OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-07-31-accounts

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

WARWICK STUDENTS’ UNION

Trustees Annual Report and Consolidated Financial Statements

For the year ended 31[st] July 2025

Company Registration Number: 07297865 Charity Number: 1136894

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

CONTENTS

Directors Report

Page 1

o Trustees/Directors of Warwick Students’ Union
o Subsidiary Companies
o Legal and Administrative Information
o Indemnity Insurance
o Disabled Persons Statement
o Employee Engagement Statement
o Matters of Strategic Importance
o 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 39

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

DIRECTORS REPORT

Union

Charitable Status

Warwick Students’ Union

Warwick Students’ Union (the “Union”) is a charity established under the Education Act 1994.

Company

Registered Office

Warwick Students’ Union registered with the Charity Commission for England and Wales on 15[th] July 2010. Registered Charity Number: 1136894 Warwick Students’ Union is a charitable company limited by guarantee and registered in England and Wales on 29[th] June 2010, as amended by special resolutions dated 29[th] June 2012, 11[th] July 2018 and 12[th] September 2022. Registered company number: 07297865 SUHQ University of Warwick Gibbet Hill Road Coventry CV4 7AL

BOARD OF TRUSTEES 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.

FULL TIME OFFICERS FULL TIME OFFICERS Appointed Resigned
2024-25 E Nihal President 1 August 2024 31 July 2025
M Amjad VP Education 1 August 2024 31 July 2025
S King-Smith VP Democracy & 1 August 2024 31 July 2025
Development
A Taha VP Postgraduate 1 September 2024 31 July 2025
J Stanley VP Societies 1 August 2024 31 July 2025
L Gosling VP Sports 1 August 2024 31 July 2025
N Carter VP Welfare & Campaigns 1 August 2024 31 July 2025
2025-26 A Taha President 1 August 2025
A Sreekumar VP Education 1 August 2025
J Varney VP Democracy & 1 August 2025
Development
M Raju VP Postgraduate 1 September 2025
A Skrzymowski VP Societies 1 August 2025
L Gosling VP Sports 1 August 2025
O Chapman VP Welfare & Campaigns 1 August 2025

1 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

BOARD OF TRUSTEES/DIRECTORS

Full Time Officer Trustees Appointed Resigned
E Nihal Chair 1 August 2023 31 July 2025
M Amjad 1 August 2024 31 July 2025
S King-Smith 1 August 2024 31 July 2025
J Stanley 1 August 2024 31 July 2025
N Carter 1 August 2025 31 July 2025
A Taha Chair 1 August 2024
A Skreekumar 1 August 2025
J Varney 1 August 2025
M Raju 1 September 2025
O Chapman 1 August 2025
L Gosling 1 August 2024
A Skyrzymowski 1 August 2025

Enaya Nihal resigned the Chair of the Board of Trustees on 31 July 2025, replaced by Alijah Taha on 1 August 2025.

Student Trustees Appointed Resigned
C Dodd 10 January 2025 31 July 2025
S Kenderesi 1 August 2024 31 July 2025
P Omopariola 1 August 2024 31 July 2025
N Syed 10 January 2025 31 July 2025
N Panjehshahi 1 August 2024 31 July 2025
O Ejechi 1 August 2024
M Kalubovilage Perera 1 August 2025
O Murray 1 August 2025
S Nagappan 1 August 2025
External Trustees
A Hill-Wilson 1 August 2018
H Dhillon 1 September 2020 30 Jan. 2025
J Dubber 12 May 2022
R Pegg 12 May 2022
P Clinton-Tarestad 1 August 2025
Company Secretary
M Crook 1 August 2019 31 Dec. 2025
P Smith 1 January 2026
SENIOR MANAGEMENT
Chief Executive Appointed
Philip Smith 24 May 2023

2 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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

Company registered number 5525449 Directors Appointed Resigned J Bonsall 1 August 2009 G Parker 1 August 2015 12 November 2024 G Bryant 1 August 2019 P Smith 1 August 2023 T Murphy 7 June 2024 R Pegg 30 November 2022 A Taha 20 August 2025 E Nihal 9 September 2024 8 August 2025 Company Secretary M Crook 1 August 2019 31 December 2025 P Smith 2 January 2026

Registered Office

SUHQ University of Warwick Gibbet Hill Road Coventry CV4 7AL

3 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Company

Students’ Union Services Warwick Limited

This is the Union’s subsidiary company for non-primary purpose trading which covers the sale of miscellaneous goods and services. This includes events provided for the general public and not just for student members such as externally promoted live music in the Copper Rooms and conference related activity during vacation.

Governing instrument

The company is a limited company with share capital. It is governed by its Memorandum and Articles of Association.

Company registered number

2197761

Directors Appointed Resigned J Varney 17 October 2025 L Gosling 14 October 2024 P Smith 20 June 2023 S King-Smith 14 October 2024 8 August 2025

Company Secretary M Crook 1 August 2019 resigned 31 December 2025

Registered Office

SUHQ University of Warwick Gibbet Hill Road Coventry CV4 7AL

4 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers NatWest PLC 24 Broadgate Coventry West Midlands CV1 1NE Solicitors Band Hatton Button 53-55 Butts Road Coventry CV1 3BH DFA Law 2 Waterside Way Northampton NN4 7XD Bates Wells and Braithwaite LLP 10 Queen Street Place London EC4R 1BE Woodroffes Solicitors 7 Beeston Place London SW1W 0JJ

Auditor

Dains Audit Limited 2 Chamberlain Square Birmingham B3 3AX

5 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

INDEMNITY INSURANCE

Warwick Students' Union has in place Professional Indemnity Insurance cover of £2m and this insurance policy includes cover for the Trustees, Directors, Officers and employees of the Union.

DISABLED PERSONS

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

The Union is a Disability Confident employer and training, career development and promotion opportunities will be, as far as possible, identical to those for other employees.

EMPLOYEE ENGAGEMENT

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 dissemination of information of particular concern to employees and for receiving their views 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 Act 2006 S414c (11).

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

The Board of Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware.

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:

A Taha President

J Varney VP Democracy and Development

Date: 21 May 2026

6 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

STRATEGIC REPORT

The Board of Trustees of the Union submit their Strategic Report for the year ended 31 July 2025.

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 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, up to six Student Trustees and up to five external Trustees who are regarded as the Charity Trustees of Warwick Students' Union for the purposes of the Charities Act.

At 31 July 2025 there were sixteen 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 Steering Group) resolution changes to Byelaws and the procedures and principles of the Students' Union.

