is the sale of mwnbership and olher IT related systems. Turnover for Ihe year ended 31 July 2020 was £1.246.88812019. £1.229.0911 and a profil for Ihe year of £nil12019'. nil) was recorded after Ihe payment of a dOna￿)n mJe under grft aid lo the Unton of £313,841 12019. £217,681} Net funds at 31 Juty 2020 were £10.000 (2019: £10.IXQI. Total assels at 31 Juty 2020 were £346.493 and lotsl liabilils were £336.493. 9. Stocks GROUP 2020 UNION 2020 2019 2019 8ars 42.144 28.548 42.144 28,548 Cater 5.921 8.239 5.921 8.239 Goods for Resale 48.065 36,787 10. Debtors GROUP 2020 UNION Amounts Fèllry Due Wrthin (kne Year 2019 2020 2019 Trade Debtors 207.511 401.758 11.f)01 216.249 Amounts Due Frcm SUbs'd￿ry Undertskings 376,CK15 400,447 Other Debtors 16.%9 3.363 8,518 3.616 Prepayments and Aeerued Ineome 337.998 148,667 283.986 120,667 561878 553 788 680.110 740.979 461 F¥-.l a 4.

NOTES TO THE FINANCIAL STA TEAIENfs (Continued) 11. Creditors GROUP 2020 UNIQN 2020 Afflounts Falling Due bkflhin One Year 2019 2019 Trade CredilcKs 328.104 315.426 305.156 304.362 Amounts Held for Clubs and SocietPS 701.715 689.782 701.715 689,782 Other Taxion and Secur 113.475 117.677 113,475 117.677 Other Credilors 120.022 80,419 111,940 77,375 Accnjals and Oeferred In￿ne 362.146 232.851 182 705 1 625.462 1.436 155 1.414 991 1 271 230 Amounls held for dubs and societies represent balances held on behaw of these bodies. these funds have been generated separatety from the activ￿"eS of the Union and Ihe use of these funds Is d1￿cted by the indivTdual club or society. Warwick Students, Union acts a5 a custodian for these funds. 2020 2019 Deffeffed Income . Group Al 1 August 135.725 183.339 Released During the Year Additions During the Year 1605.286) 621.006 1597,292) 549.678 At 31 July 135725 These amounts indude receipts-fft-advance for Mernbership Services kn"mrted. 12. Financial Instrumenls The car￿n9 Amount of the Gr￿p$ F¥Bnryal Instruments at 31 Juty were GROUP 2020 UNION 2019 2020 2019 Fin8ncial Assets Debt InstrLwrnt$ Al Amortised Costs 414.653 436.796 218.609 251,284 Financial L￿b￿ltIeS Measured * Amc¥tised Costs 658.826 492.971 608.304 465,055 471

NOTES TO THE FINANCIAL STA TEIAENTS (Continued) 13. Provisions for Liabilities and Charges - Group arml Union 2020 2019 Al 1 August 5,526.748 5.526.748 Defiol Contr￿utionS Paky Aduarial Vaknation Unwinding of Oiscounl Factor 1349.475) 2.818.297 181,020 1332.834> 173 738 At 31 July 8.176 $90 5 367 652 The Trustees of the Student Un)ns' Superannuatw Scheme (SUSSI have immented a recovery plan aimed al reducing the unfunded element ol the penS￿n scheme by August 2035 and following the triennial actuarial valualion as at 30 June 2019, the"liaknlily relating lo Wa￿iCk SU has incrèased The plan requires Vvarwick Siudenls Union lo make an annual deficit contribution cash payment, which in¢rease$ each October, by 5% in 2020. 25.6% in 2021 and 5% annually thereafter The impact of this payment is discounled over the lrfe ol the recovery plan to derive the ￿1rreTrt total liability relating lo Warwick Students, UnK)n. The current discount rate is 1.7%12019'. 3.2%). 14. Analysis of Net Liabilities between Funds Provisions for Penston Net Fundsl Liabilitie$ (Liabilities) Fixed A55ets and Investments Net Current Assets 2020 Restricted Funds Designated Funds General Funds". Warwick Students. Union Pension Subsidiary Undertakings 53.649 3CKJ.753 53,649 300,753 33S,397 796.622 1.132,019 (8,176.5901 18.176.590) 10.102 10.102 335,397 1.161.126 8.176 590 6,680,067 Provision$ Fixed Assets and Investments Net Current Assets Pension Net Fund51 Liabilities {Liabilitiesl Prior Year: 2019 Restricted Funds Desi9naled Funds General Funds.. WarW￿k Students. Un#)n Pension Subsidiary Undertakings 25.676 350.812 25.676 350,812 371, 808.295 1.179,359 15.367.652) 15.367.652) 10,102 10.102 371 064 1.194.885 5.367 652 3.801 703

