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← Warwick Students' Union

2024-07-31-accounts

WARWICK STUDENTS' UNION

Trustees Annual Report and Consolidated Financial Statements

For the year ended 31[st ] July 2024

warwick

Company Registration Number: 07297865

Charity Number: 1136894

CONTENTS CONTENTS Page
Directors Report 1
o Trustees/Directors of Warwick Students' Union
o Subsidiary Companies
o Legal and Administrative Information
o Indemnity Insurance
o Disabled Persons Statement
o
o
o		 Employee Engagement Statement
Matters of Strategi.9 ln,p.or):ance
Statement as to Disclosure of Information to Auditors
Strategic Report 7
o Members of the Union
o Structure, Governance and Management
o Officers of the Union
o Board of Trustees
o Relationship with the University of Warwick
o Risk Management
o Key Policy Statements
o Aims, Objectives and Activities
o Charity Commission
o Key Achievements
o The Year Ahead
o Financial Review
o Funds held as Custodian Trustee on behalf of others
o Auditor
Statement of the Board of Trustees' Responsibilities 25
Independent Auditor's Report 26
Consolidated Statement of Financial Activities 30
Statements of Financial Position 31
Consolidated Statement of Cash Flows 32
Principal Accounting Policies 33
Notes to the Financial Statements Notes to the Financial Statements 39

DIRECTORS REPORT

Union

Charitable Status

Warwick Students' Union

Warwick Students' Union is a charity established under the Education Act 1994.

Warwick Students' Union registered with the Charity Commission for England and Wales on 15[th ] July 201 0.

Registered Charity Number: 1136894

Company

Warwick Students' Union is a charitable company limited by guarantee and registered in England and Wales on 29[th ] June 2010.

Registered company number: 07297865

Registered Office

BOARD OF TRUSTEES

FULL TIME OFFICERS

2023-24 A Taylor H Roffe S Clark

VRavi M Pike E Birch E Nihal

2024-25 E Nihal M Amjad S King-Smith A Taha J Stanley L Gosling N Carter

WARWICK STUDENTS' UNION University of Warwick Gibbet Hill Road COVENTRY CV4 ?AL

Governance and Appointments Committee ensures that Warwick 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.

Appointed

Resigned

President VP Education VP Democracy & Development VP Postgraduate VP Societies VP Sports VP Welfare & Campaigns

President 1 August 2024 VP Education 1 August 2024 VP Democracy & 1 August 2024 Development VP Postgraduate 1 September 2024 VP Societies 1 August 2024 VP Sports 1 August 2024 VP Welfare & Campaigns 1 August 2024

BOARD OF TRUSTEES/DIRECTORS

Full Time Officer Trustees

Chair

A Taylor Chair H Roffe S Clark VRavi M Pike E Birch E Nihal Chair MAmjad S King-Smith A Taha J Stanley L Gosling N Carter

Appointed Resigned 1 August 2022 31 July 2024 1 August 2023 31 July 2024 1 August 2023 31 July 2024 1 September 2023 31 August 2024 1 August 2023 31 July 2024 1 August 2022 1 July 2024 1 August 2022 1 August 2024 1 August 2024 1 September 2024 1 August 2024 1 August 2024 1 August 2024

Anna Taylor resigned the Chair of the Board bf Trustees on 31 July 2024.

Enaya Nihal became Chair on 1 August 2024.

Student Trustees

T Chaloner c Heather S John J Thomas B Abrahamson P Jani 0 Ejechi S Kenderesi P Omdpariola N PanjE:lhshahi C Dodd NSyed

1 August 2022 31 July2024 1 August 2022 31 July 2024 31 July 2024 1 August 2022 31 July 2024 1 August 2022 1 August 2023 31 July 2024 1 August 2023 31 July 2024 1 August 2024 1 August 2024 1 August 2024 1 August 2024 t August 2024 1 August 2024

ExternaFTrustees

A Hill-Wilson H Dhillon J Dubber R Pegg

1 August 2018 1 September 2020 12May 2022 12 May 2022

Company Secretary

M Crook

1 August 2019

SENIOR MANAGEMENT Chief Executive

Philip Smith

Appointed 24 May 2023

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Warwick Students' Union Annual Report and Consolidated Statements 2024

SUBSIDIARY COMPANIES

Company

Membership Solutions Limited

Membership Solutions Limited (MSL) 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 services.

Governing instrument The company is a limited company with share capital. It is governed by its Memorandum and Articles of Association. Company registered number 5525449

Directors Appointed Resigned J Bonsall 1 August 2009 G Parker 1 August 2015 S Hansen 22 January 2018 1 March 2024 G Bryant 1 August 2019 P Smith 1 August 2023 T Murphy 7 June 2024 A Taylor 14 September 2023 31 July 2024 E Nihal 9 September 2024 Company Secretary M Crook 1 August 2019 Registered Office SUHQ WARWICK STUDENTS' UNION University of Warwick Gibbet Hill Road COVENTRY CV4 ?AL

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Company

Governing instrument

Company registere.d number

Directors

A Smith E Birch P Smith S Clark

Company Secretary

Registered Office

Students' Union Services Warwick Limited

The ggmpany i§ aJimited company with share capital. It is governed by its Memorandum and Articles of Association.

2197761

Resigned

Appointed

18 November 2010 18 June 2024 27 October 2022 1 July 2024 20 June 2023 1 August 2023 31 July 2024

1 August 2019

M Crook

SUHQ

WARWICK STUDENTS' UNION University of Warwick Gibbet Hill Road COVENTRY CV4 ?AL

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vVarwick Students' Union Annual Report and Consolidated Statements 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers NatWest PLC
24 Broadgate
Coventry
West Midlands
CV11NE
Solicitors Band Hatton Button
53-55 Butts Rd,
Coventry
CV13BH
DFA Law
2 Waterside Way,
Northampton
N N4 7XD
Bates Wells and Braithwaite LLP
10 Queen Street Place
London
EC4R 1BE
Woodroffes Solicitors
7 Beeston Place
Londe:m
S W1W 0JJ
Auditor RSM UK Audit LLP
Chartered Accountants
Rivermead House,
Grove Park,
7 Lewis Court,
Leicester LE19 1SO

Auditor

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Warwick Students' Union Annual Report and Consolidated Statements 2024

INDEMNITY INSURANCE

Warwick Students’ Union has in place Professional Indemnity Insurance cover of £2m and this insurance policy includes cover for the Tru§t@@,$, Oirestors, Officers and employees of the Union.

DISABLED PERSONS

Full and fair consideration is given to applications for employment by disabled persons, having regard to their aptitudes and abilities. Should an employee become disabled during their employment, all efforts will be made to coritinue their employment and to proviae appropriate training and support.

The Union is a Disability Confident employer anc:l trair,ir,g, career development and promotion opportunities will be, as far as possible, identical to those for other employees.

ENGAGEMENT EMPLOYE

The Union encourages the involvement of its employees in its management through regular meetings of the Staff Consultative Forum. This forum has the responsibility for the

on important matters of policy.

MATTERS OF STRATEGIC IMPORTANCE

Information is not shown within the Directors' Report as it is instead included within the Strategic Report on page 7 to 24, under Companies Acj 2006 S414c (11).

NT AS TO DISCLOSURE OF INFORMATION TO AUDITOR STATEM

Each member of the Board of Trustees has confirmed that they have taken all the steps that they ought to have taken as Board of Trustees members in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Directors' Report is approved on behalf of the Board of Trustees:

President Date: 30 January 2025

S King-Smith VP Democracy and Development

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STRATEGIC REPORT

The Board of Trustees of the Union submit their Strategic Report for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), (effective 1 January 2015), Charities SORP (FRS102) and the Companies Act 2006.

Members of the Union

Full Members

All registered students of the University of Warwick except those who exercise their 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

Warwick Students' Union (the Union) is constituted under the Education 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 Warwick, are supplemented by the 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 Full-Time Trustees, six Student Trustees and five external Trustees who are regarded as the Charity Trustees of Warwick Students' Union for the purposes of the Charities Act. At 31 July 2024 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.

