2021-07-31-accounts

WARWICK STUDENTS. UNION Trustees Annual Report and Consolidated Financial Ststements For the year ended 31 July 2021 warwick )82XHffi3" 2910412022 COMPANIES HOUSE

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Company Registration Number: 07297865

Charity Number." 1136894 CONTENTS Page Directors Report o TrusteeslDirectors of WarwKk Students. Union Subsidiary Compans Legal and AdminiStrat￿e Inftyma o Indemnity Insurance DiSab￿d Persons Stalemenl Employee Engagement Statement Matters ol Strategic Importance Statement as to Disckjsure of Infomiation to Auditors Strategi¢ R0POrt Members of the Union Structure. Governan￿ and M)agement o OffKers of the Union Board of Twstees RelatKinship with the UnNersty 0fW8r4v￿k o Risk Management o Key Policy Statements Aims. Obiectsves and Actmt o Charity Commission Key ACh￿VeMentS 2020-2021 The Yeaf Ahead Financial Review Funds held as Custthgian Tfustee (n behalf of thrs Auditor Statement of the Board of Trvstees, Responsibilities 26 Independent Auditof s Report 27 Consolldated Statement of Financial Actlvltles 31 Ststsments of Financial Position 32 Consolidated Statement of Cash FI(￿5 33 Principal Accounting Pollcles Noles to the Financial Statements

DIRECTORS REPORT Union Warwick Students. Union Charitable Ststus Warwick SILKlents' Union 15 a chaTty established under the Education 1994 Warwick Siudenls, Union registered with the Charity commis￿on for England and Wa￿S on 15 July 2010. Registered Charity Number: 1136894 Warw¢k Students, Union is a tharilable Company limited by guaranlee and registered in England and Wales on 29th June 2010. Company Registered company numter.. 07297865 WARWICK STUDENTS. UNION University of War￿1￿¢ Gibbet Hill Road COVENTR Y CV4 7AL Registered BOARD OF TRUSTEES Govemance and Appointments Committee ensure5 that WarMck Students, Union has effective syslerns for the apFrt)intmenl and training of Trustees who are also Director5 of the Company and thal Ihe membership of the Board of Twslees is appropriate. SABBA TICAL OFFICERS Appointed Resigned 2020-21 L Mepham M Clathe A Sefah S Dzumbira Achurm O Barron C Lloyd l Boume P￿s￿ent 1 August 2020 E¢Ju¢ 1 August 2020 Democracy & Development 1 August 2020 Postgraduate 1 September 2020 Postgraduate 1 Seplern￿r 2019 Societies 1 Au9usI 2020 SpJrts 1 Augusl 2020 WeJl*e & Campaons 1 August 2020 31 Juty 2021 14 May 2021 31 Juty 2021 31 Juty 2021 31 August 2020 20 April 2021 21 May 2021 31 Juty 2021 2021-22 S D2umbira l Atkins Jacob Jefferson Nathan Parsons C Hsiang-Lo W Brewer C Sayer Preshlent Education Dernocr• & Development Postgraduate tÈs 1 August 2021 1 August 2021 1 August 2021 1 Seplemter 2021 1 August 2021 1 August 2021 1 August 2021 Welfare & Campayns wa￿l￿$t￿￿En￿. Un•Jn

BOARD OF TRUSTEESIDIRECTORS Sabbatical Officer Trustees L Mepham M Clarke A Sefah A Chuim S Dzumbi C Lloyd O Barron l Boume J Jefferson C Hsiang Lo l Atkns Appointed Resign 1 Augusl 2019 31 July2021 1 August 2020 14 May 2021 1 August 2020 31 July 2021 1 September 2019 31 August 2020 1 September 2020 1 August 2019 1 Augtssl 2020 1 August 2020 1 August 2021 1 August 2021 1 August 2021 N Parsons 1 September 2021 C Sayer 1 August 2021 W Brewer 1 August 2021 Luke Mepham ￿$￿ned the Chair of Ihe Board of TwsÈes on 31 July 2021. Shingai Dzumbira became Chalr on 1 August 2021. Chir Chair 21 May 2021 19 April 2021 Student Trustees A Jaileh 1 Augusi 2019 1 August 2019 1 August 2020 1 Augusl 2020 1 Augusl 2020 1 August 2020 1 Augusi 2021 1 August 2021 1 August 2021 1 Augusl 2021 1 Auswst 2021 31 July 2021 31 July 2021 31 July 2021 31 July2021 31 jl￿Y2021 L Onel J Aggrey F Andrews S Baldwin T Kunin C Earl A Vemulapalli E Hodgson Psun T Bames-wise Extemal Trustees A Hill-INilson 1 Augusl 2018 1 September 2020 1 September 2020 1 September 2020 . S Oae¢he H Dhillon A Kqinott Secretary Crook 1 August 2019 SENIOR MANAGEMENT Chief Exe¢utive R Parkinson Appointed 14 O¢Xober 2019 sI￿dents. Union Anrtuah Report aThY ConsalKiateo SLartr*nts 2021

SUBSIDIARY COMPANIES Company Membership Solutions Limrted Membership solu1k￿$ Limited (MSLI is a subsJiary of the Union and provides IT systems for the further education market, inupally in the UK but also in Europe and the rest of the world. It prOV￿e$ website. venue mana9emenl, e-commerc and membership support seNices. Goveming instrument The cThmpany is a limited ￿MpanY with share capital. 11 is 90vemed by Its MemoraThJum and Art￿leS of Assockation. Company registered number 5525449 Directors Appoint•d Reslgned J Bonsall G Parker S Hansen L Mepham G Bryant R Parkinson S Dzumbira 1 August 2009 1 August 2016 22 January 2018 I August 2020 l August 2019 6 November 2019 7 Octotei 2021 31 J￿Y 2021 Company Secretary Crook Registered Office SUHQ WARWICK STUDENTS, UNION UnNer5ity of Wap•vick Gibbet Hill Road COVENTRY CV4 7AL Warw￿￿ Students. UnioD Annual Report Cons01h￿e￿ Siaieffeii ts 2021

Company Students. Union Servi￿$ War%vick Limrted Thts is the UrK)n's SUbs￿￿13ry company for non%Jrimary wrrK)se Irading whth covers the sale of miscellarovs ds and Servi￿$. This indude5 events provided for Ihe general pvblK and notjust for sludenl members such as exlernally promoled INe mLtst in the Copper R¢)oms and nlerence related acttvty during vacalin. Governing inslrument The company is a limited company wth share capital. 11 is govemed by rts Memorandum and Artides of AsscclalK￿. Company registeTrd number 2197761 Directors Appointed Resigne(I A Smith C Lloyd R Parkinson A Sefèh J Jeffers CLO 18 N¢)vember 2010 1 August 2019 6 Novemtr 2019 24 September 2￿20 31 July 2021 20 October 2021 20 October 2021 21 May 2021 Company Secretary M Cro)k Registered Office SUHQ WARWICK STUDENTS. UNION University of WaThvick Gibbet Hill Road COVENTRY CV4 7AL 41Page Wawck Sluderts, Union Annual Report and Consol*Saied Statements 2021

LEGAL AND ADMINISTRA TIVE INFORMA TION Bankers Natwesl PLC 24 Broadgate Coventry West MidlaThJs CV1 1NE Solicitors Band Hatton Button 53-55 Butts Rd. Coventry CV1 3BH DFA Law 2 WaterS￿e Way, Northampton NN4 7XD Bates Wells and Braithwaite LLP 10 Queen Street Pla London EC4R 18E Woodroff•s Solicttors 7 8eeston Pla London SW1W OJJ Auditor RSM UK Audit LLP Chartefed Accounlants st Philips Point Temple Row Binnin9ham B2 SAF Warwick Studenis. UnK)n Annu81 Rewrt 8TrJ ConsoWaled slatwr￿lts 2021

INDEMNifYiNSURANCE Warwick Students, Union ha5 in ￿a¢e ProfessK)nal IrKlemnity Insurance cover of £2m and this nsurance policy includes cover for the Trustees. Directors. Officers and employees of the Union. DISABLED PERSONS Full and fair consideration is given to applications for ern￿Oyment by disabled ￿r$On$, having regard lo their aptitL￿e$ and abilities. Should an employee become disabled during their employment. all efforts will be made to Continue their em￿OyMent and to provide appropriate training and support. The Union is a Disabilrty Confrdent employer and trainirvJ. career development arnl promotion opportuniti'es wrfl be, as far as possible. xknb.cal to those for other employees. EMPLOYEE ENGAGEMENT The Union encourages the involvement of ils emFAoyees in its management thrO￿h regular meetings of the Staff Consultative Forum. This fonJm has the reswnsibilty for the dissemination of inforniation of particular concern to employees ard for ￿CeiVing their on important matters of policy. AIA TTERS OF STRA TEGIC IMPOR TAIICE Information is not shovm Vlrythin Direclors. Rewrt as it ts instead induded within the strateg￿ Report on page 7 to 25. urKler Companies Act 2006 S414c (11) STA TEMENT AS TO DISCLOSURE OF INFORMA TION TO AUDITOR The Board of Trustees who were in office on the dale of approval of these finanoal statements have confirmed, as far as they are aware. that there is no relevant audit infomation of which the audrtor is unaware. Each member of the Board of Trustees has wnfmied that they have taken all the steps that they ought to have taken as Board of Trustees members in order lo make themselves aware of any relevant audit infornation arKI to establish that rt has been communicated to the audrtor. The Directors. Report is approved on behalf of the Board of Trustees.. S Dzumbira Presitlent Date.. 2 Mar¢h 2022 J Jefferson Democracy and Development Officer Wa￿1¢jE Studen15' Unior Annvai Repm and Consohoated Stater£nlS 2021

STRA TEGIC REPOR T The Board of Trustees of the Union submrt their Strategic Report for the year ended 31 July 2021. The financial statements have been p￿Pared in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}. {effecti¥e 1 January 2015). Charities SORP (FRS102) and the Companies Act 2006. Members of the Union Full Members All registered students of the Universty of Warw¢k except those who exercise their right not to be a member under clause 22 {¢) of the Education Act 1994. Sabbats'cal Officers of the Union are full members of the Union. Associate Members Those persons admffted lo membership by the Student Councj or a delegated officer. who have paid any required fee. Structure, Governance and Management Warwick Students. Union (the Union) is conslitLrted under the Education Act 1994 as a charity with inlemal rules and regulations approved by Universty Council, governing body of Ihe Universrty of Wawck. The Union's charitable objects under the Ad. lo advance the UnNersity's educational purposes by providi￿ representation and support for the students of the Universtty of Warwick, are supplemented by the further object of helwng members to develop their own charitable activities as participants in ciwl society. The Union is administered by its Trustee Board of eighteen members comprising of seven Sabbatical Trustee5. six Student Trustees and fNe exlemal Twstees who are ￿garded as Ihe Charty Trustees of Warwick Students, Union for the purposes of the Charilies Act. Al 31 July 2021 there were seventeen trustees in post. The Union operates on democratic principles, V￿rkIng for and with our members, the students of the University of WaThMck. There are two key student bodies - Student CourKil and the All Student Meeting. Student Council comlxises of an eleded Chair and Deputy Chair of Council, the Sabbatical I￿r¢ers, the Chairs of each of the Executive Commfftees and a number of Part-TMne Officers. Student Council exists to fatrfy and pass routine. uncontroversial las decided by the Democracy Committee) resolution cwes lo By4aws and the wocedures and principles of the Studenls. Union. WarwGk Siuoenis. UNon Anrtrual RepDrt Consolvjaied StaieTeDl$ 2021

Student Counul has the primary responsibility for the impfementation and oversight of Union policy. Union policy. regulations and principles a￿ debated and voted for by members by way of an online secret ballot follo￿ng an All Student Meeting. The composition and proceeth.ngs of StLMlent Council are set out in the By4av4S. The voice of students is represented through a series of Union executive bodies ¢albd Committees. There are eight Committees. Seven are diredly elected Commrttees and the eighth con51Sts of the Union's eight Part-Time ofFicers. The Democracy Committee {ha$ 6 diredy ewed positions, plus the Chair and Depuly Chair of Council. Returning OffI￿r {non-votingl and Democracy and Development Officer- 10 in total. 9 voting): The Development Committee {has 6 directly elected positions. plus the Enwronment & Ethics Officer and the Democracy arKI Development Officer- 8 in totall., The Education Committee {fomedy known as Academic Council) (has 16 e￿￿ed Faculty Representatives with 7 protected pla￿S for postgraduate students, elected into the role of Faculty Reps), The Postgraduate Commrttee {has 4 directly elected posit￿ns, 10 Postgraduate Faculty Reps and the Postgraduate Offi￿r- 15 in total). The So¢ietEs Commrttee (has 8 directly ekcted posrtions ￿u$ the Soueties Officer- 9 in lotall., The Sports Commrltee (ha$ 8 directly elected posrtions pl￿% the Sports Officer- 9 in total). The Welfare Commrttee (has 6 directly elected Weware Exec posrtions. 2 Mental Health Avffireness Reps, and the Welfare & Campaigns Officer- 9 in lotal}', and The Liberation and Diversity CoMM￿ee {indudes the 5 part-time Liberation Officers. the Part-Time & Malure Studenis. Officer. the 2 International Students. orricers and the President- 9 in total). These Committees are at the heart of hcrw the SU represent and on members, interests and ideas. The Committees run campaigns. organise events, hold the Officers lo account and make change that will affect students and the wider ¢ommuThty. Policies held by Student Council cannol be overtumed wrthout being debated and voted on al an All Studenl Meeting. Policies may be overturned by the Board of Trustees only for fi'nan¢ial, reputational or legal reasons In accordance vthh Article 40.3. The Union maintains policy file and record of lapsed Folicies. Policies lapse after hvo years unless renewed by Sludent Council ￿￿11 specify ttre next renewal date. As per the Memorandum and Articles of Association. the Student Council should receive a report from the 8oard of Truslees on Union activrty each quarter. Duriv¥J 2020-2021. tsvo reports were submitted to the Student Counc41. Wwck Siudenis. Union Annu31 Repjrt arto Cthisofidaleo 2021