NOTES TO THE FINANCIAL STA TEMENTS (Continuedj 15. Designated Funds- Group and Union 1Aug 2019 Income Expendilure Transfers 31 July 2020 Sirategr Infrastructure 350.812 50.059 300.753 1Aug 2018 Income 31 July 2019 Expenditure Transfer5 Sirategic Infra￿lUCtUre 451,497 100.685 350,812 The designated reserve was created to sel asrde funds for planned strategic infrastr￿ture developments ineluding Warwitk Students. Uft￿ fxilrties and trading areas and key assets such as the Warwick SU website. The Icansfer of £50,059 ￿lateS to works undertaken C￿ imwov1￿ the Students. Union buifdings. and developing the Un￿n.$ Website. 16. Pensions R•serve 2020 2019 At 31 Juty 8.176.590 5 367,652 491

NOTES ro THE FINANCIAL STA TEMENTS (Conlinued) 17. Restricted Funds- Group and Union 1 August 2019 Income Expenditure 31 July 2020 2020 Transf•rsl repaMI Spryts.IndLKting warw￿ Sptyts Sp¢Jls - Events and ActSWties CO￿￿nitY Schemes Student Devel¢)pment Media Centre Wellbeing. Wetrare and Housing Student Led Pro1￿5 Posigfaduale Erwrmnt InSty￿ Scheme suslainats.lty Project5. Equality and DNe¥sity 300 160,8 2.016 1157.767) 13.0331 4,016 24.996 11,500 20 1,913 42.926 10.0 124,5941 1.500 20 1.913 {981 12,4471 16161 2.732 553 5,817 1,802 6.433 25.676 216,606 1185.61x1 3.033 53,649 All of the above restricted reserves rewesent funds reeeived spec￿￿31￿ for Ihe ￿entIr￿d activity and are either suppcwled ty servKe level agreerrEnts or one-off gfanl apFlications. The grant awards for student projects have been allocated across the acts"vilies in the year. 1 Augllst 2018 Income Expenditure 31 July 2019 Prityr Year.. 2019 Transfers Sport5.IncludiThJ Wrnk SMS Sports - Events and Actiwties Ccmrnunity Schemes Student Dèvekpment Media Centre VVellb*ng, Vvellare and Hous Sludenl Led Projects PoSt9raduate Ertga9eme Inspi￿ Scheme sustainab.lrty Projects . Equalrty aThJ Oiversty 300 19).018 1.919 3.950 704 16.349 IXi3,756} 13.8531 (10.18S) 13.738 2.016 6.664 1.500 20 1,913 12041 20 2.889 {598} (4281 4.243 6,4 7.112 900 2.590 14,CQ31 2.830 3,000 6.433 1,000 {3,4901 {679} 1.000 900 26,077 213.957 223.074 8,716 2S,676

