2023-07-31-accounts

WARWICK STUDENTS, UNION Trustees Annual Report and Consolidated Financial Ststements For the year endèd 31 July 2023 warwick Company Registration Number: 07297865

Charity Number.. 1136894 CONTENTS Page Directors Report TiusteeslDirectors of Warwick Students, Union Subsidiary Companies Legal and Administrative Infomiation Indemnity Insuran Disabled Persons Statement Employee Engagement statement Matters of Strategic Importan¢e statement as lo Disc105ure of Information to Auditors Strategic Report Members ofthe Union Structure, Govemance and Management Officers of the Union Board of Trustees Rel81ionship with the University of Wawick Risk Management Key Policy Statements Aims, Objectives and Activities Charity Commission Key Achievements The Year Ahead Financial Review Funds held as Custodian Trustee on behalf of others Auditor statement of the Board of Trustees, Responsibilities 26 Independent AudIt0￿S Report 27 Consolidated Statement of Financial Activlties 31 Statements of Financial Position 32 Consolidated Statement of Cash Flows Princlpal Accountlng Policies 34 Notes to the Financial Statements 40

DIRECTORS REPORT Union Warwick Students, Union Charitable Status wa￿l¢k Students, Union Is a charity establlshed unaer the Education Act 1994. WafWiGk Studenls, Union registered with the Charity Commission for England and Wales on 15 July 2010. Registered Charity Number: 1136894 Warwick Students. Union is a charitable company limited by guarantee and registered in England and Wales on 29th June 2010. Company Registered company number.. 07297866 WARWICK STUDENTS. UNION University of Wa￿iCk Gibbet Hill Road COVENTRY CV4 7AL Registered Office BOARD OF TRUSTEES Governance andAppointments Committee ensures that Vvarwick Students, Union has effective systems for the appointment and training of Trustees who are also Directors of the Company and that the membership of the Board of Trustees is appropriate. FULL TIME OFFICERS Appolnted Resigned 2022-23 W Brewer C Hsiang-Lo J Sperry President VP Education VP Democracy & Development VP Postgraduate VP Societies VP Sports VP Welfare & Campaigns 1 August 2022 1 August 2022 1 August 2022 31 July 2023 31 July 2023 31 July 2023 H Rehman A Taylor E Birch O Amole 1 September 2022 1 August 2022 1 August 2022 1 August 2022 31 August2023 31 July 2023 31 July 2023 2023-24 A Taylor H Roffe S Clark President VP Education VP Democracy & Develtrpmenl VP Poslgraduale VP Societies VP Sports VP Welfare & Campaigns 1 August 2023 1 August 2023 1 August2023 V Ravi M Pike E Birch E Nihal 1 September 2023 1 August 2023 1 August 2022 l August 2023 Ilpage WaW1￿ksttydent9, Vnion ABnual RÈporr and Consolldated sia*ments 2023

BOARD OF TRUSTEESIDIRECTORS Full Time Officer Trustees W Brewer Appointed Resigned 1 August 2021 31 July 2023 1 August 2021 31 July 2023 1 August 2022 31 July 2023 1 September 2022 31 August 2023 1 August 2021 8 June 2022 1 August 2022 l August 2023 1 August 2023 1 September 2023 M Pike 1 August 2023 E Birch 1 August 2022 E Nihal 1 August 2023 Will Brewer Tesigned the Chair of the Board of Trustees on 31 July 2023. Anna Taylor became Chair on 1 August 2023. Chair C Hsiang-Lo J Spery H Rehman C Sayer A Taylor H Roffe S Clark Chalr V Ravi Student Trustees T 8arnes-Wise D Blake T Chaloner C Heather S John J Thomas B AbraharTsson P Jani 1 August 2021 1 August 2022 1 August 2022 1 August 2022 1 August 2022 1 Au9USt 2022 1 August 2023 1 August 2023 31 July 2023 31 July 2023 External Trustees A Hill-wilso 1 Augusl 2018 1 September 2020 1 September 2020 21 July 2023 12 May 2022 12 May 2022 H Dhlllon A Minott J Dubber R Pegg Company Secretary M Crook l August 2019 SENIOR MANAGEMENT Chief Executive Roohi Mehra Tracy Murphy (Interim) Philip Smith Appointed 6 June 2022 1 November 2022 24 May 2023 Resigned 31 October 2022 23 May 2023 WarwGk Slvden15' Union Annual Report a￿1 cons0lid3led Slalements 2023

SUBSIDIARYCOMPANIES Company Membership Solutions Limited Membership Solutions Limited IMSLI is a subsidiary of the Union and provides IT systems for the further education market, principally in the UK but also in Europe and the rest of the world. It provides website, venue management, e-commerce and membership support seNices. Governing Instrument The company is a limrted company wth share ¢apital. It is governed by ils Memorandum and Articles of Association. Company registered number 5525449 Directors Appolnted Reslgnod J Bonsall G Parker S Hansen G Bryant R Mehra W Brewer J Sperry T Murphy R Pegg P Smith A Taylor 1 August 2009 1 August 2015 22 January 2018 1 August 2019 28 July 2022 2 November 2022 20 October 2022 31 July 2023 20 October 2022 30 Nr)vember 2022 30 November 2022 31 July 2023 30 November 2022 l August 2023 14 September 2023 Company Secretary M Crook l August 2019 Registered Office SUHQ WARWICK STUDENTS, UNION University of Wamick Gibbet Hill Road COVENTRY CV4 7AL wa￿l¢k Sluden15' Union Annual REPOrt and Consulldaled Statefnents 2P23

Company Students, Union Services WaNick Limited This is the Union'5 subsidiary company for non-primary purpose trading which covers the sale of miscellaneous goods and services. This includes events provided tor the general public and not just for student members such as externally promoted live music in the Copper Rooms and conference related activity during vacation. Governing instrument The company is a limited company with share capitsl_ It is governed by its Memorandum and Articles of Association. Company registered number 2197761 Directors Appolnted Resigned A Smith CLO R Mehra E Birch J Spery P Smith S Clark 18 November 2J10 20 October 2021 4 July 2022 27 October 2022 27 October 2022 20 June 2023 1 August 2023 27 October 2022 2 November 2022 31 July 2023 Company Secretary M Crook 1 August 2019 Registered Office SUHQ WARWICK STUDENTS. UNION University of Warwick Gibbet Hill Road COVENTRY CV4 7AL Wa￿iCk Students. Union Annua Report and Consolidated Staièments 2023

LEGAL AND ADMINISTRA TIVE INFORMA TION Bankers Natwest PLC 24 Broadgate Covenlry West Midland5 CV1 1NE SoliGitors Band Hatton Button 53-55 Butts Rd, Coventry CV1 3BH DFA Law 2 Waterside Way, Northampton NN4 7XD Bales Wells and Bralthwaite LLP 10 Queen Street Place London EC4R 1BE Woodroffes Solicitors 7 Beeston Place London SW1W OJJ Auditor RSM UK Audit LLP Chartered Accountants Rivermead House, Grove Park, 7 Lewis Court, Leicester LE19 1SD W8rthryck Student5, UnlDn AnDual Report and Consolidated Siaiernents 2023

INDEMNITYINSURANCE Wawick Students, Union ha5 in place Professional Indemnity Insurance Gover of £2m and this insurance policy includes cover for the Trustees, Directors, Officers and employees of the Union. DISABLED PERSONS Full and fair consideration is given to applications for employment by disabled persons, having regard lo their aptitudes and abilities. Should an employee become disabled during their employment, all efforts will be made to continue their ernployment and to provide appropriate training and support. The Union is a Disability Confident employer and training. career development and promotion opportunFties will be, as far as possible, identical to those for other employees. EMPLOYEE ENGAGEMENT The Union encourages the involvement of its employees in tts management through regular meetings of the Staff Consultative Forum. This forum has the responsibility for the dissemination of information of particular Goncern to employees and for receiving their views on important rnatter5 of policy. MA TTERS OF STRA TEGIC IMPOR TANCE Information is not shown within the Directors, Report as it is instead included within the Strategic Report on page 7 to 25, under 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 date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit infomation of which the auditor is unaware. Each member of the Board of Trustees has confirmed that they have taken all the sleps that they ought to have taken as Board of Trustees members in orderto make themselves aware of any relevant audit information and to establish that it has been communicaled to the auditor. The Directors, Report is approved on behalf of the Board of Trustees". A Taylor President Date.. 8 February 2024 S Clark VP Democracy and Development Wa￿iCk Sluaenls, Union AnTru81 Report and cons01￿ated siÈlwents 2023

STRA TEGIC REPORT The Board of Trustees of the Union submit their Strategic Report for the year ended 31 July 2023. The financial statements have been prepared in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102), (effective 1 January 2015), Charities SORP {FRS102) and the Companies Act 2006. Member5 of the Unlon Full Members All registered students of the University of Wafwck ex¢ept those who exercise thoir right not to be a member under clause 22 (c) of the Education Act 1994. Full-Time Officers of the Union are full Members of the Union. Associate Members Those persons admitted to membership by the Student Council or a delegated officer, who have paid any required fee. Structure, Governance and Management Warwtck Students, Union {the Union) is constituted under the Educatlon Act 1994 as a charity with internal rules and regulations approved by University Council, the governing body of the University of Warwick The Union's Charitable objects under the Act, to advance the University's educational purposes by providing representation and support for the students of the University of Wamick, are supplemented by Ihe further object of helping members to develop their own charitable activities as participants in civil society. The Union is administered by its Trustee Board of eighteen members comprising of seven FLtII-Time Trustees, six Student Trustees and five external Trustees who are regarded as the Charity Trustees of WanNi¢k Students, Union for the purposes of the Charities Act. At 31 July 2023 there were eighteen trustees in post. The Union operates on democratic principles, working for and with our members, the students of the University of Warwick. There are two key student bodies - Student Council and the All Student Meeting. stLtdent Council comprises of an elected Chair and Deputy Chair of Council, the Full-Time Officers, the Chairs of each of the Executive Committees and a number of Part-Time Officers. Student Council exists to ratify and pass routine, uncontroversial las decided by the Democracy Committ￿) resolution changes to By-laws and the prO￿dureS and principles of the Students, Union. Wan￿l¢k Sivdenis. Union Annual Fleport ènd ConsolhY3ted Slalements 2023

Student Council has the primary responsibility for the implementation and oversight of Union policy Union policy. regulations and principles are debated and voted for by members by way of an online secret ballot following an All Student Meeting. The composition and proceedings of Student Council are set out in the By-laws. The voice of students is represented through a series of Union executive bodies called Committees. There are eighl Commrtlees. Seven are direcUy elected Committees and the eighth consists of the Union's eight Part-Time Officers. The Democracy Committee (has 6 directly ele¢ted positions, plus the Chair and Deputy Chair of Council, Returning OffI￿r {non-voting) and the VP Democracy and Development- 10 in total, 9 voting}', The Development Committee (has 6 directly elected positions, plus the Environment & Ethics Officer and the VP Democracy and Development- 8 in total)., The Education Committee {has 16 elected Faculty Representatives with 7 protected places for postgraduate students, elected into Ihe role of Faculty Reps).. The Postgraduate Committee (has 4 diwtly elected positions, 10 Postgraduate Faculty Reps and the VP Postgraduate - 15 in total)., The Societies Committee {has 8 directly elected positions plus the VP Societies - 9 in total}., The Sports Committee (has 8 directly elected positions plus the VP Sports - 9 in total); The Welfare Committee (has 6 directly elected Welfare Exec positions, 2 Mental Health Awareness Reps, and the VP Welfare & Campaigns - g in totall., and The Liberation and Diversity Committee {includes the 5 part-time Liberation Officers, the Part-Time & Mature Students, Officer, the 2 Intemalional Students, Officers and the President- 9 in total). These Commtttees are at the heart of how the SU represent and acts on members, interests and ideas. The Committees run campaigns, organise events, hold the Officers to account and make change that will affect students and the wider community. Policies held by Student Council cannot be overtumed without being debated and voted on at an All Student Meeting. Policies may be overturned by the Board of Trustees only for financial, reputationgl or legal reasons in accordance wtth Article 40.3. The Union maintains a policy file and record of lapsed policies. Policies lapse after two years unless renewed by Student Council who will specify the next renewal date. VV2nMth Sluden15' Union Annu21 Report and ConsolhJaled Slalemenls 2023