7 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 lead the direction of the Union and help Student Officers. Some Union policy, regulations and principles are debated and voted for by members by way of an online secret ballot at an All-Student Vote. The composition and proceedings of Student Council are set out in the By-laws. Any student can attend Student Council and voice their opinions however Council has up to 40 voting members who are representative of the Union from the below areas:

These Forums are at the heart of how the Union 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.

8 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 four years which may be extended for a second term. Lay Trustees can serve non-consecutive terms.

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 FullTime 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. They are joined at the 2 days session with Lay and Student Trustees

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. A written Scheme of Delegated Authority is reviewed annually by the Board.

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.

9 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 responsibility for reviewing the Terms of References of the Board of Trustees Sub Committees and Code of Conduct for Trustees.

Audit and Risk Committee

This monitors the Union's framework for accountability, financial control, risk profile and other aspects which could impact on Warwick Students' Union's organisational health as well as ensuring that the Union is complying with relevant legislation. The Committee is responsible for ensuring that there is a framework of effective internal and external audit coverage and for overseeing reports of data breaches to the Information Commissioner’s Office and serious incidents to the Charity Commission.

People and Remuneration

This monitors issues relating to staff including the staff survey results, pay changes, training and development as well as staff policies. It also oversees the process for recruitment of the Chief Executive and senior management posts.

Relationship with the University of Warwick

The relationship between the University and the Union is established in the Charter, Statutes, Ordinances and Regulations of the University. The Union receives an unrestricted block grant from the University and occupies a building owned by the University of Warwick and another by the University of Warwick Foundation Fund which are leased to the Union at agreed rents.

There is no reason to believe that a block grant or equivalent financial support from the University of Warwick will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to take such steps as are reasonably practicable to ensure that the Union operates in a fair and democratic manner and is accountable for its finances.

Warwick Students' Union therefore works alongside the University of Warwick to ensure that the affairs of the Union are properly conducted and that the educational and welfare needs of the Union's members are met. A partnership agreement is in place to provide a framework for collaborative working between the Union and University.

10 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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. Additionally, Trustees are to be provided with specific strategic risk training in 2026.

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
Governance and Compliance 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
regulations.
Risks to the financial
sustainability of the SU		 Failure to address the funding gap over the next
three years.
Failure to respond to financial challenge
VAT changes affecting food sales in commercial
outlet(s).
Failure of commercial activity and events to break-
even/deliver return to the Charity.
Rising energy costs.
Over reliance on University funding.
People and talent
management		 Failure to effectively manage HR casework.
Failure to succession plan, particularly in key areas.
Failure to deliver an effective ED&I review and
supporting 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.

11 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Key Policy Statements

Investment Policy

The Trustees’ objective is to invest surplus cash to best advantage with minimum risk. The Union has taken a prudent stance with funds being held in high interest-bearing deposit accounts for periods not exceeding 12 months. Cash funds so invested are usually over a minimum balance of £200,000 and must be placed with an approved and reputable banking institution to minimise risk.

Investment returns in the year reflect the stated policy as well as the interest rates available due to market conditions.

Reserves Policy

The Trustees regularly consider the level of free reserves required. Issues considered by the Trustees during 2024-2025 when looking at the level of reserves were future investment and contingency requirements for risks. This includes such items as future strategic infrastructure projects, investment in our commercial outlets and business development opportunities.

Additionally, the Board considered potential future increases in contributions related to the Students' Union Superannuation Scheme (SUSS) pensions liability and temporary losses of income from commercial activity.

The Board of Trustees has agreed that the Union should have an unrestricted reserve target of £845,000. Total unrestricted reserves on 31 July 2025, stand at £859,443 (2024: £1,269,133) and excluding fixed assets stands at £701,515 (2024: £1,154,322). The decrease in total unrestricted reserves reflects the planned use of reserves to fund fixedterm posts.

Designated reserves are held to fund future strategic projects, capital investment and business development and the current balance held is £454,392 (2024: £725,126). The decrease reflects the use of funds in the year to fund expenditure on the Unions outlets, facilities and critical IT infrastructure.

As a result of the Section 75 Buy-out from the SUSS pension scheme, the unrestricted pension fund balance was reduced to of £NIL (2024: (£6,662,046)) (see Note 21).

In order to fund the Section 75 Buy-out, the Union entered a long-term loan arrangement with the University of Warwick. To reflect the future commitment to pay this loan, a negative designated reserve has been established, to the sum of (£4,783,021) (2024: £NIL).

12 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 (job 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. A significant amount of work has gone into enhancing colleague benefits, including enhanced holidays and salary sacrifice.

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 Real Wage Foundation employer and the Board of Trustees evaluates progress in this respect each year during its five-year planning process.

13 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Aims, Objectives and Activities

The Board of Trustees approved a new strategic plan for Warwick Students’ Union covering the period 2025 – 2030. It reaffirms the Union’s existing charitable objectives, be data driven and outcome focussed and act on the feedback from students.

It sets out the priorities and values for the Union which are:

Priorities

Values

Charitable Objects

Warwick Students’ Union exists for the advancement of education of students at the University of Warwick 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.

14 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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.

15 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Key achievements

The SU Strategic Plan 2020-2024 includes seven targets against which we will judge our performance. The targets focus on the following areas:

Students voting in SU elections

The target for 2024-2025 was 35% of students voting in SU elections and we achieved 27.5%.

Officer Spring Elections (February 2025)

Spring Election is when members vote for their new Student Officers for the forthcoming academic year. The election took place 4[th ] – 7[th] March 2025 for the seven Full-Time Officer positions and the liberation Part-Time Officers, which included: Environment and Ethics, Women’s, LGBTQIA+, Disabled Students, Widening Participation and Ethnic Minorities Officers.

NUS National Conference delegates at the time of Autumn Elections were not done, but a later motion passed to re-affiliate and so the roles were included in our Spring Officer Elections. We had nine approved candidates, which is consistent with last year.

A total of 6390 individuals voted for the 14 Officer positions, which is the largest election turnout since 2019 which is a 13.17% increase in voter turnout from last year. A total of 43,175 votes were cast, which is a slight decrease on last year (≤500).

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, suggesting more voters were interested in voting for more positions than previous years.

There were 49 candidates that put themselves forward which was a slight increase from 43 in 2024. One Full-Time Officer position was uncontested however the membership voted to ReOpen Nominations (RON) for this position, which meant the Union held a bye election in the Summer term.

The level of engagement from all candidates was good and we were able to have the majority of those include important information such as profile pictures, manifesto, etc. Next year we will be providing additional opportunities for candidates to gain professional profile photos as well as manifesto support and a continued effort on candidate welfare and wellbeing.