Student Council comprises of an elected Chair and Deputy Chair of Council, the Full-Time Officers, the Chairs of each of the Executive Forums and a number of Part-Time Officers. Student Council exists to ratify and pass routine, uncontroversial (as decided by the Democracy Forum) resolution changes to By-laws and the procedures and principles of the Students' Union.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Student Council is the Unions highest student decision making body Whose primary responsibility is for the implementation and oversight of Union policy. It is where student ideas and motions are discussed, debated and voted on which helps leadthe direction of the Union and help Student Officers. Some Union policy, regulations and principles are debated

can

members who are representative ofthe Union from the below areas:

These Forums are at the heart of how the SU represent and acts on members' interests and ideas. They consist of groups of students that regularly engage in matters arising to the Union within its particular portfolio area and remit. This could be around liberation, welfare or education, about representation in societies, sports and other groups on campus and hold the Officers to account and make change that will affect students and the wider community.

Policies held by Student Council cannot be overturned without being debated and voted on at an All Student Meeting. Policies may be overturned by the Board of Trustees only for financial, reputational or legal reasons in accordance with Article 28.3. The Union maintains a policy file and record of lapsed policies. Policies lapse after three years unless renewed by Student Council who will specify the next renewal date.

Officers of.the .Union

The Officers of the Union are:

The Full-Time Officers are also trustees of the charity, elected through a secret ballot by the members each year, normally serving for one year in office but can serve a second term if re-elected. These are remunerated posts, (although the trustee positions are unremunerated) as authorised under the Education Act and the Memorandum and Articles of Warwick Students' Union.

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Board of Trustees

The Union is. administered by its Board of Trustees comprising:

The President of the Union acts as Chair of the Board of Trustees.

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 may be extended for a second term.

Trustees' General Authority

The Board of Trustees has ultimate responsibility for the financial matters 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 accordance with Article 28.3 of the Memorandum and Articles of Association.

Trustees Induction and Training

Upon appointment all Trustees 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 to reinforce prevailing legislative requirements.

The Board of Trustees and the Chief Executive

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 meets at least five times a year to receive reports from committees, Full-Time Officers, Senior Management and the Chief Executive, to review the Union's performance and administration.

The Union also employs a number of core staff to provide continuity, consistency and knowledge in the management of the many Union activities. The staff team are accountable to the Chief Executive for the performance of their duties.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Committees

During the year, the Board of Trustees was supported by three committees which focus on certain key aspects of Warwick Students' Union governance and management

Governance and Appointments Committee

This ensures that new trustees are recruited, inducted and developed properly. They also have respqr)sibility for reviewing theTerms QfRefer:ences of.tne Board of Trustees Sub[. ] Committees and Code .of CeriductforTrustees.

Audit and Risk Committee

This monitors the Union's framework for accountability, financial control, risk profile and other aspects . vvraicj, cqylc;I in1pc1pto11 WarwickStudents' Union's organisational healthaswell as ensurin§ that the Union is complying with relevant legislation. The Committee is , responsjble fqr ensuring thatthere. is a framewqrk of effective internal and external audit coverage. and for.overseeing;repqrts of datc1 breaches to the. Information Commissioner's Office and serious incidents to the Charity Commission.

People and Remuneration

This monitors issw.es relating to staff •includingthe .staff survey results, pay changes, training and development aswell as staff policies. lt·also oversees the process forrecruitment:ofttle Chief Executive and senior mamagement posts.

Relationship with the University of Warwick

The relationship between.the . niversity and ,tbe:UnJon is established in the Charter, Statutes, Ordinances and Re University. The Union receives an unrestricted block grant from a·bUildimg owned by the.{Jniversity of Warwick , l.lpdc: iC>n, Fl.lnd 1JVbi9h arelec:tsed Jo the y.11ipp • • .. at

There i.sno reas ' r equivale .n rt frpm the . Warwick IN!!' not .[f] ' i?5[t] hy<'7d. duty on the Univ onably Pr Union operates in a fair and democratic manner and is accountab s.

Warwiqk .P! U .[yniC] the affairs nion of the Union's members are met.

‘ cf, en e >[t.hat] .· .. . . .. ·. ;[' ]['] .[' ·] .[·.][ > .][..... :· · ] [.] ..': ... '· :[·] . i6• . ·•,, . :·[.• .. •][. ] .[·• ] · ·.,: ::, "•: ,· , f '[:;'., ][.. ][,.,.·.][. ] ·'.>,:: ds[.· ] '

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Warwick Students' Union Annual Report and Consolidated Statements 2024

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 Committee. Mitigating actions are identified and implemented to reduce the level of risk the Union is exposed to.

The impact of these mitigating actions is assessed by the Audit and Risk Committee who obtain assurance from the senior management team that the level of risk exposure sits within acceptable levels as determined by the Union Board of Trustees.

Budgetary and internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place .to ensure compliance 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 to meet the needs of the Union.

The strategic risks that are identified by the Board of Trustees are:

Risk Area Risk Identified
s
Governance and Compliance		 ifi
• Failure to protect staff/students from serious harm.
• Failure to manage a serious incident with potential for
significant reputational damage.
• Failure to protect personal data in line with GDPR
requlations.
Risks to the financial
sustainability of the SU		 • 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-
even/deliver return to the Charity.
• Rising energy costs.
• Over reliance on the University block grant
People and talent
management		 Over reliance on the University block grant
• Failure to effectively manage HR casework.
• Failure to succession plan, particularly in key areas.
• Failure to deliver an effective ED&I review and
supportinq culture.
Stakeholder engagement • A decline in student engagement with the SU and its
democratic processes.
• Failure to deliver a quality service and experience for
students.
• Failure to address the SU's consistently poor NSS
score.
• Failure to demonstrate value for money for the
University.
• Failure to balance commercial interests with student
welfare.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

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 b ring deposit 1 g 1 2 months . Cash funds so invested are . account$Jor perio99 not §?Cceeqi usually ov1:3ra institution to minimise risk. minimum balance of £200,p00 and must be pla • putable banking •

ring deposit . usually ov1:3ra putable banking •

Investment returns in the year reflect the state<;! policy as well as the interest rates available due to market conditions .

Reserves Policy

ture projects; investme.nt in our commercial outfets a·nd busines evelopment opportunities.

----- Start of picture text -----
31 July 2024, stand 2 9 9
1 1 2 2 1
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at after •••

Desig at res. es are f ut trategic projects, capital investment and . vi ta tb ce e businei '. increa ‘esignation in the year of u serves to the sum of £550,000 (2023: £252,000) an d from designated reserves.

9 is recognised at 21 are of the liability. ), representing the Warwick Students' Unjor;i sh

The Union is paying deficit contributions in line with the agreed contributions schedule, , c1,mently.iplanried to end in 2037, ai:; discussed in Note 21, which has been agreed with SUSS Trustees based on the latest valuation, to eliminate the deficit position in the medium term, This is a standard position witl1in the sector.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Remuneration Policy

The People and Remuneration 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 Solutions 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 benefits are proportionately the same as other staff. This role is benchmarked against the charity sector rather than the public or private sector.

Each role's salary is determined by a fair evaluation process Uob 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 and 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 starting 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.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Aims, Objectives and Activities

In June 2021, the Board of Trustees approved a strategic plan for Warwick Students' Union covering the period 2021 - 2025. It reaffirms the Union's existing charitable objectives and sets out the vision, mission, ambition, values, priorities, work programmes and targets for the planning period.

Vision

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.

Priorities

Values

Charitable Objects

Warwick Students' Union exists for the advancernent ofeducation of students at the UniversityofWarwick·by:

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 requirement.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Work Programmes

Strategic Plan Targets for achievement by 2025

Charity Commission

All 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 significant:

During the year, Warwick Students' Union made two serious incident reports to the Charity Commission, both of which resulted in no further action.

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Waiwick Students' Union Annual Report and Consolidated Statements 2024

Key achievements

The SU Strategicf Plan includes seven targets against which we will judge our performance. The targets focus 6n the following areaS:

Students voting in SU elections

. 27.5%. The targetfor.20?3-20?4-was.3.5°/4 ofstudentsvqting in S.lJ elections.and we achievecf

Officer Spring Elections (February 2024)

Spring Election is when members vote for their rieW Student Officers for the forthc()ming academic year. Toe el§cti.c>n. tpqk plaC§[4][th][...,- 7][th ] Mar.ch 2024 for.th§. seven.Full-Tim§ Officer positions and the liberation Part--Time Officers, which included; Environrri§nt and Ethics, Womens', LGBTQUA+, Disabled Students, V\/icfening. Participi:itiqn[. ] and .Ethnic l\/1inqrities Officers.

r. Elections. We had nine approved candidates, Which· is coriSisteritWith laStye[a]

A total of[.] ,033 indivi uals voted for the 14 Officer positions, which voter turn over 60%.