Officers of the Union The Offitsrs of the Union are.. Seven Full-Time Officer Trustees., Five Liberation Part-Time Officers: Four Part-Tirne Officers", Chalr and Deputy Chair of Student Council., Chairs of the societies and sports executive comrnittees- Chairs of six other committees.. and University Faculty Representatives. The Full-Time Officers are also trustees of the charity, elected throLtgh a secret ballot by the members each year. normally seNing for one year in office but can serve a second term if re-elected. These are remunerated posts, (allhough the trustee posilions are unremunerated) as authorised under the Education Act and the Memorandum and Article5 of Warwick Students, Union. Board of Trustees The Union is administered by its Board of Trustees comprising: Up to five appointed extemal lay members.. Up to six elected full student members who are not Full-Time Officers- and Up to seven Full-Time Officers (including the President of the Union} The President of the Union acts as Chair ofthe Board ofTruslees. student Trustees are appointed following an application process. The appointed Lay Trustees are recruited to the Board and selected by the Trustees and Student Council to normally serve a term of three years which tnay be extended for a second temi. Tnistees, General Authorit The Board of Trustees has Lsltimate responsibility for the financial matlers and procedures of the Union. The Board of Trustees may choose to prohibit the implementation of any policy recommended by Student Council which has financial Implications if it is passed without a realistic financial plan, is not legal, or may not be in the best interests of the Union in acGordance with Article 28.3 of the Memorandum and Articles of Association, Wa￿1Ck Students, Uniu Annual Report and Consolk1aled 5talemenls 2023

Trustees Induction and Trainin Upon appointment all Twstees receive a variety of information through their induction. Trustees are briefed on their legal obligations and other trustee responsibilities. The Full- Time Officers are usually new to the Board every year, so they undergo more intensive, in depth training to ensure that they are fully aware of their roles and responsibilities and can perform their range of duties to the best of their abilities as soon as possible. There is an on-going training programme for Trustees for issues which may occur during their term of office and lo reinforce prevailing legislative requirements. The Board of Trustees and the Chief ExeGUtive The Board of Trustees, assisted by sub-committees where appropriate, has delegated the day-to-day running of Warwick Students, Union to the Chief Executive. The Board of Trustees meels at least five tiTnes a year to re￿1ve reports from committees, Full-Time OffI￿rS, Senior Management and the Chief Executive, to review the Union's performance and administration. The Union also employs a nLFmber of core staff to provide continuity, consistency and knowledge in the management of the many Union activities. The staff team a￿ accountable to the Chief Executive for the perf0rrnan￿ of their duties. Committees During the year, the Board of Trustees was supported by three committees which focus on certain key aspeGts of Warwick Students, Union govemance and management.. The Governance and Appointments Committee- The Audit and Risk Committee., and The People and Remuneration Committee. GovemanGe and Appointments Committee This ensures that new trustees are recruited. inducted and developed properly. They alsa have responsibility for reviewing the Terms of Referen￿5 of the Board of Trustees Sub Committees and Code of Conduct for Trustees. Audit and Risk Committee This monitors the Union's framework for accountability, financial control, risk profile and other aspects which could impact on Warwick Students, Union's organisational health as well as ensuring that the Union is complying with relevant legislation. The Committee is respunsible for ensuring that there is a framework of effective internal ar)d extemal audit coverage and for overseeing reports of data breaches to the Information Commissioner's offi￿ and serious incidents to the Charity Commission. People and Remuneration This monitors issues relating to staff including the staff survey results, pay changes. training and development as well as staff policies. It also overseEs the process for recruitment of the Chief Executive and senior management posts. 101 Page Wafwick Students. Union Annual Report and Coftsolklaled Statements 2023

Relationship with the University of wa￿lek The relationship between the University and the Union is established in the Charter, Statutes, Ordinances and Regulations of the University. The Union re￿$Ve$ an unrestricted block grant from the University and occupies a building awned by the University of WaTwick and another by the University of Vvarwick Foundation Fund which are leased to the Union at agreed rents. There is no reason to believe that the block grant or equivalent support from the University of Warwick will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to take such steps as are reasonably practicable to ensure that the Union operates in a fair and democratic manner and is accountable for its finance5. Warwick Students, Union therefore works alongside the University of Warwick to ensure that the affairs of the Union are properly conducted and that the educational and welfare needs of the Union's member8 are meL 111 Page W8Twick Sluden15' Union Annual Report afjd Consolidated Slalements 2023

Risk Management The Trustee Board has examined the main strategic business and operational risks faced by the Union. A risk register has been established and is formally reviewed and updated during the year. The Union delegates the management of strategic risk to its senior management team, with oversight by the Audit and Risk Commillee. Mitigating actions are identified and implemented to redu￿ the level of risk the Union is exposed to. The impact ofthese mitigating actions is assessed by the Audit and Risk Committee who obtain assurance from the senior managemenl team Ihat the level of risk exposure sits within acceptable lev61s as determined by Ihe Union Board of Trustees. Budgetary and internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. pro￿dureS are in place to ensure complian with the health and safety of staff, volunteers and participants on all activities organised by the Union. These procedures are periodically reviewed to ensure they continue lo meet the needs of the Union. The strategic risks that are identified by the Board of Trustees are: Risk Area Risk Identified Governance and Compliance Failure to protect stafflstudents from senous hami_ Failure to manage a serious incident with potential for significant reputational damage. Failure to protect personal data in line wrth GDPR re ulations. • Failure to address the funding gap over the next three years. Failure to respond to the financial challenge of COVID-19 and its aftermath. • VAT changes affecting food sales at the Dirty Duck. Failure of commercial activity and events to break- evenldeliver return to the Charity. Rising energy costs. Over reliance on the Universil block rant • Failure to effectively manage HR casework. • Failure ta succession plan, particularly in key areas. Failure to deliver an effective ED&1 review and su ortin culture. A decline in student engagement wlth the SU and its democratic processes. Failure to deliver a quality service and experience for sludents. Failure to address the Su's consistently poor NSS score. Failure to demonstrate value for money for the University. Failure to balance commercial interests Imth student welfare. Risks to the financial sustainability of the SU People and talent management Stakeholder engagement 12 | Page wa￿￿ck Students. Union Annual Report and Con501Klated Slateffients 2023

Key Policy Statements Investment Policy The Trustees, objective is to Invest surplus cash to best advantage with minimum risk. The Union has taken a prudent stance with funds being held in high interest-bearing deposit accounts for periods not eX￿eding 12 months. Cash funds so invested are usually over a minimum balance of £200,000 and must be placed with an approved and reputable banking institution to minimise risk. Investment returns in the year reflect the stated policy as well as the interest rates available due to market conditions. Reserves Policy The Trustees regularly consider the level of free reserves required. Issues considered by the Trustees during 2022-2023 when looking at the level of reserves were fLrture investment and contingency requirements for risks. This includes such ilems as future strategic infrastructure projects, investment in our commercial outlets and business development opportunilies. Additionally, the Board considered potential futLtre increases in contributions related to the Students, Union Superannuation Scheme ISUSS) pensions liability and temporary losses of income from commercial activity. The Board of Trustees has agreed that the Union should have an unrestricted reserve target of £770,000 (excluding the unrestricted pension fund balance). Totsl unrestricted reserves at 31 July 2023, stand at £1,557,980 (2022.. £1,582,741) and excluding fixed assets stands at £1,446.638 (2022-. £1,401,182). The decrease in total unrestricted reserves reflects the designation of reserves to support future capital investment and business development after taking account the surplus of funds generated by operational activity during 2022-23. Designated reserves are held to fund future strategic projects, capital investment and business development and the current balance held is £375,921 (2022.. £205,965). The increase reflects the designation in the year of unrestricied reserves to the sum of £252,000 (2022.. £nil) and related expenditure funded from designated reserves. As a result of the recognition of Warwick Students, Union's SUSS pension deficit arising from the implemenlation of the FRS102 accounting disclosures, a negative unrestricted pension fund balance of £6,788,61712022'. {£6,604,658}} is recognised at 31 July 2023 (see Note 211, representing the Wamick Students, Union share of the liability. The Union is paying deficit contributions in line with the agreed contributions schedule. currently planned to end in 2037. as discussed in Note 21, which has been agreed with SUSS Trustees based on the latest valuation, to eliminate the deficit position in the medium temi. This is a standard position within the sector. WaFwick Sludents. Union Annual Report and Con501id4ted Stsiemenis 2023

Remuneration Policy The People and Remuneralion Committee of the Trustees is responsible for defining pay policy and making recommendations in relation to pay, benefits and other employment related policies for Warwick Students. Union Staff. The Board of Membership SolLrtions Limited are responsible for pay matters relating to staff employed by Membership Solutions Limited. The Board of Trustees specifically considers and agrees any matters relating to the Students. Union's Chief Executive's pay and benefits. The Chief Executive does not receive any form of bonus or performance related pay and their benefrts are proportionately the same as other staff. This role is benchmarked against the charity sector rather than the publlc or private sector. Each role's salary is determined by a fair evaluation process O'ob evaluation) based on ten factors relevant to the Union's mission, values and charitable objectives. The complexity of roles. knowledge and skills required as well as levels of responsibility are considered. The evaluation process determines a salary band and these bands are benchmarked in the middle quartile for the sector. Benchmarking is undertaken at least every five years Bnd more frequently when required. Warwick Students, Union uses a pay scale which was originally aligned to the Higher Education Single Pay Spine. The annual pay review is determined each year through an evaluation of sector benchmarks and takes as a stsrting point the pay negotiations in higher education. The Union applies annual cost of living (inflationary) increases to the pay scale each year after taking in to account the general economic conditions and the affordability of the proposed increases. The People and Remuneration Committee recommend for approval any annual cost of living rise (which can be zero) to the Board of Trustees that falls within the financial budget approved by the Board of Trustees in its annual five-year plan. The Union will monitor the spread of pay in the Union as a ratio of pay dispersion. The ratios considered will be the highest paid to median pay and the lowest paid to median pay. The targets are between 3 and 3.5 to 1 and no more than 4 to 1 respectively. In accordance with policy and desire to be a good employer, the Union has an aspiration to be a Living Wage Foundation employer and the Board of Trustees evaluates progress in this respect each year during its five-year planning process. 141 PagE WaMKk Students, Uni Annual Report and Consolidated Slaterr*nis 2023

Aims, Objectives and Activities In June 2021, the Board of TTUStees approved a strategic plan for Warwick Students, Union covering the period 2021 2025. It reaffimis the Union's existing charitable objectives and sets out the vision, mission, ambition, values, priorities. work programmes and targets for the planning period. Vlslon A world-class students. union for a world-class university. Mission The best experience for every student at Warwick. Ambition To be a dynamic force for change where our members feel a Sense of community. Prlorlties Ensure the student voice is central to university lif&. Improve students, welfare. Develop a well-led and values-driven organisalion. Create great networks and Gommunities. Ensure the Students, Union is financially and environmentally sustainable. Values student Focussed - We put students at the heart of everything we do, and stand in solidarity with our liberation communities. Welcoming - We are supportive, helpful, inclusive and value diversity. Democratic- We are representative, ethical, transparent and accountable. Independent- We are the independent voice of Wa￿iCk students. Enriching - We nurture students, aspirations and help them develop. Charitable Objects Warwick Sludents, Union exists for the aclvancement of education of students at the University of Warwick by.. Promoting their interests and welfare. Representing, supporting and advising. Being the recognised representative of students to the University. Providing social, cultural and recreational activities. Providing forums for discussian, debate and personal development. Trustees have given due consideration to the Charity Commission's guidance on public benefit and believe these objects continue to comply with the public benefit requiremenL 15 |Page Warwick Sludenls, Union Anou31 Report and Con801idJteO Stalewen15 1023