Officers of the Union The Officers of the Union are.. Seven Sabbatical OffI￿r Trustees". Five Liberation Part-Time Officef5: Four Part-Time Officers.. Chair and Deputy Chair of Student Councl". Chairs of the societies and SForts execulive committees,. Chairs of six olher commrttees: arxl Universrty Faculty Rwesentatives. The Sabbatical Officers a￿ officer tru$tee$ eleded through a secret ballot by the members each year, nom7ally serving one year in office bul can serve a second temi if re-elected. These are full lime posts remunerated as aLrthorised under the Education Act and the Memorandum and Artides of Warwick Students. Union. Board of Trustees The Union is administered by its Board of Tntstees comprising.. Up to five appointed extwnal lay members.. Up to six elected full student members who are not Sabbatral Officers., and Up to Seven student Sabbatical oificers (including the President of the Union) The Preshgent of the Union acts as Chair of the 8oard of Trustees. In 2021 Sludent Trustees were el￿ted by the Student 8(MJy to the Board befo￿ being confirmed by a process of ratrftstion by the Student Counal and the Board of Trustees. to serve a maximum term of years. Prior to this Student Trustees vae appointed, following an application process. The appointed Lay Trustees are recruited to the Board and selected by the Trustees and Student Counal to nomially seNe a tenn of three yeats which may be extended for a second term. Trustees, General Aulhori The Board of Trustees has ults.male resp)nsibilily for the financial matters and procedures of the Union. The Board of Trustees may choose to pTohibrt the implemenlab.on of any policy recommended by Student Council which has financial IM￿l¢allOnS rf il is passed wthout a realtstic financial plan, 1$ nol legal, or may not be in the best interests of the Union in accordance wrth Article 40.3 of the Memorandum and Articles of Associatton. 91Page wa￿ SrvdeN5' UDion Annual RepDrt aryj ConSo￿te￿ 2021

Twstees IndUCt￿n and Trainin Upon appointment all Trustees receNe a variety of infom)ation through their induction. Trustees are briefed on their legal Ot￿lgationS and other Irustee responsilylities. The Sabbatical Officer5 are usually new to the Board every year, $0 they undergo more intensive. in depth training to ensure that they are fully avtsre of their roles and responsibilities and can perfom their range of duties lo the best of their a￿'litIeS as soon as possible. There is an on-going training projramme for Trustees for issues which may occur durin9 their temi of office and to reinforce wevailiThJ legislalive requirements. The Board of Tnistees and the Chief ExecutNe The Board of Trustees. assisted by sub-¢ommittees vthere appropriate. ha5 delegaled the day-to-day runnirwj of Warwck SttMJents' Union to the Chief Executive. The Union also emFAoys a number of core staff to provide continuity. consistency and knowledge in the management of the many Union actsvrties. The staff team are aC￿n￿ble to the Chief Executive for the perfomiance of their duties. Committees The Board of Trustees meets at least five limes a year lo receive reports from committees, Sabbatical Officers, Senior Management arKI the Chief Executive. to review the Union's perfoimance and administration generally. to consider the Su's strategic objectives and their implemenlatK)n and to agree policy issues arisirg. subJ"ec to consultation wtth th8 Student Council. During ihe year. Ihe Board of Trustees was supported by fow ccffimittees vthich focus on certain key aspects of Wapmck Students. Union governance and management.. The Govemance and Apwntrnents Committee: The Audit and Risk Committee: The People arKi Remuneration Committee: and Stralegy Committee. Govemance and Appoinlments Comfft￿ee This ensures that new trustees are recruited. inducted and developed pr¢)perly. They also have responsibility for reviewing Temis of Referen￿S of the Board (rf Tntees Sub Committees and Code of Conduct for Trustees. Audit and Risk Committee Thi5 monitor5 the Union's framewfNk fry ac¢ountability. finanaal control, risk profile and other aspects vthich coukl impact on Warwick Students. Union's organisational health as well as ensuring that the Union is complying with relevant legislation. The Committee is responsible for ensuring that there is a framework of effectNe intemal and extemal audit coverage and for overseeing reports of data breaches to the Infomiation Commis5i0ner's Office and serious incidents to the Chanly Commission. 10 | Page War¥￿ck gtudenis Vn Annbil Report •iO C￿sOr¥I￿e0 S(aenTrts 2021

People and Remuneration This monrtors issues relating to staff including the staff survey ￿5￿lIs. pay changes. training and development as ￿11 as staff policies. It also oversees the process for recruitment of the Chief Executs've arKI senior management FK)sts. Strntegy Committee Strategy Committee was established in 202010 oversee the development of the Str*egic Plan 2021- 2025. Wrth the development work having been comp￿ted and the new strategic plan published, the committee vms fomally dissofved by the Board of Twstees in July 2021. Relationship with the University of Warnick The relationship bet￿ten the University and Ilk Union 1$ established in the Charter. Statutes. Ordinances and Regulats"ons of the UnNersty. The Union re￿IVeS an unrestricted block grant from the University and OCCUPES a l)uilding 0￿ed by the University of Warwick and another by the University of Warwick Foundation Fund which are leased to the Union at agreed rents. There is no reason to belreve that the block grant or equivalert support from the Untversity of Warwick will not continue for the foreseeable future, as the EdL￿tIOn Act 1994 imposes a duty on the Universrty to take such steps as are reasonably practicable to ensuft that the Union operates in a fair and democratic manner and is accoL￿table for its finan￿. Wamiick Students, Union Iherefore works alongsmje the Unwersrty of Wa￿iCk to ensure that the affairs of the Union are property conducted and that the educational and welfare needs of the Union's members a￿ met. Risk Management The Trustee Board has examined the main strategic business and operat￿nal risks faced by the Union. A risk register has teen established and is fomially reviewed updated at least twice a year. Where apkyopriate. systems and procedures have teen established to mrtigate the risks that the Union faces and these are penodically reviewed to ensure that they Continue to meet the needs of the Union. Budgetary and intemal control risks are minimised by the imF4ement&'on of procedures for aulhorisalion of all transactions and projects. Procedures are in place to ensure comptAnc£ wth the health and safety of staff, volunteers and participants on all actwrties or9anised by the Union. These procedures are periodically reviewed to ensure they conlinue to meet the r￿$ of the Union. WaTrv¢k SluOe.its' Uni Amual Report and ConsolKfaied Slaiemerrts 202)

The slralegic risks that are rdenlifd by the Board of Trustees are". Risk Area Governance and Compliance Rlsk Identified Failure to proted slafflsludenls from serious ham. Failure to manage a serious inrAdenl with potential for sunrfbcant reputational damage. Failure to protect personal data in line vthh GDPR ulatsons. Failure to add￿$$ the funding gap over the next three years. Failure to respond lo finan(xal challenge of COVID-19. VAT changes affeding food sales at the Dirty Duck. Failure of ￿mmerCial adivrty and events lo break- evenldeliver relum to the Chaiity. Over reliance on the Universil block rant • Failure to effe¢tively manage HR Casework. Failure to succession plan, part￿ularlY in key a￿a$. • Failure to deliver an effective ED&1 review aTh su ortin cultu￿. A decline in stL￿ent eroagement with the SU and ils democratic processes. Failure to deh.ver a qualrty service and experience for students. • Failure to add￿$S the Su's conststently poor NSS score. Failu￿ to demonstrate value fLY money for the Universty. • Failure to balarKe commercial interests vthh student welfare. Rlsks to the financial suslalnabllity ol the SU People and talent management Stakeholdef engagement In light of the on-going COWD-19 crisis. the Board of Trust￿ en$U￿d that sleps We￿ put in place that enabled serwces lo conlinve to be provKled to Students, albert wth a large degree of remote provigon due to ongoing Govemment restric1￿)n$. vthile safeguardiro the Unions financial positton. Building on the commaThJ structure introduced al the start ofthe pandemic. the Board of Trustees oversaw the specific risks arisiThJ from the uisis Ihat impacted on the strategic and operational activities of the un￿n. Unfortunately. this did require the ch)Su￿ of the Union's commercial arKI social funclions for the majority of the year aThJ going forward the Union will have lo re-engage with students lo build back the offer the Un￿n gNe5 to students through its commer¢k41 outlets and entertainments prc4Jramme. During the year. the Union needed lo furlough a considerable number of its staff members under the Govemmenl's Job Retent￿n Scheme, either on a fvll-time or flexible basis. The Union has been in di5¢USsion with HMRC about the aprAi¢ation of a concession that allows caterirg to students lo treated as VAT exempt as il is aluned wlh education. Ilvwwck Sludenis. knnual Report al￿ Consohuaieo Siai*nt$ 2021

The concession slates that this does not ap￿Y to calerir#J providing in bars, but based on guidance issued by the HMRC Policy Review Team in 2010. the Union has provK4ed catering lo students through it's Dirty Duck ouuet as exempt from VAT. However. following an Inspecti￿ by HMRC in November 2019, the application of this concession was challenged and an assessment for VAT on calerirKJ sold in the Dirty Duck for the previous four years. The Union challenged Ihis on the basis that it had the legilirnate expeciats'on to rely on the advice from 2010, and after a detailed review of the issue, HMRC agreed that the advi¢e from 2010 meant that the Union dKI have a legitimate exp¢tat￿n to ￿lY on this advice and as such no assessment for VAT VAII be made. However, from 1 September 2021 catering sold from the Dity Duck otsllet has been subject to VAT, although the ￿der Students. Union sector vkno are also subject lo the challenge by HMRC are continuing to thallenge the interpretation of the provision of catering through SU bars ty HMRC. Key Policy Statements Investment Policy The Tnjstees. objective is to invest surplus cash to best thantage with minimum risk. The Union has taken a prudent stance with funds being held in h￿h 1nterest-bearing deposit accounts for periods not exceeding 12 months. Cash funds so invested are usually over a minimum balance of £200.000 and must be pla￿d wth an apFYoved and reputable banking institution to minimise risk. Investment retums in the year refie¢l the Stsied policy as well as the lower interest rates available due to market conditions. Reserves Policy The Trustees regulady consider the level of free reserrfes fequired. Issues considered by the Trustees during 2020-21 when looking al the level of reserves b%tre future investment and contingency requirements for risks. This includes such rtems as future slrale9ic woje¢ts which indudes the requirement for any building refurbishment and infrastructure development and the impact of the increase in the Students. Union Superannuation Scheme (SUSS) pensions liability and COVID-19. The Board of Twstees has 4reed that the Union should have an unrestricted reserves target of belween £500.TrJO and £1.OlJ).000 (excludin9 the unrestricted pension fund balan￿}. Total unrestri¢ted reserves at 31 July 2021, stand * £1,084,686 {2020.' £1.142,621} and excluding fixed assets stands at £851,291 (2020 £823,888). The decrease in total unrestncted reserves, ex¢ludiThJ fixed assets. felates to the use of fiJrNJs to support operalional activity undertaken by the Charity during 2020-21. Designated reserves are held to fund luture Strateg￿ proiects (induding the Equalty. Oiversity aThJ Indusion Fxojed deferred until 2021-2022) and the current levd is £268,672 (2020. £300.753). wa￿¢4 stuoenis, Union Annual Rep￿ and CoDsohdate# Stolettnts 2021

As a result of the recognthon of Warwd( Students. Union's SUSS pension defiGit arising from the implementats'on of the FRS102 accounting disclosures, a negative unrestricted pension fund balance of £7.945,203 {2020'. {£8, 176,5901) is recognised at 31 July 2021 (see Nole 211. representin9 the Warwrck Students. un￿ share of the liability. The Union is paying defiat contributions in line wth the agreed contributions schedule. currently planned to end in August 2035. as discussed in Note 21, bvhich has been agreed wilh SUSS Trustees based on the latest valuation, to eliminate the deficrt wsition in the medium term. This is a standard F4)Sition within the sector. Remuneration Policy The People and Remuneralion Committee of the Trustees is responsible for defining pay policy and making recOmmendat￿nS in relation to pay. benefrts and other employment related policies. The Board of Trustees specifically consmjers and agrees any matters relating lo the Students, Union's Chief ExeculNe's pay and benefits. The Chief Executive does not receive any form of bonus or performance related pay and their tenefils are proportionately the same as other staff. This role is benchmarked against the charity sector rather than the public or private sector. Each role's salary is determined by a fair evaluation process O-ob evaluation) based on ten factors relevant lo the Union's MIS￿On. values and charrtable objeckn"ves. The complexity of roles. knowledge and skills required as well as levels of respon&bility are considered. The evaluation process delemines a salary barKI arKI these bands are benchmarked in the middle quartile for Ihe seclof. Benchmathirwj is undertaken at least every five years and more frequently when ￿qUIred. Wawick Studenls, Unton uses a pay scale which was originally aligned to the Higher Education Single Pay S￿ne. The annual pay rewew is determined each year through an evaluation of sector benchmarks and lakes as a starting FKJint the pay negotialions in higher educati¢)n. The Union applies annual cost of liTrAng (inflationary) increases to the pay scale each year after taking in lo account the general economic conditions and the affordability of the Proposed inueases. The People and Remuneration Committee recommend for apFYoval any annual cost of living rise (which can be zero) to the Board of Tru51ees that falls within the financial budget approved by the Board of Tfustees in its annual fNe-year plan. The Union will monrtor the spread of pay in the Union as a rats'o of pay dispersion. The ratios considered will be the highest paid to median pay and the lowest paid to median pay. The targets a￿ between 3 and 3.5 to 1 and no more than 4 to 1 respectivety. In accordance with policy and desi￿ lo be a good employer. the Union has been working towards being a Living Waje Foundats"on employer. The Board of Trustees evaluates progress in this respect each year during its fwe year planning process. The People and Remuneration Ctynmittee WFII ￿￿1ve a review of pay and ￿muneratIon policy and report its findings to the Board of Trustees by 1 April 2022. Wa￿Ck Siudents. Union Annual Repov. and consol*la1￿ statemenis 2021