Marketing focused heavily on involving other departments of the Union with our election by having specific stalls across our outlets. Voting Booths across campus in Warwick Sports Centre, Warwick Business School (WBS) and Faculty of Arts Building (FAB) continued once again, with WBS continuing to be an effective mechanism for informing voters of the candidates standing for election, so we will look to replicate similar forms of engagement across other departments next academic year.

16 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 continue next year with some additions (see below). Consistent messaging about elections and the intrinsic value of democracy to fully represent the wide student population was achieved through activities such as video blogs, podcasts, and a greater social media presence pre and during voting week.

.

Full-Time Officer voter turnout by post

President Postgraduate Sports DDO Education Societies Welfare
Turnout 4,746 4,908 5,246 4,995 4,435 4,637 4,951

Individual Voters

Year 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025
No. of
Voters		 5,184 5,750 5,620 4,550 6,347 5,061 3,746 4,889 5,533 6,390

Plans for 2025/26

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 2025. 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:

17 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Following two external reviews of the SU’s democratic structures and Officer roles., a Governance Review Project Group will be established with a view to reforming the SUs leadership positions and governance structures.

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 some 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 costof-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 betterthan-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 2025-26 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 2024-2025 was 95%.

Additionally:

18 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 no apply to me), and we end up with an overall percentage satisfaction score for everyone who responds with very well or well.

For 2025 our score was 69.22% which represents an upward movement from 64.44% in 202 However, even though we have an improved score this year, we are still 3.69 percentage points below the sector average. In terms of our KPI, this gives us a ranking of 13th amongs Russell Group universities. This is better than last year, but not in line with the target of 11th

The fact that our improved performance has not resulted in a more sig nificant upward movement in the Russell Group ranking, and still left us below the sector average, suggests that the majority of other Students’ Unions have sustained an improved satisfaction score thi year. The sector average last year was 72%, versus 72.91% this year.

Student satisfaction with the SU

Headlines from the 2024/25 Term 3 Student Feedback Survey are as follows:

Satisfaction with the SU at my university – 60%. Compared to:

Satisfaction is highest amongst UG first years at 62%, dropping to 60% for PGTs and 57% for PGRs.

69% agree that the SU promotes diversity and inclusivity (T1 2024/25: 82%, T3 2023/43: 77%). This rises to 70% of UG first years.

53% of students agree they ‘have a good idea of what the SU does’ (T1 2024/25: 61%, T3 2023/24: 59%). This rises to 55% for UG Year 1s.

62% of students agreed that ‘the services the SU offer enhance my university experience.’ (T1 2024/25: 73%, T3 2023/24: 68%). This is highest for undergraduate Year 1s at 81% and lowest for PGR students at 61%.

86% of students are aware of the Societies, 84% of the Sports Clubs. These two were also some of the highest awareness in T3 23/24 and T1 24/25.

Amongst the outlets and venues, The Dirty Duck (86%), The Terrace Bar (85%), and Curiositea (83%), had the highest satisfaction. The Copper Rooms club nights at 65% had the lowest satisfaction.

19 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Colleagues reporting the SU lives its values

The colleague values were launched to all teams across the SU throughout Term 1 of the 2024-2025 year.

The embedding of the values has been delivered through a variety of methods throughout 2025:

The Year Ahead (2025/26)

Delivery of the New Strategic Plan 2025-2030 will be the Union’s central focus for the next 12 months. Plans are in place to gather the key data required to deliver the strategic objectives of the Union in years 4 – 5.

Financial Review

Income and Expenditure

The overall results for the year were:

Income
Expenditure
Net Income for the Year
As a % of Total Income		 2025
2024
Movement
£
£
£
9,217,877
8,976,337
241,540
(8,046,531)
(8,753,325)
706,794
1,171,346
223,012
948,334
12.7%
2.48%

The annual recurrent grant contribution from the University increased by £109,305 (3%) to £3,491,882 (2024: £3,382,577). Additionally, the Union recognises contributions in kind totalling £93,838 (2024: £98,636) for management services as grant income from the University. Overall income has increased by £307,789 (2024: increase £466,913).

Income from our Food and Beverage outlets totalled £2,128,357 (2024: £1,997,374) and our regular club nights and other events generated income of £1,048,376 (2024: £1,051,151)

The Union made a payment totalling £5,160,650 to the SUSS Trustees, including a payment of £4,851,023, to settle the Section 75 debt for the Union and MSL, and exit the scheme as employer organisations.

The Union paid a termination payment to one member of staff in the year totalling £15,215 (2024: £12,373).

20 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Net Assets

The year-on-year movements were:

Fixed Assets: Tangible
Fixed Assets: Investments
Current Assets
Creditors: Amounts falling due within one year
Creditors: Amounts falling due over one year
Provisions for liabilities and charges
Net liabilities		 2025
2024
Movement
£
£
£
157,927
114,809
43,118
16,664
16,664
-
3,279,884
3,823,611
(543,727)
(2,277,865)
(1,877,861)
(400,004)
1,176,610
2,077,223
(900,613)
(4,550,087)
-
(4,550,087)
-
(6,622,046)
6,622,046
(3,373,477)
(4,544,823)
1,171,346

Total Net Liabilities decreased by £1,171,346 to £3,373,477 (2024: £4,544,823).

The value of tangible fixed assets increased by £43,118 to £157,927 (2024: £114,809). During the year £107,684 fixed assets were acquired. This principally related to procurement of IT and audio/visual equipment and other equipment and to support staff in delivering the Union’s strategic objectives.

Cash and short-term deposits have decreased by £452,450 to £2,647,646 (2024: £3,100,096), reflecting the net cash outflow during the year, see Note 20.

The Section 75 Buyout from SUSS removed the requirement to provide for future payments to the SUSS Trustees. This was funded from a long-term loan from the University of Warwick and introduced a long-term creditor totalling £4,550,087.

The amounts held as custodian on behalf of student sports clubs and societies increased by £69,197 to £1,010,292 (2024: £941,095). This is included in the total level of Union creditors at the year end.

Reserves

Free unrestricted general reserves at 31 July 2025 decreased by £409,690 to £859,443 (2024: £1,269,133).

Following the Section 75 Buyout from the SUSS pension scheme, and the removal of the provision for future payments, the Pension Reserve was written out to £NIL (2024: £6,622,046).

The Board of Trustees have designated unrestricted reserves to support future strategic infrastructure developments. As at 31 July 2025 the value of designated funds held was £454,394.

To recognise the future requirement to repay the long-term loan from the University of Warwick, the Board of Trustees have approved the creation of a negative designated reserve, which stands at (£4,783,023) (2024: £NIL)

21 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

Students' Union Services Warwick Limited

For 2024-25 Students' Union Services Warwick Limited (SUSW) made a gift aid donation of £108,683 (2024: £116,732) to Warwick Students' Union, a decrease in contribution of £8,049.

