2024-07-31-accounts

Company Regislration Number: 07366779 Charlty Reglstratlon Number: 1139462 Your Students, Union

CONTEirrs Pages Trustees, Annual Report Independent Audltor's Report 17-19 Consolldated Statement of Flnanclal A¢Uvltles 20 Consolldated and Charlty Balance Sheets 21 Consolldated group statement of cash flows 22 Notos to the Consolldated Flnanclal Statements 23-35

COVENTRY UNIVERSITY STUDEMfs' UNION UMITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 The trustees. who are also directors of the charity for the purpose of the Companies A¢t 2006, pras8nt their annual r8POrt wlth the audited consolidated finan¢ial *atements of th6 charity for Ihe year ended 31 July 2024. The trustees confimi that the annual report and financial ststements of the Company comply with current ststutory requirements. the requirements of Ihe Company's govemlng document and the provisions of Accounting and Reporting by Charities., Ststement of Recommended Practice applicable to charities preparing their accounts in ac£ordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) (effective January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company Number 07366779 (England and Wales) Reglsterod Charfty Number 1139462 Reglstorod Office cusu 1$1 Floor 4 Jordan W811 Coventry West Midlands CV15QT Tel: [phone] Fax: [phone] w.cusu.or Extemal Trustsos The following twstees are also directors of the company." Nanpe Position APp￿nted Reslgnad Mrs Jacqui Clements Dr Furrkh Aslam Mr James Hunt Mr Jeremy Roblnson Mr Larry Cokman Miss Naomi Smlth Chair 30 Septernber 2019 22 February 2019 I Septsmber 2020 29 April 2021 29 Apnl 2021 16 November 2022 Full tlnm (Sabbatlcal) Officer The Sabb8tiG81 Officers are elected in lo office by the sludeni populalion and to forni the Executive Committe8. The Sabbatical Officers that h81d office during the year a￿.. Name Panchami Sathee8h Julia Reszka Aparna Golla Akhil Sha Pr¢)mise Owai Christopher Eban Oduduabasi UmTrOdiong Position Appointed l July 2023 l July 2023 l July 2023 l July 2023 l July 2024 l July 2024 l July 2024 Temi Expired 30 June 2024 30 June 2024 30 June 2024 D8PUty Chair Student Tntsteès The Student Trustees that held office during the year wer8.. Name Mr Lewis Callary Position Appanted T8rm Expired 16 November 2022 30 June 2024

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Management Mr John Abell Mr Paul Burt Mr Daniel Connolly Mr Michael Lappin Mrs Emma Austin Miss Elizabeth Collins Mrs Devina Whitwell AArs Sarah Motye Ms Adrien James Chief Executive Officer Chief Operating Officer Director of Communications Director of Enterprise Head of Marketing and Communications Director of Finance and Risk Director of Employatslity Director of People DireGtor of Membershlp serv1￿s and Portfolio managament Sènior Statutory Audltor Slephen Anderson FCCA (Senior statut￿ Auditor) Audltors Knox Cropper LLP 15&155 London Road Hemel Hampstead Hertfordshire HP3 9SQ Solicltors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Bankers The Co-operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP

COVENTRY UNIVERSITY STLIDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT CUSU'S purpose is to reptssent, promote and advance the educational, welfare, sporting, social and cubtural intsrests of all studants enrolled across Coventry Univetsity and the Coventy University Group (CUG) and be directed by those students. CUSU represents the interests of Coventry and CUG students both locally and nationally and exists to encourage and anable the wide participation of all students in that representstion. Governing document The chatity is a company limiled by guarantee as defined by the Companies Act 2006 and does not have any share capital. The charity is govemed by the Memorandum and Articles of Association. The guarantors are the members of CUSU. being registered students at Coventry University as defined by the Articles of Association. During 2022123 a detailed review of the Articles of Association was undertaken and a new goveming document and by-laws were approved by the Charity Commission and adopted on 08 November 2022. The new articles allow for more digital decision making by officers and recognise that Coventry University is now a national group with rnultiple campuses in the U.K. Board of Trustees CUSU is overseen by ts Board of Trustees which is ultimately responsible for the govemance of the charity and ensures that the Students, Union: compli8S Wlth relevant legal frarn8works, makes sound financial deGisions. has a strat8gy that meets its charitable objectives. The Board is responsible for th8 management, administration, govemance. and strategy for CUSU. The Board operates on dem¢xratic princlples, working for and with our members who are the students of Coventry Unlv8rsity and the CU Group. The Board is legally responsible for CUSU and ensuring CUSU complies with relevant laws and legal framworks. The Board's power Is sublact to the decisions or policy mad8 by the members via CUSU'S democratic structures. The trustses may override the deci8lons or policy only on tha grounds of ffinancial considerations, ¢haiity or education law or other18gal requirements or the reputation or best Interests of CUSU. The Board, assisted by sU￿COMmIttee5, has delegated the day-to4ay operdtions of CUSU lo the Chief Executive who is accountable to tt¥e Board and sub<ommitt88s. The Chief Executive is further assisted by a management t8am. In 2023124 The Board of Trustees had 13 m8mbers comprising: Four full-time executive officers Three appointed student members Two members appointed by Coventry Universty Board of Govemors Four extemal trustees On 31 July 2024 th8r8 Were 11 members in post. The new articles of association allow up to 18 members of Board so recruitment for new student members will begin in Q2 2024125. The Board met four times during the year to receive reports from sutrfommittees. officers and management to review CUSU'S perfomiance and administration. The Board also rnet for a strategy day. Sub4ommittee5 of Board of Trustees The following subrfommittees report to Board of Trustees: Commercial SeNices Board Finance and Audit Committee People and Culture Committee Govemance and Appointments Committee These committees ea¢h mgt a mlnimum of times this year. The sub•ciJmmittees contain trustees as well as extemal experts who provide support. Recrultmon( appointment and training of new trustees The Students, Unlon Artlcl8s of Association governs the terms of office, appointrnent process and responsiblllties of the trustees. The trustees are provided ¥Mth comprehensive training and briefings on thelr roles.

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Members of the Unlon Ordinary Members Ordinary membarship is op8n to all students who do not opt out of membership of CUSU undgr clause 22 {cl ofthe Education Act 1994 and are enrolled on any course at Coventy Unlverslty or the CU Group, to Sabbatical Officers of CUSU, and where appropriate to students on Coventry Univeysity courses at other organisations. Ordinary Members are entitled to propose, stand and vote in CUSU elections. and propose and vote on molions in refarenda. Assoclate Member8 Associate Membèrship is open to all members of Coventry University, the CUG. CUSU staff. past students of the University and to 0th8r persons agreed to by the Executive Committee who shall detemiine the membèrship fee. Associate Members may use mosl of the serVi￿S of CUSU but shall not: Vote or stand in CUSU elections or meetings Hold officer or committee positions Represent CUSU in competitive sport Access tha Advlce Centre Asso¢iatè membership may be revoked by Exacutlve Committee in accordance with CUSU disciplinary procedures. Honorary Mgmbers Honorary Membership is awarded to any persons considered appropriate by Executive Commlttee. and to members of Executive Committ88 on thelr last day of office unless considered otherwise by Executive Committee. Honorary Members en￿Y th& rights of Associate Members without fee or charge. Honorary membership may be revoked by Executlve Committee. Executive Committees, Student Counclls, All Student Meetings CUSU operates on democratic principles, the voice of students is represented through a series of bodles. In 2023-24 thos8 bodies were: Coventry Executbve Committee Cross-Campu$ Ex8CUtIV8 Commlttee Student Council (known as Union Affairs Comrnittee) Referenda Unlon Affalr8 Committee Unlon Affairs Committe8 comprises of four elected Sabbatical Officers. a Postgraduate Research rep. and an Ex8CLrtlve Committee Officer for each college and l¢xation of the Universty and IctaUon In the CU Group. This committee represent the interests of all members and CUSU to the Unlversity and other extemal bodles and directs Ihe everyday affalrs of CUSU in accordan￿ with CUSU policy. Sabbatlcal Officers There are four ele¢ted Sabbatical Officers. Thase act as b￿ste8S of CUSU and directors of any Company estsblished by CUSU. As Trustees they are responsible for setting the strategic direction of CUSU and any company established by CUSU, as required by the Board of Trustees. During the year Union Affairs Committee decided to change tha name of the President role to Welfare Officer to better reflect the remit of that role. Executlvo Commlttee Th& Executlva Commlttees in each CUSU location represent the interests and direct the activities for students who study on those campuses and can propose policy and campaigns to Union Affaifs Committee as requlred. Electlon The Union Affairs and Execuiive committees are elected by the ordinary members of CUSU by secret ballot. The union received nominations from 55 students and nominations were re¢eiv8d for all of the 13 posltions available. Candidates were mora likelyto be overseas and postgraduate students so next yearwe will aim to engage more UK and undergraduate stud8nts with the elections.