Aims, Objectives and Activities In June 2021. the Board of Trustees approved a new strategic plan covering the perii)d 2021 2025. It reaffirms the Union's existing charitable objectives and sets out the vision. mission, ambition. values. priorilies. work w¢)Jrammes and targets for the plannin9 penod. Vision A world-dass students. union for a world-dass unrversrty. •Jlission The best experience for every studenl * WaNck. Ambition To be a dynamic force for ¢hange where our members feel a sense of communrty. Priorities Ensure the student Vol￿ ¢ertral to university lrfe. Improve students, V￿ffare. Develop a well-led and values-driven organisatic￿. Create great nthorks and comrnunities. Ensure the Students. Union is finanaaly an enwronmentally sustainable. Values Student Fo¢ussed- We pul students at the F￿art of everything V￿ do. and sland in soIKlarrty with our liberation ￿nmunities. WelcomiThJ - We are supports"ve. ￿lpfUl. indusive and value diversity. Democratic- We a￿ representative. ethical. transparent and accountable. Independent - We are the independent voice of Warwi¢k students. Ennching - We nurture studenls. aspirations and help them develop. Charitabl• Objects warv￿Ck Students. Union extsts for the advancement of education of studen1$ at the Universily of Wapwick by- Promoting their Inte￿1$ and Elfare. Representing. supporting and advising. Being the recognised representatNe of students to the University. Providing social. cuttural and recreational activrties. Providing forums for discussion, debate and personal development. Trustees have given due consideration to the Charity Commission's guidance on public benefil and tse1￿¥e these 0tr4.ecls continue to comply ith the public benefrt requiremenl. 151Page WO*w￿ St￿en15. Unw)n Anrtual Rew Consol#lated siaiements 2021

Work Programmes Advice and support- BuildiTrJ an ex￿lIent adv[￿ service, vthich offets quality support in key issues arKI improved links to exlemai support prowders. and supporting disadvantaged students. Student Voice - Academic representation. Campaigning on the issues Ihat matter to students, decolonising the CU￿1¢u1um, support for liberation groups, a uitical friend to ihe UnIve￿ity and dem¢xrali¢ processes which maximise involvement. Posrtive Change- Consumin9 on new organisational values, a prcJramme of refoms to modemise the Union, implementing equah"ty. diversty and indusion review. colleague development and an innovab.ve leadership programme for student officers. Building Student Communrties- Supporting the development of clubs and SoC￿ties. improving the university experience for marginalised student groups, enabling a g￿at introduction to WaThvick through Welcome Week and helpin9 to deliver a modern commercial offer on campus. A Sustainable Future - ProvidirvJ good finanual fourvJab'on5 (including and effective COVID-19 re￿Very plan}, setting new environmental targets. maximising use of new technologies and delNering a digtlal transformation project. Targets lor 2025 45% of members voting in StLnts' Union ekction throughout the year. Baseline -20% 2020-2021 -20% 2021-2022 2022-2023 - 35% 2023-2024 -40% 2024-2025 -459 Annual financial goals aCh￿ved each year. 97% of Adv￿ Centre users feel emF)othered to make infomied Chol￿s. Baseline 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 -97% 20% more students actively errfjaged with the SU. 90% of staff colleagues report the Union lives its values. Baseline 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 Top 10 Russell Group Students, Union by National Student Survey (NSS) score. Baseline 18 2020-2021 17 2021-2022 15 2022-2023 13 2023-2024 2024-2025 -92% -71% -77% 10 S(LKttnts' urriotl Annual Rewrt a￿) Con5¢YvJ>Y Slatenxrns 2021

Targets for 2025 (continued) Three quarters of students say they are satisfRd wth Warvéick Students. Union. Baseline -360 2020-2021 - 50°h 2021-2022 -600 2022-2023 -65% 2023-2024 700 2024-2025 -75% Charity Commission All Charities are required to make a serious incKJent report lo the Charity Commission. where an adverse evenl. ￿ether actual or alleged, results in or nsks significant. hami to the chariiy s benefiaaries, staff, volunteers or others vtho come into contact with the charity through its work.. loss of the charty's money or assets- damage lo the charity's property" harm to the charity's w?rk or reputstion. During the year, Warwick Students. Union not make a serious incident report to the Charity Commission. 171 Page Warw¢k Siudenis. Un Annual Repoti and consol￿ed sweth*nis 2021

Key achievements 2020-2021 Over the last year. we have delivered much for students, desFrfte the COVID-19 crisis. Our key achievements are presented below. grouped together according lo the five work programme areas established in the Strategic Plan 2021-2025. 1. Student Volce The SU worked vthh over 650 Course Reps. 15 Faculty Reps and 8 Departmenlal Reps to represent War￿Ck Students, academic interests The Union Awards celetKated those students supported the Urwon in achieving its cole aims- the Virtual ceremony was a huge success The Transforming Education Awards recognised 67 oulstandiThJ University Staff who were nominated by and made a signrficant impact lo the lives of st￿jentS 1.904 votes were cast in the Summer eleclions for s￿dOnt Trnstees and Association Committees 154 students voted lo elect their Cowse Reps 1.344 Votes were cast in the All Student Vote. giving students a voice on the issues that matter to them Worked wth the Universty to deliver a Tem 2 rent waiver lo eligible studenls in off- ¢ampus accommodation. Pushed the University lo open up addits.onal study space for Term 3. including spaces for studerrts to take exams. Lobbied the University for in-per$on teaching in Term 1 and ensured stLMlents' voices were heard in ftstLrre F￿an$ for blermjed leaming. The Union stood solKlanty vthh Protect Warwick Women and all survrwors of sexual assault on this ¢amw$ supporting wolestors lo help them achieve their goals 2. Advice and Support Launched a renewed Buddy Scheme to support students with making friends and socialising during lockdown as well as introducing Speed friending with the Societies OffI￿r SU Advi￿ Centre in partnership with Warwick Accommodation supF(Jrted students with house-hunting Ihrough the pandemlc. Held Town Hall events to explore lo better SUPPOrt and rewesent students throughout the lockdown Purchased free period products making them available to collect on campus throughout lockdown The Union collaborated wrth University to launch the Report & Support portal which supports students in making an anonymous report. or Tequesl in relation to sexual misconduct, hale cnmefincidenls. bullying or discrimination The Ethnic Minorrties Officers collaborated with the unive￿ily to launch the Say My Name project. an initiative to help us get each other's names right. The Advice Centre maintained virtual 5urfKsrt for students needing help wrth academic issues. housing, money, and health & wellbeing The inlrcYuclion of new Community Hubs provided news and resources for marginalised student groups The Union worked wlh Beat, the eating disorders charity. to campaKJn for positive change around eating disorders support, publishing Student blogs and allying with the wa￿l¢k Medical School Disatrxlity Ne￿ork. As a result of our LGBTQUA+ campaigns. Ihe Universrty have added a new onouns field to student records and put sanitary bins in all toilets. Wanvidl Students. Unitin Annual Report and ConsolHfjateO Slaments 2021

Launched the Party Smart campai9n - a reduction programme to make su students vtho choose lo use drugs arKI alcohol stay as safe as possible," collaborating with the University Wellbeing seThi￿ and extemal stakeholders. Th* Everybody campaign published students. blcgs about their experiences with eating disorders and body positivtty. The annual Pressure Drop campaign relumed. wrth study tips and resources to support $ludenls through the exam period. The Union continued to invest in flagship carnpawJns such as #WoG•tConsont and Hale Crime Reporting to ensure student safety remained paramount throughout the pandemic Held several onh.ne events in order to tetter develop and support a trans-lnclusive University 3. Posillve Change Kept staff and students updated on the changing Covid-19 guidon¢e as well as latest news on how activities and campaigns were teing run and services offering Faalilated two additional self-certification opportunths for sludents. and the introduction of the self-certification portal Pushed for the expansion of the Active Bystander Intervention programme to be 'metabled on all courses from next academic year. 4. Bulldlng Communities SU Officers worked wth 59 other Sus to tyganise over 20 evenls for this year's Campus Pride Several SU societies vmrked together to host LibCon21- 3 days of events about liberation issues The Unions. Popl Livestrearns had a Consistent followng and continued to support students during lo¢kdown. keeping a sense of cc¥nmunity and providing them with an escape from stress. Delivered a successful programme of events for a virtual Welcome Wèek Sports Clubs held tasler sessrons in Tem 3 as part of the Unions. Summer ol Sport wrth 4,500 1ndtv￿UaI sports memberships purchased 1.250 sludents look up 5.9)0 society memberships Saw an increase in the number of students vtho engaged Yrith the Union through social media channels Held an online Q&A with Paralympian Sam Ruddc¢k to inspire students talking ab)ut disability in sport Delivery of a more varied and dlverse entertainments program that is not alcohol focused e.g., Karaoke night resulting in increased engagement from clubs and societies b¢)oking The Copper Rooms WaiwKk Students. Union AAnyal Report and ConsrAid8led siaiern2Dt5 2021

1. A Sustsinable Future The Unions anmial Moving Out campaign proved successful with zero reported communrty complaints following the pre-arranged addibonal waste collection at the end of tem Successfully lobbied for the UnNersity to embed education for sustainable development within curricula as part of the CU￿1cul￿M revEw NotfortheBin continued to gNe students the tools to ensure that they remained environmentally sustainab Esta￿$Shed a COVID support Fund for societies in need of funds Re￿iVed a commitment from the University to support students I•￿th purchasing IT equipment for online learning ahead of Term 3 assessrnenls. leading to a possib wjder review of hardship funding Allocated Club Hardship Fund money to 5PQrts dubs who faced unexFected financial pressures Lob￿.ed for gym refunds for final years not returning lo campu5 and 50% Club Pass refunds The Year Ahead Delivery of Strategi¢ Plan 2021-2025 V￿11 be the Union's central foojs for the next 12 months. Plan are in place to support the implementation ofthe five new work programmes and achieve the agreed key Ferformance indicators for 2021-2022. ￿leh are as follows.. 30% of members voting in WaThy￿k Students. Union elections. 920h of AdvicE Centre users feel empowered to make informed choices. 5Yo more sludents actNely engaged with the Students, Union. 77•A of staff colleagues engaged the Students. Union. Top 15 Russell Group Sludents, Union by NSS score. 50% of sludenls SatiSf￿d Nwlh Ihe Students. Union. Annual financial goals achieved. Details of our progress against these key perf0mlan￿ indicators. as well as infomialion about our other strategically signrficanl achievements. will be wt4ished at the end of the academic year in an annual report. In 2021, The Union c<Knmissioned Advan￿ HE to carry out a W￿e-ranging govemance and structures review. Later named the Govemance Regeneration Project, the review recommended changes to strengthen SU governan￿. engage students more effectively in policy-making. and bringing governin9 documents into line with sector best pra¢ts'¢e. Implementing these recommendations will be an important prionty. linked to the su¢¢essful delivery of the student voice and positive change woik programmes. The Board of Tnjstees wll be appointing a new Chief Executive. follo￿n9 the resignation of the currenl posl holder to stand down at the end of March 2022. The new Chief ExecutNe will be responSi￿e for ensuring the Union ddivers rts Strategic Plan 2021- 2025. 201Page Annv Rekx)rt al￿ Cons￿￿ale0 StaiY*p.ts 2021

Financial Review Income and Expenditure The overall results for the year *ere'. 2021 2020 Movement Income Expendrture Net Income for the Year As a Oh of Total Income 5.470.223 5.309,622 160.601 2.90 7,968,372 (2,498,149) 10,846.736 5,537.114 (2.878.364) 3.038.965 136. 10/#) The annual recurrent grant contritMJtion from the University increased by £88,81913%1 to £2,947,082 (2020. £2,858,263) Addilionalty, the Union recognises contributions in kind tolalling £82,968 (2020.. £72.828} for managenient semces as grant income from the University. Overall income has decreased by £2.498,149 (2020.. decrease £1,028,265). The cov1￿19 crisis has had a sunFficant impad on the Unions retail adivity and a$ a resull there has been limrted trading activity in our outlets and entertainment venues due to the vanous restrictions arxl lockdowns implemented by the Govemment over the year. As a consequence, income from our Food and Beverage OLrtlels has suffered a further reduction on that experienced in 2019-2020 at the start of the pandemic, ¥￿th income totalling £291.56012020'. £1,643,213). Income generated primarily from on-line entertainment activrty totals £14,636 {2020'. £747,395) However. this has been offset. through the use of the Govemmenl's Job Retention Scheme. which enabled the Union to continue to pay its salaried and casual staff throughout Ihe closure and reslriclion period, and as a ￿sUIt have received grant to the sum of £657,006 (2020.. £584.522) The Union has also paKI temination.payments to ten members of staff in Ihe year as part of the planned organisalional restructure. A further payment has been approved as part of this restructure to be paKI in 2021-2022. As a result. termination payments tolalling £93.95112020'. £129,905) have been recognised in 202(>2021. Not Assels The year-on-year movernenls ￿tre.. 2021 2020 Movement Fixed Assets.. Tar4Jible Fixed Assets,. Intangible Fixed Assets". Investments 233,355 316.683 2.050 16,664 16.664 2,621.520 2.786.588 Creditors: Amounts falling due within one year (1.445.802) {1.625.462) 1.425.737 1.496.523 {7.945.203> {8.176.5901 (83.328) {2.0501 Current Assels {165.068) 179,660 {70,7861 231,387 Provisions for liabilities arKI charges Net Ilabilities (6.519.466) (6.680.067) 160,601 WapHi=k Sludenis. Union Annual Rewt and Cunsobdaied si￿em￿￿s 2021