This contribution has been generated through non-charitable activity relating to venue hire booked by Warwick Conferences as well as income from media and advertising and the operation of pool tables.

Overall turnover during 2024-25 increased by £23,938 on the previous year to £223,829 (2024: £199,891).

Membership Solutions Limited

The 2024-25 financial year saw Membership Solutions Limited (MSL) making a transfer under gift aid of £229,331 (2024: £353,838) a decrease in contribution of £124,507.

Turnover recognised in the year by the company decreased by £19,286 to £1,715,171 (2024: £1,734,457).

Fundraising

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 2025-2026 financial year) was approved by the Board of Trustees in May 2025.

The budget for 2025-2026 forecasts a consolidated group deficit position of £226,000 (2024: deficit £189,000).

The forecast includes expenditure plans totalling £13,609 (2025: £212,349) to be funded from the designated reserve.

This plan also included recurrent block grant from the University of Warwick for 2025-26 of £3,432,254 (2024: £3,348,542) an increase of £83,712 (2.5%).

The current Five-Year Plan assumes that the University of Warwick will continue to contribute an annual recurrent block grant at least to the level for 2025-2026 across the planning period.

22 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 2026-2027.

The Capital Commitments (note 7) reports that there is no capital commitment approved but not yet contracted. Future investment will be based on ensuring reserve targets are achieved and cash resources remain strong.

The Section 75 Buyout from the SUSS Pension Scheme, was funded by a long-term loan from the University of Warwick. This loan incurs interest charges, and the financial plan includes provision for interest of £303,504. This also requires the repayment of principal in the year to the sum of £232,934 and a total cash commitment of £536,438.

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 2025 was £1,010,292 (2024: £941,095), 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 £2,352,579 (2024: £2,191,576).

Included in this income were grants from the Union's Sports Exec and Warwick Sport of £405,987 (2024: £380,760) for sports clubs and £57,899 (2024: £54,051) 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

Following a tender exercise, Dains Audit Limited were appointed as the Unions statutory external auditor and they have agreed to the appointment for a period of three years.

23 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

The Trustees’ Strategic Report is approved on behalf of the Board of Trustees:

----- Start of picture text -----
A Taha
President
----- End of picture text -----

J Varney VP Democracy and Development

Date: 21 May 2026

24 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 disclose 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 charitable 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.

25 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 2025 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 FRC’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 and the responsibilities of the trustees with respect to going concern 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.

26 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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.

27 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

INDEPENDENT AUDITORS' REPORT (Continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Group and Parent Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

28 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

INDEPENDENT AUDITORS' REPORT (Continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.org.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.

Mark Gurney FCCA (Senior Statutory Auditor)

For and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Birmingham

Date: 21 May 2026

29 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Including income and expenditure account for the year ended 31 July 2025

Note
INCOME
Donations
University Grants
Income from Charitable Activities
Food and Beverage
Venues, Events & Entertainments
Administration and Support Services
Students Services & Representation
Student Activities, Societies & Sports Clubs
Income from Trading Activities
Commercial Income
Marketing & Sponsorship
Investment Income – Interest Receivable
TOTAL INCOME
EXPENDITURE
Expenditure on Raising Funds
Commercial Activities
Expenditure on Charitable Activities
Food and Beverage
2
Venues, Events & Entertainments
2
Student Membership Services
2
Representation & Affiliations
2
Student Activities, Societies & Sports Clubs
2
TOTAL EXPENDITURE
NET INCOME
Transfers Between Funds
15
NET MOVEMENTS IN FUNDS
Fund Balances Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
2025
TOTAL
£
2024
TOTAL
£
3,458,882
33,000
3,491,882
3,382,577
2,128,357
2,128,357
1,997,374
1,048,376
1,048,376
1,051,151
6,549
1,254
7,803
11,431
1,564
1,564
2,218
280,172
261,471
541,643
573,593
1,892,693
1,892,693
1,880,098
37,697
37,697
22,627
67,862
67,862
55,268
8,922,152
-
295,725
9,217,877
8,976,337
1,551,292
1,551,292
1,415,914
2,061,983
2,061,983
2,503,813
1,131,571
1,131,571
1,186,379
868,910
21,507
890,417
1,250,420
518,008
518,008
609,714
1,541,422
351,838
1,893,260
1,787,085
7,673,186
-
373,345
8,046,531
8,753,325
1,248,966
-
(77,620)
1,171,346
223,012
180,369
(270,734)
90,365
-
-
1,429,335
(270,734)
12,745
1,171,346
223,012
(5,352,914)
725,126
82,964
(4,544,824)
(4,767,836)
(3,923,579)
454,392
95,709
(3,373,478)
(4,544,824)

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.

30 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

STATEMENTS OF FINANCIAL POSITION Company Registration Number: 07297865

As at 31 July 2025
Note
FIXED ASSETS
Tangible Fixed Assets
6
Intangible Fixed Assets
6
Investments
8
CURRENT ASSETS
Stocks
9
Debtors
10
Short-term Deposits
Cash at Bank and in Hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
Creditors over one year – UoW Loan
Provisions for Liabilities & Charges
13
NET LIABILITIES
REPRESENTING
Charitable Funds
Restricted Funds
17
Unrestricted Funds
General
Pension
16
Designated
15
TOTAL FUNDS		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
157,927
114,809
157,927
114,809
-
-
-
-
16,664
16,664
17,934
17,934
174,591
131,473
175,861
132,743
24,213
29,841
24,213
29,841
608,025
693,674
462,538
730,013
895,600
1,421,772
628,131
1,032,314
1,752,046
1,678,324
1,739,465
1,665,023
3,279,884
3,823,611
2,854,347
3,457,191
(2,277,865)
(1,877,861)
(1,854,098)
(1,513,211)
1,002,019
1,945,750
1,000,249
1,943,980
(4,550,087)
(4,550,087)
-
(6,622,046)
-
(6,622,046)
(3,373,477)
(4,544,823)
(3,373,977)
(4,545,323)
95,709
82,964
95,709
82,964
859,443
1,269,133
858,943
1,268,633
-
(6,622,046)
-
(6,622,046)
(4,328,629)
725,126
(4,328,629)
725,126
(3,373,477)
(4,544,823)
(3,373,977)
(4,545,323)

The Group surplus and total comprehensive expenditure for the year was £1,171,346 (2024: surplus: £223,012)

The financial statements on pages 30 to 55 were approved by the Board of Trustees and authorised for issue on 21 May 2026 and are signed on its behalf by:

A Taha President

J Varney VP Democracy and Development

31 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 July 2025
Note
Net Cash Inflow from Operating Activities
20
INVESTMENT ACTIVITIES
Interest Received
Purchase of Tangible Assets
Cash used in Investing Activities
DECREASE IN CASH AND CASH EQUIVALENT
Cash and Cash Equivalents at the Beginning of the Year
Cash and Cash Equivalents at the End of the Year
REPRESENTED BY:
Cash and Short-term Deposits at Bank		 2025
£
2025
£
(412,627)
(84,007)
67,862
55,268
(107,685)
(81,798)
(39,823)
(26,530)
(452,450)
(110,537)
3,100,096
3,210,633
2,647,646
3,100,096
2,647,646
3,100,096

32 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

PRINCIPAL ACCOUNTING POLICIES

General Information

Warwick Students’ Union (the “Company”) is a charitable company limited by guarantee and incorporated in the United Kingdom and registered in England and Wales. The address of the Company’s registered office and principal place of business is SUHQ, University of Warwick, Gibbet Hill Road, Coventry, CV4 7AL.