This shows that interestingly, although the number of voters did increase bY a small percentage this year compared to last, the number of votes was a far greater increase, . y§9rs, suggesting more voters were interested in voting for more positions .thc1r, pf§yip1Js

here er 3 candidates that put themselves forwar s isigt s t re c .• 9qrpbElrs. 9r,si9erir,Q ic1n increase in voti ime Officer positions being contested, with .9n.ly fp.yr pyt 9t tpEl sexEln beli9Q .. with multipl§ candidate.i:;. This .is an are.a th§ Union \/ill monitor this upcoming academic year. [ cl .c!ElQrElc:iS.§ Q91PclfEl9 \Nilh

The level of engagement from all candidates was good and we were able to have the majority of those include important information including profile pictures, manifesto, etm

Voting Booths across campus in Warwick Sports Centre, Warwick Business School (WBS) and Faculty of Arts Building (FAB) continued once again. In particular, WBS continued to be an effective mechanism for informing voters of the candidates standing for election, so we will

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WarNick Students' Union Annual Report and Consolidated Statements 2024

look into replicating similar forms of engagement across other departments next academic year.

There was greater investment of marketing material being used across our outlets with banners for the front of the Curiositea contributing to students being aware of our elections and seeing how our outlets are part of the Union too. This is a tactic that we will c.ontinue .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 biogs, podcasts, and a greater social media presence pre and during voting week.

Full-Time Officer voter turnout by post

Individual Voters

No. of 5,184 5,750 5,620 4,550 6,347 5,061 3,746 4,100 4,889 5,533
Voters

Plans for 2024/25

The SU's commitment to increasing voter turnout remains a focus for the incoming academic year whilst it continues to build on the success of the increase in election turnout. Once again high footfall areas of campus and departments with historic low engagement will be a target for Spring Officer elections 2025 as well as building relationships with our SSLC Chairs through better connecting and demonstrating the value of work and campaigns the SU provides by better engagement.

The Full-Time Officers will be attending up to 40 academic induction sessions during Welcome week 2024. The information in these sessions will cover the wide variety of services the SU offers, but with a specific focus on the importance of academic rep, club, society and voting engagement, all key to voter turnout and engagement. Six of these academic inductions are for 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. Several strategies to boost voter engagement include:

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Warwick Students' Union Annual Report and Consolidated Statements 2024

SU Strategy and Governance Regeneration Project (GRP) Phase II: We will be exploring how members want our strategy to look and feel for 2025 and, in line with the outcomes from those discussions, we will be canvassing engagement on how our representation is now structured.

As part of the upcoming Governance Regeneration Project Phase II: Elected Leaders stream, we will be exploring which of our Officer roles are engaging with our members and how they complement one another within our leadership positions across the Union. This is including but not limited to:

The SU wants to continue the upward trajectory of increased voter engagement and candidate engagement so that every Warwick student feels able to engage regardless of their political affiliation. We want them to see the value of connecting with the SU via its democratic structures, and we see the refined and reformed governance structures as an enabler this coming academic year.

Achievement of our financial goals

The budget approved by Trustees for the year included stretching targets in our commercial operations and planning for come significant price increases in respect to pay and cost of sales increases.

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 designate unrestricted reserves to deliver one off improvements 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 2023-24 is set at 96% of users agreeing that they feel empowered to make informed choices after using the Advice Centre. The actual number of users agreeing that they feel empowered to make informed choices in 2023-2024 was 95%.

Additionally:

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Engaging more students with the SU

Further work has been underway with the KARMA system, and we a . re now able to capture data from all possible engagement touchpoints via MSL. Our most recent cal.culation shows that 26.7% of current Warwick students are 'actively engaged' (mid-level and above) with the Students' Union. This is up from 23% in December 2022. The full breakdown is as follows:

Engagement No. of students %of student population
High 1,605 of student population
4
Mid-High 2,751 6.8
High
Mid		 6,477 16
Low-Mid 8,367 20.6
Low 18,400 45.4
None 2,965 7.3
'Actively Enoaoed' 10,832 26.7

Alterline created student 'clusters' for us based purely around particular types of engagement, and gave recommendations around potential opportunities to move students up the engagement pyramid. Work is now underway in-house to overlay these clusters with demographic data so we can identify which new students are likely to end up in which cluster, and target them with opportunities to increase their level of engagement.

Colleagues reporting the SU lives its values

The colleague values were launched to all teams across the SU throughout Term 1 of the 2023-2024 year.

The embedding of the values has been delivered through a variety of methods throughout 2024:

SU Russell Group Ranking by NSS score

The National Student Survey is completed by final year students at all universities, and asks them about 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 at 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.

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Warwick Students' Union

Annual Report and Consolidated Statements 2024

For 2024 our score was 69.22% which represents an upwa rd movement fr6rn 64.44% in 2023.

ugh "!e have 3n ved.s9preJhis a a r9entage gtg[r ] . ag7. ln;. .[o] tp[u] K . a .c1m.9ng[st ] '[,,'] ;[,] .,,:, : : '·.[•] . :.• ·[,] .•> ..[,·] ·:,:::<[· ] :i'·\·.'.'i'::, .·.:>:<··' .. rsiti::·:.i, ::... . ...........,,.: .. ,,,·"" his .is ·" ,:: c".'' ·...:.<::•.·> : ·,.:::,. ,.,[. ] ;" h'a[c] ,[,] :,[. ] n l"i<-,:•. a[.] ;! ;· ··: .: ,[, ] :/ ·.:[' ] ·'': n ·:t : .[.] .......... ,, :· ':: ' :" ', ·[.] . tof 1·.:• .. •'••' >·[. ] .·1 tt,. The fact>th at 0tir improved performance has rtbt resultea in a more significanf upward mo a n-_ till left elow the sector . ayerage, suggests a . ' h sust a a atisfaction score this year. The se9for average last year was 72 72.91 % tliis year.

Student satisfaction with the SU

Headlines from ,the most recent Student Feedback Survey (T3 2023/24) are as follows:

Satisfaction with the SU at my university - 67%. Compared to:

Satisfaction is'highesfamongst UGfirst yea rs at71%, dropping to 70% for PGTs ahd54% for PGRs.

77% agree that the SU promotes diversity and inclusivity (T1 2023/24: 82%, T3 292.2/23: • • 77%). This rises to 80% of UG first years.

59% of students agree they 'have a good idea bf what the SU does' (T1 2023/24: 63%, T3 2022/23: 58%). This rises to 64% for PGTs.

68% of students agreedth at'the services theSl..J offer enhance my university experience.' (T[1 ] 2023/24: 71 %, T3 2022/23: 65%). This is highest for undergraduates at 71 % and lowesffor PGR students at 54%.

83% of students are awa ibs. These two had the re ofthe Societies, 81% of the Sports Clt highest awareness in T3 23/24 and T1 23/24.

Amongst the retail outlets, The D . Duck (81%), The Terrace B r (75%), Copper Rooms ir:ty Nights (73%), and Curipsitea (73%) a a w. a reness. The Food St a a a the lowestawareiiess. •

The Year Ahead (2024/25)

Delivery of the Strategic Pla n 2021-2025 will be the Union’s centr al focusJor 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 2024-2025, which are as follows:

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Warwick Students· Union Annual Report and Consolidated Statements 2024

Financial Review

Income and Expenditure

The overall results for the year were:

Financial Review
Income and Expenditure
The overall results for the year were:
2024 2023 Movement
£ £ £
Income 8,976,337 8,509,425 466,912
Expenditure (8,753,325) (8,545,117) (208,208)
Net Income for the Year 223,012 (35,692) 258,704
As a% of Total Income 2.48% (0.42%)

The annual recurrent grant contribution from the University increased by £154,810 (5%) to £3,251,014 (2023: £3,096,204). Additionally, the Union recognises contributions in kind totalling £98,636 (2023: £85,875) for management services as grant income from the University. Overall income has increased by £466,913 (2023: increase £481,178).

Income from our Food and Beverage outlets totalled £1,997,374 (2023: £1,839,301) and our regular club nights and other events generated income of £1,051,151 (2023: £1,121,259)

The discount rate used to determine the Union's share of the SUSS Pension liability of 5.1 % has resulted in a non-cash decrease in expenditure of £166,571 that reflects the decrease in the pension liability.

The Union paid termination payments to two members of staff in the year totalling £12,373 (2023: £43,589).