Total Net Liabilities decreased by £160.601 to £6.519.466 (2020.. £6.680.067). The value of tangible fixed assets de¢￿ased by £83,328 to £233.35512020'. £316,683). During the year £35,804 of fixed assets were acquired. This pnncipally related to procurement of IT equiFffient to 5UPPOrt slaff working from home during COVID 19 strictions and lod(dob%ns. Intangible assets relate primarily to so￿are systems. During the year £nil (2020.. £nil), has been spent and the reduction in Intangl￿e assets is due to the applicalion of depreciation charges of £2.05012020'. £4.195). reduung the nel present value (rf these assets. Current a55ets have decreased by £165,068 to £2.621.520 (202Q.. £2.786,$881. Cash arKI short-temi deposrts have decreased by £6,032 to £2.170,613 (2020: £2.176.645), reflectirvj the net cash inflow during the year. see Note 20. Debtors have decreased by £145.209 to £416.669 {2020: £561.878). Creditors have de￿aSed by £179.660 to £1.445,802 {2020'. £1.625.462). This is primarity as a ￿sU11 of the clearing of deferred 2019-2020 payments in ￿SpeCt of VAT and premises lease renlal charges that wefe 4reed to support the Union to riianage its "cash flows during the period the Union has not been atAe to trade. These deferred amounts have all been paid during 2020-2021 The provision for liabilities and charges relates entirely lo the Students, Union Superannuation Scheme {SUSS) pension deficfL liabilrty {see note 13 and note 21). The amounts held as custodian on behalf of Student sports clubs and societies increased by £80,294 to £782,009 (2020 £701,715) as a result of ￿dUCed acttvity undertaken by dubs and societies during COVID 19 restrictions. Reserves Free unre5tri¢ted genera reserves at 31 July 2021 deueased by £56.975 to £1.085,146 (2020.. £1.142,1211 In line with the requirements of FRS102. Warv4ick Students, Union reports the discounted students. Union Superannuation Scheme {SUSS) PenS￿n liabilrty for Warwick Students. Union. At 31 Juty 2021 this was calculated to be £7.945.203 (2020-. £8.176,5901. The Board of Truslees have previoU￿Y aFpro¥ed that £300.OCM) (2020.. £3￿,(￿0) be set aside in a desMJnated reserve for future strategic infrastructure (kvelopments. As at 31 July 2021 the value of deS￿nated funds hek4 was £268.672. 221Page aM¢k SiLKlenis' Unw)n Anllval Report ar* ConSo￿are￿ SiiiemÈnts 2021

Students. Union Services Warwick Limited For 202￿21 Students. Union Services WarvAck Limited (SUSW) made a donation undef grfl aid of £20,844 (2020.. £91,849) lo Wanmck Siudents, Union. a decrease in contribution of £71,005. Due to the impact on COVID 19. the UThon there has been no income generated through work undertaken on behalf of Warwick Corrferences. and income form media and advertising has also been impacted due lo the associated ￿$triCt￿ns that has meantthere has been minimum adverts'sing opportunrty on campus. Overall lurnover during 2020-21 deueased by £182.510 on the previous year at £68.C￿7 12020.. £250,517). Membership Solutions Limited The 2020-21 financial year saw Membership Solutions Limited (MSL) making a transfer under gift of £297,18612020'. £313.841 } a decrease in eontnbution of £16,655. MSL has delivered a suc¢e$sful set of financial resutts and consolidated ils position as the market leader for website and membership management syslems in UK H￿her Education students. unions desprte incre?￿ng conwetrtion in this sector. It has won several new clients and MSL'S client base under contract continues to exceed 100 institutions. Planned work on the modemisation of plallomi has progressed bul at a lower cost than origsnally forecast. Tumover ￿￿gnIsed in the year for the company decreased by £72.285 to £1,174,603 {2020.' £1.246,888} due in the main to reduced transaction income as dienl Student Unions had signrficantty reduced transactional activity due to COVID 19 restri¢tion$. Fundraising The Union does not undertake any street or cloor-to-door fundraising activity and does nol engage a third party organisation to advise or undertake fundraising on rts behalf. The Raising and Giving Society do raise fijnds thrO￿h collection to be donated to ¢haiitabte organisations selected by students. arKI other than acting as (Jjstodian of funds. the Union does nol infiuence or control this activty. All commercial activity is undertaken with the aim of raising funds lo support Charitable Aclivily. and the Union does hold up to eight events annually v￿th the expressed pU￿ose of fundraising. These evenls take a¢fvantage of HMRC relief in ￿SpeCt of Value Added Tax and are in Compliance wth the associated HMRC guidance issued in respecl of such events. However, due to COIAD 19 reslriGtions. none of Ihese events We￿ heFd during the year to 31 July 2021. 231 Pège War￿Ck Stuaenis Union AMu81 Report ConSol￿ate￿i 2021

Future Funding Every year the Union woduces a Five Year Plan that enabks the Union lo reV￿W the Current and future financial performance of its arANtties. The plan linduding the budget for the 2021- 2022 finan¢ial year) was approved by the Board of Trustees in May 2021. The budget for 2021-2022 forecasts a group surFAus posth'on of £553.607 (2020.. deficit £848.219) This position assumed the relaxation of COVID 19 restrict￿nS and the full reopening of Union commerual oullets and entertainment activrty from October 2021. and broadly this has materialised in the year wth the easing of restrictions by Govemmenl. The fore¢asl includes eXpendrtu￿ plans totalling £52,570 (2020 £84,284) to be funded from the desvjnaled reserve. It is anticipated at Ihe ts.me of syn off that some of this expendrture will fall into future periods due to timiro of kyoject Init￿￿On. This plan also included an approved recurrent grant from the Universty of Warwck for 2021-22 of £3,006.024 (2021. 2.947,0811 an increase of £58.943 (2%). The ¢urrenl Five Year Plan assumes that the University of Warwick will continue to conth.bute an annual recurrent bloth grant al the level approved for 2021-2022 across the planning period. Although the Union has no definilive guarantee that fuTrJir#J will ¢onlinue from the Unnietsity al these Fevels, the Union continues to engage with the University abotrt the fLrture and Cur￿n11Y has no reason to suppose that funding at the current level will not continue into 2022-2023. The Caprtal Commitments (r)ote 7) reports thal there are r)0 caplal commrtments approved but not yet ¢ontra¢ted and whik the Union is still in the period of recovery posl-pandemic reslricts'ons, capital investment wll be dosely controlled to ensure cash resour¢es remain strorg. The Union faces s￿n￿leanI finanoal risk as a resuft of the current pension deficit reported from the Students, Union Superannuation Scheme ISUSS). This is a defined benefit scheme WI￿se membership conwsls of students. unions and related bodies Ihrotrjhout the country (see Note 21). This s¢PEme closed lo fulure a¢(yual on 30 September 2011. The amount contributed in the year to 31 July 2021 was £367.301 (2020: £349,475) (see Note 21). Contribution amounts a￿ induded in tre Group 5 Ftve Year Plan and a known increase of 25.6% came into effect from October 2021. The current recovery plan assumes an annual increase of 5% through lo 2034. The actuarial remew undertaken by SUSS Trustees as at June 2019, has resulted in a cash pension deficil commitment in 2021-2022 of £446.788 (2021.. £367.3721. before accounting adjustments for FRS102. These accounting adjustmenls consist of a non-cash notional adjustment to reduce the pension liability of {£329,668) {2021'.1£231.38611. Thk8 is based on the pension deficit beir¥J accounted for as a liability under FRS 102. at Ihe ￿t present value of the agreed future payThents. The nel present value discount rate applied in forecasts.ng our futuie liability is 1.7Yo12020". 1.7%). Should this thange during the year. the aC￿ntIng adiustrnenl used to discount future payments will be adjusted lo reflect any change in discount iale. st￿￿e￿￿' Unity) Annvèl Rewrt Cons￿￿¥18￿ skpments 2021

SUSS will undertake the next independent th"annual actuarial review as at 30 JL￿e 2022 and this rnay result in in¢rea5ed pension defiat Contributions from October 2023 and an extended recovery penod beyond the current planned end date of August 2035. although current inlomalion availatAe to Trustees of the Union does not imply this ￿ certain. Funds Held as Custodian Trustee on Behalf of Olhe Custodian Funds Warwck Students, Union acts as a custodian for funds raised by the many Sports clubs. sludenl sociebes and FIAG {Raising and Giving) affiliated lo the Union. These funds are held in a separate bank account and the yeai-end balances fcK each sports club and society are within the Union's creditor balance (see Note 11 }. The balance held for st￿lent sports clubs and $￿ietieS at 31 July 2021 was £782,009 {2020. £701,715). see Note 11_ The in¢offe and expenditure for the student sports dubs and societies is not feported within the Union's Statement of Financial Activrties. During the financial year the sports clubs and soaeties received £398.198 of income (2020.. £1.722.8681. Included in this in￿rne We￿ grants from the Un￿n,$ Sports Exec arKI Warwick Sw1 of £105.691 (2020.. £253,481) for sports clubs and £31,781 (2020.. £38,018) from the Union's Societies Exec for student societies (see Note 18). These grant awards v*re sFent in the year and appear in the Union's Stalemenl of Financial Activities as a cost in the "Student Activrties. Soueties and Sports Clubs" line. Auditor RSM UK Audrt LLP have agreed to undertake the audit of the 2021-2022 accounts. Tfuslees. Slrategic Report is approved on tehalf of the Board of Tnjstees.. Shingai Dzumbira Pfftsident Date.. 2 March 2022 Ja¢tsb Jefferson Democracy and Development Officer waft￿¢k Sluden15' Annu81 Rewl ConsdKJaled Sr3ttrTent5 2021

STA TEMENT OF BOARD OF TRUSTEES RESPONSIBILITIES The Trustees (who a￿ also directors of WaTh•ryck Siudents, Union for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the finanaal slalements in accordan¢e with applicable law and Unrted SQ'ngdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice) Company law requires the Trustees to prepare finanaal slalemenls for each finanaal year wilh give a true and fair view of the slate of affairs of the Charitab￿ company and the group and of the incoming ￿$oUr￿$ and application of resour￿. including the income and expenditure. of the charitable ￿0UP for that peritsj. In preparirs those financial statements. the Board of Trustees is required lo.. Seled suitable a¢counting policies and Ihen apply them consislenuy.. Observe the methods and prinaples in the Charities SORP". Make judgements and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, subject lo any material departures disdosed and explained in the finan¢ial statements; and Prepare the financial statements on the going concem basks unless it is inappropriate to presume that the chaniable company will continue in business. b} dl The Trustees are resporible for keeping proper a¢counting records that disdose with reasonable accuracy at any lime the financial position of the charitable ccfflpany and enable them to ensure that the financial slalemenls comkly tmth the Companies Acl 2006. They are also responsibk for safeguardiro the assets of the charitable company and the group and hence for taking reaSona￿e steps f￿ the prevention arKI delection of fraud and other irregularities. In so far as the Trugtees a￿ aw4are". There is no relevant audit infomiation of vknich the charitable company's auditor is unaware.. and The Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit infom)ation and to establish that the audrtor is aware of that infomiation. The Tfustees are TesponsiEAe for the maintenance and integnty of the corporate and financial infonnalion included on the charitable company's y￿b5rte. Legislation in the United Kingdom goveming the preparation and dissemirbation of financial statements may differ from legislation in other jurisdictions. Wa￿7¢k Siudeois. ￿n￿n Annual Rewt aiJ Conso￿ale￿ statemeN5 2021

INDEPENDENT AUDITORS. REPORT To the membe￿ of Wa￿iCk Students. Union Opinion We have audited the financial slalements 0fWaTh￿¢k Studen15' Untn Ilhe'parentcharilable company'l and its subsidiaries Ilhe 'group'i for the year ended 31 Juty 2021 which comprise the Group Stslemenl ol Finanaal Aciivrties. the Group and Company Balance Sheets, the Group and Company Cash Flow Slalemenls and notes to the financial statements. Including significant ￿QU￿tIng polic4es. The financial feporbng tramework that has been applied n their weparat￿n is applicable and United Kingdom Accounbng Stsn¢Jarés. including FRS 102"The Financial Reporting Stsndard aFplicable in the UK and Republic of Ireland. (United Kingdom Generally Actspted ACC￿Jn￿.ng Prxttt}. In oui opnion the financial statements.. give a true and fair view of the state of the group's and Ihe parent tharitable company's affairs as at 31 Juty 2021 and of the group's incoming resources and applicabon of resources. ir￿lUding its income and expendrture, for the year then ended" have been propedy prepared In ac¢rxdan¢e wth Unleil Ktngdom Generally A￿pted AeLtMJnling Practice," and have been o¥epafed wi a￿rdance wilh the requirements of the Companies Act 20C6. Basls for oplnlon We have been appointed auditors under the Companies and section 151 of the Charrties Act 20118nd repc¥l in accordance ￿t￿ those Acts. We conducted our audit in a￿dan￿ with InternalDnal Stsndards on Audibng IUKI IISAS {UKII and applicable law. Our resF)nsibilths under Ih05e standards are further described in the Auditorfs sponsibilit￿5 for the audit of the finanual statements section of our report We are independent of the group and parent charilabk company in acCOrda￿e wth the ethical requirements that a re￿vant lo our audit of thè finanoal slalements in the UK induding the FRC'S Ethical Standard a￿j we have fulfilled our olhw ethical respon5ibility"e5 in xwdance with these reQui￿rnents. We bdieve thal the audit eV￿en￿ we have obtained Is suftoefit and appropriate to prowde a basis for our opinion. Conclusions felating to going co￿0rn In auditing the financol statements. have ¢￿uded that the trustees. use of Ihe 9tyng Co￿rn basis of acccyjnling in the preparatM)n of Ihe finarKial slatements is appropriate. Based on the work we have perf0m￿. we have not Klenlified any mrial ￿certa"nI relating to evenis 01 conditions that. indivhdually or ed1￿￿"vety, may cast sp3nificanl doubl ￿ the group's or parent charitable o)mpany's aty'lity to continue as a 90iNJ con￿rn for a Pen￿ of al least knvelve months from when the finanual statements a￿ authorised for issue. Jr responsibilities and the resp)nsit¥"lities of the Irustees Tmih respect to going concern a deSCri￿d in the relevanl secb'ons of this reporL Other Inlormatlon The olher inlormation comprises the informats.on induded in the Trustees Annual ReFQrt other than the financial Statements arK1 our aLJitor's rep)rt Ihereon. The trLtstees are responsible fN the other informal￿n contained within the Trustees Annual Report. Our opinion on Ihe financial staternenls d(s not cover the other informati¢M and, except to the extent otherwise ex￿1c9t1Y stated in our rewt. we do not express any form of assuranee conclusion thereon. 271Pa8e Warvéicm Students. Un￿n Anr.ual Report ana Consobdaied Siatement$ ￿2]