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Over the voting perlod 4,467 individuals voted. Tumout at 170/0 was higher than in previous years and higher than the sector average noted by the National Union of Students (NUS). Pollcy Union policles lapse after three years unless renewed by Union Affairs Committee. Members are notlfied of policies due to lapse and may speak in favour of renewing the motion. A simple majority vote is needed to renew it. Referenda Referenda aré thè highest decision-rnaking body within CUSU. Voting is open to all ordinary members and If a referendum receives a total tumout of 5°/0 of the membership. then the result is binding and overrules any previous decisions by the Union Affairs Committee, Local Executive Committees or Forum. If a lower level of tumout is achieved the result is not binding but is an indicative vote for Union Affairs CoTnrnittee and Local Executive Commitlees. One ref8rendum was held (on membership of NUS UK) however it wasn't quorate with only 131 students voting. Of these. 890h expressed a preference forthe SU to stsy a member of NUS UK. Relationship with Coventry University and other related parties Coventry Unlversity Group Coventy University is the owner of the premises called The Hub" which it lets to CUSU under a licence agreement. Under the li￿n￿ agreement the University provides serVI￿S suth as power. deaning, custodial ServI￿S and landlord's repairs. The provision of this licence has been valued as a SeNice in Kind. CUSU also recesves a Block Grant from the University as th8 Edu¢ation Act 1994 imposes a duty on the University lo ensure financial viabilty of its student representative body. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable fijture. This year the block grant rose by 8% to £2,190.240 including fvndiFYJ for cost of living rises for CUSU stsff. We al CUSU are thankful for the University's continuing support. Importantly, we continue to benefit from positive relationships with University staff at all levels and locations. We aspire to make a continued positive contribution to the lives of our members and the campus community. The Universty plays an important role within CUSU. having representatives on the Board of Trustees. Management. CUSU Services and Finance sub-committees. CUSU Services Limited CUSU is the b8neficial ovmer of CUSU SeNices Llmlted, a Company Ilmlted by shares Incorporatsd on 11 July 2011. CUSU SeNices Limited manages the commercial aspects of CUSU including the lease of any commercial property. As the parent company CUSU prepared thesa consolidated financial statements incorporating CUSU Services Limlted. CUSU provides management services to CUSU SerVI￿s Limited for which a charge is made. The taxable profits of CUSU Services Llmited are donated to CUSU under Glft Ald. CUSU SeNlces works to dlverslfy Income to CUSU {charity) through the following business units: Phoenlx Commercial Development - This unit works on events and projects to Intagrats the work of CUSU in the areas in which il operates. This unit offJanises SU Digital, our annual sectrjr conference. Phoenix Crealive- Our creative agency delivers graphic design. illustration. print. digitsl, video and animation work. Phoenix Creative s8cur8d a significant contract this year with Bimiingham Guild of Students, supporting them for 2 days a week. as well as completing work for sever81 other Su's and universities including London Met University. Warwid( SU and Imperial College Union Phoenix Employability and Training - This department has delivered University accredited mrxlules for over 10 years through the Universty Add+Vantage scheme (though this activity is delivered through the Charity rather than CUSU Services - it is overseen by CUSU SeNices Board}. Any surplus from the Add+Vantage scheme is reinvested to improve the educattonal experience of students. Phoenix Partnerships This media sales and advertising arm of our business-tsbusinw&s sales. We traditionally sell medi8 8nd exhibition space to acce&s our market of 35.000 students. This is through a range of traditional media sales and fair sales including Freshers. Fair. This unit works in partnership with a company called Native to develop this service. Phoenix Caterlng- We now operate outlets in Dagenham and Coventry designed to provide value f￿d and drink to our members. This is njn with support from NUS and Is designed to operate on a break-even basis to support students through the cost-of-living crisis. The surplus from our trading ami was sllghlly below budget as we focussed on developing Phoenix Catgring as a significant new offer for students. We have now developed a new Comme￿Ial services strategy and we are confident about significantly growlng our offer ovgr the course of the strategy.

COVEprrRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Commercial SeNlces Governance It Is acknowledged that the dèvelopment of these services brings more risks to the organisation and these risks a￿ considered and overseen by CUSU ServicA8S board and the Board of Trustees who have cO￿evelOpad the new strategy. Commercial Strateglc Vlslon: By 2027, CUSU Services will have developed new and existirMJ entsrpTise ventures, that are reliable. relevant and $ustsinable for our students and our wider communities. We will be recognised as an entrepreneurial trading subsidiary that is truly Powered by Students. accelerating their employabilty oppDrtuniti8s and development. Commercial Services Review of the Year The surplus from our trdding arm was below budget due to several factors such as the decision to focus on developing catering this year as a break-even service to students. We took the decision to no longer organise the Coventry Festival of Running and Half Marathon due to a change in demand for these events nationally after the pandemic meaning that a long runup time would be needed to deliver a successful event. Natlonal Unlon of Students {NUS) CUSU has been engaged in Ihe training and support provided by NUS UK in the last year through sumrner convention for olected offi￿r8, attendance at the national and other relevant conferences. CUSU continues to engage with NUS UK with vartous items of policy being submitted to National and Liberation Conferènces over the last year. CUSU is also a member and 8Ctive participant of NUS Charity to support staff. OBEJCTIVES AND CHARITABLE ACTIVITIES Our Purpose The purpose of CUSU shall be to represent, promole and advance the educational, welfare, sporting, social and Guttural interesls of all students 6nro119d al Covenlry University Group and bè directed by the studènts of Coventy University Group. Equallty and Dlverslty One of our key values in the new strategy is that kn VAII be Inclusive,. In ord8r to better a¢hiev8 thls, the SU undertook a comprehenslve equa15ty audit through an organisation called Watch This Space in 2023. Union Affairs Committ8e and Board ofTTustees developed a roadmap of activty in 202312410 ensure we live to this value. As part ofthis we have fijrther developed our communities of marginalised communities and students were specifically employed lo develop activities and campaigns in the following areas: Disabled students Global Majority students Intemational students LGBTQIA+ students Women students The SU also contributed to the new Coventy University Group Access and Parbcipalion Plan which was developed over the summer of 2024 and will contain significant activities to supwjrt marginalised students when it becomes live. strategic plan The trusiees instruct the senior management team. as well as all established and casual staff, to achieve the aims and objeclives of the charity. A new 4-year strategic plan forthe organisation was launched in a12022123 containirwJ deLgiled Key PerfrJnn8nce Indicators to guide the growth of the organisalion over the next four years. Mission - Supportlng Studont Success Vlslon - All students at Coventy University Group will fulfil their potential Values - We will be helpful- We will be Inclusive- We wlll be 8thical Themos: University Experionc@, Providing Support. Developlng Skills, Creatlng Communities Enablers: Govemance and Relationships. Flnance and Resources, Communications and Insight, P80ple arKI Culture