Net Assets

The year-on-year movements were:

Net Assets
The year-on-year movements were:
2024 2023 Movement
£ £ £
Fixed Assets: Tangible 114,809 111,342 3,467
Fixed Assets: Investments 16,664 16,664
Current Assets 3,823,611 3,764,569 59,042
Creditors: Amounts falling due within one year (1,877,861) (1,871,794) (6,067)
2,077,223 2,020,781 56,442
Provisions for liabilities and charges (6,622,046) (6,788,617) 166,571
Net liabilities **(4,544,823) ** (4,767,836) 223,013

Total Net Liabilities decreased by £223,013 to £4,544,823 (2023: £4,767,836).

The value of tangible fixed assets increased by £3,467 to £114,809 (2023: £111,342). During the year £81,798 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 decreased by £110,537 to £3,100,096 (2023: £3,210,633), reflecting the net cash outflow during the year, see Note 20.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

The provision for liabilities and charges relates entirely to the Students' Union Superannuation Scheme (SUSS) pension deficit liability (see note 13 arid note 21).

The amounts held as custodian on behalf of student sports clubs and societies increased by £97,575 to £941,095 (2023: £843,920). This is included in the total level of Union creditors at the year end.

tricted general reserves. at 31 July 2024 decreased by £293,980 to £1,269,133 (2023: £1,563,113).

In line with the requirements of FRS102, Warwick Students' Union reports the discounted Students' Union Superannuation Scheme (SUSS) pension liability for Warwick Students' Union. At 31 July 2024 this was calculated to be £6,622,046 (2023: £6,788,617).

The Board of Trustees have designated unrestricted reserves to support future strategic infrastructure developments. The Board of Trustees have further designated reserves to th sum of £550,000 in the year to support future capital investment, business development opportunities and regulatory issues arising from freedom of speech. As at 31 July 2024 the value of designated funds held was £725, 126.

Students' .Union Services Warwick Limited

For 2023-24 Students' Union Services Warwick Limited (SUSW) made a gift aid don tion 9f £116,732 (2023: £116,610) to Warwick Students' Union, an increase in 4.

This • contribution has been generated through non-charitable activity relating to work undertake arwick Co f erences as well as income from medi.a and advertising and the S n December 2023).

Overall turnover during 2023-24 increased by £360 on the previous year to £199,891(202:3: £199,531).

The 2023-24 financial year saw Membership Solutions Limited (MSL) making a transfer under gift aid of £353,838 (2023: £271,003) an increase in contribution of £82,835.

MSL has delivered a successful set of financial results and consolidated its position as the market leader for website and membership 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 c1n9 tumoverre cognis ed in the year by t.he . cpmpany increas.ed .. l:>y £2Q5,. 5 2to £1,731,388 (2023: £1,525,

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Warwick Students' Union Annual Report and Consolidated Statements 2024

Fund raising

The Union does not undertake any street or door-to-door fundraising activity and does not engage a third-party organisation to advise or undertake fundraising on its behalf.

The Raising and Giving Society do raise funds through collection to be donated to charitable organisations selected by students, and other than acting as custodian of funds, the Union does not influence or control this activity.

All commercial activity is undertaken with the aim of raising funds to support Charitable Activity, and the Union does hold up to eight events 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 the budget for the 2024-2025 financial year) was approved by the Board of Trustees in May 2024.

The budget for 2024-2025 forecasts a consolidated group deficit position of £189,000 (2023: deficit £201,043).

The forecast includes expenditure plans totalling £212,349 (2023: £133,619) to be funded from the designated reserve.

This plan also included recurrent block grant from the University of Warwick for 2024-25 of £3,348,540 (2023: 3,251,014) an increase of £97,526 (3%).

The current Five-Year Plan assumes that the University of Warwick will continue to contribute an annual recurrent block grant at least to the level for 2024-2025 across the planning period.

Although the Union has no definitive guarantee that funding will continue from the University at these levels, the Union continues to engage with the 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 7) reports that there are no capital commitments approved but not yet contracted. Future investment will be based on ensuring reserve 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 (SUSS). 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 2024 was £508,334 (2023: £484,318) (see Note 21). 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 2024-25 of £533,750 (2023: £508,721), before accounting adjustments for FRS102.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

These accounting adjustments consist of a non-cash notional adjustment to reduce the pension lia.bility of £233,040 (2023: £16.5,5 1). Thisisbas d th enind ficit accounted for as a liability under FRS102, payments.

The net present value discount rate applied in forecasting dUrfuture liability is 5.1 % (2023: 5.1 % ). Should this change during the year, the accduhtihg adjustment used fo 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 society are within the Union's creditor balance (see Note 11 ).

The balance held for student sports clubs and societies at 31 July 2023 was £941,095 (2023: £843,520), 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 societies received income totalling £2,191,576 (2023: £2,089,557).

Included in this income were grants from the Union's Sports Exec and Warwick Sport of £380,760 (2023: £348,087) for sports clubs and £54,051 (2023: £57,622) from the Union's Societies Exec for student societies (see Note 18).

These grant awards were spent in the year and appear in the Union's Statement of Financial Activities as a cost in the "Student Activities, Societies and Sports Clubs" line.

Auditor

An audit tender is in progress to appoint auditors for 2024-25.

EnayaNihal Presideht Date: 30 January 2025

Sasha King-Smith VP Democracy and Development

24 I Page

WarNick Stu,jents' Union Annual Report and Consolidated Statements 2024

STATEMENT OF BOARD OF TRUSTEES RESPONSIBILITIES

The Trustees (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).

Company 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 expenditure, of the charitable group for that period.

In preparing those financial statements, the Board of Trustees is required to:

The Trustees are responsible for keeping proper accounting records that disclos.e with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitabl.e company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

INDEPENDENT AUDITORS'REPORT To the Members of Warwick Students' Union

Opinion

We have audited the financial statements of Warwick Students' Union (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, Consolidated Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework 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:

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FR C's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities andthe responsibilities ofthe trusteeswith respectto goihgcbnCern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees Annual Report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Trustees Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Warwick Students' Union

Annual Report and Consolidated Statements 2024

INDEPENDENT AUDITORS' REPORT (Continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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:

Matters on which we 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 audit, we have not identified material misstatements 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 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' responsibilities set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do SO.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

INDEPENDENT AUDITORS' REPORT (Continued)

Auditor's responsibilities for the audit of the financial statements

includes our opinion. Reasonable,assurance·is a high level of assurance, but is not a·guaranteeHhat an audit conducted in accordance with'ISAs (UK),Will always detect a material misstatementwherfitexists. Misstatements can arise from fraud or error and are considered material if, ihdividually dr'[i] ih 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 cdnsidered capable of detecti'ng irregularities, including fraud

Irregularities are instances of non-compliance with laws and ,regulations. The objectives ofouraudit ompliance with laws and regulations that have a direct effect on ,the determination of material amounts and disclosures in the[<] financial statements, to-· . 'of non-compliance with other laws p,erform audit procedures to help identifyi.instances . a . and regulations thclt rnay have mater,ial effect on the fir:iancial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the a.udit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due:to fraud,through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during toe audit.

However, it"is the primc:1ry responsit:>jlity of man9g;ment, wit_h th7 oversight oLthose charg§d with governance, to ensure tliat the entity's operations are conducted iri accordance with the provisions of laws ancl regulc:1tions and fqf the prevention c:1nd ,detection of fraud-.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

. As .a resµltof theSie prqcedures :we consider the most significant laws and regulations that have.a direct 102), Companies[. ] Act 2006, impc:1ct on tQE:l fip9n Charities Act 2011, \ ,,taxJegi§lationar:id Charities (Protection and S compljanc the finc:1n9J u port, tran§<;19tiq the i9§pE:l.pting correspon.... .. . , . . ·.· ..nc.. . ·· • . xa c jsqrs. . . · , .... ·[.][· ]

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the Food Standards Act 1999, UK General Data Protection Regulation, Health and Safety at Work etc. Act 1974, and The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 201.3. We performed audit procedures to inquire of management and those charged with governance whether the group is complying with these law and regulations and inspected correspondence with regulatory authorities.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

INDEPENDENT AUDITORS' REPORT (Continued)

The audit engagement team identified the risk of management override of controls and revenue recognition as the areaEiwhere the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, obtaining revenue documentation and confirming the revenue has been correctly recognised in line with FRS102