INDEPENDENT AUDITORS, REPORT (Continued) Our ￿spOnSIbl111Y is to read the other inforrnaticm and. in doing so, consider whether the other in1cfma1￿n 15 materially Inconsistent wlh the financial ststements or our knovAedge obtained in the course of the audit or othe￿ise appears lo be malerialty mtsslated If we identify such material inconsistencies or apparent material misststements. we are required to determine whether this gives rise lo a malenal misstalemenl in the finanual ststefflents themselves. 11. based on the work we have performed. we ￿nclude that there is a malerial misstAternent ofthis other Information. we are required to report that fact. We have nothing ¢0 report in this regard. Opinions on otheT mattern pres¢riW by th• Companies A¢t 200S In our opinion. based on the work undertaken in the ctyJr5e of the audit the inlormats.on gNen in the Trustees Annual ReFrf, wh￿h includes the Directors, Re￿rt and the Strategic Report prepared for the purposes ol Company iAw, for the finanaal year for the finan¢ial stslements are prepared is consistent wlh the financial statements," and the Directors, Report arKI the StrategK Re{￿1 iKEuded ￿thIn the Twstees Annual Report have been prepared in accordance wlh ap￿Kable legal requirements. Mattern on which we are requ11￿ to report by exceptK•n In the light of the knowledge and understsndirg of the group and Ihe parenl ¢harrtable company and their enwronmenl obtained in the course of the audit, we have not idenb.fed material mtsslments in the Directors. Report or the Strategic Report induded wthin the Tw5tees Annual Report. We have nothing lo report in ￿SpeCt of the foMovMng fflters Whe￿ the CoMpan￿S Act 2006 ￿qUireS us to rewt to you rf. in our opinion". adequate accounting records ￿ve not been kept by the p¥ent ¢haritabk company. or rebjms adequate tr our audit have not been received tr￿n br￿cheS r￿)t Vi5rted by us." or the parent Charitab￿ company financral stslements e nol in agreement with the aerA)unting rewrds and returns., or certain disclosures ol trustees. rernunerat￿n sFeeified by I￿ We not made". or we have not receivetj all the inftymatK>n and expLanations ve require for our audit. Responsibiliti•s of Trustees As explained m(xe fulty in the Statement of Trustees. reS￿sibilitieS sel out on page 26, the tnjslees (who are also the directors of the charitable company lor the wrposes of¢ompany lawl are responsible for the preparation of the finanaal statements and for being Satisfied that they give a true and fair view. and forsuch irttemal eonlrol as the tnjslees detemiine is necessary to enable ihe preparation ol finanaal statements that are free from material misstatement. whether due to fraud or error. In preparing the finanual stslements. the Irustees are resFonsibk for assessin9 Ihe group's and parent charitsble ￿MpanY'S abilty to conts.nue as a going concem. disclosing, as applicable. matters related to going concern and using the going ￿nCeM basis of accounb.ng unless the trustees either intend lo IKiuidale the group or parent charitable company ¢y lo cease Operat￿)nS. or have no realist￿ alternative but lo do so. 285Page Wa￿1Ck Swdenl$' Vnion AnnL'31 Rewi and Consoksated SlaieWDts 2021

INDEPENDENT AUDITORS. REPOR T (Continuedj AudiloVs r¢sponsibllities for the audit of the financial statements Our obJ"ectwes are lo obtain reasonable assuranee about whether the financial statements as a whole are I￿e from material misslatemen( whethef due lo fraud ( err¢y. and to rssue an audilorfs report thal includes our OPillK)n. Reasonable assuran¢e is a hoh level of assuran¢e. but is not a guarant￿ ihat an audit conducted In accordance vrith ISAS IUKI VAII always delecl a material misstatement when rt exists. Misstatements can anse from fraud or error and are consKJered material il. individually or in the ag9regate. t￿Y could ￿3$OnablY te exFecled lo influertt ts economic dectshms of Ltsers taken on the baws of these financd stalements. Th• ext•nt to which the audit was considered capable of detecting irregularities. including fraud Irregulariies a￿ instsnces of non-c¢ynplian¢e wrth laws and reW1ath￿S. The 04'ectives of ￿r audit are lo obtain sufhcienl appropriate audit eviderte regarding o)mpliance wth laws and regulat)ns that ave a drfpxl effect on the determinalion of material arrounts and dtsdosures in the finanual statements, lo pert¢ym audit Pro￿dureS to help identify instance5 of ￿Tr￿CoMpliance with other laws and regulat￿nS that may have a material effect on the financKAI statements. and lo respond apprcyriately to idenlffied 01 su$￿ted non<0M￿lance lab%s and regulations identifi'ed during the 8udil. In relation to fraud, the objectives ofouT audit are to Kjentfy and assess the risk ofmerial misststemenl of the Iinaneial statements due to fra￿1. to ¢)btsin sufficiènt appropriatè aut1it evidènce regarding the assesse<J risks of material misstslement due to fraud through de&gning and implementing approwate responses and to resFond appropriately to fraud or suspecled fraud Klenbfied during the aud¢t However. Il is the primary resF4)nsibility of management. the oversight ol those charged with governance. to ensure that the enlitls operations are conducted in ac￿rda￿e with the provhsicffis of laws and regulations and lor the preVen1￿n and detecbon of fraud. In K5entty"ry and assessing risks ol malerBI misstatement in resFe¢t of ¥regLlarities, incI￿￿1r￿j fraud, the group audil engagement team- ¢)btained an understandin9 of ihe nature of the sector. inGluding the legal and wulatc frame%KJrks that the group and parent challtable company operates in and the group and parent ehantable company a￿ wrth the kgal and regulatory frameworks" inquired of management, and those Charged wlh govemance. about their own identification and assessment ol Ihe risks of irregularilEs. includirKJ any known adual. suspected or alleged instan￿$ of fraud.. di%ussed matters about nor￿0m￿ranCe with law5 and regulatDns and how fraud mightcrLur including as5essmenl of hcm and where the financol slalemenls may be S￿￿p￿'ble lo fraud. As a resultofthese procedures we consKler the mosl sgnifk2nt laws and reguLglions Ihat have a direcl ¥npact on the finanoal statements are FRS 102, Charibes SORP IFRS 1021. Companies Act 2006, Charities Act 2011. the parent charitable ￿MPanI$ goveming documenL tax legisLgtion and ChaTitts (Prolecth'on and S(xial Investment) Ad 2016. We perfomed audit pr¢xedures to delecl non- compliances which may have a matenal impact on the financial statements wh￿h induded reviewing the finanual statements indudiry the Trustees Annual Report. remaining alert to new or unusual transaclions which may not be in a¢￿(danCe with the goveining documents, inspecting correspcffjdence wth t¢al lax authoritses and waluab'ng received from extemal advisors. The most significant laws and reguLqltr)ns that have an indirecl impxl on the financk4151atements are those in relation to the Food Standards Act 19S9. UK General Data Prolecb"on Re9ulalDn, Health and Safety al Wc¥k etc. Act 1974. and The Rep)rbng of Injurkes, DJsea5es and Dangerou5 Occurrences Regulati￿5 2013 We perfomied audrt prttedures to inquire ol management and those charged with govefnance whether the group ts in cOmph'an￿ vAlh these kaw and regulations and in5pe¢led correspondence with re9ulalory aultrjrilies. 29 IPage Waw.¢p. SlL'deDls' Union Annual Report arK Cons0￿￿11ed Slatem￿*s 2021

INDEPENDENT AUDITORS. REPOR T {ContinuedJ The group audit engagement team identrfd the risk of management overrmle of controls and as the area where the financ1 ststements We￿ most suscepti'ble to material misstaternentdue to fraud. Audit procedu￿$ perfomed inclutled bui r#)t limited to lesting manual ioumal entnes aThJ other Jjustmenls. evaluating the tyJsiness rationale in relation to S￿n￿can( unusual tran5aclions and transactions entered into outsbje the normal course of tryJsirtes5 and chauenging judgments and A further desc¥iption of our res￿￿1b111￿s for the audr< of the financial 5tmenls is provided on the Finan￿al Reming Council's web5rte at htt ."IA￿￿￿.frc.0r .ukJau¢Jrtorsres nsrts'litie$. This descriplKin f￿mS part of our auditor's repcKi. Use of our report This reFQrt is made SO￿lY to the charitable c(xnpan￿s n￿mberS. as a tK. in accordancE with Chapter 3 of Part 16 of Ihe CompanEs Act Our audit wort has been undertaken so that we might State to the charrtabie company's members ¢hose rnatte￿ are required to state lo them in an audilorfs report and for no othei purpose. To Ihe fullest exlenl pemitted by law. we do not xcept or assume responsibility lo anyone other than Ihe charitable company the charrtable company's memters as body, for our audit work. for this reF#Yt. or ￿ the opinKJns have formed. PaHI Dkoby PAUL OXTOBY (Sentor Statvtw ALKlitor) For and on behall of RSM UK AUDIT LLP, Statukny Audit ' charte￿ Accounlanls Sl Philips Point Temple Row Birmingh 62 SAF Dale 28April 2022 30IPage War44ith Siudenis. Union Annval Repm and consol￿￿e￿ stalen*r￿ 2021

GONSOLIDA TED STA TEMENT OF FINANCIAL ACTiwfiES Including Income and expenditure a¢¢ount for the year ended 31 July 2021 unr￿tricted Desi9nat¢d Restricted Fund5 Funds Fund$ 2021 TOTAL 2020 TOYAL INCOME Donation5 University Gfants J¢)b Retention Scheme G￿1 3.OJ),050 657.1 24.9fAI 3.054.950 657.006 2.986,890 584.522 Income from Charitable AetN•ts•S Food and Beverage Venues. Events & Entertanfflents Ad￿nistrakn supp￿ Sernces Siudenis Ser¥Kes & Representatio Student ActThiilies. s￿1&1￿$ & SkX)rts Clut6 Income from Trndinty A¢"viti¢s Commercial IrrAy71e Marketing & SF¢)nsorship Investment In¢¢yne- Interest Receivable 291. 14.636 {40.(WI 7,139 227.339 291.560 14.636 136.8481 1.139 267,983 1,643.213 747.395 54.740 2.700 457.712 3.242 40.644 1,217.913 1.49) 1.217.913 1.455.858 30,948 4,391 434 TOTAL INCOME 5,401.437 68.786 5,470,223 7.968.369 EXPENDITURE Expenditure on Raisin9 Funds Commerck?l Actwibes Expendituro on Charitabl• A¢tivities Food ankl 8everage Venues. Events & Entertainmerts Student Membership Services Rep￿senIali0n & Afimiatio￿% Student Act'vilies. Societies & Swts Clubs IDecreasÈlllncrease in SUSS Pensio Liability 878,135 878.135 1,035.393 1.425.471 622.335 890.050 404.813 1.038.302 1,4Z5A71 622.33S 899,922 404.813 1.078.946 2.678,307 1.176,327 1,183.726 499.254 1.464.788 2.808.938 9,872 13 TOTAL EXPENofTURE 5,259.106 SO.S16 5,309,622 10,846.733 NET INCOMEIIEXPENtXTURE} 142J31 18.270 160,601 12,878.364} Transfer5 Betsveen Fund$ NET MOVEMENTS IN FUNDS 1S. 32.081 174,412 132,0811 {32.0811 18.270 160.601 12,878.364} Fund BalarKes 8rwghl Fowrd (7.034,469) 3￿.?53 53.649 16,680.0671 13,801,703) TOTAL FUNDS CARRIED FORWARD 16060.057) 268.672 71.919 16,$19,4661 16,680.0671 This Consolidated Statement of Financial Actrvits represents a consolidation of the income and costs for WaM¢k Students, Union. Students. Union Services Wamck Limited and Membership Solutions Limrted, all operations are continuing. Sludenis. Un￿) A￿ll￿al Report and Consol*laled siaternpnts 2021

STA TEMENTS OF FINANCIAL POSITION Company Registration Number." 07297865 GROLIP 2020 UNION 20X 2021 2020 FIXED ASSETS T8ngilAe Fixed Assets Iniangit4e Fixed Assets Invesbnents 233,355 316.683 316,683 2.0 17,934 16.664 16.664 17.934 250.019 335.397 251.289 336,667 CURRENT ASSETS Stocks Oebtgrs short.temi Dep9ts Cash al 8ank and in H8rNI 34.238 416.e69 1242.737 927.876 48.C65 1.878 1.363.792 812,853 34,238 324.467 1.039,244 915.215 48,065 680.110 7,047,611 799.561 10 2.$21￿20 2.786.588 2.313.164 2.575.347 CREDITORS Amounts ￿ling due wrfhin one year 11 11.445,802) 11,625.462) {1.139,2161 11.414.991) NET CURRENT ASSETS 1.17S,718 1,161,126 1.173.948 1.160.3S6 Prowsions for Liabdthe5 & Charge5 13 (7.9452031 {8.176.590) 17.945.203) {8.176.5901 NET LIABILITIES 16.519A661 16.680.067) 16.519,9661 16.679,5671 REPRESENTING Charitable Funds Restricled Funds . 17 71.919 53.649 71.919 53.649 un￿strICted Fund$ General Pen$K)n Designated I.(￿5.146 17,945.2031 268.672 1.142.121 18,176.5 3(Kl.753 1,084.646 1.142,621 {7.945,203} 18.176.590) 268.672 3￿,753 16 15 TOTAL FUNDS 16.519.466> 16.680.067> 16.519,9661 16,679.5671 The Company's surplus and total comprehensive expeThJiture for the year was £160,601 12020.. deficit (£2.878,364}} The financial statements on pages 31 to 56 V￿re approved by the Board of Trustees and authorised for issue on 2 March 2022 and are signed on ils behalf by= Shingai Dzumbira p￿S￿dent Jacob Jefferson Democracy and Development Off￿er Wanw¢k St￿en15. Vnthi Ann¥81 Report ènd Consolvjaieo sla1￿*￿￿ 2021