COVENTRY UNIVERsifi STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 OVERVIEW OF THE YEAR The SU has now completed Year 2 of the strategic plan 'Your SU- Supporting Student Success 2022-26,. There were fjnancial challenges in the year that impacted perfomiance as costs were cutto recov8rfrom not receiving £300,000 ofexpeGted income in the Employabilty and Skills department but we believe this report shows overall prcMJression against the plan and strong results. An end of year deficit of £150,000 against a budgeted d8ficit of £100.000 still leaves the SU in a strong financial position with approximately £1M in reseNes {excluding the pension defiGit). The plan contalns six strategi¢ goals which will b8 in place until 2026 and a set of KPIS Ihat are reviewed each year to ensure they remain relevant and ambitious. Of the 40 KPIS, the SU Is currently achieving 20 with more on tsrget to be achieved in 2024125. 22 - 26 Strategic Goals By August 2026 the SU will: Goal 2024 Score Support Coventry Universlty Group to be in the top 25Q/o of the NSS for overall satisfaction as m8asured by the Group's averdge positivity score in all NSS questions ranked a¢ross institutlons (38Yo in 2022) Achieving - 18% Have over 700/0 of students who are satisfied with the SU as measured by the NSS (61 % in 2022) Achlevlng - 75.8Y• Reduce in year undergraduate withdrawals to 2.59/0 (5Vo in 2022> Failing- 10.30 Have over 50QA of students engage with an SU facilitsted aclivty {17Yo in 2022) Progressing- 35% Have a tumover of over £5M and spend over 10 % of this on student staff (£3.8M and 2 % in 2022) Progresslng- £3.OM and 4.2Y. Membershlp Services Performance One ofthe main challenges remains quality studentengagementwlth extrawcurricularactivlty as members ba¢ome Increasingly time poor. The SU is getting more students to engage with one-off a¢tivilies but Is still struggling to retum volunteerfng and student society activity to pre￿andemIC levels. Ther8 are posltive signs- in 2023124 the SU recrulted, trainad and rewarded over 1000 course reps for the first tim8 since the pandemic. Much of the work in 2023124 was In preparation for 2024125 as we bagln th8 transferral of two unlversity services to the SU and prepar8d to support the Phoenix+ extra-GurriGular 8mployabillty initiative. Othèr new Initiatives included supporting the University Group with the APP submission as well as developing a new online feedback tool to studants. Both projects should make a large difference in fvture years. Of most ¢oncem Is the high in-year withdrawal rat& of students. This is a sector wide Issue {particularfy with international students for both financtal and visa reasons), however the SU can do more lo stop students leaving in-yearand we are working with th8 University Group on initiatives to reduce withdrawal. Student Voi¢e Durfng the year we began trials of a new online feedback tool for students that will be key to our student voice work going forward. Thls was tested in one academic unit {CU Coventry). This will be fvlly launch8d in 2024125. As w811 as highlighting issues with the academic experience we are also keen to celebrate success. Th8 SU ran 7 events in faculties and localons celebrating students, lecturers and support staff. This culminated in the SU awards dlnner where 12 stud8nt$ or student groups were awarded for thelr overall success across the Group. Activities The Activities team contlnued to deliver a wide ranging programme of events and supporting society activity over the year. In 23124, there were 77 aGtive socletles with 2070 membershlps sold. Many students engage in more than one s(Kiety therefore the number of individual student memberships sold was 1553 students.