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at http://www.frc.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters 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 to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

GARETH JONES (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Rivermead House, Grove Park, 7 Lewis Court, Leicester LE19 1SD

Date 15/04/2025

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Warwick Students' Union Annual Report and Consolidated Statements 2024

ITIES CONSOLIDATED STATEMENTOF FINANCIAL ACTI[V] Including income and expenditure account for the year ended 31 July 2024

Unrestricted Designated Restricted 2024 2023
Funds Funds Funds TOTAL TOTAL
Note £ £ £ £ £
INCOME
Donations
University Grants 3,349,710 32,867 3,382,577 3,217,576
Government Grants 1,611
Income from Charitable Activities
Food and Beverage 1,997,374 1,997,374 1,839,301
Venues, Events & Entertainments 1,051,151 1,051,151 1,121,259
Administration and Support Services 9,302 2,129 11,431 13,262
Students. Services & . Representation 2,218 2,218 3,461
Student Activities., Societies & Sports Clubs 323,593 250,000 573,593 533,879
IncomefrornTrading Activities
Commercial Income 1,880,098 1,880,098 1,723,672
Marketing &Sponsorship 22,627 22,627 29,387
Investment Income - Interest Receivable 55,268 55,268 26,017
TOTAL INCOME 8,691,341 284,996 8,976,337 8,509,425
EXPENDITURE
Expenditure on Raising Funds
Commercial Activities 1,415,914 1,415,914 1,325,189
Expenditure on Charitable Activities
Food and Beverage 2 2,503,813 2,503,813 2,531,964
Venues, Events & Entertainments 2 1,186,379 1,186,379 1,264,747
Student Membership Services
Representation & Affiliations		 2
2		 1,2rn,?fP
609,714		 33,894 1,250,420
609,714		 1,172,918
582,717
Student Activities, Societies & Sports Clubs 2 1,474,008 313,077 1,787,085 1,667,582
TOTAL EXPENDITURE 8,406,354 346,971 8,753,325 8,545,117
NET INCOME 284,987 (61,975) 223,012 (35,692)
Transfers Between Funds 15 (412,396) 349,205 63,191
NET MOVEMENTS IN FUNDS (127,409) 349,205 1,216 223,012 (35,692)
Fund Balances Brought Forward (5,225,505) 375,921 81,748 (4,767,836) (4,732,144)
TOTAL FUNDS CARRIED FORWARD (5,352,914) 725,126 82,964 (4,544,824) (4,767,836)

This Consolidated Statement of Financial Activities represents a consolidation of the income and costs for Warwick Students' Union, Students' Union Services Warwick Limited and Membership Solutions Limited, all operations are continuing.

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Warwick Students' Union Annual Report and Consoliclated Statements 2024

STATEMENTS OF FINANCIAL POSITION Company Registration Number: 07297865

GROUP GROUP UNION UNION
2024 2023 2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible Fixed Assets 6 114,809 111,342 114,809 111,342
Intangible Fixed Assets 6
Investments 8 16,664 16,664 17,934 17,934
131,473 128,006 132,743 129,276
CURRENT ASSETS
Stocks 9 29,841 28.490 29,841 28.490
Debtors 10 693,674 525.446 730,013 655,285
Short-term Deposits 1.421,772 2,098.722 1,032,314 1,546,995
Cash at Bank and in Hand 1,678,324 1,111,911 1,665,023 1,098,610
3,823,611 3,764,569 3,457,191 3,329,380
CREDITORS
Amounts falling due within one year 11 (1,877,861) (1,871,794) (1,513,211) (1.438,375)
NET CURRENT ASSETS 1,945,750 1,892,775 1,943,980 1,891,005
Provisions for Liabilities & Charges 13 (6,622,046) (6,788,617) (6,622,046) (6,788,617)
NET LIABILITIES (4,544,823) (4,767,836) (4,545,323) (4,768,336)
REPRESENTING
Charitable Funds
Restricted Funds 17 82,964 81,748 82,964 81,748
Unrestricted Funds
General 1,269,133 1,563,112 1,268,633 1,562,612
Pension 16 (6,622,046) (6,788,617) (6,622,046) (6,788,617)
Designated 15 725,126 375,921 725,126 375,921
TOTAL FUNDS (4,544,823) (4,767,836) (4,545,323) (4,768,336)

The Group surplus and total comprehensive expenditure for the year was £223,012 (2023: deficit: £35,692)

The financial statements on pages 30 to 55 were approved by the Board of Trustees and authorised for issue on 30 January 2025 and are signed on its behalf by:

President

PE S King-Smith ar VP Democracy and Development

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Warwick Students' Union Annual Report and Consolidated Statements 2024

CONSOL/DA TED STATEMENTOFCASH FLOWS

Note 2024 2023
£ £
Net Cash Inflow from Operating Activities 20 (84,007) 272,117
INVESTMENT ACTIVITIES
Interest Received 55,268 26,017
Purchase of Tangible Assets (81,798) (45,959)
Cash used in Investing Activities (26,530) (19,942)
INCREASE/(DECREASE) IN CASH AND CASH (110,537) 252,175
EQUIVALENT
Cash and Cash Equivalents at the Beginning of the Year 3,210,633 2,958,458
Cash arid Cash Equivalents at the End of the Year 3,100,096 3,210,633
REPRESENTED BY:
Cash and Short-term Deposits at Bank 3,100,096 3,210,633

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Warwick Students' Union Annual Report and Consolidated Statements 2024

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 office and principal place of business is Warwick Students' Union, University of Warwick, Gibbet Hill Road, Coventry, CV4 7 AL.

These accounts represent a consolidation of the accounts of Warwick Students' Union and its subsidiary undertakings Students' Union Services 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 (FRS 102) - 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 Disclosures

In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:

Judgements and Estimations

The Board of Trustees have not made any significant judgements and estimations in the process of applying the accounting policies except for the recognition of the Students' Union Superannuation Scheme (SUSS) pension liability, see Note 21. There are no areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying 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 valuation. This includes a review of the discount rate used in the calculation of the pension liability which after consideration has been set at 5.1 % (2023: 5.1 %).

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Warwick Students· Union Annual Report and Consolidated Statements 2024

PRINCIPAL ACCOUNTING POLICIES (continued)

Financial Instruments

Warwick Students' Union and its subsidiaries only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Going Concern

WarwickStudehts' Union reports a net liabilities positionof£4,544,823 on its consolidated balance sheet as at 31 July 2024.

This'is•· directly asa result6frecogni[s] ing the discounted Students' Union uperannu ti n Scheme (SUSS) pension liability calc e

s'

Union cannotrneetits annual comrnitrnerits to repay this liability.

the Board of Trustees.

The current economic conditions, particularly in terms of cost of living issues f[a] cing students,

ies. . . T?:tionsfo

mitigate the impact of this.

Current information from the University of WarWick indicates thaffutl.lre income provided

ed in

the forthcoming planning• process.

rrent

liabilities and to support the approved Reserves Policy.

The Trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis of accounting in preparing the annual financial statements!

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Warwick Studenis' Union Annual Report and Consolidated Statements 2024

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 Financial Statements - both Students' Union Services Warwick Limited and Membership Solutions Limited are considered to be under the control of the Union.

A separate Statement of Financial Activities (SoFA) for the charity itself is not presented because the charity has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006.

For the charitable company for the period ended 31 July.

2024 2023
£ £
Income 7,601,537 7,222,983
Expenditure (7,378,525) (7,258,675)
Net Income for the Period 223,012 (35,692)

Tangible Fixed Ass,ets

Fixed assets are stated at cost less accumulated depreciation. The cost of minor additions - aside from computer equipment - or th.ose 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 Warwick and the University of Warwick Foundation Fund under lease and does not include these as assets.

Intangible Fixed Assets

Intangible Fixed Assets includes significant investment in non-physical assets such as software 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
Building Improvements, Fixtures & Fittings 3-10
General Equipment, Vehicles 3-5
IT Equipment -Desk Top Computers 5
IT Equipment -Laptop Computers
Software		 3
3-5

35 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

PRINCIPAL ACCOUNTING POLICIES (continued)

Stocks

Stocks are Valued atthe lower of cost and netrealisablevalue. CostiS recogl1ised orla first in, first out basis. Netrealisable value is based on estimated selling price less the estimatedCoStof disposal.

Income

The Union receives donations in the form. of a block grant from the· University of WarWic::k and this is credited to the financial statements in respect of the period to Which eac::h grant relates.