CONSOLIDA TED STA TEMENT OF CASH FLOWS 2021 2020 Net Cash Infl¢>w Iroffl OFeratiTrJ Adi¥ll￿S 230.130 INVESTMENT ACTIVITIES Inte￿$1 Re￿ved Purchase ol Assels 434 {35.8041 4.391 (98.3411 Cash used in Invesb"n9 AclNits"es {35.3701 193.9501 IDECREASEIIINCREASE IN CASH ANO CASH EQUIVALENTS 16.0321 136,180 Cash aThl Cash Ewvalths at ￿ BeginThn9 01 the Year 2.176.645 2.040,465 Cash and Cash EquNaknts at W¢ End olthe Year 2,170.613 2.176.645 REPRESENTED BY: C¥$h •nd Short4erm Deposits 018ank 2.170.883 2.176.645 W￿1c￿ Si￿je￿¢S. Un Annu/l Regort am Cons4lMJaied St8iemeni$ 2021

PRINCIPAL ACCOUNTING POUCIES General Infomiation Warwick Students, Union Limited is a Chanlable company limited by guarantee and domiciled and incorporated in England. The address of the Company's registered office and principal place of business is Warwi¢k Students, Union. Universrty of Warwick, Gibbet Hill Road, Coventry, CV4 7AL. These accounts represent a consolidalK)n of the accounts of Wawck Sludents, Union and ils subsidiary undertakings Students. UnK>n Services Warwick Limrted and Membership Soluttons Limited. The Company's and the Group's principal activities a￿ as disrjosed in the Annual Report of Ihe Board of Trustees. Basis of Accounting The accounts have been prepared under the Chanties Ad 2011 in accordance with the Statement of Recommended Practi￿". "A¢¢ountirYy and ReFortiry by Charities.. Statement of Recommended Practice" applicable to charrt￿$ preparing their ac£ounts in accordance with the Financial Reporting Standard applicatrAe in the UK and Republic of Ireland (FRS102) effective 1 January 2015 (Charities SORP {FRS102) - Second Edilionl. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Warwick Students. Union meets the definrtion of a Fuljic benefii entity under FRS102. Assets and liabilities are inrtially recth3nised at historical cost or transaction va￿• unless otherwise slated in the relevant accounting poli¢y notels). FRS102 Reduced Disclosures In accordance wilh FRS 102, the Company has taken advantage of the exemptions from the following disdosure requirements.. Section 7 'Slatement of Cash Flows' Presentation of a Statement of Cash Flow and related notes and disclosures.. and Section 33 'Relaled Party Disclosures' Compensation for key management Judgements and Estimations The Board of Trustees have not made any sb3nrficanl I￿geMentS and estimations in the process of applying the ac¢ounliThJ policies except for the iecogniti.on of the Students, Union Superannuation Scheme {SUSS) pension liability. see Note 21. There are no areas of estimation uncertainty that have a signrficant risk of causing a material adjustment to the carrying amounts of assets and lia￿.1.￿leS wsthin the next financial year except for the SUSS pension lla￿.1ty. The SUSS pension scheme conducted a fvll actuarial evaluation as at 30 June 2019 and all estimates are based on the infomiation arising from this valuat￿n. This indudes a review of the dis¢ount rate used in the calculation of the penS￿n liabilty which after consideration has been maintained at 1.7%12020 1.70h). 341Pa8e W8fwKk SiuOenls' un￿)￿ Annual Report CottsDlbJaied Ststew*rts Z021

PRINCIPAL ACCOUNTING POLICIES (continued) Financial Instruments Warwick Students. Union and its subsKliaries onty have financial assels and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recc¢Jnised at transaction value and subsequenlty measured at their settlement Value. Going Con¢em Warwick Students. Union reports a net habilities position of £6.519,466 on rts ￿nso11dated balance sheet as at 31 July 2021. This is directly as a result of recoanising the discounted Students. Union SuFerannuation Scheme {SUSSI pension liability ¢al¢ulated as £7.945,203 {2020'. £8.176,590) for both the Union and rts subsidiary companEs. Hobver. this liabilrty is payable on an incremental basis over a Feriod to August 2035 arMJ there is no reason to believe that Warwick SIL¥Jents' Union cannot meet rt$ annual commitments to repay this liability. An IndeFe￿nt actuarial review of the scheme tcxjk pla￿ as at 30 June 2019. and an increase in deficit contnbutions has arisen as a result. The Board of Trustees will continue to monitor the impact that this may have on the Unim. The ojrrent economic conditions create Un￿rtaInty particularly over the level of demand for the Union's services. However. ¢urrent infomation from the Universty of WaThMck indicates that future incorne provided under the block grant agreement will ￿ maintained at leasl at current levels. The impad of the COVID-19 crises has resulted in a significant drop in commercial income due to the closure of the Union's outlets from the onset of Govemment reslridions and the various lockdowns introduced to manage the spread of infection. The Union's forecasts and projections. tsking account a restartiro of trading show that the Union should be able to operate ￿thin the level of its current facilities for al least twelve months from the date of approval of these accounts. A restructure of the Union, including a redudion in staffirg numters has been undertaken and was completed at the end of December 2020. Cash bala￿5 held by the Union ￿rna1n healthy arKI reduced by a total of £6.032 over the year. Trustees consider that cash balan￿S hekl ￿maIn suffI￿nI to meel currenl liabililies and to support the approved Reserves Policy. 11 is anlicipaled that there is forecast to be a small improvement in the level of unrestricted reserves at the end of 2021-2022. The Trustees have a reasonable expectation that Union has adequate resources to Continue in operational existence for the foreseeable future. Thus they continue to adopt the goirrfJ concem basis of accounb'ng in preparing the annual financial stalemenls. ¥Vaw￿Ck Sludenis. un￿)n Annu Repjri and ConsolKlated Slaterrents 2021

PRINCIPAL ACCOUNTING POLICIES (continued) Basis of Consolidation The finanaal statements consolKlate the finan¢ial statements of the charitable cornpany and its subsidiary undertakings. Inler-group transactions. balances and Fyofits are eliminated on consolidation. The consolidats'on is Carried out on a linei)y4ine basis. In accordance wth Section 9 of FRS102 - Consoh'dated and Separate Financial Statements - both Students. Union ServI￿s Warwick Limited and Memtership Sdutions Limited are considered to be under the contrd of the Union. A separate Statemenl of Financial Activilies ISOFA) for the chanty rtseff is not presented tecause the charity has taken advantage of the exemption affiyded by Section 408 of the Companie5 Act 2006. For the ¢hafitat4e company for the period ended 31 July. 2021 2020 Income Expendrture 4,619,292 (4.458,691) 6,963.986 (9.842,3501 Net Incomel(Expenditurel for the Period 160.601 12,878,364) Tangible Fixed Assots Fixed assets are stated at cost less accwnulated deprecialion. Tr cosl of minor additions - aside from compLrter equipment - or those costing beI￿V £1.500 aTr not capitalised and are written-off lo the income arbd expenditu￿ a¢court in the year n which the eXpendIt￿e occurred. IT equipment is capttalised rf the item Val￿ is greater than £4CK) indNidually or in aggregate. The Union occupies wemises provided by the Universily of Wamck and the Unr¥er￿ty of Warwick Foundation FurKI under lease and does not include these as a5sels. Intangible Fixed Asset$ Intangible Fixed Assets indudes signifKant investment in non-physical assets such as softwa syslems. Software systems are capitalised rf the rtern value is 9￿ater than £10.000. Depreciation Depreciation is provided to write-off the cost less the estimated residual value of fixed assets by equal instalments over their estimated useful lives as follows.. Years 3-10 Building Improvements. Fixtures & FittirKJs General EquiFthent. Vehicles IT Equipment- Desk Top Computers IT Equipment- Laplop C¢)mputers Software 361P3ge S',utnts' Urw. Annval Repoil and Co￿90￿131¢￿ Slalements 202

PRINCIPAL ACCOUNTING POUCIES {continuedJ Stocks Stocks are valued at the lower of cost and net realisable value. Cost is ￿cOgnIsed on a first in. first out basis. Net realisable value is based on estimated selling Pri￿ less the estimated cost ol disposal. Income The Union receives donations in the fom) of a block grant from the Uni¥Ersity of Warwick and this is credited to the fi'nani?al slatements in respect of the pencxj to V4hich each grant relates. All income and Caprtal ￿$oUr￿$ a￿ re¢c•Jnised in the accounts vthen the Charity is legally entitled to the income. the amount can be quantIf￿d. and receipt 1$ wibable. Income from charitable activities includes in¢(Kne re￿iVed under wntra¢t or vAEre entitlement to grant funding is subj'ect to spe¢)fic perfornian￿ ¢xJnditions or relates to p¥imary purpose charitable trading. Such income is fecognised as eamed as the related gocrtjs ￿ seryices are provided. Income from commercial trading actniities (net of Value Added Tax) is recognised as earned when the related goods and services are FYOVKled. Investment income is recognised on a receivable basis Expenditure ExFendilure is recognised a liability ts incurred. Liabillties a￿ ￿COgnised as soon as there is a legal or conslructive otligation commstting the Charity to pay out resources. This applies to the annual grant awards made by the Union to third party studenl sports dubs aThJ soGielies. Contraclual arrangements and perf0rrnan￿ related grants a￿ recognised as goods w seThices a￿ provided. Expendrture incurred on charita￿e adivilies comEYises the direct and indirect costs of delivering public benefit. This indudes expenditure associated with student demccracy. academi p￿Sentation, sludenl advice and weffare. student development and charitable trading. Expenditure on raising funds indudes costs incurred in trading and commercial adNities undertaken to raise funds as well as lo attrart d￿￿'OnS. Support costs consist of overheads and g0Veman￿ costs and are apportioned to adNlties on a basis consistent with the use ol the resources. Support costs include central functions Suth as Finance and HR (see note 2) arKI Ihe building leases. Expendrture includes irrecoverable Value Added Tax. Tem)inatiOD Payments The Union recognises a liatility for temiination benefts at the point byhere rt is committed lo makirrfJ the payments in return for employee redundancy. Leased Assets All Feases are operatirrfJ leases and the annual rentsls a￿ charged to experhyiture as ihe costs fall wa￿￿1 S￿dents. U￿(¥1 Annual Reptyl ar￿ C0Tr501AYaled Sialements 2021

PRINCIPAL ACCOUNTING POLICIES (¢ontinued) Defined Benefft Pension Sch•me The group participates in the Students, Union Superannuation Scheme, a defined benefrt scheme which is exiemally funded and the members are contracted of the Stale Second Pension. The fund is valued al least every tlyee years by a professionally qualrfied independent adLtary viith the rates of contribution pay3￿￿e beiThJ detemK)ed by the Trustees on the advice of the actuary The scheme closed lo future accival on 30 September 2011. Whilst the Scheme operates as a pooled a￿angeMent. under FRS102, a contraclual agreement under a multiomployer defined benefit pension scheme to fund a past deficit should be accrued for as a liabilty discounted to net present value. Warwick Students, Union participates in both the National Union of StLhJenls Pension Scheme {NUSPS) - proved by Aegon which is a brand name of Scottish Equrtable pfc - and Ihe government NEST scheme. Both NUSPS and NEST are defird contribution schemes and are accounted for under the terms of FRS102 based upon actual contributions paKI duriNJ Ihe year. Investments Warwick Students. Union has fixed assel investments in NUS SeThices Limited which are valued at ¢ost, as these assets are not readily saleable and a reliable matket value is not readily available. The Board of Trustees value the shareholdry wi the subsKIHry com￿leS al fair value. Funds Structure Warwick StLKlents' UnicffTr admirdsters aNI accounts for a number of chantable funds. as follows.. Unrestricted Funds representing unspent income thich rnay be used for any actNity I purwse at the Board of Trustees. dis¢relion. Deswnated Funds sel aside by the Board of Trustees lo be spent on some specific purpose at its own discreti￿, which Includes financing key strategic projects such a5 building refurbtshment. Restricled Funds raised and administered by Warwick Students, Union for spe¢tr purposes. This includes revenue received from a donor to be used for activities prescribed by the donor. Custodi8n Funds enlrusled to Warwick Students. Union for safekeeping. l)ut nol under its control such as Sports Club and S¢xiety funds lin¢ludiNJ annual Raisiw and Giving). Custodian activities are disclosed in the Annual Report. but any associated income or expenditure has been ex¢luded from these axounts. arKI a mat¢hirKJ credttor is in place for these. Taxatlon Wa￿iCk Students. Union became a registered charity on 1 August 2010 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010. Therefore. il meets the definition of a charitable company for UK corporalion lax purposes. AC￿rdinglY. the Charity is potentially exempt from taxal￿n in respect of income or ¢aF4'lal gains receNed within categories covered by Chapter 3 Part 11 CorpLYation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exienl that SLrch income or gains are applied exclusively to Charitable purposes. Wa￿￿Ch SIL￿￿ents UTron Annual Repprt Con5rA￿￿ed Slaiements 2021

PRINCIPAL ACCOUNTING POLICIES (continued) Students. Union Services Warwick Limited The taxable profrts of Students, Union Services Watwck Limrted are donated. through a deed of covenant, under Gift Aid to the Union with the consequence that no taxalion is payable by that company. Membership Solutions Limited The taxable profrts of MeM￿r$hiP Solutions Limited are donated. through a deed of covenant. uThJer Gift Aid to Ihe Union wrth the consequence thal no taxation is payable by that company. war￿￿¢ St￿enis. Unb)n An￿31 Fleporl tnd Ctyistyxjated stsien*rts 2021