These financial statements 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 (the Group) principal activities are as disclosed in the Annual Report of the Board of Trustees.

Basis of Accounting

The financial statements have been prepared under the Charities Act 2011 in accordance with the Statement of Recommended Practice: "Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015 (Charities SORP (FRS102) – Second Edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Warwick Students' Union meets the definition of a public benefit entity under FRS102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

FRS102 Reduced Disclosures

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

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.

33 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

PRINCIPAL ACCOUNTING POLICIES (continued)

Going Concern

Warwick Students' Union reports a net liabilities position of £3,373,477 on its consolidated balance sheet as at 31 July 2025.

This is directly as a result of recognising the long-term loan liability arising from the buy-out of the discounted Students' Union Superannuation Scheme (SUSS) pension liability in the year funded by a loan from the University of Warwick.

Current information from the University of Warwick indicates that future income provided under the block grant agreement will be maintained at least at current levels, although discussions on a revised funding covenant with the University are planned to be included in the forthcoming planning process.

Although cash balances held by the Union decreased by £452,450 over the year, they remain healthy. Trustees consider that cash balances held remain sufficient to meet current 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.

34 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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 Company 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.

Income
Expenditure
Net Income for the Period		 2025
£
2024
£
7,769,866
7,601,537
(6,532,271)
(7,378,525)
1,237,595
223,012

Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. The cost of minor additions - aside from computer equipment - or those costing below £1,500 are not capitalised and are written-off to the income and expenditure account in the year in which the expenditure occurred.

IT equipment is capitalised if the item value is greater than £400 individually or in aggregate.

The Union occupies premises provided by the University of 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 3
Software 3 – 5

35 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

PRINCIPAL ACCOUNTING POLICIES (continued)

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is recognised on a first in, first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

Income

The Union receives donations in the form of a block grant from the University of Warwick and this is credited to the financial statements in respect of the period to which each grant relates.

All income and capital resources are recognised in the accounts when the Union is legally entitled to the income, the amount can be quantified, and receipt is probable.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions or relates to primary purpose charitable trading. Such income is recognised as 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 income is recognised on a receivable basis.

Expenditure

Expenditure is recognised when a liability is incurred.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. This applies to the annual grant awards made by the Union to third party student sports clubs and societies. Contractual arrangements and performance related grants are recognised as goods or services are provided.

Expenditure incurred on charitable activities comprises the direct and indirect costs of delivering public benefit. This includes expenditure associated with student democracy, academic representation, student advice and welfare, student development and charitable trading.

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 of overheads and governance costs and are apportioned to activities on a basis consistent with the use of the resources. Support costs include central functions such as Finance and HR (see note 2) and the building leases.

Expenditure includes irrecoverable Value Added Tax.

Termination Payments

The Union recognises a liability for termination benefits at the point where it is committed to making the payments in return for employee redundancy.

Leased Assets

All leases are operating leases and the annual rentals are charged to expenditure as the costs fall due.

36 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

PRINCIPAL ACCOUNTING POLICIES (continued)

Defined Benefit Pension Scheme

The group participated 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 FRS102, 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.

The liability was written out as a result of the Union making a Section 75 payment to the SUSS trustees in the year.

Warwick Students' Union participates in both the National Union of Students Pension Scheme (NUSPS) - proved by Aegon which is a brand name of Scottish Equitable plc - and the government NEST scheme. Both NUSPS and NEST are defined contribution schemes and are accounted for under the terms of FRS102 based upon actual contributions paid during the year.

Investments

Warwick Students' Union has fixed asset investments in NUS Services Limited which are valued at cost, as these assets are not readily saleable and a reliable 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:

37 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

PRINCIPAL ACCOUNTING POLICIES (continued)

Taxation

Warwick Students' Union became a registered charity on 15 July 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.

Students' Union Services Warwick Limited

The taxable profits of Students' Union Services Warwick Limited are donated, through a deed of covenant, under Gift Aid to the Union with the consequence that no taxation is payable by that 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 company.

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

The Union and MSL paid their Section 75 debt during the year to buy out the liability.

38 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS

1. Consolidated Prior Year Statement of Financial Activities for the Year Ended 31 July 2024

INCOME
Donations
University Grants
Job Retention Scheme Grant
Income from Charitable Activities
Food and Beverage
Venues, Events & Entertainments
Administration and Support Services
Students Services & Representation
Student Activities, Societies & Sports Clubs
Income from Trading Activities
Commercial Income
Marketing & Sponsorship
Investment Income – Interest Receivable
TOTAL INCOME
EXPENDITURE
Expenditure on Raising Funds
Commercial Activities
Expenditure on Charitable Activities
Food and Beverage
Venues, Events & Entertainments
Student Membership Services
Representation & Affiliations
Student Activities, Societies & Sports Clubs
TOTAL EXPENDITURE
NET INCOME
Transfers Between Funds
NET MOVEMENT IN FUNDS
Fund Balances Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted Funds
£
Designated
Funds
£
Restricted
Funds
£
2024
TOTAL
£
3,349,710
-
32,867
3,382,577
-
-
-
1,997,374
-
1,997,374
1,051,151
-
1,051,151
9,302
-
2,129
11,431
2,218
-
2,218
323,593
-
250,000
573,593
1,880,098
-
1,880,098
22,627
-
22,627
55,268
-
55,268
8,691,341
-
284,996
8,976,337
1,415,914
1,415,914
2,503,813
2,503,813
1,186,379
1,186,379
1,216,526
33,894
1,250,420
609,714
609,714
1,474,008
313,077
1,787,085
8,406,354
-
346,971
8,753,325
284,987
-
(61,975)
(35,692)
(412,396)
349,205
63,191
-
(127,409)
(5,225,505)
349,205
375,921
1,216
81,748
223,012
(4,767,836)
(5,352,914)
725,126
82,964
(4,544,824)