All income•and capital resources are recognised in the accounts When the Charity is legally entitled to the income, the amountcan be quantified, andreceipt is probable.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions orrelateS fo prima[r] y purpose charitable trading. Such income is recognised as earned as the related goods or services are provided.

Income from commercial trading activities (net of Value Added Tax) is recognised as earned when the related goods and services are provided.

Investment in.Gome is recognised oh a receivable basis

Expenditure

Expenditure is recognised when a liability is incurred.

grants arerecognised as goods or services arefpr6vided.

e

elivering

.

Expenditure on raising funds includes costs incurred in trading and commercial activities undertaken to raise funds as well as to attract donations.

Support costs consist 6f 6Verheads and governance c::osts and are apportioned t6 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 vvhe.re ifis 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 due.

36 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

PRINCIPAL ACCOUNTING POLICIES (continued)

Defined Benefit Pension Scheme

The group participates in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally funded and the 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 determined 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 FRS 102, a contractual agreement under a multi-employer 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 pie - and the government NEST scheme. Both NUSPS and NEST are defined contribution schemes and are accounted for under the terms of FRS 102 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 market value is not readily available.

The Board of Trustees value the shareholding in the subsidiary companies at fair value.

Funds Structure

Warwick Students' Union administers and accounts for a number of charitable funds, as follows:

Taxation

Warwick Students' Union became a registered charity on 1 August 2010 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010. Therefore, it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received 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 exclusively to charitable purposes.

37 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

PRINCIPAL ACCOUNTING POLICIES (continued)

Students' Union Services Warwick Limited

The taxab.le profits ofStu?ents'>Unidr, Services Wa.r\JVick Lir11ited are donated, covenant; under Gift Aid to the Union with the consequence that no taxation i company.

Membership 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 that comp§lny.

38 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS

1. Consolidated Prior Year Statement of Financial Activities for the Year Ended 31 July 2023

July 2023
Unrestricted Funds Designated Restricted 2023
£ Funds Funds TOTAL
£ £ £
INCOME
Donations
University Grants 3,182,079 35,497 3,217,576
Job Retention Scheme Grant 1,611 1,611
Income from Charitable Activities
Food and Beverage 1,839,301 1,839,301
Venues, Events & Entertainments 1,121,259 1,121,259
Administration and Support Services 11,365 1,897 13,262
Students Services & Representation 3,461 3,461
Student Activities, Societies & Sports Clubs 321,768 212,111 533,879
Income from Trading Activities
Commercial Income 1,723,672 1,723,672
Marketing & Sponsorship 29,387 29,387
Investment Income - Interest Receivable 26,017 26,017
TOT AL INCOME 8,259,920 249,505 8,509,425
EXPENDITURE
Expenditure on Raising Funds
Commercial Activities 1,325,189 1,325,189
Expenditure on Charitable Activities
Food and Beverage 2,531,964 2,531,964
Venues, Events & Entertainments 1,264,747 1,264,747
Student Membership Services 1,133,964 38,954 1,172,918
Representation & Affiliations 582,717 582,717
Student Activities, Societies & Sports Clubs 1,422,155 245,427 1,667,582
TOTAL EXPENDITURE 8,260,736 284,381 8,545,117
NET INCOME (816) (34,876) (35,692)
Transfers Between Funds (203,273 169,957 33,316
NET MOVEMENT IN FUNDS (204,089) 169,957 (1,560) (35,692)
Fund Balances Brought Forward (5,021,416) 205,964 83,308 (4,732,144)
TOTAL FUNDS CARRIED FORWARD (5,225,505) 375,921 81,748 (4,767,836)

39 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Contintiea)

2. Charitable Activityand SupportCosts

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Other| |Operating|Support Costs| |Charitable Activity Costs|TOTAL|Staff Costs|Cost of Sales|Expenses|£| |£|£|£|£| |Charitable Activity Cost Rea/location| |Food and Beverage|2,503,813|936,303|571,667|160,282|SB§,§61| |Venues, Events & Entertainments|1,186,3.?9|242,602|289,746|47,761|999.,270| |Student MembershipServices|1,250,420|569,301|134,384|546,735| |$tudent Representation and Affiliations|609,714|225,843|12,359|371.,512| |7,337,411|2,229,144|861,413|877,673|3,369,181| |2023|7,219,928|1,972,094|865,718|821,717|3,560,399| |Charitable Activity Costs Summary|2024|2023| |£|£| |Food. and Beverage|2,503,813|2,531,964| |Venues, Events & Entertainments|1,186,379|1,264,747| |Student Membership Services|1,250,420|1,172,918| |Student Representation and Affiliations|609,714|582,717| |Student Activities, Societies and Sports , |1-',_78 7--'-,0_8_5 _ 1--'-,66_7 5_8_2| |7,337,411|7,219,928| |Student Activities, Societies and Sports ,-----1 , 7_87__,,0-'-8"'-5 _ 2_;5:....:5-'-',0:....:9-=-5--------::.:52=2=,8=--=8:....:.7 ___ ....:12...,00-=-9', 10.=c.__3|

----- End of picture text -----

Student Representation expenses includes the affiliation fee for the National Union of Students'Yarid NUS Charity of £37,500 (2023: £37,500). For further information on affiliations see Note 23: Affiliations on page 55.

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Governance,| |Marketing,|Admin|&| |Finance|IT&|General| |Support Costs|Use|TOTAL|Premises|&HR|Comms.|Management| |%|£|£|£|£|£| |Support Cost Rea/location| |Fbodand Beverage|24.8|835,561|268,186|382,957|112,331|72,087| |Venues, Events & Entertainments|18.0|606;270|290,535|131,426|112,264|72,045| |Stpd.ErQt Members.qip ?trvices|16.2|546,735|167,616|194,810|112,264|72,Q45| |Student Representation and Affiliations|371,512| |Student Activities, Societies and Sports Clubs| |100.0|3,369,181|1,117,442|1,145,445|673,853|432,441| |2023|3,560,399|1, 164,368|1,454,142|491,441|450,448| |Support Costs Summary|2024|2023| |£|£| |Foodand Beverage|835,561|971,161| |Venues, Events & Entertainments|606,270|648,383| |Student Membership Services|546,735|589,838| |Student Representation and Affiliations|371,512|380,774| |Clubs|1,009,103|970,243| |3,369,181|3,560,399|

----- End of picture text -----

40 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2.

Support costs are allocated on the following basis:

Governance, Administration and General Management costs include:

2024 2023
£ £
_Governance_Costs
Auditors' remuneration - Audit Fees 35,000 29,946
Auditors' remuneration - Taxation Services 23,215 34,580
Professional Fees - IT Contracts & Structures 13,929 11,579
Other Legal and Professional Fees 11,468 32,379
Board of Trustees - Committee Expenses 1,400 65
Board of Trustees - Travel Reimbursements 98
85,110 108,549
Insurance 93,326 83,463
Irrecoverable Value Added Tax 116,760 108,277
295,106 300,289

3. Net Movement in Funds

3. Net Movement in Funds
2024 2023
£ £
Net Movement in Funds for the Period is Stated After Charging
Auditors' remuneration
Auditor Fees 35,000 29,946
Tax advisory 23,215 34,580
Cost of Stock Recognised as an Expense 571,667 559,450

Stock expended in each year relates to the costs of food and beverages sold across the Union's venues.

41 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEM NTS (Contiifued)

3. Net Movement in Funds (Continued)

3.
Net Movement in Funds (Continued)		 Net Movement in Funds (Continued)
2024 2023
£ £
Net Movement in Funds for the Period is Stated After Charging
ten-Off
s 114,809 116,176
114,809 116,17€>
Operating Lease Rentals
Plant and Machinery
Buildings 475,267 475,267
475,267 475,267

4. Staff Costs

2024 2023
£ £
3,845,440 3,491,926
Factor 323,736
214]:3.!5
(166,571)		 299,058
162,741
183,959
4,217,340 4,.137,684

The discount factor relates to the reduction in the SUSS Pensions liability arising from the annual payments made tcrthe SUSS Trustees as part of the plan to reduce the unfunded part of the scheme.