Work Programmes Advice and SLSPPOrt- Building an excellent advice service, which offers quality support in key issues and improved links lo external support providers, and supporting disadvantaged studenls. Student vol￿ - Academic representation, campaigning on the issues that matter to students, decolonising the curriculum, support for liberation groups, a crttical friend to the University and democratic processes which maximise involvement. Positive Change- Consulting on new organisational values. a programme of reforms to modernise the Union, implementing equality, diversity and inclusion review, colleague development and an innovative leadership programme for student officers. Building Student Communities- Supporting the development of clubs and societies, improving the university experience for marginalised student groups, enabling a great introduction to Warwick through Welcome Week and helping to deliver a modem commercial offer on campus. A Sustainable Future - Providing good financial foundations, setting new environmental targets, maximi5ing use of new technologies and delivering a digital transfomation project. Strategic Plan Targets for achievement by 2025 450h of members voting in Students, Union election throughout the year, 2023-2024 2024-2025 -450 Annual financial goals achieved each year. 970h of Advice Centre users feel empowered to make inforrned choices. 2023-2024 -980 2024-2025 200/0 more students actively engaged with the SU. 90Yo of staff colleagues report the Union lives its values. 2023-2024 88% 2024-2025 900 Top 10 Russell Group Students. Union by National Student Survey {NSS) score. 2023-2024 2024-2025 10 Three quarters of students say they are satisfied with Warwick Students, Union. 2023-2024 2024-2025 700/0 - 750h Warwick Sludenls. Unlon Annual Report and Con5dbYated Slalemenls 2023

Charity Commission Al Charities are required to make a serious incident report to the Charity Commission. where an adverse event. whether actual or alleged, results In or risks signrficant.. harm to the charity's beneficiaries, staff, volunteers or others who come into contact with the charity through its work.. loss of the charity's money or assets- damage to the charity's property: harm to the charity's work or reputation. During the year, Warwick Students, Union made two serious incident reports to the Charity Commission, both of whiGh resulted in no further action. Key achievements The SU Stralegic Plan includes seven targels against which we will judge our performance. The targets focus on the following areas.. Sludents voting in SU elections Achievernent of our annual financial goals Advice Centre users empowered to make informed choices Students actively engaging with the SU SU Russell Group ranking by National Sludent Survey (NSS) score Colleagues reporting that the SU lives its values Student satisfaction wilh the SU With the Strategic Plan having been in place for three years and work projects dellvered in order to achieve the objectives it contains, it is importanl that we undertake regular monitoring of our progress to ensure we rernain on track to meet our annual targets. Students voting in SU elections The target for 2022-2023 was 350/0 of students voting in SU elections and we achiev8d 27.5%. In the Autumn Elections 2022 the 8 SU Commrttees (Democracy, Environment. Postgraduate, Welfare, Development. Sports, Societies, and Education} eleded 27 Committee members and 3 part-time Officer positions were elected with a total of 2,354 individual voters and 6,656 total votes cast. Department and Faculty Representatives, Course Representatives and NUS National Conference delegates. were also elected with a total of 1.757 intjividual voters and 1,825 votes cast. The candidate diversity was split. 50% female, 48D/o male. and 20h other or not specified. Compared to last year's Autumn Eledions.- 520/0 female. 460A male, and 2% other or not specified. The proportion of international students running in the elections went up to 460A from 31 Oh of the total student body last year. The proportion of Postgraduate students running in the elections was up from 27°h last year to 40°k this election. NUS National Conference delegates had 9 approved candidates, which is consistent with last year. A diverse range of candidates in temis of ethnicity, gender and politics had been attracted over the period. 17 | Page Warwick StudeD15 Unio Annual Fleport and Con501id2tEd Stalernents 2023

Officer Spring Electlons (February 2023} Spring Election is when members vote for their new Student Officers for the forthcoming academic year. The election took place between 27 February and 3, March 2023 for the 7 Sabbatical Officer positions and 7 of the Liberation part-time Officers, which included Environment and Ethics Officer, Womens,. LGBTQUA+, Disabled Students, Widening Participation and Ethnic Minorities Officers. A total of 4,889 individuals voted for these 14 open positions which is a 19.2 % increase in voter turnout from last year. A total of 27,266 votes were cast. There were 68 candidales Standing for positions compared to 48 last year, an increase which can be attributed to the SU increasing awareness about the prO￿$S of becoming a candidale, a stronger marketing campaign focusing on why students should become the next leaders of the SU and job roles and responsibilities being published earlier. Physical campaigning this year was back closer to pre-pandemic turn out, with significant activity taking place on the Piazza at the beginning and end of voting week., a gr0￿h and proficiency in the make-up of student Gampaigning teams was evident and a reconnection to the student community was apparent throughout the week. Voting Booths across campus in WMG, WMS, WBS and FAB continued once again however perhaps without the Suc￿sS of previous years as engagement as 'voting on site, was significantly lower. However, it continued to be an effective mechanism for informing voters of the candidates standing for election and hence this is something the SU will look to redress next year with a greater emphasis on voting booth boards with greater candidate information. The investment of large external banners for the front of the SU ￿rtainlY contributed to the highervoter turnout as this was the first time such a bold marketing strategy had been adopted., this is a tact that will continue next year with some additions (see below). Consistent messaging about elections and the intrinsic value of democracy to fully represent the wide student population was achieved through activities such as video blogs, podcasts, and greater social media presence pre and during voting week. Full Time Officer Turnout President 2,705 Postgraduate 1,680 Sports 3,334 DDO 2,768 Education 2.373 Societies 2,307 Welfare 2,206 umout The Sus commitment to increasing voter turnout remains a focus for the incoming academic year whilst it continues to build on the suGcess of the voting booths and increased election turnout. Once again high footfall areas of campus and departments with historic low engagement will be a target for Spring 2024 elections as well as building relationships with Course Reps through the SSLCS and demonstrating the value of engaging with the SU through quality training. The fulllime Officers will be attending up to 40 academic induction sessions during Welcome week 2023. The information in these sessions will cover the wide variety of services the SU offers, but with a specific focus on Ihe importance of academic rep, club, society and voting engagement, all key to voter turnout and engagement. 6 ofthese academic induclions ar8for postgraduate courses. A core element will be consistent messaging about elections and the intrinsic value of democracy to fully represent the wide student population which will mean promotion all year round. W8rwi¢k Students. Unio Afinual Report and CensolKlalEd Statements 2023

Achievement of our financial goals The budget approved by Trustees for the year included a degree of prudence and an anticipation for significant cost increases especially in respect of energy costs based on the climate facing energy markets at the time. In temis of the outturn for Ihe Union itself, our operations have continued to face a number of challenges. particularly within our food-based offers with commodily price inflation increasing significantly during the year. The Union has attempted to absorb as much of these increases as possible to ensure the cost of living crisis facing students was not an inhibitor to utilising the outlets operated by the Union. During the year, due in part to work undertaken to mitigate energy use, vacancy savings and the decision not to undertake a root and branch review of the Union, we have returned a better than expected outturn for the year. This has enabled the Union to designated unrestricted resetves to deliver one off improvement5 to our facilities and we will look to further invest in the Union over the coming twelve months. Advice Centre users empowered to make informed choices This KPI target for 2022-23 is set at 94010 of users agreeing that they feel empowered to make informed choices after using the Advice Centre. The actual number of users agreelng that they feel empowered to make infomied choices in 2022-2023 was 98.5Q/o. Engaging more students with the SU Further work has been underway with the KARMA system, and our most recent calculation shows that 250/0 ofwamick students are 'actively engaged, with the Students, Union. This is up from 230k in December 2022. There were some GDPR challenges around providing data to Alterline, but these have been overcome and they have now been able to provide a report with student clusters identified. and suggestions for what would be the best activities to target each group with to have the best chance of driving additional student engagement. During 2023124 we will lest what we feel are the best quick wins, and evaluate Ihe results as a pilot. If Ihese prove to be successftsl, we will look at what resources we have available to drive further improvements. Although the main base dala is now robust, we are continuing lo tweak and improve where we can, wth the latest change being to add academic rep candidates as a further engagement metric. Colleagues reporting the SU lives its values Following the SUGcessful employee voice workshops held in January and April of 2023, we engaged with our colleagues to develop a set of in-house colleague values. These values will sit alongside our SU facing values and are intended as guiding principles that provide our colleagues with purpose and direction. The colleague values are being launched to all teams across the SU throughout Term 1 ofthe 2023-2024 year, where Directors have re￿ntlY undergone the rollout training, and are designing their department action plan5 on ways to live our colleague values across our teams. 191 Page Warwick Sludenls. Union Annual Report and Consolidated Stalefflen15 2023

We have also launched EVOLVE, our in-house learning management system in May 2023. This has helped cenlralise training acros5 the SU through one online platform and to date we have had an 820h engagement rate. EVOLVE will now also be used lo help support the roll-out of our Golleague values in the fO￿n of providing colleagues with specific learning resources based on each of our values. This will be targeted learning for colleagues, supervisors, managers and directors and will be further supported by face-to-face training as part of the Managers leadership Programme which will be launched in Term 2. Lastly, to compliment the roll-OLrt of our colleagLre values, the Inclusion and Belong {I&B} leacl and fellow I&B committee members will be conducting an I&B Plan Launch Workshop with ourteams during Term 1 and 2. This will introduce the I&B plan lo wider colleagues and evaluate ways in which teams can strive towards becoming instinctively inclusive. Sitting alongside this is our I&B video which has been created in collaboration with Communications & Marketing and several of our colleagues, from fellow lay trustees, PTO'S, FTO'S and I&B cornmrttee members. SU Russell Group Ranking by NSS score The National Student Survey yesterday is completed by final year students at all universities, and asks them aboLrt their overall student experience. There is only one question relating to Students, Unions, which is.. 'How well does the SU represent students, academic interests?, Answer options are on a 4-point scale (Very well, Well, Not very well, Not al all well, does not apply to me), and we end up with an overall percentage satisfaction score for everyone who responds with very well or well. For 2023 our score was 64.40A which represents a signrficant upward movement from 41.6¥0 in 2Q22. However, even though we have an improved score this year, we are still 7.45 percentage points below the sector average. In terms of our KPI. this gives us a ranking of 17th amongst Russell Group Ltniversities. This is one better than last year, but not in line with the target of 13th The fact that our improved performan￿ has not resulted in a more signfficant upward movement in the Russell Group ranking, and still left us below the sector average, suggests thal the majority of other Students, Unions have also had an improved satisfaction score this year. The se¢tor average last year was 530A, versus 720h this year. This would seem to be down lo slight changes to how the question was asked and, more importantly, the answer options available. In previous years, students were asked to what extent they agree with the statement 'Th8 Stud8nts' Union r8presents students, aGademiG interests,, and given the following options.. Definitely Agree Mostly Agree Neither Agree or Disagree Mostly Disagree Definitely Disagree Not ApplirAble The removal of that neutral option in the middle, seems to have resulted in more students Selecting an actively positive at all institutions. 201 Page alw1￿ Students, Union Annu81 Report anLJ Con50IhJated Slaiernenl$2Q23