39 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2. Charitable Activity and Support Costs

Other
Operating Support Costs
Charitable Activity Costs TOTAL
£		 Staff Costs
£
Cost of Sales
£		 Expenses
£		 £
Charitable Activity Cost Reallocation
Food and Beverage 2,061,983 1,021,616 662,117 160,226 218,024
Venues, Events & Entertainments 1,131,571 289,660 302,671 43,482 495,758
Student Membership Services 890,417 581,563 - 116,361 192,493
Student Representation and Affiliations 518,008 237,650 - 23,058 257,300
Student Activities, Societies and Clubs 1,893,260 326,438 - 573,277 993,545
6,495,239
2,456,927		 964,788 916,404 2,157,120
2024 7,337,411
2,229,144		 861,413 877,673 3,369,181
Charitable Activity Costs Summary 2025 2024
£ £
Food and Beverage 2,061,983 2,503,813
Venues, Events & Entertainments 1,131,571 1,186,379
Student Membership Services 890,417 1,250,420
Student Representation and Affiliations 518,008 609,714
Student Activities, Societies and Clubs 1,893,260 1,787,085
6,495,239 7,337,411
Student Representation expenses includes the affiliation fee for the National Union of Students' and
NUS Charity of £37,500 (2024: £37,500). For further information on affiliations see Note 23: Affiliations
on page 55.
Governance,
Marketing, Admin &
Finance IT & General
Support Costs Use TOTAL Premises & HR Comms. Management
% £ £ £ £ £
Support Cost Reallocation
Food and Beverage 10.1 218,024 289,107 (298,886) 129,281 98,522
Venues, Events & Entertainments 23.0 495,758 313,199 (45,106) 129,203 98,462
Student Membership Services 8.9 192,493 180,692 (215,864) 129,203 98,462
Student Representation and Affiliations 11.9 257,300
120,461		 (90,964) 129,281
98,087
Student Activities, Societies and Clubs 46.1 993,545 301,153 236,787 258,561 197,044
100.0 2,157,120
1,204,612		 (414,033) 775,529
590,577
2024 3,369,181
1,117,442		 1,145,445 673,853
432,441
Support Costs Summary 2025
2024
£
£
Food and Beverage 218,024 835,561
Venues, Events & Entertainments 495,758
606,270
Student Membership Services 192,493 546,735
Student Representation and Affiliations 257,300
371,512
Student Activities, Societies and Clubs 993,545 1,009,103
2,157,120
3,369,181

40 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2. Charitable Activity and Support Costs (continued)

Support costs are allocated on the following basis:

Governance, Administration and General Management costs include:

Governance Costs
Auditors’ remuneration – Audit Fees
Professional Fees – Taxation Services
Professional Fees – IT Contracts & Structures
Other Legal and Professional Fees
Board of Trustees – Committee Expenses
Board of Trustees – Travel Reimbursements
Insurance
Irrecoverable Value Added Tax		 2025
£
2024
£
32,000
35,000
11,500
23,215
8,717
13,929
102,196
11,468
1,171
1,400
51
98
155,635
85,110
98,719
93,326
146,430
116,760
400,784
295,106

3. Net Movement in Funds

2025 2024
£ £
Net Movement in Funds for the Period is Stated After Charging
Auditors’ remuneration
Auditor Fees 32,000 35,000
Tax advisory 11,500 23,215
Cost of Stock Recognised as an Expense 662,117 571,667

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

41 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

3. Net Movement in Funds (Continued)

Net Movement in Funds for the Period is Stated After Charging
Depreciation and Amounts Written-Off
Owned Tangible Fixed Assets
Owned Intangible Fixed Assets
Operating Lease Rentals
Buildings
4. Staff Costs
The Aggregate Payroll for the Year was
Salaries and Wages
National Insurance
Defined Contribution Pension – Contributions in the Year
Defined Benefit Pension (SUSS) – Unwinding of Discount Factor		 2025
£
2024
£
64,567
114,809
-
-
64,567
114,809
475,267
475,267
475,267
475,267
2025
£
2024
£
4,201,295
3,845,440
389,319
323,736
289,041
214,735

-
(166,571)
4,879,655
4,217,340

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

2025 2024
The Average Staff Numbers was as Follows
Monthly Salaried Staff / Full Time Equivalent – Group 122 .0/94.86 105.0/ 89.88
Monthly Salaried Staff / Full Time Equivalent – Union 105.2 / 79.77 88.5 / 75.16
Weekly Paid Staff / Full Time Equivalent – Group 263.0 / 31.08 289.0 / 30.66
Weekly Paid Staff / Full Time Equivalent – Union 263.0 / 31.08 286.0 / 30.55

42 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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:

2025 2024
£60,000 - £64,999 3 1
£70,000 - £74,999 1 2
£75,000 - £79,999 1 -
£85,000 - £89,999 - 1
£95,000 - £109,999 1 -
£105,000 - £109,999 1 1
£120,000 - £124,999 1 -
£125,000 - £129,999 - 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 £46,482 (2024: £53,423) for these employees. A further amount of £1,005 (2024: £1,735) 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 a termination payment to one employee in respect of the termination of their employment during 2024-25. This payment totalled £15,215 (2024: £23,373).

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 (2024: £23,283) during the year. This salary was remunerated by way of their role as a Full-Time Officer - not as a Trustee.

Total Remuneration Paid to Key Management Personnel is
Salaries
National Insurance
Pension Costs		 2025
£
2024
£
289,369
252,247
29,699
24,247
14,877
33,677
333,945
309,997

43 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

5. Key Management Personnel, Trustee Remuneration and Expenses (continued)

The Board of Trustees are entitled to claim and be reimbursed for personal travel and subsistence expenses in performing their role as a Trustee, and the amount paid to Trustees for such expenses was £51 (2024: £98). No Trustees received any remuneration as a result of their role as Trustee.

A number of the Union's Trustees have personally chosen to waive their expenses and not claim travel expenses to attend Board and Committee meetings. The value of these expenses is unknown.

Warwick Students' Union also incurred costs of £4,264 (2024: £4,264) within the year relating to Professional Indemnity insurance cover of £2m (2024: £2m). This policy included cover for the Trustees, Directors, Officers and employees of the Union.