NOTES TO THE FINANCIAL STA TEAIENTS (Continued) 18. Grants to Student Sports Clubs and Societies 2020 2019 Grant Awards by Societ￿$ FederaIrt￿.. Performance and Music ampaigning. Charity and Weffare Ath"vilies and Hobbies Academic Soo"et￿s Cuttural Societies Faith and Belief 19,098 8,031 3,467 32,592 12.045 13,408 8.332 3,353 1.250 1.683 36,505 70,980 Grant Awards by Wan￿k Sport. Swrts Clvb5 253.481 316.094 289,986 387 074 These are grant awards made by the Union during the year lo student sports clubs and societies. The lolal granl amount awarded directly lo sp)rts clubs lo undertake activity in the BfTlish Universitses and Colleges Sport (BUCS} leagues was £129.428 {2019.' £171,661). Oue lo the curtailment of BUCS sports 8clr¥ity due lo COVID-19. an underspend on the grant prov¥Jed by the Universty lo the sum of £33.c￿l0 (2019." £n￿) was clawed bad( by the University. Wa￿ck Sludenls, urI￿n acts as custtsjian for funds raised by the many sports clubs, sludenl societies and RAG Iraisiig and giving) affilialed to the Unl¢￿. These funds are not consolidated in lo the Union's aeecNJnts. These fvnds are held in a separate bank aceount and the yeai end balances for each sports club and student are *rythin the unl￿,$ Creditor balance {see Note111 19. Operating Lease Commitments Group and Vnion 2020 2019 Land and Buildings Amounts Fall¥ig Due.. Within One Year Wrthin Two lo Five Years Over Five Years 488,CQ2 1.905.373 9,802,112 451,700 1,748.000 9.920,000 12.195,488 12.119.700 Plant and Machinery Amounts Falling Oue.. Wrthin One Year 12.195,488 12.120.364 511

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 20. Note to Statement of Cashflows Group 2020 2019 ReconcHAalion ofNet Income/(ExpenthlureJ." Net Income 12,878.364) (270.343) Ilncrease) in StrKks (IncreaseYDecrease in Oebt4YS 111.277) (8.089) (6.2131 23.921 Increasel(Decreasel in Creditors Increasel{Decreasel in Provisions 189.305 2.808,938 {361.3031 (159.096) Depreciation Loss on Fixed Asset Di¥￿SaI Interest Receivable 734.008 147,.360 4.391 6.233 Net Cash IOuffiow)llnflow frcffi Operating Aei]"vrties 230.130 631.907 The cash balance includes £701,71 $12019.. £689.782) cash relatiThJ to student sports clubs and soaelies wh￿￿ the Un•)n hdds as cuslodk8n of these funds in a sepafale bank account. 521

NOTES TO THE FINANCIAL STA TEMENfs (Continued) 21. Penslon Scheme The Union participates in the Students, UnKJn Superannualhm Scheme, which is a defined benefst scheme whose membership cortrsisls of empk¢yees of students, unions and relaied t¥)dies throughout the country. Benefts in ￿SpeCt of servTh up to 30 September 2CKJ3 are accrued on a'yinal sala￿. basis, with benefits in resped ol Serv￿ from 1 October 2003 to 30 September 2011 accruing on a Career Average Revalued E*nin9s (CARE) bag5. Wilh effed from 30 September 2011 the scheme losed to future a¢crual. The most recent valuatM)n of the Scheme was carried oul as al 30 June 2019 and showed that the market value of the Stheme's assels was £119.1m (2016." £101.3ml Mth these assets iepresenling 46% (2016." 46%) of the value of benefrts that had accrLsed lo m￿nber5 after allowing fof expected fuiure increases in eamings. The deficit on an ongoing funding basis amounted lo £119140.9m12016.. £119.7rnl. Under the scheme rules. shoukd any member Union cease to operate. rts hatmlity may be dtslributed arxoss all remaining Unions. subject to the SUSS Trustees. The aduaries are unable lo separalety identify the Union's share of the assets and liatslilies in this scheme and hencE il Is not xcojnled for as a defined beneffil scheme in the fina￿la1 statements. The 2019 valLtalion extended the period over which Ihe on-going fundirKJ dthit would be cleared by 18 months lo August 2034. and sets out a monthly contribution reqLEirement by each Participab"ng Empk)yer expressed in monetary terms. For Warwick Studenls. Union Ihis resuked in a 5% increase tn contributions tn October 2020 and 25.6% in October 2021. Thereafter. we are anticipating a 5% increase annualty each October. As previousty. the Contribut￿n$ also indude an alhNance fN the cost of the on4going administrative and operath)nal exFenses of running the Scheme. Surpluses or deftcits which arise at fulure Valuat￿n$ will also wnpact on the Union's future contribulion C￿mIlMent. ln a(klilK)n to.the above c(￿1n"t¥jtlo￿s, the Union also pays rts share of the s¢hwne's le￿ to the penS￿n Protectb)n Fund. The contribut￿n rale (excluding deT￿rt ￿ntribUt￿)nSI for the ￿TI)d lo 30 September 2011 applicable lo the Union for Ihe majlyty of members was 8.17Qh of Earnings for members and 9.38% of Eacnings for the Union117 3W17.55% in aggregalel. The lotsl deficrt contributions paid into Ihe Scheme by the UnKJn in ￿SpeCt ol e1￿ible employees for the year ended 31 Juty 2020 amounted lo £349,47512019.. £332.8341. The deficit contribulton for 2020-2021 will be £366.953. 531