Student satisfaction with the SU Headlines from the most re￿nt Studenl Feedback Survey (T3 2023) are as follows.. Satisfaction with the SU at my university- 630h. Compared to 670/0 in T1. SU Pulse T3 22-. 42)/0 NSS 2022.. 420h Satisfaction is highest amongst Under Graduate first years at 770A, dropping to 53% for UG finalists and 490/0 for PGR. 770/0 agree that the SU promotes diversity and Inclusivily {equal to T11. 22123 SU Pulse- 690/0 This iises to 83% of UG first years. 580A of 8tudents agree they 'have a good idea of wha* the SU does, IT1: 59'h). However, significant minority of 190h disagree IT1- 17010) 65DA of students agreed that 'the services the SU offer enhance my university experience. {T1: 66D/o). This is highest for undergraduates at 690/0 and lowest for PGR student5 at 44 % . In T1 this change was more due to an increase of neutrality, however in T3 180/0 of PGR students disagree (vs 90h UG). 97 % of students are aware of eitherthe Sports Clubs or the Societies- individually this is 930/0 of either_ Awareness doesn't increase from T1 levels for these areas. Amongst the retsil outlets, awareness grew for Curiositea (up 3 points to 84°/0) and The Bread Oven (also up 3 points to 810k). The largest increases for awareness were for Elected Student Officer81+9 to 79Yo), and the Su's social spa￿$ {+9 to 720A). The top 3 student led projects & campaigns were.. 1. Internalional Women's week {51 % ) 2. Rale your landlord150 %) 3. SHaG Fest150010 The key reasons given when asked about voting I not voting in either the ASV or the Student Officer Elections were either "It Is important to vote and use my voice. (280A) or"1 did not think the result would impact me, (17°A}. The Year Ahead Delivery of the Strategic Plan 2021-2025 will be the Union's central focus for the next 12 months. Plans are in place to support the continuation of activity to deliver the five work programmes and achieve the agreed key performance indicators for 2023-2024, which are as follows= 40 1 of rnembers voting in Warwick Students, Union elections. 96Q/o of Advice Centre users feel empowered to make informed Chol￿s. 20% of students actively engaged with the Students, Union. 860/u of staff colleagues engaged with the Students, Union. Top 11 Russell Group Students, Union by NSS s¢ore, 700kn of students satisfied with the Studenls, Union. Annual financial goals achleved. 211 Page WaTwick Students. Union Annual Report and Cofis01idai& Slalemen15 2023

Financial Review Income and Expenditure The overall results for the year were: 2023 2022 Movement Income Expenditure Net Income for the Year As a Oh of Total Income 8,509,425 8,028,247 481,176 {8,545,117) (6,240,925) {2,304,190) {35,692) 1,787.322 11,823,014) (0.42 % ) 22.3Q The annual recurrent grant contribution from the University increased by £90,180 (3 % ) to £3,096,20412022'. £3,006,024). Additionally, the Union recognises contributions in kind tolalling £85,875 (2022.. £82,970) for management serVi￿S as grant income from the University. Overall income has increased by £481,178 {2022- increase £2,558,024). Income from our Food and Beverage outlets totalled £1,839.301 {2022.. £1,657,330) and our regular club nights and other events generated income of £1,121,259 (2022: £1,063,775) A change in discount rate used to detemiine the Union's share of the SUSS Pension liability from 3.79knto 5.1QA has resulted in a non-cash increase in expenditure of£183,959that reflects the increase in the pension liability. The Union has also paid termination payments to members of staff totalling £43,589 (2022.. £13,103). Net Assets The year-on-year movements were.. 2023 2022 Movement Fixed Assets.- Tangible Fixed Assets.. Investments 111,342 181,559 16,664 16,664 3,764,569 3,508,541 Creditors.. Amounts falling due wthin one year {1,871.7941 {1.834,250) 2,020,781 1,872,514 {6,788,617} 16.604,6581 (70,2171 Current Assets 256,028 {37,544) 148,267 (183,959) Provisions for liabilities and charges Net liabilities {4,767,8361 (4,732,144) (35,692) Total Net Liabilities increased by £35,692 to £4,767,836 (2022.. £4,732,144). The value of tangible fixed assets decreased by £70.217 to £111,342 {2022'. £181,559). During the year £45,959 of fixed assets were acquired. This principally related to procurement of IT and other equipment and to support staff in delivering the Union's strategic objectives. Cash and short-term deposits have increased by £252,175 10 £3,210,633 (2022.. £2.958,458), reflecting the net cash inflow during the year, see Note 20. 221Page Warwick Students. Union Annua1 Repprf 3nd cOns￿￿1d31ed Staleffienls 2023

The provision for liabilities and charges relates entirely to the Students, Union Superannuation Scheme ISUSSI pension deficit liability {see note 13 and note 21). The amounts held as custodian on behalf of sludent sports clubs and societies increased by £11,165 to £843.920 {2022.' £832,755). This is Included in the total level of Union creditors at the year end. Reserves Free unrestricted general reserves at 31 July 2023 decreased by £20,128 to £1,563,113 (2022-. £1,583,241). In line with the requirements of FRS102, Wa￿lek Students, Union reports the discounted Students, Union Superannuation Scheme (SUSSI pension liability for WaNick Students, Union. At 31 July 2023 this was calculated to be £6,788,617 (2022.. £6,604,658). The Board of Tnjstees have designated unrestricted reserves to support future strategic infrastructure developments. The Board of Trustees have further designated reserves to the sum of £252,000 in th6 year lo support future capital investment and business development opportunities. As at 31 July 2023 the value of designated funds held was £375,921. Students. Union Servlces WaDNick Limited For 2022-23 Students, Union Service5 Wamck Limited (SUSW) made a gift aid donatiors of £116,61 Q {2022.' £79,905} to Warwick Students, Union. an increase in contribution of £36,705. This contribution has been generated through non-chafltable activity relating to work undertaken on behalf ofwarwick Conferences, including the Commonwealth Games, as well as income from media and advertising and the SU Laundrette. Overall turnover during 2022-23 increased by £45,581 on the previous year to £199,531 (2022= £153.950). Membership Solutions Limited The 2022-23 financial year saw Membership Solutions Limited {MSLI making a transfer under gift aid of £271,003 {2022: £266,626} an increase in contribution of £4,377. MSL has delivered a successful set of financial results and consolidated its position as the market leader for website and mernbership management systems in UK Higher Education students, unions despite increasing competition in this sector. It has won several new clients and MSL'S client base under contract continues to exceed 100 institutions and turnover recognised in the year by the cornpany increased by £101,110 to £1,525,836 (2022.. £1,424,726) Fundraislng The Union does not L6ndertake any street or door-to-door fundraising adivity and does not engage a third-party organisation to advise or undertake fundraising on its behalf. 231 Page Wawck Siudenis. Union Annual Report and Consolidsled siaiÈment5 2023

The Raising and Giving Society do raise funds through collection to be donated to charitable organisations selected by students, and other than acting as cuslodian of funds, the Union does not influence or control this activity. All commercial activity is undertaken with Ihe aim of raising funds to support Charitable Activity, and the Union does hold up to eight even15 annually with the expressed purpose of fundraising. These events take advantage of HMRC relief in respect of Value Added Tax and comply with the associated HMRC guidance issued in respect of such events. Future Funding Every year the Union produces a Five-year Plan that enables the Union to review the current and future financial performance of its activities. The plan {including Ihe budget for the 2023-2024 financial year) was approved by the Board of Trustees in May 2023. The budget for 2023-2024 forecasts a consolidated group deficit Position of £201,043 (2022- deficit £22,986). The forecast includes expenditure plans totalling £133,619 (2022.. £98,629) to be funded from the designated reserve. This plan also included an approved recurrent block grant from the University of Warwick for 2023-24 of £3.251.014 (2022.. 3,096,202) an increase of £154,812 (5%). The current Five- Year Plan assumes that the University of Warwick will continue to contribute an annual recurrent block grant at least to the leve5 approved for 2023-2024 across the planning period. Although Ihe Union has no definitive guarantee that funding will continue from the Universily at these levels, the Union continues to engage with Ihe University about the future and currently has no reason to suppose that funding at the current level will not continue into 2024-2025. The Capital Commitments (note 71 reports that there are no capital commitments approved but not yet contraded. Future inveslment will be based on ensuring resetve targets are achieved and cash resources remain strong. The Union faces significant financial risk as a result of the current pension deficit reported from the Students, Union Superannuation Scheme (SUSSI. This is a defined benefit scheme whose membership consists of students, unions and related bodies throughout the country (see Note 21 }. This scheme closed to future accrual on 30 September 2011. The amount contributed in the year to 31 July 2023 was £484,318 {2022.- £448,705) (see Note 211. Contribution amounts are included in the Group's Five-year Plan and a known increase of 5 % per annum is included in the plan. This has resulted in a cash pension deficit commitment in 2023-24 of £508,721 (2022: £484,125), before accounting adjustments for FRS102. These accounting adjustmerrts consist of a non-cash notional adjustment to reduce the pension liabiltty of £165,571 {2023'. £183,959). This is based on the pension deficit being accounted for as a liability under FRS 102, at the net present value of the agreed future payments. 241 Page W8rwick Sludemis. Union Annual Reporf and Consolidaled Slalemtnts 2023

The net present value discount rate applied in forecasting our future liability is 5.1 Yo12023.' 3.7 OA). Should this change during the year, the accounting adjustment used to discount future payments will be adjusted to reflect any change in discount rate. Funds Held as Custodian Trustee on Behalf of Others Custodian Funds Warwick Students, Union acts as a custodian for funds raised by the many sports clubs, student societies and RAG (Raising and Giving) affiliated to the Union. These funds are held in a separate bank account and the year-end balances for each sports club and sooiety are within the Union's creditor balance (see Note 11 }. The balance held for student sports clubs and societies at 31 July 2023 was £843,520 (2022". £832,755), see Note 11. Income and expenditure for the student sports clubs and societies is not reported within the Union's Statement of Financial Activities. During the financial year the sports clubs and SOCEeties re￿iVed income totalling £2,089,557 (2022.. £1.758,216). Included in this income were grants from the Union's Sports Exec and Warwick Sport of £348,087 (2022.. £291.2101 for sports clubs and £57,62212022= £49,371) from the Union, Societies Exec for student societies (see Note 18). These grant awards were spenl in the year and appear in the Union's Statement of Financial Aclivities as a cost in the "Student Activities, Societies and Sports Clubs line. Auditor RSM UK Audit LLP have agreed to undertake the audit of the 202>2024 accounts. The Trustees, Strategic Report is approved on behalf of the Board of Trustees- Anna Taylor President Date: 8 February 2024 Sophie Clark VP Democracy and D8velopment 25 |Page Wa￿iCk Slvdenls, Union Annual Report and ConsDIHSater5 51atemeDts 2023

STA TEMENT OF BOARD OF TRUSTEES RESPONSIBILITIES The Truslees (who are also directors of Warwick Students, Union for the purposes of company law} are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany law requires the Trustees to prepare financial statements for each financial year with give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenLliture, of the charitable group for that period. In preparing those financial statements, the Board of Trustees is required to.. Select suitable accounting policies and then apply them consistently; Observe the method5 and principles in the Charities SORP-, Make judgements and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, subject to any matertal departures disclosed and explained in the financial ststements,. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business_ b) d) The Trustees are respon51ble for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wsth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. There is no relevant audit information of which the Charitable company's auditor is unaware., and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informatlon and to estsblish that the audilor is aware of that infomiation. The Trustees are responsible for the Maintenan￿ and integrrty of the corporate and financial nformation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of finanGial statements may differ from legislation in other jurisdictions. 261Page W8ThYid% Studtnls Unton Annual Report and Con501idated Slalemenis 2023