6 . Fixed Assets – Group and Union

Cost
1 August 2024
Additions
Disposals
31 July 2025
Depreciation
1 August 2024
Charge for the Year
Disposals
31 July 2025
Net Book Value
31 July 2024
31 July 2025		 TOTAL
£
Building
Improvements
£
Fixtures,
Fittings and IT
Equipment
£
Intangible
(Software)
£
1,323,261
73,039
1,191,441
58,781
107,684
-
109,562
-
-
-
(1,878)
-
1,430,945
73,039
1,299,125
58,781
1,208,450
52,011
1,097,658
58,781
64,568
5,261
59,307
-
-
-
-
-
1,273,018
57,272
1,156,965
58,781
114,811
21,028
93,783
-
157,927
15,767
142,160
-

44 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

7 . Capital Commitments

Future Capital Expenditure
Authorised but not Contracted
Contracted		 2025
£
2024
£
-
-
-
-
-
-

8 . Fixed Asset Investments

NUS Services Limited
Investment in Subsidiary Companies		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
16,664
16,664
8,332
8,332
-
-
9,602
9,602
16,664
16,664
17,934
17,934

These amounts represent deposits held under NUS Services Limited Central Billing Scheme for Students' Unions and is held in respect of payment for monthly supplies of brewed and other 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 (2024: 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 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

9 . Stocks

Bars
Catering
Goods for Resale		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
18,129
21,437
18,129
21,437
6,084
8,404
6,084
8,404
24,213
29,841
24,213
29,841

10 . Debtors

Amounts Falling Due Within One Year
Trade Debtors
Amounts Due from Subsidiary Undertakings
Other Debtors
Prepayments and Accrued Income		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
412,361
421,385
72,051
63,510
-
-
290,655
434,452
1,397
788
1,650
1,042
194,267
271,501
98,182
231,009
608,025
693,674
462,538
730,013

Amounts owed by subsidiary undertakings are unsecured, interest free and have no fixed repayment date.

11 . Creditors

Amounts Falling Due Within One Year
Trade Creditors
Amounts Held for Clubs and Societies
Other Taxation and Social Security
Other Creditors
Accruals and Deferred Income		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
207,787
219,909
194,190
185,511
1,010,292
941,095
1,055,907
974,168
228,082
154,474
228,082
154,474
336,915
170,762
233,555
54,165
494,789
391,621
142,364
144,893
2,277,865
1,877,861
1,854,098
1,513,211

46 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (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.

Deferred Income - Group
At 1 August
Released During the Year
Additions During the Year
At 31 July		 2025
£
2024
£
260,245
320,803
(1,482,742)
(1,805,153)
1,524,277
1,744,598
301,780
260,248

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

Financial Assets
Debt Instruments
At Amortised Costs
Financial Liabilities
Measured at Amortised Costs		 GROUP
UNION
2025
£
2024
£
2025
£
2024
£
545,282
539,253
156,678
178,378
737,710
561,434
582,239
359,480

13 . Provisions for Liabilities and Charges – Group and Union

At 1 August
Deficit Contributions Paid
Unwinding and impact of change in Discount Factor
At 31 July		 2025
£
2024
£
6,622,046
6,788,617
(5,160,650)
(508,334)
(1,461,396)
341,763
-
6,622,046

The Trustees of the Student Unions’ Superannuation Scheme (SUSS) accepted the request from the Union to exit the scheme and pay the section 75 liability.

Having paid the amount due to SUSS, Warwick Students’ Union are no longer an employer member of SUSS and as such the pension provision calculated in line with FRS102 has been written out in the year.

47 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

The Union exiting the scheme does not impact on members accrued benefits. NOTES TO THE FINANCIAL STATEMENTS (Continued)

14 . Analysis of Net Liabilities between Funds

2025
Fixed
Assets and
Investments
£
Net
Current
Assets
£
Creditors
over 12
Months
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
95,709
-
-
95,709
Designated Funds
-
221,458
(4,550,087)
-
(4,328,629)
General Funds:
Warwick Students’ Union
174,591
684,852
-
859,443
Pension
-
-
-
174,591
1,002,019
(4,550,087)
-
(3,373,477)
Prior Year: 2024
Fixed Assets
and
Investments
£
Net
Current
Assets
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
82,964
-
82,964
Designated Funds
-
725,126
-
725,126
General Funds:
Warwick Students’ 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)		 2025
Fixed
Assets and
Investments
£
Net
Current
Assets
£
Creditors
over 12
Months
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
95,709
-
-
95,709
Designated Funds
-
221,458
(4,550,087)
-
(4,328,629)
General Funds:
Warwick Students’ Union
174,591
684,852
-
859,443
Pension
-
-
-
174,591
1,002,019
(4,550,087)
-
(3,373,477)
Prior Year: 2024
Fixed Assets
and
Investments
£
Net
Current
Assets
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
82,964
-
82,964
Designated Funds
-
725,126
-
725,126
General Funds:
Warwick Students’ 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)		 2025
Fixed
Assets and
Investments
£
Net
Current
Assets
£
Creditors
over 12
Months
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
95,709
-
-
95,709
Designated Funds
-
221,458
(4,550,087)
-
(4,328,629)
General Funds:
Warwick Students’ Union
174,591
684,852
-
859,443
Pension
-
-
-
174,591
1,002,019
(4,550,087)
-
(3,373,477)
Prior Year: 2024
Fixed Assets
and
Investments
£
Net
Current
Assets
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
Restricted Funds
-
82,964
-
82,964
Designated Funds
-
725,126
-
725,126
General Funds:
Warwick Students’ 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)
174,591
1,002,019
(4,550,087)
-
(3,373,477)
Fixed Assets
and
Investments
£
Net
Current
Assets
£
Provisions
for
Pension
Liabilities
£
Net Funds/
(Liabilities)
£
-
82,964
-
82,964
-
725,126
-
725,126
131,473
1,137,660
-
1,269,133
-
(6,622,046)
(6,622,046)
131,473
1,945,750
(6,622,046)
(4,544,823)

48 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

15 . Designated Funds – Group and Union

Strategic Infrastructure
Capital Investment
Business Opportunity
Strategic IT Systems
Freedom of Speech
S75 Pension Buyout
Strategic Infrastructure
Capital Investment
Business Opportunity
Strategic IT Systems
Freedom of Speech		 1 Aug
2024
£
Income
£
Expenditure
£
Transfers
£
31 July
2025
£
109,417
-
(10,456)
-
98,961
293,159
-
(171,609)
-
121,550
72,551
150,000
-
-
(69,843)
(18,825)
-
-
2,708
131,175
100,000
-
-
-
100,000
-
(4,783,023)
-
(4,783,023)
725,127
-
(5,053,756)
-
(4,328,629)
1 Aug
2023
£
Income
£
Expenditure
£
Transfers
£
31 July
2024
£
149,382
-
(39,965)
109,417
123,470
-
(30,311)
200,000
293,159
103,069
-
-
-
(130,518)
-
100,000
150,000
72,551
150,000
-
-
-
100,000
100,000
375,921
-
(200,794)
550,000
725,127

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. Additionally, reserves have been set aside for the implementation of strategic IT systems and supporting freedom of speech.