2024 2023
T
t— Group 105 .0/ 89.88
88.5_I_75.16		 114.00 / 84.5
97. 75_I_70.03
Weekl Paid Staff/ ull Time Equivalent —-Group 289.00_I_30.66 294.0_I_30.58
286.00_I_30.55 294.0_I_30.58

42 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

4. Staff Costs (Continued)

The number of employees employed by the Union and MSL receiving benefits above £60,000 within the year:

the year:
2024 2023
£60,000 - £64,999 1
£65,000 - £69,999 1
£70,000 - £74,999 2
£75,000 - £79,999 1
£85,000 - £89,999 1
£100,000 - £104,999 1
£105,000 - £109,999 1
£125,000 - £129,999 1 1

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 £53,423 (2023: £21,407) for these employees. A further amount of £1,735 (2023: £1,431) 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 of their employment during 2023-24. These payments total £23,373 (2023: £43,589).

5. Key Management Personnel, Trustee Remuneration and Expenses

The key management personnel are the Trustee/Directors, Full-Time Officers and the Chief Executive of Warwick Students' Union.

As well as having a role as a Trustee of Warwick 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 campaigning and support work as distinct from their trustee responsibilities. They listen to 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 Warwick, external organisations and the wider community.

Each of the Full-Time Officers received a salary of £27,128 (2023: £23,283) during the year. This salary was remunerated by way of their role as a Full-Time Officer - not as a Trustee.

2024 2023
£ £
Total Remuneration Paid to Key Management Personnel is
Salaries 252,247 257,156
National Insurance 24,247 25,844
Pension Costs 33,677 9,119
309,997 292,119

43 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Co11ti11ued)

5. Key Management Personnel, Trustee Remuneration and Ex:pellses (cOntinued)

The Board of Trustees are entitled to claim and be reimbursed for personal travel and Subsisterice expenses in performing their role as a Trustee, and the amount paid to Trustees for such experises was £98 (2023: £r l).No Trustees received any remuneration as a result of their role as Trustee.

Warwick Students' Union also incurred costs of £4,264 (2023: £3,807) within the.yearrelating Professional Indemnity insurance cover of £2m (2023: £2m). This policy includectcoverfor the Trustees, Directors, Officers and employees of the Union.

6. Fixed Assets - Group and Union

TOTAL Building
Improvements		 Fixtures,
Fittings and IT
Equipment		 Intangible
(Software)
£ £ £ £
Cost
1 August 2023 1,244,058 73,039 1,112,238 58,781
Additions 81,798 81,798
Disposals (2,595) (2,595)
31July2024 1,323,261 73,039 1,191,441 58,781
Depreciation
1 August 2023 1,132,715 46,751 1,027,183 58,781
Charge for the Year 78,330 5,260 73,070
Disposals (2,595) (2,595)
31July2024 1,208,450 52,011 1,097,658 58,781
Net Book Value
31 July 2023 111,343 26,288 85,055
31July2024 114,811 21,028 93,783

441Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

7. Capital Commitments

7.
Capital Commitments
2024 2025
£ £
Future Capital Expenditure
Authorised but not Contracted
Contracted 42,968
42,968

8. Fixed Asset Investments

8.
Fixed Asset Investments
GROUP UNION
2024 2023 2024 2023
£ £ £ £
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 17,934

These amounts repre_sent deposits held under NUS Services Limited Central Billing Scheme for Students' Unions and is held in respect of payment for monthly supplies of brewed and other products. Warwick Students' Union also holds equity share capital in the following unlisted companies:

Students' Union Services Warwick Limited:

Warwick Students' Union holds 102 ordinary shares of £1 each being 100% 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 services on behalf of the charity.

Membership Solutions Limited:

Warwick Students' Union directly owns 9,500 (2023: 9,500) £1 ordinary shares in Membership Solutions Limited, a company limited by shares registered in Great Britain, being 95% 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.

45 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STA[TE] MENTS (Cofltinued)

9.
Stocks
GROUP UNION
2024 2023 2024 2023
£ £ £ £
Bars 21,437 22,316 21,437 22,316
Catering 8,404 6,174 8,404 6,174
Goods for Resale 29,841 28,490 29,841 28;490
10. Debtors
GROUP UNION
Amounts Falling Due Within One year 2024 2023 2024 2023
£ £ £ £
Trade Debtors 421,385 327,927 63,'510 55,984
Amounts Due from Subsidiary Undertakings 434,452 469,609
Other Debtors 788 4,950 1,042 ·204'
Prepayments and Accrued Income 271;501 192/569 231,009 129,488
693,674 525,446 **730,01,3 ** 655;285
11. Creditors
GROUP UNION
Amounts Falling Due Within One Year 2024 2023 2024 2023
£ £ £ £
Trade Creditors 219,909 220):323 185,511 187,Q33..
_.,,',•,
Amounts Held for Clubs and Societies 941,095 843,520 974,168 865,655
Other Taxation and Social Security 154,474 158,444 154,474 158,444
Other Creditors 170,762 166,656 54,165 42,417
Accruals and Deferred Income 391,621 482,251 144,893 183,926
1,877,861 1,871,794 1,513,211 1,438,375

46 I Page

Warwick Students· Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEM NTS (Continued)

Amounts held for clubs and societies represent balances held on behalf of these bodies, these funds have been generated separately from the activities of the Union and the use of these funds is directed by the individual club or society. Warwick Students' Union acts as a custodian for these funds.

2024 2023
Deferred Income- Group £ £
At 1 August 320,803 249,345
Released During the Year (1,805,153) (1,222,510)
Additions During the Year 1,744,598 1,293,968
At 31 July 260,248 320,803

These amounts include receipts-in-advance for Membership Services Limited and multi-year society memberships.

12. Financial Instruments

The Carrying Amount of the Groups Financial Instruments at 31 July were

GROUP GROUP UNION UNION
2024 2023 2024 2023
Financial Assets £ £ £ £
Debt Instruments
At Amortised Costs 539,253 383,574 178,378 104,267
Financial Liabilities
Measured at Amortised Costs 561,434 549,027 359480 394,196

13. Provisions for Liabilities and Charges - Group and Union

2024 2023
£ £
At 1 August 6,788,617 6,604,658
Deficit Contributions Paid (508,334) (484,318)
Unwinding and impact of change in Discount Factor 341,763 668,277
At 31 July 6,622,046 6,788,617

The Trustees of the Student Unions' Superannuation Scheme (SUSS) have implemented a recovery plan aimed at reducing the unfunded element of the 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 2025 is 5% and then 5% 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 rate is 5.1 % (2023: 5.1 %), reflecting the interest rate of UK Government AA Gilts.

47 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

14. Analysis ofNefLiabilities between Funds

Provisions
Fixed Net for
2024 Assets and
Investments		 Current
Assets		 Pension
Liabilities		 .s/
)
Net Fu d
£ £ £ £
82,964 82,964
Designated Funds - 725,126 - 72!5,'126
WarwiCkStudents' Union 131,473 1,137,660 1,269,133
Pension (6,622,046) (6,622,046)
131,473 1,945,750 (6,622,046) (4,544,823)
Provisions
Fixed Assets Net .fpr
Current Pension Net Fuod$L
Prior Year: 2023 lnvestrnents Assets Liabilities (Liabilities)
£ £ £ £
Restricted Funds 81,748 81.,748·
Designated Funds - 375,921 - 375,921
General Funds:
Warwick Students' Union 138,108 138,108
1,425,004		 1,560;112
Pension (6,788,617) (6,788,617)
138,108 138,108
1,882,673		 (6,788,617) (4,767,836)

48 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

15. Designated Funds - Group and Union

1 Aug 31 July
2023 Income Expenditure Transfers 2024
£ £ £ £ £
Strategic Infrastructure 149,382 (39,965) 109,417
Capital Investment 123,470 (30,311) 200,000 293,159
Business Opportunity 103,069 (130,518) 100,000 72,551
Strategic IT Systems 150,000 150,000
Freedom of Speech 100,000 100,000
375,921 (200,794) 550,000 725,127
1 Aug 31 July
2022 Income Expenditure Transfers 2023
£ £ £ £ £
Strategic Infrastructure 205,964 (56,582) 149,382
Capital Investment 123,470 123,470
Business Opportunity 103,069 103,069
205,964 169,957 375,921

The designated reserves have been created to set aside funds for planned strategic infrastructure development, to support capital investment in the Unions outlets and to take advantage of business opportunities.

The Board of Trustees have approved the designation of £550,000 to support capital investment, business opportunities, implementation of strategic IT systems and supporting freedom of speech.

The transfer of £550,000 (2023: £252,000) reflects this in year designation of general reserves with expenditure relating to work on improving the Unions outlets and developing Belonging and Inclusion Policies.