INDEPENDENT AUDITORS, REPORT To the Members of Wanvick Students, Unlon Opinion We have 3udlted the financial statements ofWarwi¢k Students, Union {the'parenl charitablo CDmpany'} and it5 subsidiaries Ithe'group'l for the year ended 31 July 2023 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, Consolidated Cash Flow Statements and note5 to the financial statements, including significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements.. give a true and fair view of the stale of the group's and the parent charitsble companls affair5 8$ at 31 July 2023 and of the group's incoming resources and application of resources, including ils income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Aecounting Practice,. and have been prepared in accordance with the requirements of the Companies AGt 2006. Basis for opinion We have been appointed auditors under the Companies Aot 2006 and section 151 of the Charlties Act 2011 and report in accordance with those Acts. We conducted our 8udil in 3ccordance wth International Standards on Auditlng IUKI {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section af our report. We are Independent of the group and parenl Gharitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhi¢al Standard and we have fulfi'lled our other ethical responsibilities in accordance with these requlremenls. We believe that the audit evidence we have obtained is Sufficient and appropriate lo provide a basis for our opinion. Conclusions relating io going concern In auditing the financial slalemenls, we have concluded that the trustees. use of the going concern basis of accountlng in the preparation of the financial statements is appropriate_ Based on the work we have performed, we have not identified any malerkql uncert8inties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's or parent chari18ble company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial ststements are authorised for issue. Our re5ponsibililies and the respon5ibilitie5 of the trustees wllh respect to going can￿rn ar8 described in the reSevant secb'ons of this report. othor informatlon The other information comprises the information included in the Trustees Annual Report other than the financial slalements and our audilof s report Ihereon. The trustees are responsible for the other information contained within the Trustees Annual ReFX)rt. Our opinion on the financial statements does not cover the other information and, except to the extent otheNise explicstly stated in our report, we do not express any ft)rm of assurance ¢onGlusion Ihereon. 271 Page WaThvick Students, UniDn Annual RepDrt and Con501idaied Statements 2023

INDEPENDENT AUDITORS'REPORT (Continued) Our respon5ibilily is to read the other infom)alion and, in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 to be malerk2lly misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise lo a material misstalemenl in the financial slalements Éhemselve5. If, based on the work we have performed. we conclude that there is a material misststement of this other information, we are required to repDrt that facL We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees Annual Report, whlch includes the Directors, Report and the Strategic Rewrt prepared for the purpose5 of company law, for the flnancial year for which the financwl statements are preparEd 15 consistent with the financial slalements,. and the Directors, Report and the Strategic Report included within the Trustees Annual Report have been prepared in accordance wilh applicable legal requirements. Matters on whlch w¢ are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audi( we have not identified material misslatemenls In the Directors, Report or the Strategic Report included within the Trustees Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 require$ U5 to report to you if, in our opinK)n'. 8dequate accounting records have not been kept by the parent charitable company. or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees, remuneration specified by law are not made-, or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees A5 explained more ftjlly in the Statement of Trustees, responsibilities set out on page 26, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give 8 true and fair view, and for such internal control as the Iwstees detemiine is ne￿$Sary lo enable the preparation of financial statements that are free from material misstatement, whether due to traud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the group's and parent charitsble company's ability lo continue as 8 going concern. disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or parent charitable company or to ￿ase operations, or have no realistic atternalive but to do so. 281 Page WapMd( Students. Unitsn Annual Report Con501idaled Statements 2023

INDEPENDENT AUDITORS, REPORT (Continued) Auditor's responsibillties for the audit of the financial statements Our objective5 are to obtain reasonable assurance gbout whether the h'nancial statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an audibr's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatementwhen it exists. Mis51atements can arise from fraud or error ar¢d are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of deteclng Irregularitles, including fraud Irregularities are instances of non•¢ompliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations Ihal have a direct effeGt on the determination of rnaterial amounts and disclosures in the financial statements, to perform audit procedures to help identify instsnces of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identfjfièd or suspected non-compliance with laws and regu131ions identified during the audit. In relation to fraud, the objectives of ourauditare to identify and assess the risk of material misstatement of the financial statements due to frdud, to obtain sufficient appropriate audit evidence regarding the assessed Tisks of material misstatement due lo fraud Ihrough designing and irnplemenling appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit However, it is the primary responsibility of management, with the oversight of those charged with governance, lo ensure that the entitls operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material rnisstatemenl in ie$pect of irregularf(ies, including fraud, Ihe group audit engagement team-. obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company opetates ill and how the group and parenl charitable company are complying with the legal and regulatory frameworks-, inquired of management, and those charged with governan￿, about their own identificatio and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud. discussed matters aboth non-compliance with laws 2nd ￿UlationS and how fraud might occur Including assessment of how and Whe￿ the financial statements may be suscepb'ble lo fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on Ihe financial statements are FRS 102, Charities SORP IFRS 102}, Companies Act 2006. Charities Act 2011, the parent charitable company's governing document, tax ￿lS1allon and Charit￿5 (Protection and Social Inveslmentl Act 2016. We performed audit procedures to detect non- ¢ompliances which may have a material impact on the financial statements which included reviewing the financial statements Including the Trustees Annual Report, remaining alert lo new or unusual transactions which may not be in accordance with the governing documents, inspecling correspondence with local tax authorities and evaluating advice received from external advisor5. The most significant laws and regulations that have an indirect iTnpact on the financial statements are those in re12tion to the Food Standards Act 1999, UK General Data Protection Regulation, HÈaSth and Safety at Work etc. Act 1974, and The Reporting of Injuries, Diseases and Dangerous Occurrence5 Regulations 2013. We perfomied audit procedures to Inqui￿ of rnanagement and tho charged with govemance whether the group 15 complying with these law and regulation5 and inspected correspondence with regulatory authorities. 291Page WapNirk ￿UdentS. Union Annual Report and Con601hJaled Statements 2023

INDEPENDENT AUDITORS'REPORT (Continued) The audit engagement team identified the risk ot management override of contro15 and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included bul were not limited lo testing manual journal entries and other adjuslrnenls and evaluating the business rationale in relation to signifi'cant, unusual transactions and transactions entered into outside the normal course of business, obtaining revenue documentation and confimiing the revenue has been correctly recognised in line with FRS102 A further description of our responsibilities for the audit of the financial statements is prowded on the Financial Reporting Council's website al htt '.l/www.frc.or .uklaudilorsres onsibilities. This description forms part of our audilovs report. Use of our report This report is made solely lo the chafttable company s mernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. OLtr audit work has been undertaken so that we might stsle to the charitable company's members those mallers we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitsble company and the charitable company's members as body, for our audrf( wofk, for this report or for the opinions we have formed. LSM UKI,I,è LLF GAREfH JONES (Senior Statutory Auclitorl For and on behalf of RSM UK AUDIT LLP, Ststutory Auditor Chartered Accountsnt5 Rivermead House, Grove Park. 7 Lewis Court, Leicester LE19 1 SD Date 6 March 2024 301 Page Vllarwck Students. Unlon Annual Report and Con501Klaled Stslemen15 2023

CONSOLIDA TED STA TEMENT OF FINANCIAL ACTIVITIES Including income and expenditure account for the year ended 31 July 2023 Unrestrided Funds Designated Restrlcted Funds Funds 2023 TOTAL 2022 TOTAL Nots INCOME Donations Univer8lty Grants Govemmenl Grants 3,182.079 1.611 35.497 3.217.576 1,611 3.127,954 50,740 Income from Charitsble Activi￿e3 Food arid Beverage Venues, Events & Entertainmènts Administrdtion and Support Semces Students Services & Represgntation student Acllvities, Soclelies & Sports Clubs Income from Trading Activitie5 Commecaal Income Marketing & Sponsorship Investm8nt lftGome- Interest Receivablè 1,839,301 1,121,259 11,385 3.461 321,768 1.839,301 1,121,259 13,262 3.461 S33,879 1,657.330 1,063,775 6.188 1,883 526,112 1,897 212.111 I,n3.672 29.387 28.017 1,723,672 29,387 26,017 1,578,162 14.9SS TOTAL INCOME 8,259,920 249,505 8.509,425 8.028.247 EXPENDITURE Expenditure on Raising Funds Commercial Activrties Expenditu￿ on Charitsble AcUvlties Food and Beverage Venues, Events & Entertainments Student Membership Services R8presenlalion & AnUi8Uons Studènt Activities, Societies & Sports Clubs 1.325,189 1,325.189 1.220,894 2,531,964 1,264.747 1,133,9FA 582,717 1,422.155 2,531,964 1.264.747 1,172,918 S82,717 1,667,582 1,600,210 1,005,066 699.993 366,998 1,347.764 38,954 245.427 TOTAL EXPENDITURE 8.260.736 284,381 8,545,117 6.240.925 INCOME 1816) 134,876) 135,6921 1,787,322 Transfers Between Funds NET MOVEMENTS IN FUNDS 15 1203,273) 1204,0891 169.957 169,957 33.316 11,5601 135,6921 1.787.322 Fund B8lanc8s Brougm Forward 15.021,4161 205,964 83,308 14.732.144) {6,519.466) TOTAL FUNDS CARRIED FORWARD 15.225.5051 375,921 81,748 14,767,836) 14732,144) This Consolidated Statement of Financial Activities represents a consolidation of the income and costs for Wawick Students, Union, Students, Union SerVI￿s Warwick Limited and Membership Solutions Limited, all operations are continuing. 31 | Page Slvden15' Un￿￿ Annual Repod and C0ft501idalEd Stslerllenls 2023

STA TEMENTS OF FINANCIAL POSITION Company Registration Number." 07297865 GROUP 2022 UNION 2023 2023 2022 Note FIXED ASSETS Tangible Fixed Asse15 Intangible Fixed Assets Investments 111,342 181,559 111.342 181,559 16,864 16,864 17.934 17,934 128,008 198,223 129,276 199,493 CURRENT ASSETS stocks Debtors Short-lerm Deposits Cash at Bank and in Hand 28,4 525,446 2.098.722 1.111.911 18,502 531,521 1,876.556 1,081,902 28,490 655,285 1,546.995 1.098,610 18,562 479.382 1.498.079 1.070,101 10 3,764,569 3.508,541 3,329.380 3.066,124 CREDITORS Arnounts falling due within one year 11 11,871.794) {1.834.250) (1,438,375) {1,393.6031 Ngf CURRENT ASSETS 1,892,775 1,674291 1,891,005 1.672,521 Provisions for ￿abilitieS & Charges 13 16,788,617) (6.6D4,6581 16,788,617) (6.604,6581 NET LIABILITIES 14.767,8361 14,732,144) 14,768,336) 14,732,644) REPRESENTING Charitable Funds Restrided Funds 17 81,748 83,308 81,748 83,308 Unrestricted Funds General Pension Designated 1.563,112 16,788.6171 375.¥21 1,583,241 {6,604,658) 205,965 1.562.612 1,582.741 16.788,6171 16,604.6581 375,921 20s,g65 16 15 TOTAL FUNDS 14.767,8361 14,732,144} 14.768,3361 14.732,6441 The Group deficit and total Gomprehensive expenditure for the yèar was £35,692 (2022.. surplus-. £1,787,322) The finan¢ial statements on pages 31 to 56 were approved by Ihe Board of TNstees and authorised for issue on 8 February 2024 and are signed on its behalf by= Anna Taylor President 9&Q Sophie Clark VP Democracy and Development 321 Page VVanMd% Sludents. Union Annual Report and Con501iL131ed Slalernent$ 2023

CONSOLIDA TED STA TEMENT OF CASH FLOWS Note 2023 2022 Net Cash Inflow fron Operating Actlvlties 20 272,117 845.278 INVESTMENT ACTIVITIES Interest Received Purchase Of Tangible Assets 26.017 {45.9591 158.7811 Cash used In Investing Activities 119,9421 157,4331 INCREASEIIDECREASEI IN CASH AND CASH EQUIVALENT 252,175 787,845 Cash and C8sh EqLtivalents at the Beginning ofthe Year 2,958.458 2.170,813 Cash and Cash Equiv¥lents al Ihe End of th8 Year 3.210,833 2.958,458 REPRESENTED BY". Cash and Short-term Deposits at Bank 3210,633 1958,458 33 | Page Wawick Students, Unio Annual Rèport and CoDsolidAled St3tem8n& 2023