The SUSS Section 75 buyout has been funded from a loan from the University of Warwick. To recognise that the loan will be repaid from future revenues over the life of the loan, a designated reserve has been created.

49 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

16 . Pensions Reserve

2024 Decrease in Decrease in 2025
£ Liability £
At 31 July 6,622,046 (6,622,046) -
estricted Funds – Group and Union
1 August 31 July
2025 2024 Income Expenditure Transfers/ 2025
£ £ £ repaid £
£
Sports - Including Warwick Sports - - - - -
Sports - Events and Activities 3,782 7,500 (370) 10,912
Community Schemes 36,307 10,813 (7,147) (769) 39,204
Student Development 14,669 - 14,669
Internationalisation - - - - -
Media Centre 20 - - - 20
Wellbeing, Welfare and Housing 3,047 5,940 (3,539) 769 6,217
Student Led Projects
Postgraduate Engagement 1,202 10,000 (2,755) 8,447
Inspire Scheme 553 - - - 553
Sustainability 7,927 - (1,197) - 6,730
Projects - Equality and Diversity 15,457 - (6,500) 8,957
82,964 34,253 (21,508) - 95,709

17 . Restricted Funds – Group and Union

All of the above restricted 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: 2024 2023 Income Expenditure Transfers 2024
£ £ £ £ £
Sports - Including Warwick Sports 300 - - (300) -
Sports - Events and Activities 7,101 - (2,418) (901) 3,782
Community Schemes 27,926 39,017 (18,783) (11,853) 36,307
Student Development 16,357 (188) (1,500) 14,669
Internationalisation 3,600 (3,600) -
Media Centre 1,020 (1,000) 20
Wellbeing, Welfare and Housing 4,051 (518) (486) 3,047
Student Led Projects
Postgraduate Engagement 4,732 (2,413) (1,117) 1,202
Inspire Scheme 553 - - - 553
Sustainability 5,060 2,867 - 7,927
Projects - Equality and Diversity 11,048 (10,136) 14,545 15,457
81,748 41,884 (34,456) (6,212) 82,964

50 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

18 . Grants to Student Sports Clubs and Societies

Grant Awards by Societies Federation:
Media, Performance and Music
Campaigning, Charity and Welfare
Activities and Hobbies
Academic Societies
Cultural Societies
Faith and Belief
Grant Awards by Warwick Sport:
Sports Clubs		 2025
£
2024
£
24,535
17,356
10,778
10,541
9,741
7,670
12,469
10,193
4,393
5,104
3,045
3,187
64,961
54,051
412,049
380,760
477,010
434,811

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 £284,914 (2024: £256,505).

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

Land and Buildings
Amounts Falling Due_:_
Within One Year
Within Two to Five Years
Over Five Years		 Group and Union
2025
£
2024
£
490,852
490,852
1,932,318
1,901,228
7,451,228
7,926,535
9,874,398
10,318,615

51 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

Operating Lease Commitments (continued)
IT Equipment
Amounts Falling Due_:
Within One Year
Within Two to Five Years
20. Note to Statement of Cashflows
_Reconciliation of Net Income/(Expenditure):
Net Income
Decrease/(Increase) in Stocks
Decrease/(Increase) in Debtors
Increase in Creditors
(Decrease) in Provisions
Increase in Long Term Creditors
Depreciation
Interest Receivable
Net Cash Inflow from Operating Activities		 Group and Union
2025
£
2024
£
22,345
9,243
37,241
-
59,586
9,243
Group
2025
£
2025
£
1,171,346
223,012
5,629
(1,351)
85,647
(168,228)
400,005
6,068
(6,622,046)
(166,571)
4,550,087
-
64,567
78,331
(67,862)
(55,268)
(412,627)
(84,007)

Included within the year end cash balances of £3,100,096 (2024: £3,210,633) is £941,095 (2024: £843,560) relating to student sports clubs and societies which the Union holds as custodian, in a separate bank account.

52 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

21 . Pension Scheme

The charitable company participated 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 salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

During the year, the Union submitted a request to exit the scheme and pay its Section 75 liability to do so.

In leaving the scheme the Union would no longer be required to make future payments to SUSS as part of the recovery plan.

At 31 July 2024, the balance sheet of the charitable company included a liability of £6,622,046 which represented the net present value of all future contributions towards eliminating this shortfall.

As at 13 March 2025, the section 75 valuation for the Union was £4,840,000 and for MSL it was £11,000 and the Board of Trustees approved that the Union and MSL exit the scheme.

Consequently, the Pension Provision and Pension Reserve have been written out of the Unions balance sheet in the year.

53 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

NOTES TO THE FINANCIAL STATEMENTS (Continued)

22 . Related Party Transactions

Membership Solutions Limited

The Union received a donation under gift aid from Membership Solutions Limited of £229,331(2024: £353,838). The Union purchased £37,034 (2024: £41,113) of IT services from Membership Solutions Limited and provided £33,161 (2024: £25,316) of services.

At the year end, the Membership Solutions Limited owed £75,437 to Warwick Students Union (2024: £175,254).

Salary Support, Administrative and Expenses
Premises and Equipment Rental		 2025
£
2024
£
17,497
17,497
7,819
7,819
25,316
25,316

Students' Union Services Warwick Limited

The Union received a donation under gift aid from Students' Union Services Warwick Limited of £108,683 (2024: £116,732). The Union purchased £Nil (2024: £Nil) in goods and services from Students' Union Services Warwick Limited and provided £16,531 (2024: £19,478) of services to Students' Union Services Warwick Limited. At the year end the Union was owed £229,576 (2024: £283,789) from Students' Union Services Warwick Limited. All outstanding balances are unsecured, owed on normal trading terms and will be settled in cash.

Salary Support, Administrative and Expenses
Premises and Equipment Rental		 2025
£
2024
£
6,641
6,647
12,837
25,466
19,478
32,113

Trustees of Warwick Students’ Union

There were no related party transactions in respect of Warwick Students’ Union Trustees in the year (2024: no related party transactions in respect of Warwick Students’ Union Trustees)

54 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025

Docusign Envelope ID: 61926581-B227-8BBC-8079-7CD11BB2D98E

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
National Union of Students (NUS)
NUS Services Limited (NUSSL)
British Universities and Colleges Sport (BUCS)		 2025
£
2024
£
37,500
37,500
403
380
25,223
22,467
63,126
60,347

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

55 | P a g e

Warwick Students’ Union Annual Report and Consolidated Statements 2025