NOTES TO THE FINANCIAL STA TEMENTS Consolldated Prior Year Stalement of Financial Activities for the Year Ended 31 July 2020 UrYstiieted Funds LJBsignated Restricted Funds 2020 TOTAL INCOME Donatsons . University Grants Job Retention Grant 2.931.089 584.522 55.801 2.986.8 584.522 Income Irom Charitable A¢ii¥fjt1¢5 Food and Be¥eTage Venue5, Events & Entertainments AdrnM)iStralK)n and Suppjrt Services Stud•nts SeNces 8 Rep￿Sen￿ll Student Actiwties. S¢xEties & rjubs Income frorn Trading Activities C(￿MercIal Inctrne Marketin9 & SpJnscrfthip Inve$knent Incorne- Iniowest Rec•vable 1.643.213 747.395 54.735 1.643213 747,395 54,740 2,7Cx) 457,712 2￿.912 160,800 1.455.858 1.455,858 30.948 4,391 4.391 TOTAL INCOME 7,751.763 216,606 7,%8.369 EXPENDITURE Expendilurv on R•i5ing Funds Ccfflmefcial kiNiitie$ Expenditure on Charitable Activbttes Food and Beverage Venues. Events & Entertainments Sludert ￿MberShIp Servit Representation & AffiliaiKsns Student Adivitses, Sooelies & Sptyt$ Clubs Increas in SUSS Pensions Liability 1.035.393 1.03S,393 2.678.307 1.176.327 1.155.893. 499.254 1.307.021 2.808.938 2.678.07 1.176,327 1.183.72fj 499.2S4 1.464,788 2.808.938 27.833 157,767 TOTAL EXPENDITURE 10.661.133 185,600 10,846,733 NET IN¢OMEIIEXPEhlDITUREI 12.909.370) 31.006 12.878,364) Transfers Behveen FLI￿$ NET MOVEMENT IN FUNOS 53.tp32 (2.856.278) I￿1.059) 150,0S91 13.0331 27.973 12,878.3641 Fwld Balances Brought FoNRrd 14.178.191) 39).812 25.676 13,801,703) TOTAL FUNDS CARRIED FORWARD (7.034.469> 300.753 $3,649 {6,680.0671 401Page wanfv￿k Si￿ents. Unxin Annual and Cmsofidatta Stat￿17￿ 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continuedj 2. Charitable Activity and Support Costs Operatin9 Cost of Sak6 Expenses Support Costs Charitable Activlty Costs ¢h4rilaty8 A¢ts"vity Cosf Reallocalm Fo(xl and Beverage Venues. Events & EntertaInft￿ts Sludenl Membership SeNces Student Representa￿ and Affilotth5 Student Activit￿. So0"e￿es and sp￿ts. TOTAL Staff Costs 1.425.471 622,335 899.922 404.813 1.078.946 1CAJ,179 1S,804 53.659 11.639 48.935 6.253 174.393 571.029 426,538 372,744 237,178 711 792 168.354 478.243 161.382 192.761 4,431,487 1.701.314 115.983 294,879 2,319,261 2020 7,(X)2,402 2,485,355 786.419 598,073 3,132,555 Charitable Activity Costs Summary 2021 2020 Food and Bevèr4• Venue5, Events & Enlertanment5 Siudent MeMbe￿h"p Serviees Studenl Rep￿Sent￿￿)n and Affilialths Student Activities, Societies Spo￿. 1,425.471 622,335 899.922 404.813 2,678,￿7 1,176,327 1.183.726 499.254 1.464.788 4.431.487 7.002.402 Student Representation expenses includes the affiliation fee for the National Union of Students. of £37.500 {2020: £60.CO)). For further infomalion on affdrdtion$ see Note 23." Affiliations i)n page 55. Governanc¢. Admin & General Manag8rnefit Marknting. IT& Comms. Finance Support Costs TOTAL PTrrnis•s &HR pport C¢W Realtr81 Fo&J and Beverage 24.6 Venues, Events & Entertainments 18.4 Student Mernbership SeNices 16.1 Student Representath?n ￿ Affilialtsls 10.2 Student Attwit￿s, SLxieties and s￿￿rts Club5 30.7 571.029 426,538 372.744 237.171 711 792 218,535 236.747 136.585 91.0 227.641 250,848 88.205 134.573 44,476 280.857 55,255 55.222 55,222 55,255 110510 46,391 46,364 46,364 46.391 100.0 2.319.281 910.564 T￿.959 331.464 278.294 2020 3.132.55S 996I60 1.145.4S5 484.175 506,365 Support Costs Summary 2021 2020 Food and Beverage ven￿6. Events a Enteda'nments Student Membership Serv￿￿$ s￿de1)I Rep￿sentalion and Affiliaiwxis Student AdwA)"es, Stoeties and Sptyts Chjbs 571.Ir29 426.538 372.744 237.178 711.792 847,131 6n.53S 9)4.631 319.023 895.235 2,319,281 3.132.555 Warwrtk Sludenis L•tyvJn Annual Report and Consolblaieo Staiwerts 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 2. Charitable Activity and Support Costs (continued) Support costs are allocated on the following basis." P.remises Is allocated on space occupied Finanr£ is allocated on total number of financial transactions HR is allocated based on staff costs Marketing. IT Servi￿$ and Communications a￿ I￿rata ac*oss all activrties Govemance. Administration arKI Gereral Management are prfrrata across all activrties Governance. Administration and Genera Management costs indude: 2021 2020 Govemance Costs Auditors, remuneration - Audtt Fees Auditors, remuneration - Taxation Services profeS￿Onal Fees- IT Conlracls & Structures Other Legal and Professional Fees Board of TnJstees- Committee Expenses Board of Truslees- Travel Reimbursements 18,(KK) 24,575 11,896 45.652 17,500 10,90D 6.123 38.027 791 119 100,123 73.460 Insurance Irrecoverable Value A(kled Tax 82,384 38.156 220.663 82,678 37,662 193.800 3. Net Movement in Funds 2021 2020 Net Movement in Funds for the Pen(hY is StatedAfter Charging Auditors, ￿MUneratIon Audrtor Fees Tax advisory 18,000 24,575 17.500 10,900 Cost of Stock Recognised as an Expense 100.179 542,837 Stock expended in each year relates to ￿St5 of food and beverages sokj across the Union's ver￿￿8. During 2020-2021, the Governments COVID 19 restrictions has re$￿ed in these OLrtlets beirKJ Closed or operating a limited level of service. W8Th￿dE S¢udenls' un Annual Report ar￿ Consol￿a￿￿ Staiw¢nts 2Q21

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 3. Net Movement in Funds (Continued) 2021 2020 Net Movement fft Funds for the Period is StatedAfter Chargng Depreciation and Amounts Written()ff Owned Tangible Fixed Assets Owned Intangible Fixed Assets 119.132 2.050 129,813 4.195 121 182 134.008 Operating Lease Rentals Plant and Machinery Buildings 475.307 437,000 475 307 437.000 4. Staff Costs 2021 2020 The Aggregate Payroll lorthe Year was Salaries and Wages National Insurance Defined Contribution Pension- Contributions in the Year Defined Beneftt Pension- Deficit Contribution Defined Benefit Pension ISUSSI _ Pension Liability Changes" Defined Benefit Pension {SUSS)- Discount Factof." 2.823,607 266,142 147,277 376,301 3,855,244 299,230 173,017 349,475 2.808.938 (230.C69) 3.383.258 7,485,904 . Pension Liability Changes relate to effect of changes artsing fr(xn Ihe triennial actuarkal valuatkjn on the overall SUSS pension liability in line with FRS102. 'The discount factor relates to the re￿￿11)n in the SUSS Pensh￿S liability arising from the annual paYTr￿nts made to the SUSS Trustees as part of the ￿an to reduce the unfunded part of the sehen*. 2021 2020 The Average Staff Numbers was as Follows Monlhly Salaried Staff l Full Time Equivalent- Group MonlNy Salaried Staff l Full Time Equivalent- UnK>n 119.QJI 87.65 142.0 1105.52 106.75176.33 127.49 192.06 Weekly Paid Staff l Full Time Equrvalent- Group Weekty Paid Staff l Full Time Equivalent- Union 143.00110.46 143.CKIl 10.46 396.0 146.61 396.0 146.00 431Page Wawck Siudents Un￿n AllnU￿ RepNI ano Constr￿ated Statemert$ 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 4. Stsff Costs (Continued) The number of employees employed by the Union aThJ MSL r￿mng be￿frt$ atove £60.OCQ within year.. 2021 2020 £65.000 - £69,999 £70,000 - £74.999 £80,000 - £84,999 £85,000- £89,999 £90,000- £94,999 The above members of staff are in the Union's defined contribLrtion scheme NUSPS. The employer pension contributions amounted to £19,980 {2020". £22.1091 for these employee$. Wamck Students, Union made temiinations payments to ten employees in resixct of the termination of their employment during 2020-21 and approved and accounted for one further lemiination payment, prior to 31 July 2021, to a member of staff who will kave Union under the approved Voluntary Leavers scheme and receive their termination payments in early 2021-22. These payments total £93,951 {2020= £129.905}. 5. Key Management Personnel, Trustee Remuneration and Expenses The key management personnel are the TrusleelDireclors. Sabbatical Offirs and the ChEf Executive of Warwick Students. Union. As Y￿11 as having a role as a Trustee of Warwick Students. Union the seven Sabbabcal Offters perform a full time role as the voice of War•ick students. They are authorised in tke Un￿n'S govemirg document lo represent students. undertake campaHJning and support work as distinct from their trustee respons1￿"1rties. They I￿ten to how students want things lo be done and work with Wamick Students, Union staff. the Board of Trustees and partners to make it happen. They represent students to the Universrty of Warwi¢k. extemal organisations and the wider community. Each of the Sabbatical offi￿r$ received a salary of £21,784 (2020. £20,604) during Ihe year. This salary was remunerated by way of their role as a Sabbatical Off￿er- not as a Trustee. 2021 2020 Total Remuneration pa￿ to Key Management Personnel is Salaries National Insurance Pension Costs 224.712 21,329 216,695 20,124 7,031 253 672 243,850 441Page Siuoenis. Unv)n Annv81 Report attd Consdbjated stsiery*Ns 3)21

NOTES ro THE FINANCIAL STA TEMENTS (Continued) S. Key Management Personnel. Trustee Remuneration and Expenses (continued The Board of.Trustees are entrt￿d to daim and t re1m￿r$ed for ￿rSonal travel aThJ subsistence expenses in perfomiing their role as a Twstee, and the amount paid to Trustees for such expenses was £nil12020'. T%4rJ Trustees. £119). No Trustees recewed any remuneration as a result of their iole as Trustee. A number of the Union's Trustees have personalty chosen to waive their expenses and Th)1 claim travel expenses to attend Board and Commrtlee meetir4Js. The value of these expenses is unknown. wa￿ck Students. Union also incurted costs of £3,461 {2020' £5.6311 within the year relating to Professional Indemnily insurance cover of £2m (2020". £5m}. policy Incl￿ cover for the Trustees, Directors, orricers and employees of the Union. 6. Fixed Assets- Group and Union Fixtures, Fittings and IT Equipment Building Improvements Intangible ISoftwaTel TOTAL Cost 1 August 2020 1.113.449 73.039 981,629 58,781 Disp05als (4.950) (4.950} Additions 35.804 35.804 31 July 2021 1,144,303 73,039 1,012,483 58,781 Deprecialion 1 August 2020 794.716 28,737 709.248 56,731 Disposals (4,950) {4.950) Charge for the Year 121.182 6.377 112.755 2,050 31 July 2021 910,948 35.114 817,OS3 58,781 Net Book Value 31 July 2020 318.733 44.302 272 381 2,050 31 July 2021 233 355 195,430 WaAvtk Sludenls Union Anrtval Report and C¢n50kdaied Stawnl$ 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 7. Capital Commitments 2021 2020 Future Capital Expenditu Authwised but not Contraded Contraded Due to COVID-19 and to manage cash-flows. the Union has not auth￿'Sed or contsded capital commrtmenls. 8. Fixed Asset Investments GROUP 2021 UNION 2021 2020 2020 NUS setv1￿$ Limited 16.664 16,664 8,332 8.332 Investment in Subsidiary Companies 9,602 9,602 16.664 17,934 17,934 These amounts represent deposits held under NUS Services Limited Central Billing Scheme for Students. Unions and is held in respect of payment for monthly supplies of brewed and other producls. WaThvick Students, Union also holds equity share Capxlal in the following unlisted companies". Students, un￿ Services Warn￿k Limited." Warwick Students, Union holds 102 ordinary Sha￿ of £1 each being 100% of issued ordinary shares. Students, Union Services Warwick Limrted 1$ registered and operates in Great Britain. The primary nature of the business being non primary wrwjse trading seEMces on behalf of the charity. Turnover for the year ended 31 July 2021 was £68,007 {2020.' £250.518) and profrts of £20,844 {2020.' £91,849) were generated vthich was d¢)nated to the Union under grft aid. Net funds at 31 July 2021 were £102 {2020'. £1021. The total assets at 31 July 2021 We￿ £160,340 and total liabilrties W￿ £160.238_ 461Page WarM¢k Siuden15' Lknw)n Annual RepDrt aThJ C¢¥￿01￿¥le￿ stalerf￿$ 2021