PRINCIPAL ACCOUNTING POLICIES General Information Warwick Students, Union Limited is a charitable company limited by guarantee and domiciled and incorporated in England. The address of the Company's registered Offi￿ and principal place of business is Warwick Students, Union, University of Warwick, Gibbet Hill Road. Coventry, CV4 7AL. These accounts represent a consolidation of the accounts of Warwick Students, Union and its subsidiary undertakings Students, Union servI￿s Warwick Limited and Membership Solutions Limited. The Company's and the Group's principal activities are as disclosed in the Annual Report of the Board of Trustees. Basis of Accounting The accounts have been prepared under the Charities Act 2011 in accordance with the Statement of Recommended Practice. Accounting and Reporting by Charities.. Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015 (Charities SORP {FRS102)- Second Edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. Warwick Students, Union meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). FRS102 Reduced Disc105ures In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements.. Section 7 'Statement of Cash Flows, _ Presentation of a Statement of Cash Flow and related notes and disclosures., and Section 33 'Related Party Disclosures'_ Compensation for key management personnel. Judgements and Estimations The Board of Trustees have nol made any signrficant judgements and eslimalions in the process of applying the accounting policies ex￿p1 for the recognition of the Sludents, Union Superannualion 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 carying amounts of assets and liabilities Within the next financial year except for the SUSS pension liability. The SUSS pension scheme conducted a full actuarial evaluation as at 30 June 2022 and all estimates are based on the information arising from this valualion. This includes a review of the discount rate used in the calculation of the pension liability which after consideration has been increased to 5.1'A (2022= 3.70/D). 341 PaEe Warbvick Slu(SÈnlS' Union Annual Report and Consoldated siaiÈmenis 2023

PRINCIPAL ACCOUNTING POLICIES (continued) Financial Instruments Warwick Students, Union and its subsidiaries only have financial asseTS and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Going Concern Wa￿iCk Students, Union reports a net liabilith'es position of £4,767,836 on its consolidated balance sheet as at 31 JsJly 2023. This is dlrectly as a result of recognising the discounted Students, Union Superannuation Scheme (SUSS) pension liability calculated as £6,788.617 (2022.. £6,604,658) for both the Union and its subsidiary companies. However. this liability is payable on an incremental basis over a period to May 2037 and there is no reason to believe that Warwick Students, Union cannot meet its annual commitments to repay this liability. An independent actuarial review of the scheme as at 30 June 2022 has been completed and no change to the 5 % annual contribution increase has arisen and have been considered by the Board of Trustees. The Gurrent economic conditions, particu5arly in ternis of cost of living issues facing students. creates a degree of uncertainty over the level of demand for the Union's Servi￿5. The Union, as part of the 2024 Five-year Planning process, will consider a range of options to mitigate the impact of this. Current information from the University of Werwick indicates Ihat future income provided under the block grant agreement will be maintained at least at Gurrent levels, although discussions on a revised funding covenant with the University are planned to be included in the torthcoming planning process. Cash balances held by the Union remain healthy and increased by a total of £252,175 over the year. Trustees consider that cash balances held remain sufficient to meet current liabilities and to support the approved Reserves Policy. It is forecast that the level of unrestricted reserves at the end of 2023-2024 will reduce, in part from further proposed designalion of unrestricted reserves to support capital investment and business development opportunities. The Trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. They GontinLte lo adopt the going concern basis of accounting in preparing the annual financial statements. 35 | Page Warwik Students, Union Annual Report and Consolid81ed Slalernents 2023

PRINCIPAL ACCOUNTING POLICIES (continued) Basis of Consolidation The financial statements consolidate the financial statements of the charitable company and its subsidiary undertakings. Inter-group transactions, balances and profits are eliminated on consolidation. The consolidation is carried out on a line-by-line basis. In accordance with Section 9 of FRS102- Consolidated and Separate FinanGial Statements - both Students, Union Services Warwick Limited and Membership Solutions Limited are considered to be under the Gontrol of the Union. A separate Statement of Financial Activities {SoFA} for the charity itself is not presented because the charity has taken advantage of Ihe exemption afforded by Section 408 of the Companies Act 2006. For the charilable company for the period ended 31 July. 2023 2022 Income Expenditure 7,222.983 17,258.675) 6,842,740 (5.055,4181 Net Income for the Perlod {35,6921 1,787,322 Tangible Fixed Assets Fixed assets are stated at cost less accumulated depreciation. The cost of minor additions aside from computer equipment- or those costing below £1,500 are not capitalised and are written-off to the income and expenditure account in the year in which the expenditure occurred. IT equipment is capitalised If the item value is greater than £400 individually or in aggregate. The Union occupies premises provided by the University of Wa￿iCK and the University of Walwick Foundation Fund under lease and does not include these as assels. Intangible Fixed Assets Intangible Fixed Assets includes significant investment in non-physical assels such as soflware systems. Software systems are capitalised if the item value is greater 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 & Fittings General Equipment, Vehicles IT EqLtipment- Desk Top Computers IT Equipmenl - Laptop Computers Software 36 | Page wa￿1ClI Students Union Annual Report and Consahdaied Statements 2023

PRINCIPAL ACCOUNTING POLICIES (continued) Stocks Stocks are valued at the lower of cost and net realisable value. Cost is recognised on a first in. first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal Income The Union receives donations in the form of a block grant from the University of Warwick and this Is credited to the financial statements in respect of the period to which each grant relates. All income and caprtal resources are recognised in the accounts when the Charity is legally entrtled to the income, the amount can be quanlified, and receipt is probable. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions or relates to primary purpose charitable trading. Such income is recognised as eamed as the related goods or Se￿]ceS are provided. Income from commercial trading activities (net of Value Added Tax) is reGognised as eamed when the related goods and ServI￿S are provided. Investment income is recognised on a receivable basis Expenditure Expenditure is recognised when a liability is incurred. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out reSoUr￿s. This applies to the annual grant awards made by the Union to third party student sports dubs and societies. Contractual arrangements and perfomiance related grants are recognised as goods or services are provided. Expenditure incurred on charitable aclivrties comprises the direct and indirecl costs of delivering public benefit. This includes expenditure associated with student democracy, academic representation, sludent advise and welfare, student development and chantable trading. Expenditure on raising funds includes costs incurred in trading and commerci81 activities undertaken to raise funds as well as to attract donations. Support costs consist of overheads and governance Costs and are apportioned to activities on a basis consistent with the use of the resources. Support costs include central functions such as Finance and HR (see note 2) and the building leases. Expenditure Includes irrecoverable Value Added Tax. Termination Payments The Union recognises a liability for termination benefits at the point where it is committed to making the payments in return for employee redundancy. Leased Assets All leases are operating leases and the annual rentals are charged to expenditure as the costs fall dLAe. 371 Page Warwick Slud2n15' UniD Annual Report and Consolidated Staternents 2023

PRINCIPAL ACCOUNTING POLICIES (continued) Dgfined Benefit Pension Scheme The group participates in the Students, Union Supefannuation Scheme. a defined benefit scheme which is externally funded and th& members are contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being detemiined by the Trustees on the advice of the actuary. The scheme closed to future accrual on 30 September 2011. Whilst the Scheme operates as a pooled arrangement, under FRS102, a contractual agreement under a multi-ernployer defined benefit pension scheme to fund a past deficit should be accrued for as a liability discounted to net present value. Warwick Students, Union participates in both the National Union of Students Pension Scheme (NUSPS} - proved by Aegon which is a brand name of Scottish Equitable plc- and the government NEST scheme. Both NUSPS anol NEST are defined contribution schemes and are accounted for under the tem?s of FRS102 based upon actual contributions paid during the year. Investments Warwick Students, Union has fixed asset investments in NUS Services Limited which are valued at cost. as these assets are not readily saleable and a reliable rnarket value is not readily available. The Board of Trustees value the sharèholding in the subsidiary companies at fair value. Funds Structure WaMck Students, Union administers and accounts for a number of charitable funds, as follows., Unrestricted Funds representing unspent Income which may be used for any activity I purpose at the Board of Trustees, discretion. Designated Funds set aside by the Board of Trustees to be spent on some specific purpose at its own discretion, which includes financing key strategic projects such as building refurbishment. Restncted Funds raised and administered by wa￿1Ck Students, Union for specific purposes. This includes revenue received from a donor to be used for activities prescribed by the donor. Custodian Funds entrusted to Warwick Students, Union for safekeeping, but not under its control such as Sports Club and Society funds (including annual Raising and Giving). Custodian activities are disclosed in the Annual Report. but any associated income or expenditure has been excluded from these accounts, and a matching creditor is in place for these. Taxation Warwick Students, Union became a registered charity on 1 August 2010 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010. Therefore, it meets the definition of a charitable Gompany for UK corporation tax purposes. Accordingly, Éhe charity is potentially exempt from taxation in respect of income or capital gains re￿iVed within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exGlusively to charltable purposes. 381 Page WarMck Sludenis. Union Annual Report and Consolidated Slawnents 2023

PRINCIPAL ACCOUNTING POLICIES (continued) students. Union Services WarNick Limlted The taxable profits of Students, Union Services Warwick Limited are donated, through a deed or covenant, under Gift Aid to the Union with the consequence that no taxation is payable by that company. Membershlp Solutions Limited The taxable profits of Membership Solutions Limited are donated, through a deed of covenant, under Gift Aid to the Union with the consequence that no taxation is payable by thal company. 39 | Page Warwick Students, Union Annu31 Report and cons￿1￿•1￿ StatemÈnts 2D23