49 I Page

Warwick Studenis' Union Annual Report and Consolidated Statements 2024

i NOTES TO THE FINANCIAL STATEM TS[>] (Cortinued)

16. Pensions Reserve

2023 Discounted 2024
£ decrease in £
Liability
At31 July At31 July 6,788,617 (166,571) 6,622,046

17. Restricted Funds - Group and Union

1 August 31 July
2024 2023 Income Expenditure Transfers/ 2024
£ £ £ repaid £
£
Sports - Including.Warwick Sports 300 (300)
rt
ve
an
Community Schemes		 7,101
27,926		 39,017
_		 (2,418)
(18,783)		 (901)
(11,853)		 3,782
36,307
16,357 (188) (1,500) 14,669
ation 3,600 (3,600)
1,040 (1,000) 20
lfare and Housing 4,051 (518) (486) 3,047
S
Po tgraduat Engagement 4,732 (2,413) (1,117) 1,202
553 553
.
Susiainabilit		 5,060 2,867 - 7,927
lity and Diversity 11,048 (10,136) 14,545 15,457
81,748 41,884 (34,456) (6,212) 82,964

All of the aboverestricted reserves represent funds received specifically for the identified activity and are related to grants from the University of Warwick and donations for specific projects. The grant awards for student led projects have been allocated across the activities in the year.

1 August 31 July
Prior Year: 2023 2022 Income Expenditure Transfers 2023
£ £ £ £ £
Sports - Including Warwick Sports 300 300
Sports - Events and Activities 12,901 6,112 (11,912) 7,101
Community Schemes 32,061 9,612 (13,747) 27,926
Student Development 16,934 (577) 16,357
Internationalisation 3,600 3,600
Media Centre 20 1,000 1,020
Wellbeing, Welfare and Housing 5,227 (1,176) 4,051
Student Led Projects
Postgraduate Engagement 4,732 4,732
Inspire Scheme 553 553
Sustainability 5,256 1,937 (2,133) 5,060
Projects - Equality and Diversity 5,324 15,133 (9,409) 11,048
83,308 37,394 (38,954) 81,748

50 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

18. Grants to Student Sports Clubs and Societies

Grants to Student Sports Clubs and Societies
2024 2023
£ £
Grant Awards by Societies Federation:
Media, Performance and Music 17,356 22,297
Campaigning, Charity and Welfare 10,541 6,691
Activities and Hobbies 7,670 15,361
Academic Societies 10,193 7,812
Cultural Societies 5,104 3,536
Faith and Belief 3,187 1,925
54,051 57,622
Grant Awards by Warwick Sport:
Sports Clubs 380,760 348,087
434,811 405,709

These are grant awards made by the Union during the year to student sports clubs and societies. The total grant amount awarded directly to sports clubs to undertake activity in the British Universities and Colleges Sport (BUCS) leagues was £256,505 (2023: £219,943).

Warwick 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 funds are held in a separate bank account and the year end balances for each sports club and student society are within the Union's creditor balance (see Note 11).

19. Operating Lease Commitments

19. Operating Lease Commitments
Group and Union Group and Union
2024 2023
£ £
Land and Buildings
Amounts Falling_Due:_
Within One Year 490,852 490,852
Within Two to Five Years 1,901,228 1,916,773
Over Five Years 7,926,535 8,401,842
10,318,615 10,809,467

51 I Page

Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

Operating Lease Commitments (continued) Group and Union Group and Union
2024 2023
£ £
IT Equipment
Amounts Falling Due:
Within One Year 9,243 11,092
Within Two to Five Years 9;243
9,243 20;335
Note to Statement of Cashflows
Group
2024 2023
£ £
Reconciliation of Net lncomel(Expenditure):
Net Income 223,012 (35,692)
(Increase) in Stocks (1,351) (9,928)
(lncrease)/Decrease in Debtors (168,228) 6,075
Increase in Creditors 6,068 37,544
(Decrease)/lncrease in Provisions (166,571) 183,959
Depreciation 78,331 116,176
Interest Receivable (55,268) (26,017)
Net Cash Inflow from Operating Activities {84,007) 272,117

20. Note to Statement of Cashflows

Included within the year end cash balances of £3,100,096 (2023: £3,210,633) is £941,095 (2023: £843,560) relating to student sports clubs and societies which the Un.ion hold§ as custodian, in a separate bank account.

52 I Page

Waiwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (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 determined by the trustees on the advice 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 (FRS102), contributions are accounted for as if the Scheme were a defined contribution scheme based on actual 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 of service up to 30 September 2003 are accrued on a "final salciry" 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 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit 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 of the scheme and GMP equalisation issues.

As such the valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms. This has resulted in an increase in contributions of 5% from 1 October 2023 and by a further 5% each year until May 2037. These rates applied with effect from 1 October 2023 and 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 commitment. 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 (FRS102), require that the charitable company share of past service shortfall is reflected in the financial statements.

Based on the most recent valuation, the charitable company contribution to eliminating the shortfall was £508,334 for the year ended 31 July 2024 (2023: £484,318).

Therefore, at 31 July 2024, the balance sheet of the charitable company includes a liability of £6,622,046 (2023: £6,788,617), which represents the net present value of all future contributions towards eliminating this shortfall.

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Warwick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS(Continuea)

The discount rate used is 5.1 % (2023: 5.1 %) which is comparable to thaffor a 15:..yeaf AA-rated 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 £27,488 (2023: £44,416)during theyear:

The Charitable. company also contributes to The National· Employment Savings Trust (NEST) and Aegon, •defined contribution schemes. DU ring the year •Cohtfibutiohs \JVere rnade arnounting to £214,735 (2023:£162,641). Atthe year[--] end ah amountbf£719 {2023:£136)\JVas dl.le with • respecttothe •pension contributions.

22. Related Party Transactions

Membership Solutions Limited

The Union received a donation under gift aid from Membership Solutions Limited of £353,838 (2023: £271,003). The Union purchased £41,113 (2023: £39,844) of IT services from Membership Solutions Limited and provided £25,316 (2023: £22,004) of services.

At the year end, the Membership Solutions Limited owed £175,254 to Warwick Students Union (2023: £193,630).

At the year end, the Membership Solutions Limited owed £175,254 to Warwick Students Union
(2023: £193,630).		 At the year end, the Membership Solutions Limited owed £175,254 to Warwick Students Union At the year end, the Membership Solutions Limited owed £175,254 to Warwick Students Union
2024 2023
£ £
Salary Support, Administrative and Expenses
Prernises and EquipmentRerital		 17,497
7,819		 15,692
8,716
25,316 24,408

Students' Union Services Warwick Limited

The Union received a donation under gift aid from Stud.ents' Union Services Warwick Limited of £116,732 (2023: £116,610). The Union purchased £Nil (2023: £Nil) in goods and services from Students' Union Services Warwick Limited and provided £19,478 (2023: £32,113) of services to Students' Union Services Warwick Limited. At the year end the Union was owed £283,789 (2023: £288,544) from Students' Union Services Warwick Limited. All outstanding balances are unsecured, owed on normal trading terms and will be settled in cash.

2024 2023
£ £
Salary Support, Administrative and Expenses 6,641 6,647
Premi.ses and Equipment Rental 12,837 25,466
19,478 32,113

Trustees· ofWarwtck Studerits' Union

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War.vick Students' Union Annual Report and Consolidated Statements 2024

NOTES TO THE FINANCIAL STATEMENTS (Continued)

23. Affiliations

Warwick Students' Union is affiliated to the following organisations. Membership, granted by the payment of an affiliation fee, entitles the Union to have a say in how organisations are run or what focus they may have. This may be in the form of a vote or a voice on working parties over and above other membership benefits such as access to expert advice or information resources.

Affiliation Fees 2024 2023
£ £
National Union of Students (NUS) 37,500 37,500
NUS Services Limited (NUSSL) 380 380
British Universities and Colleges Sport (BUCS) 22,467 18,105
60,347 55,985

At a vote taken by Confirmation of these affiliations is undertaken by vote at an All Student Meeting.

24. Post Balance Sheet Events

Subsequent to the year end Warwick Students Union completed the planned exit of the Students' Union Superannuation Scheme by the charity and Membership Solutions limited having made a final settlement payment of £4.85m for the charity and £11 k for MSL on 28 March 2025.

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Warwick Students' Union Annual Report and Consolidated Statements 2024