NOTES ro THE FINANCIAL STA TEMENTS (Continued) Membership Solutions Limited.. Warwick StLKlents' Union directly own$ 9.500 {2020." 9.5001 £1 ordinary shares in Membership Solutions Limited, a company limrted by shares registered in Great Brttain. being 950/0 of its issued share capital. and controls the ￿MainIng 5%. The primary nature of the busiress is the sale of membership and other IT related systems. Tumover for the year ended 31 July 2021 was £1,177, 160 (2020.. £1,246.8881 and a profit for the year of £nil {2020". nil) was re¢orded after the payment of a donalion made undef gift aid to the Union of £297, 186 (2020. £313.8411. Nel funds at 31 July 2021 were £10.(MXI (2020. £10.000). Total assets at 31 Juty 2021 were £320,699 and total liatrmlrties were £310.699. 9. Stocks GROUP 2021 UNION 2020 2021 2020 Bars 30.931 42.144 30,931 42,144 Catering 3.307 5.921 3.307 5,921 Goods for Re5alo 34,238 48.065 34.238 48.065 10. Debtors GROUP 2021 UNION Amounts Falling Due Wrthin One Year 2020 2021 2020 Trode Debtors 191,059 207.511 9.696 11,601 Amounts Due From Subsidiary Undertakings 147.849 376.005 Other Detlofs 8.258 16.369 701 8,518 Prepayments and Accnjed Income 217,352 337,998 166.221 283 986 561.878 324.467 680.110 471Page Wat%•ick Siudeffls. u￿On Annu81 Report ConsolAJaied si8￿ments 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 11. Creditors GROUP 2021 UNION Amounts Falling Due Wrfhin One Year 2020 2021 2020 Trade Credrtors 42.319 328.104 28,521 305,156 Amount5 Held for Clubs arJ Societses 782.009 701.715 782.009 701.715 Other Taxation and Social Security 78.333 113,475 78.333 113.475 Other Credilors 77,921 120.022 59,909 111,940 Accruals and Deferred IrKome 465,220 362.146 190,444 182.705 1.445.802 1.625.462 1.139.216 1.414.991 Amounts held for clubs aTrJ socielEs represent balances Tr￿1d on behalf of these bodies. these funds have been generated separately from the activits'es of the Union and the use of these funds is directed by the individual dub or souety. wa￿vICk Students. Union acts as a custodian for these funds. 2021 2020 Deferred Income- Group At 1 August 151,445 135,725 Released During the Year Additions Dunng the Year {0,750) 1,055,335 (605.2861 621.006 At 31 July 246,030 151,445 These amounts include re￿pt5-in-adVarlce for Membership SeNices Limited. 12. Financial Instruments The Carrying Amount of the Groups Finanual Instruments at 31 Juty were GROUP 2021 UNION 2020 20201 2020 Financial Assets Debt Instruments At Amortised Costs 269,309 414,653 87,947 218,609 Financial LIab￿llieS Measured at Amortised Costs 339.430 658,826 283.590 608,304 481 Page W9￿￿k Sludenis Unk Air nu81 REPQrt and Con501KJJled $￿ieyT￿nIs 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 13. Provlslons for Llabilities and Charyes- Group and Union 2021 2020 Al 1 August 8.176.590 5,526,748 Deficit Contributions Pamj Acluarial Valuation Unwinding of Discount Factor (367,301) {349,475) 2.818,297 181 020 135.914 At 31 July 7,945,203 8 176.590 The Trustees of the Student Unions. Superannuation Scheme ISUSSI have implemented a recovery plan aimed al reducing the unfunded element of the pension scheme by August 2035 and following the triennial actuarial v31ualion as at 30 June 2019. lia￿"l1ty relating lo Warwick SU increased. The plan requires Wawck Students Union to make an annual deficit contritArtion cash payment. which inc￿8$e$ annually in Octoter. The incfease from October 2021 is 25.6% and then 5% annually. The impact of thi5 payment is discounted over the lrfe of the recovery plan to derive the current total liabilrty relating to Warwick Students, Union. The ￿rrtrrt discount rate ￿ 1.7% {2020.' 1.7%). 14. Analysis of Net Liabilities between Funds Provisions for Pension Nel Fundsl Liabilities {Liabilitio5) Fixed Assets and Investments Net Current Assets 2021 Restricted Funds Designated Funds General Funds". Warwick Students, Union Pension Subsidiary Undertakings 71.919 268.672 71,919 268.672 250,019 825.025 1,075,044 (7,945.203) (7,945,203) 10,102 10.102 250.019 1,175.718 7 945 203 6.519,466 Provisions for Pension Nei Fundsl Liabilities (Liabilities) Fixed Assets and Investrnents Net Current Assets Prior Year: 2020 Reslri¢ted Funds Designat￿ Funds General Funds.. WanKid( Students. Union Pension subS￿lary Undertakings 53,649 300,753 53,649 300,753 335.397 796.622 1.132,019 (8.176.590) (8.176,590) 10,102 335 397 1.161 126 8.176.590 6 680,067 Wanp41Ck Stvoen15' Union Annual Report a￿] C0nso&tsi￿ StsiemEnls 2027

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 15. Designated Funds- Group and Union 1Aug 2020. Incorne 31 Juty 2021 Expendiiure Transfers Strategic Infraslruciure 300.753 32.081 268 672 1Aug 2019 Income 31 July 2020 Expenditure Transfers Strategic Infrastructure 300.753 50,059 The designated reseTve was created lo set aside funds for planned slralegic infrastnjclure developments induding Wa￿iCk Students. Union faalities and trading areas and key assels such as the WaMd( SU websrte. The transfer of £32,081 relates lo works undertaken on improving the fix1ures and rrttings within the Students. Union premises, developing the Union's Website. 16. Pensions Reserve 2021 2020 Al 31 July 7 945 203 8.176 590 SO | Page Warwtk Slvoenis Unwjn At￿Val Report aThJ C￿￿0￿da[ed 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 17. Restricted Funds- Group and Union 1 August 2020 Income Expenditure 31 July 2021 2021 Transfersl repald Sports-In¢luding WaThvick Sports Sports - Evenis and Ackn"vities Community Schemes Student Devebpmenl edia Centre Wellbeing. Welfare and Housing Student Led Projects Postgraduate Engagement Inspire Stheme Suslainability Projects- Equality and DNersty 300 4,016 24,9 11.500 20 1.913 40.644 140.644 (2,7151 (3.4861 300 1,301 30.052 19,550 20 6.493 8.542 8.050 17201 2.732 553 5.817 1.802 2.732 553 3,256 (2.5611 53.649 68.786 50.5161 71.919 All of the above ￿tricted reserves ￿￿eSent funds received speafically for the idenlrfied activity and are relate to grants from the University of WaTrM¢k and donatsons for specific projects. The grant awards for student led projects have been allocated across the adivities in the year. 1 August 2019 Income Expenditufe 31 July 2020 Prlor Year. 2020 Transfers SFOrtS-lr￿1Udlng waThY￿k Srrf)rts Sports - Events and A¢tsvth"es C¢Jmrnunty Schemes Sludenl Development Media Centre Wellbeing. Welfare and Housing Student Led Projects Postgraduate Engagement Inspire Scheme Sustsinability Projects- Equalty atvj Oiversity 3CK) 160.800 2.016 2.Crf)O 6.664 42,926 1.500 10.000 20 1.913 1157.7671 (3,033) 300 4.016 24.996 11,500 20 1.913 {24.594} 2.830 3.OCM) 6.433 1981 {2.4471 {6161 78 2.732 553 5.817 1,802 25.676 216.606 1185.600 (3.033) 53.649 Siudenls" Uni¢n Annval Report and CtyisohJa*¢ staltyrwts ￿21

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 18. Grants to Student Sports Clubs and Societies 2021 2020 Grant Awards by Societ*s Federalion." Media. Performano ar￿ Music Campaigning. Charity and We￿are Activities and Hobbes Academic Societies Cultural Societies Farth and Belief 13,873 5,765 7,152 3,040 1.527 1.5 19.098 8,031 3,467 1.683 1.360 32.947 36.505 Grant Awards by Warbwck Sport." Sports Clubs 105,691 253.481 138,638 289.986 These are granl awards made by the Union during the year to sludent sports clubs and societies. The total grant amount awarded directly to sports clubs lo undertake adivity in the British Universities and Colleges S￿1 (BUCS) leagues was £13.845 {2020: £129,428). Societies also re￿iVed SUPFKJrt from the Union for addilional ¢osts of undertaking actNity in COVID 19 sale spaces, arK1 lurNts to sum of £1.376 (2020.. £Nil) vEre issued for this purFose Warwick Students, Union acts as custodian for funds raised by the many sKN)rts clubs, student societies and RAG (raising and gNing) affilHted to the Union. These funds a￿ not consolidated in to the Union's accounts. These funds are held in a separate bank account and the year end balances for each sports club and student sctiety are vmthin the Union's creditor balan￿ (see Note 11). 19. Operating Lease Commitments Group and Union 2021 2020 Land and Buildings Amounts Falling Due.. Wrthin One Year Within Two to Five Years Over Five Years 4￿,852 1,901.228 9,352,456 488,002 1,905.373 9.802,112 11.744.536 12.195.488 W¥K•l¢K StwJet)ts' Unton Annual Repjrt an¢ ConsoWaieO Siaiernert$ 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continuedj 20. Note to Statement of Cashflows Group 2021 2020 Reconcilialion of Nel Income/(Expenditurè).' Nel Income 160,601 (2.878.364) Decreasel{Increase) in Stoc*s Decreasel{Increase) in Debtors 13.827 145,209 {11,277) (8,089) (Decreaseillncrease in Credrtors (Decreaselnncrease in Provisions (179.660) (231,387> 189.305 2,808,938 Depreciation Loss on Fixed Asset Disposal Interest Re￿4V3b1e 121,182 134.Crf)8 434 4,391 Net Cash (Oufflowinnflow from Operating A¢tNities 29,338 230,130 The Cash balance indudes £782.009 {2020- £701,715) eash relating to student sports clubs and soaelies wthich the Union holds as ￿$to￿lan of IFtse funds in a separate bank a¢¢ount. waDwick SItKSellts' UDion AnnuAI Aepoii and Cons(thJare¢ slate￿nts 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 21. Pension Scheme The Union partiapates in the Students. Union SupErannuation Scheme. ￿lch is a defined benefrt scheme whose membership ¢onsists of employees of students. unions and related bodies throughout the country. Beneffts in respect of service up to 30 September 21J03 a￿ accrued on a'yinal salarv, basis, with benefits in resFd of sep4ice from l October 2003 to 30 September 2011 accruing on a Career Average Revalued Eamings {CARE) basis. Wth effecl.from 30 September 2011 the scheme losed to future accrual. The most recent valuation of the Sd)eme was carried out as at 30 June 2019 and showed that the market value of the Scheme's assets was £119_1m {2016- £101.3ml with these assets representing 46% (2016" 46%) ofthe value of benefrts that had accrued lo members after allowing for expected future increases in eamings. The deft¢it on an ongoin9 funding basis amounted lo £119.1 m12016'. £119.7m). Under scheme rules. should any member Union ease to operate. its liaEy'lty may be distn"buled auoss all remainiryJ Unions. subject to the SUSS Truslees. TFe a¢tuaries are una￿e to separately ￿ntify Union's share of the assets arml liabilit￿$ in this scheme and hen￿ it is not accounted for as a defined benefit scheme in financial statennls. The 2019 valuation extended the period over whtch the on-90iTrJ funding def￿11 would be cleared by 18 months to August 2035. and sets out a monthly contribution requirement by each Participating Employer expressed in monetary terns. For Wawck Studenls. Union this resulted in a 50A increase in contributions in October 2020 and 25.6% in October 2021. Thereafter, we are anticipating a 50A increase annually each October. As previousty, the contributions also include an allowan￿ for the cost of the on-going administrative and operational expenses of runnirg the Scheme. Surpluses or deficits wthidb arise al fLrture valuati¢)ns will also impact on the Union's futu contribution commrtmenl. In adclrtion to the above contnbutions. the Union also pays rts share of the Schen￿,$ ￿vY to the Pension Protection Furnl. The contribution rate (excluding deficit contributions) for the period to 30 September 2011 applicable to the Union for the majorrly of members wa$ 8.17% of Eamings for members and 9.38% of Eamings for the Union (17.3%117.55% in aggregate). The total deficrt contributions paid into the Scheme by the Union in ￿SpeCt of eligible employees for the year ended 31 July 2021 amounted to £367.301 (2020.. £349.475}. The deficit contribution lor 2021-2022 will be £448.8(M). W3rwcK Sluden15' Unts)n Aiinuèl Report ano C¢n$￿￿aled Sialetnenls 2021

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 22. Related Party Transactions Membership Solutions Limlted The Union receNed a donation under grft from Membership Solutions Limited of £297.186 (2020 £313,841). The Union Pufchased £27.199 {2020 £32.680) of IT servi￿$ from Membership Solutions Limited and pro￿ded £22,00412020'. £22,004) of services. Al the year end, the Union ovftd £11.179 to Membership Solutions Limited (2020." £99,650 owed from Membership Solutions Limited). All oulstsnding balances are unsecured, owed on nomial trading terms and wll be settled in cash. 2021 2020 Salary Support. Administrative and Expenses . Premtses and Equipment Rental 8.300 13.704 22.004 22,004 Students. Unlon Services Warwick Limited The Union re¢eived a donation under grfi a#J from Students. UnM)n SeNices Wamck Limited of £20.844 {2020.' £92,849} The Union purchased £Nil12020.' £7,768) in goods and services from Students. Union Services Warwick Limited and wovided £26.99812020". £34. 115) of Se￿I￿S to Students, Union Services WaThMck Limited. At the year end the Union was owed £157.73812020.' £314,973) from Students. Union Servi￿$ Warnick Limiled. All outstanding balances are unsecured. owed on no￿al tradirvj temis and bwll be settled in Cash. 2021 2020 Salary Support, Administrative and Expenses Premises and Equipment Rental 9,561 17,437 8,669 25,446 26,998 Trustees of Warkvick Students, Union There were no related paty transactions in respe￿ of Warwick Students, Union Trl￿teeS in the year (2020.. no related party transadions in respect of Warwick Students, Union Trustees) 551Page Wernvith Slullen15' VnK>n AnAual Ro00rt ano ConsolwJaied 51arpff*nis 2021

NOTES ro THE FINANCIAL STA TEMENTS (Continued) 23. Affiliations WaThYith Students. Union rs affiliated to the f01lov￿ftg organisations. Mernbership, granted by the payment of an affiliation fee. entrtles the Union lo have a say in how organisations are run or what focus they may have. This may be in the I￿rn of a vote or a voice on working parties over and above other membership benefits such as access lo exFert adwce or information resources. Affili81ion Fees 2021 2020 National Union of Students INUS) NUS Services Limited INUSSLI British Universities and Colleges Sport IBUCSI Coventry and Warwckshire Chamber of Commerce 37,500 380 15,696 230 80,000 380 18.220 230 53.806 78.830 Confinnalion of these affiliations is undertaken by vote at an All Student MeetirKJ. Siudenis. ilnion Arwual Reptyt cons0￿jaI￿a stareme￿S 2021