NOTES TO THE FINANCIAL STA TEMENTS Consolidated Prior Year Statement of Financial Activities for the Year Ended 31 July 2022 Unrestrlcted Funds Designated Funds Restrided Funds 2022 TOTAL INCOME Donations Unlversity Grants Job Retention Schème Granl 3,092,844 50,740 35,310 3,127,954 50,740 Income from Chalitable Activitie Food and Beveiag8 Venues, Events & Entertainments Admlnislralion and Support Servicps Students Services & Representation Student Activities. Societies 8 Sports Clubs Incofne from Tradlng A¢tivities Commercyal Income Marketing & Sponsorshlp IrNestment Income- Int•r•st Rec•ivabI8 1.657.330 1,C63.775 4.688 1,683 323,179 1,657,330 1.063,775 6,188 1,683 526,112 1,500 202.933 1.578,162 14,955 1,348 1.578,162 14,955 1.348 TOTAL INCOME 7,788￿04 239,743 8,028,247 EXPENDITURE Expènditure on Rai$ing Funds Commercial Activities Expendtture on Charitable Activitles Food and Beverage Venues, Events & Entertainmenls Student Membership Serwces ReptesenlalioR & Affiliations Student Advlbes, Societies & Sports Clubs 1,220,894 1,220,894 1.600.210 1,005,066 668,359 366,998 1,151,044 1.600,210 1,005,066 699,993 366,99B 1,347.764 31,634 196.720 TOTAL EXPENDITURE 6,012,571 228,354 6,240,925 NET INCOME 1,775,933 11.389 1.787.322 Trangfer5 Between Fund5 NET MOVEMENT IN FUNDS 62,708 1.838,641 162.7081 162,7081 11.389 1.787,322 Fund Ealances Brought FO￿ard 16.860,0571 288,672 71,gig 16.519,466) TOTAL FUNDS CARRIED FORWARD 15,021,416} 205,964 83,308 {4,732,1441 401 Page Wa¥wKk Sludenls, Union Annual Report Consolidèled Slalernents 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 2. Charitsble Activity and Support Costs Other Operating Expenses Support Costs Charftable Actlvity Costs Chartable Acliwty Cost Reallocation Food and Beverage Venues, Events & Entertainments Student Membership se￿ICes Student Representation and Affiliations Student Activities, Societies and Sports, TOTAL Staff Costs Cost of Sales 2,531,964 1,264,747 1,172,918 582,717 1.667.582 851,717 259.916 457,462 193.775 209.224 559,451 306,267 149,635 50,181 125.618 8.168 488.115 971,161 648,383 589,838 380,774 970 243 7.219,928 1,972,094 865.718 821,717 3.560,399 2022 5,020,031 1,843,983 815,042 702.163 1,65B,843 Charitsblè Aeuvity Costs Sutnmary 2023 2D22 Food and Beverage Venues, Evenis & Entertainments Sludenl Membership Setvices Studènt Representation 2nd Afflliations Student Activities, S(Jcieties and Sports. 2,531,964 1.264,747 1,172,918 582.717 1,667,582 1,6CQ,210 1.Q05,066 699,993 366,998 1,347.764 7,219,92B 5.020,031 Student Representation expenses inGludes the affiliation fee for the National Union of Students, and NUS Charity af £37,50012022'. £37,500). For further information on affiliations see Note 23.. Affiliations on page 56. Govemance. Admin & General Management Marketing, IT& Comrns. Finance &HR Support Costs Use TOTAL Prefftises Support Cost Rggllocation Food and Bevera98 Venue5. Events & Entertainments Student Membership Servic8S Student Representation and Alfiliations 10.7 Student Activilles, Societies and Spor15 Clubs 27.2 27.3 18.2 971,16 648,3B3 589,838 380.774 279,448 302,7 174.655 116.437 291,092 534,701 188,728 258.264 107.325 81,923 81,874 81,874 81,923 163.847 75.089 75,045 75,045 75,089 150.180 100.0 3.560,399 1,164,368 1.454,142 491,441 450,448 2022 1.658,843 1,048.603 1204.4771 423.856 390.861 Support Costs Summary 2023 2022 Food and Beverage Venues, Even15 & Enlertalnmenls Student Membership Services Slu¢Jent Representation and Affili811￿$ Student Ath"vities, Societies and Sports Clubs 971,161 648,383 589,838 380,774 970.243 641,262 514,303 404.119 282,089 827 947 3,560.399 2,669.720 41 |Page WanMKk SttstSEnls' Unio Annual Repurt and Consolidalèd Slatemenls 3023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 2. Charitable Activity and Support Costs (continued) Support costs ars allocated on the followng basis.. Premises is allocated on space occupied Finance is allocaled on total number of financial transactions HR is allocated based on staff costs Marketing. IT Services and Communications are pro-rata across all activrties Governance. Administralion and General Management are pro-rata across all activities Govemance, Administration and General Management costs include.. 2023 2022 GovemarFce Costs Auditors. remuneration - Audit Fees Auditors, remuneration - Taxation SeNices Professional Fees- IT Contracts & Structures Other Legal and Professional Fees Board of Trustees- Committee Expenses Board of Trustees - Travel Reimbursements 29,946 34,580 11,579 32,379 65 24,950 22,673 5,874 49,714 108,549 103,211 Insurance Irrecoverable Value Added Tax 83,463 108.277 300,269 72,462 86.379 262,052 3. Net Movement in Funds 2023 2022 Nel Movement in Funds for the Period is Stated After Charging Auditors, remuneration Auditor Fees Tax advisory 29,946 34,580 24,950 22,673 Cost of Stock Recognised as an Expense 559,450 491,194 Stock expended in each year relates to the costs of food and beverages sold across the Union's venues. 421 Page Wan*ith Students, Union Annual Report ond Consdklaled Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 3. Net Movement in Funds (Continued) 2023 2022 Net Movement in Funds for Ihe Period is Stated After Charglng Depreciation and Amounts Writlen-off Owned Tangible Fixed Assets Owned Intangible Fixed Assets 118,176 110,577 116.176 110.577 Operating Lease Rerrtals Plant and Machinery Buildings 475,267 475 307 475,267 475.307 4. Stsff Costs 2023 2022 The Aggregate Payroll for the Year was Salaries and Wages National Insurance Defined Contribution Pension - ContribLrtions in the Year Defined Benefit Pension ISUSS}- Unwinding of Discount Factor 3,491,926 299,058 162.741 183.959 3,140,732 277,604 142,697 119,037 4.137,684 3,680 070 The discount factor relatès to the reduction in the SUSS Pensions liability arising from the annual payments made to the SUSS Truslees as part of the plan to reduce the unfunded part of the scheme. 2023 2022 The Average Staff Numbers was as Follows Monthly Salaried Slaff l Full Time Equivalent- Group Monthly Salaried Staff l Full Time Equivalent- Union 114.00 184.50 115.00 184.03 97.75 170.03 99.75 171.22 Weekly Paid Staff l Full Time Equivalent- Group Weekly Paid Staff l Full Time Equivalent - Union 294.00 130.58 258.00 125.06 294.00 130.58 258.00 125.06 431Page Wawick SludeTh15 Union Annual Report aftd Consalidat8d Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 4. Staff Costs {Continued) The number of employees employed by the Union and MSL receiving benefsis above £60,000 within the year.. 2023 2022 £65,000- £69,999 £75,000- £79.999 £100,000- £104,999 £105,000- £109,999 £125,000 - £129,999 £135,000- £139,999 The above members of staff, including those who are not part of the Unions Key Management Personnel, are in the Union's defined contribution scheme. The employer pension contributions amounted to £21,40712022'. £20,096) for these employees. A further amount of £1.431 {2022-. £2,971} has been provided for in respect of bonus payments agreed by the Membership Solutions Limited Board, but not yet paid, which are included in the above analysis. Warwick Students, Union made terminations payments to two employees in respect of the termination oftheir employment during 2022-23. These payments total £43,58912022'. £13,103). 5. Key Management Personnel, Trustee Remuneration and Expenses The key management personnel are the TrusteelDifectors, Full-Time Offi￿rS and the Chief Executive of Warwick Students, Union. As well as having a role as a Trustee of Wamick Students, Union the seven Full-Time Officers perform a role as the voice of Warwick Students. They are authorised in the Union's governing document to represent students, undertake Gampaigning and support work as distinct from Iheir Irustee responsibilities. They listen lo how students want things to be done and work with Warwick Students, Union staff, the Board of Trustees and partners to make it happen. They represent students to the University of Watwick. external organisations and the wider community. Each of the Full-Time Officers received a salary of £23,283 {2022.- £22,110} during the year. This salary was remunerated by way of their role as a Full-Time Officer- not as a Trustee. 2023 2022 Total Remuneration P8id to Key IWanag8m8nt Personnel is Salaries National Insurance Pension Costs 257,156 25.844 9.119 221,274 21.829 5,739 292.119 441 Page Warwirk StudÈnls' UniDn Annual Rèport and Consolidated Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 6. Key Management Personnel, Trustee Remuneration and Expenses (continued) The Board of Trustees are entitled to claim and be reimbursed for personal travel and subsistence expenses in performing their role as a Trustee, and Ihe amount paid to Trustees for such expenses was £nil (2022.. £nill. No Trustees received any remuneration as a result of their role as Trustee. A number of the Union's Trustees have personally chosen to waive their expenses and not claim travel expenses to attend Board and Committee meetings. The value of these expenses is unknown. Warwick Students. Union also incurred costs of £3,807 (2022.. £3,461) within the year relating to Professional Indemnity insurance cover of £2m {2022.' £2m}. This policy included cover for the Trustees, Directors. Officers and employees of the Union. 6. Fixed Assets- Group and Union Fixtures, Fittings and IT Equipment Building Improvements Intanglble (Software) TOTAL Cost 1 August 2022 1,203.084 73,03g 1,071,264 58,781 Additions 45,959 45,959 Disposals 4,985 31 July 2023 1,244,058 73,039 1,112,238 58,781 Depreciation 1 August 2022 1,021,525 41,491 921,253 58,781 Charge for the Year 116,175 5,260 110,915 Disposals 4.985 31 July 2023 1.132,715 46.751 1,027,183 68,781 Net Book Value 31 July 2022 181,559 31,548 150,011 31 July 2023 1ql,343 26,288 85,055 451 Page VV8rwitk StudEnlS' Union Annual R&port and Consolh1aled Slaielnertts 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 7. Capital Commitments 2023 2022 Future Capital Expendilure Authorised but not Contraded Contracted 8. Fixed Asset Investments GROLIP 2023 UNION 2023 2022 2022 NUS Services Limited 16,664 16,664 8,332 8,332 Investment in Subsidiary Companies 9,602 9,602 16.664 16,664 17,934 These amounts represent deposits held under NUS Services Limited Cenlral Billing Scheme for Students, Unions and is held in respect of payment for monthly supplies of brewed and other products. Warwick Students, Union also holds equity share caprtal in the following unlisted companies: Students, Union S8rviGes Warwick Limited.. Warwick Students, Union holds 102 ordinary shares of £1 each being 100DA of issued ordinary shares. Students, Union Services Warwick Limited is registered and operates in Great Britain. The primary nature of the business being non-primary purpose trading ServI￿S on behalf of the charity. Membership Solutions Limit8d.' Warwick Students, Union directly owns 9,500 (2022.. 9,500) £1 ordinary shares in Membership Solutions Limited, a company limited by shares registered in Great Britain. being 959/0 of its issued share capital, and controls the remaining 5%. The primary nature of the business is the sale of membership and other IT related systems. 461 Page Warwick Studenis. Union Annual Reptsrt and C¢n$olidated Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 9. Stocks GROUP 2023 UNION 2023 2022 2022 Bars 22,316 12.156 22,316 12,156 Catering 6,174 6,406 6,174 6,406 Goods for Resale 28,490 18,562 28,490 18,562 10. Debtors GROUP 2023 UNION 2023 Amounts Falling Due Within One Year 2022 2022 Trade Debtors 327,927 225,340 55,984 37,489 Amounts Due from Subsidiary Undertakings 469,609 245,947 other Debtors 4,950 9,477 Prepayments and Accrued Income 192.569 296,704 129,488 195,946 525 446 531521 65S 285 479.382 q q. Creditors GROUP 2023 UNION 2023 Amounts Falling Due Within One Year 2022 2022 Trade Creditors 220,923 229,856 187,933 207,962 Amounts Held for Club5 and Societies 843,520 832,755 865,655 832,755 other Taxation and Social Security 158,444 165,146 158,444 165,146 other Creditors 166,656 206,219 42,417 68,427 Accruals and Deferred Income 482,251 400,274 183,926 119,313 1871.794 1.834.250 1438,375 1,393,603 471PAge Wa￿1Ck siuden15' Unlun Annual Report 3nd Con50Iidated Slalernenls 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) Amounts held for clubs and societies represent balances held on behalf of these bodies, these funds have been generaled separately from the activities of the Union and the use of these funds is direGted by the individual club or society. Warwick Students, Union acts as a custodian for these funds. 2023 2022 Deferred Income- Group At 1 August 249,345 246,030 Released During the Year Additions During the Year 11,222,510) 1 293.968 (877,2361 880 551 At 31 July 320,803 249.345 These amounts indude receipts-in-advance for Membership Services Limited a￿1 multi-year society memberships. 12. Financial Instruments The Carrying Amount of the Groups Financial Instruments at 31 July were GROUP 2023 UNION 2022 2023 2022 Financial Assets Debt Instruments At Amortised Costs 383,574 423,676 104,287 166,267 Financial Liabililies Measured at Amortised Costs 549,027 587.005 394.196 388,403 13. Provisions for Liabllities and Charges- Group and Union 2023 2022 At 1 August 6,604.658 7,945,203 Deficit Contributions Paid Unwinding and impact of change in Discount Factor (484,318) 668,277 (448,705) 891840 At 31 July 6 788,617 6 604,658 The Trustees of the Student Unions, Superannuation Scheme ISUSS) have implemented a recovèry plan aimed at reducing the unfunded element oflhe pension scheme by May 2037. The plan requires Warwick Students Union to make an annual deficit contribution cash payment, which increases annually in October. The increase from October 2024 is 50k and then 50/0 annually. The impact of this payment is discounted over the life of the recovery plan to derive the current total liability relating to Warwick Students, Union. The current discount rale is 5.1 V/. (2022.. 3.70/.}, reflecting the interest rate of UK Government AA Gilts. 481Page Yvarwick Stud8nls' Unio AAnual Report and Consolidaled Statemen15 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 14. Analysis of Net Liabilities between Funds Provisions for Pension Liabilities Fixed Assets and Investments Net Current Assets Net Fundsl (Liabilities) 2023 Restricted Funds Designated FLtnds General Funds- Warwick Students, Union Pension 81.748 375,921 81,748 375,921 138,108 1,425.004 1,563,112 6 788,617 6,788 617 138.108 1,882.673 6,788,617 4.767,836 Provisions for Pension Net Fundsl Liabilities (Liabilities) Fixed Assets and Investments Net Current Assets Prior Year: 2022 RestriGted Funds Designated Funds General Fund5'. WaNick Students, Union Pension 83.308 205,965 83,308 205,965 208,325 1,374,916 1,583.241 6,604,658 6,604,658 208.325 1.664 189 6 604,658 4 732.144 15. Designated Funds- Group and Union 1Aug 2022 31 July 2023 Income Expenditure Transfe Strategic Infrastrudure 205,964 (56,582) 149,382 Capital Snvestment 123,470 123,470 Business Opportunity 103,069 103 069 205,964 169 957 375 921 1Aug 2021 31 July 2022 Income Expenditure Transfers Stralegic Infrastructure 268.672 62,708 205.964 49 |Page Warwick SluUenl$' Union Annual Report and Con501idaled Slatemvnls Z023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) The designated reserves have been created to set aside funds for planned strategic infrastructure development, to support capital investment in the Unions outiets and to take advantage of business opportunities. The Board of Trustees have approved the designation of £252,000 to support capital investment and business opportunities. The transfer of £169,956 relates to £252,000 (2022: £nil) transfèrred into the capital investment and business opportunrty funds net ofexpenditure totalling £82,044 {2022'. £62,708) on the Unions Belonging and Inclusion Policies and refurbishing the unions outlels. 16. Pensions Reserve 2022 Discounted Increase in Liabilit 2023 At 31 July 6,604 658 183 959 6 788 617 50IPage Wamtk Sludent5' Un￿n Annual Report and Canwlidated Statements 2023