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 22. Related Party Transactions Membership Solutions Limited The Union received a d￿atIon under gift aky Irtyn Membership Solutions Limited of £313.841 12019.. £217,681) The Union pucchased £32.68012019: £38.117} of IT services from Membership Solutions Lnited and ￿￿yed £22.CW {2019: £35,300) of ser¥￿eS. Al the year end. the Union vras owed £99.650 (2019.. £31.123) from Membership Solulior¢s Limited. AJI oulslarKling balances are unsecured, ￿Ned on noml tradirvj tems and wll t settled in cash. 2020 2019 Salary Support. A{Im￿[StratiVe arKI Expenses Premises and Equipment Rentsl 20.000 15,300 22.004 35.300 Students'union Ser¥i¢es Waffwick Limited The Union received a donation under gift from Students. Union SeThices Warwick Limited of £92.84912019". £165.736}. The Union paid £7,768 (2019." £18,827) in current account interest and PUTchases with Students. Union SeNtes Warknick LimÈled and provJed £34.115 {2019." £64.361) of seNices lo Students. UnK)n Serv￿$ Wa￿iCk Limrted. At the year end the Un￿n was owed £314.973 {2019". £391,468} frcrfn Students, Union Services Warwick Limited. All outstandin9 balances are unsecured. owed on normal tradTrng terms and will be settled in cash. 2020 2019 SaL8ry Support, Admini8lralive and Expenses Premises and Equiwent Rental 8.669 25.446 18.000 46.361 Trustees of Warwick Students, Union ThL¥e were no rei4ted party transactions in resF*Ct of Warwick Students. Unw)n Tru$lees in the year (2019.. no rekted party transactions in resFect ol WatV4ick Sludenls. UnK)n Trustees) 541

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 23. Affiliations Warwick Students, Union is affiliated lo the fdlowing Ofganisations. Membership, granted by the payrnenl of an affiliation fee, enlilles the Union to have a say in how organisaiions are run of what focus they may have. This may be in the forn of a vole or a voice ¢)n working parties over and above other membershtp benefrts SLrh as a¢￿5$ lo expert ad￿"￿ or information resour￿. Alr￿lation Fees 2020 2019 National Un￿n of Sludenls INUS) NUS Services Limited INUSSL) British Universilies and Colleges SFQrt (BUCS) Child Povety Action Group Covenlry and warW￿shIre Ch*r of Cthnmerce 57,103 348 16,044 116 230 380 18.220 230 ConfirMat￿n of these affdiations is vftdertaken by vote al an All Student Meeiirvj. 551