NOTES TO THE FINANCIAL STA TEIIIENTS (Continued) 17. Restricted Fund5 - Group and Union fj August 2022 In¢ome Expendlture 31 July 2023 2023 Transfe151 repaid Sports- Including wa￿l¢k Sports Sports - Events and Ath'vities Community Schemes student Development Internationalisalion Media Centre Wellbeing, Welfare an(6 Housing Student Led Projects Postgraduate Engagement Inspire Scheme Sustainability Projects - Equality and Diversity 300 12,901 32,061 16,934 300 7.101 27,926 16,357 3,600 1,020 4,051 6.112 9.612 111,912) 113,7471 (5771 3,600 1.000 20 5.227 (1,1761 4,732 553 5,256 4,732 553 5,060 1.937 15.133 12,1331 9,409 83,308 37.394 38,954 81,748 All of the above restricted reseNes represent funds received specifically for the identrfied activity and are related to grants from the University of Warwick and donations for specrfic projecls. The grant awards for student led projects have been allocated across the activities in the year. l August 2021 Income Expendituro 31 July 2022 Prior Year: 2021 Tran$fvrs Sports-lncluding Warwick Sports Sports - Events and Activities Community Schemes Student Development Media Centre Wellbeing, Welfare and Housing Student Led Projects Postgraduate Engagement Inspire Scheme Sustsinability Projects- Equality and Diversity 300 1,301 30,052 19,550 20 6,493 300 12.901 32.061 16,934 20 5,227 13,600 21,140 (2,0001 119,1311 12,6161 {1,2661 2,732 553 3,256 2,000 4.732 553 5,256 3,938 2,500 11,938} 71.919 43.178 131,7891 83,308 51 |Page Warmck Sludpnls. Union Annual Report and Con501idated SlaiÈn*nls 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 18. Grants to Student Sports Clubs and Societies 2023 2022 Grant Awards by Societies Federation.. Media, Performance and Music Campaigning, Charity and Welfare Activities and Hobbies Academic Soueties Cultural Societies Faith and Belief 22,297 6,691 15,361 7,812 3,536 1,925 15,164 6,372 11,116 11,060 2,871 2,566 57,622 49,149 Grant A wards by Warwick Sport." Sports Clubs 348,087 294.036 405,709 343,185 These are grant awards made by the Union during the year to student sports cltjbs and societies. The total grant amount awarded directly to sports clubs to undertake activity in the Brit15h Universities and Colleges Sport (BUCSI leagues was £219,943 (2022= £161,095)- WaNi¢k Students, Union acts as custodian for funds raised by the many sports Clubs, student societies and RAG (raising and giving) affiliated to the Union. These funds are not consolidated in to the Union's accounts. These fL+nds are held in a separate bank acwunt and the year end balances for each sports club and student society are within the Union's Cfeditor balance (see Note 11). 19. Operating Lease Commitments Group and Union 2023 2022 Land and Buildings Amounts Falling Due.. Within One Year Within Two to Five Years Over Five Years 490,852 1,916.773 8,401842 490.852 1,901,228 8,877,149 10,809,467 11,269,229 521 Page V41arwick SludBn15' UniDn Annual Repert and cD￿S011￿aIed Statements 2022

NOTES TO THE FINANCIAL STA TEMENTS (Continued) Operating Lease Commitments (continued) Group and Union 2023 2022 IT Equipment Amounts Falling Due.- Within One Year Within Two to Five Years 11,092 9.243 11,092 27,729 20,335 38,821 20. Note to Statement of Cashflows Group 2023 2022 Reconciliation of Net Income/(Expenditur@)." Net Income 135.692) 1,787,322 (Increase)IDecrease in Stocks Decrea5el{Increa5e} in Debtors (9,928) 6,075 15.676 (114,8521 Increasel(Decrease) in Creditors IncreasellDecrea5el in Provisions 37,544 388,448 183,959 11,340,545) Depreciation Interest Receivable 116,176 26.017 110,577 1,348 Net Cash Inftow from Operating Activities 272 117 Included within the year end cash balances of £3,210,633 (2022: £2,958,458) is £843,560 (2022.. £832,755) relating to student sports clubs and societies which the Union holds as custodian, in a separate bank account. 53 IPHge WaTrvick Sludènts, Union Annual Report and Cortsolidaled Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 21. Pension Scheme The charitable company participates in the Students, Union Superannuation Scheme. a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being detemined by the trustees on the advi￿ of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the charitable company. Under the accounting standard FRS102 and Charity SORP IFRS102}. contributions are accounted for as if the Scheme were a defined contribution scheme based on aclual contributions paid through the year. The Students, Union Superannuation Scheme consists of employees of students, unions and related bodies throughout the country. Benefits in respect ot service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual. The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106.7m with these assets representing 440/0 of Ihe value of benefits that had accrued to members after allowing for expected future increases in earnings. The defi¢it on an ongoing funding basis amounted to £136.6m. The 2022 valuation extended the period over which the ongoing funding deficit would be cleared to May 2037 as SUSS Trustees look ahead and will build up expenses of £3m to support the winding up ofthe scheme and GMP equalisation issues. As such the valuation recommended a monthly contribution requi￿rnent by each Participating Employer expressed in monetary terms. This has resulted in an increase in contributions of 50/0 from l October 2023 and by a further 5% each year until May 2037. These rates applied with effect from 1 Odober 2023 2nd will be reviewed following the next actuarial valuation. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commilmenl. In addition to the above contributions, The Union also pays its share of the Scheme's levy to the Pension Protection Fund. FRS102 and Charities SORP (FRS1021, require that the charitable company share of past setvice shortfall is reflected in the financial statements. Based on the most recenl valuation, the charitable company contribution to eliminating the shortfall was £484,318 for the year ended 31 July 2023 (2022. £448,705). Therefore, at 31 July 2023, the balance sheet of the charitable company includes a liability of £6,788,61712022'. £6,604.658), which represents the nel present value of all future contributions ' towards eliminating this shortfall. 54 |Page W8rwrck Sludenls, Union Annual RepDrt and CDD5011daiÉd Statements 2023

NOTES TO THE FINANCIAL STA TEMENTS (Contlnued) The discount rate used is 5.1 OA (2022= 3.7%) which is comparable to that for a 15-year AA4ated corporate bond. The estimated liability is based on the 2022 triennial valuation of the scheme and will necessarily require revision after subsequent revaluations. In addition. the Charitable company paid Pension Protection Fund levy of £44,416 {2022.' 42,559) during the year. The Charitable company also contributes to The National Employment Savings Trust INESD and Aegon, defined contribulion schemes. During the year contrib￿lOnS were made amounting to £162,641 {2022.' £147,277). At the year-end an amount of £13612022.. £10,879) was due with respect to the pension contributions. 22. Relatsd Party Transactions Membershlp Solutions Limited The Union received a donation under gift aid from Membership Solutions Limited of £271.003 (2022.. £266,826). The Union purchased £39,844 {2022,' £35,389) of IT services from Memb9rship Solutions Limited and provided £24,40812022: £22,004) of services. At the year end, the Membership Solutions Limited owed £193,630 to Wamick Students Union 12022.. £8,668 owed to Membership Solutions Limited by Warwick Students Union). 2023 2022 Salary Support, Administrative and Expenses Premises and Equipment Rental 15,692 8,716 8,300 13,704 Students. Union se￿Ices Warwick Limited The Union received a donation under gift aid from Students, Union Services Warwick Limited of £116,610 {2022.' £79,905). The Union purchased £Nil {2022: £NIl) in goods and services from Students, Union Services Warwick Limited and provided £32.113 (2022.. £35,232) of services to Students, Union Services Warwick Limited. At the year end the Union was owed £288,544 (2022.. £232,503) frorn Students, Union Services Watwick Limited. All outstanding balances are unsecured, owed on normal trading terms and will be settled in cash. 2023 2022 Salary Support, Administrative and Expenses Premises and Equipment Rental 6,647 25,466 9,561 25,671 32,113 Trustees of Wa￿iCk Students, Union There were no related party transactions in respect of Wa￿iCk Students, Union Trustees in the year (2022.. no related party transactions in respect of Warwick Student8, Union Trustees) 551Page Watwick Sluoenls. Union Annual Report and Consolidated Stalemenls 2023

NOTES TO THE FINANCIAL STA TEMENTS (Continued) 23. Affiliations Wamick Students, Union is affiliated to the following organi5ations. Membership, granted by the payment of an affiliation fee, entitles the Union to have a say in how organisations are rur) or what focus they may have. This may be in the form of a vole or a voice on working parties over and above other membership benefits such as access to expert advice or information resources. Affiliation Fees 2023 2022 National Union of Students (NUS) NUS Services Limited (NUSSL} British Universities and Colleges Sport {BUCS) 37.500 380 18,105 37,500 380 17.441 55,985 55.321 At a vote taken by Confirmation of these affiliations is undertaken by vote at an All Student Meeting. The decision has been taken by an All Student Vote to disaffiliate from the National Union of Students and this will come into effect from December 2023. 561 Page wa￿1Ck SIuLlenls' Union Annual Report and CTrn501id8led Sl3letnÈnls 2023