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Socleties are led through student committees, In 23124 there were 275 committee members spread across roles including Treasurer, EDI Officer and President. All took part in a basic training programme with many doing further tralning In aspects of their role. There were 35 events where extemal Speakers talked to Societies. Subjects covered Included faith based tslks, polltlcal discussions and industy-based ¢are8r advlce The year was rounded off with an Activitles Awards ceremony in April. The event was attended by 120 students and. from the 248 nominations received. a range of awards were given. Advlce The SU Advice Service continu8S to be very busy as students. from all UK locations, CA)me to Your SU for support across a number of issues. The Advice Centre received 4958 queries in 23124, many of which were triaged at the first point of contsct with 1128 cases belng opened as a consequence of the queries. M¢)st cases wgre centred around academlc Issues wth finance cases being the second most in demand category. The Advice team maintain8d a proactlve online presence throughout the year. engaging 6823 readers over the articles published. Advisors managed to ￿Ure over £300.(NJO financlal galns for students through work on cases of a finan¢ial nabjre such as benefit Claims and compensation. Of the students that were seen by the advice team. 680/0 of them completed a feedback form with 87°A of that figure judging the advice given to be use or very usèful. Sportlng Success Sports ar8 recoverlng from the post pandemic drop in engagement with the number of clubs holding fim) at 35 and tha numbers of members steady at c.1500. Th6 'Team Phoenlx, perfornian￿ clubs In 22r23 were men's and women's volleyball. men's and women's basketball and women's rugby. Each team has benefitted from extra stréngth and conditioning and support and resources dedicated to furthèring their success. The Su's national league teams that perform under the 'Flames' banner have had elements of success. The Flames men's basketball team has had ￿ of its student players progress to play for the English national student basketball team. The Flames women's basketball team has had 250.000 impressions with a reach of 210,000 on social media. Sport ran spècific events for Intematlonal Wom8n's Day with dedicated events running across the different sports. Sports clubs have also begun to merge to be 'non gendèr specific, to reduce barriers to the membership and to benefit from e¢onomie$ of scale. Skllls Dellvery Your SU Skllls team is experfencing a period of recovery following the pandemic and staff fEuctuations. Despite these challenges, we Continue to provide impactful experiences for students to engage with. This past year, 2,466 students signed up for our newsletter. with over 1,200 students activety engaging with our volunteering portal. Of these, 42 students attended the six volunteering tsster days we off8red, and 20 students participated in one ofthe fve volunteering workshops where we supported them in finding suitable opportunities and explored potential career paths in the third sector. Our annual volunteering fairs have continued to be a success, wlth over 70 stud8nts attending in Tem 1 and a post-COVID record of 124 students at the February fair. The team continues to seek inventive ways to improve engagement, despite the increasing challenges faced by our time-poor students. As we transition out of Add+vantsge, we have seen healthy numbers In our modules, with 707 ￿dentS achieving accreditstion for modules such as Placements in Schools, Volunteering in the Community, Work Experience, and Graduate Employabilty Skills. British Sign Language (BSL) is increasingly popular In the UK due to growlng awareness of inclusivity and accessibility for the Deaf community. Legal recognition of BSL. campaigns for better aGcessibilty, and so¢ial media awareness have driven this interest. At the SU, we re¢ognise th8 many benefits of leaming BSL. It fosters inclusivity on ompus, enhan￿$ communication skills, and can be an asset in diverse career paths. Last year, 120 studènts engaged in the six BSL ¢lubs wè delivered during 2023-24, and BSL was one of the first sessions trialled under the new Phoenix+ employability programme.

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Digital badges are becoming an increasingly populartool for businesses, universities. and sch¢)ols to reccgnise sklll acquisition in their recipients. The SU hosi an incredible Digilal Badge programme with 110 types of Badges that span all departments. This Badge offering has awarded 3628 badges awarded to 1375 individual students. These verifiable and shareabla credentials Provide a visual representation of competencies. making it easier for irmjividuals to showcase their skills to employers or peers. SU Financial Perforniance and Commercial Services Due to the high level of SU resetves. the trustees approved a £100.000 deficit budgel for 2023r24. DurirvJ the yearthe impact of the funding crisis in Higher Education on the sector and Coventry University Group became clear and a reforeGast became necessary. This was mainly due to not receiving £300,000 in anticipated income from the Universty Group for providing skills training for students. This income will now be available to the SU in 2024125. This necessitated immediate cost-cutting and a reduction in headcount in the SU. These measures were tsken early enough to allow an end of year approximate position of a £150.000 net deficit. This figure would have been rnuch higher rf decisive action had not been tsken. As the defficlt figure was higher than budgeted. trustees h8v8 approved a breakryeven budget for 2024r25. The SU Is pleased that even with the emergency cost cutting initiatives undertaken. KPI perfom)ance in our th8mes and enabEers remain strong. Commercial Performance Commercial income is growing steadily in tems of tumover and surplus but not at the rate oullined In the plan. In 2024125 the SU will ￿ running five catering outlets across four campuses which will provlde better value for the Unfversity Group and students and the transferral of sports and venues provldas significant new entrepreneurial options for the SU which wlll allow more inC￿Me generation. The SU continLtes to innovate - our annual digital conference for SU staff was the b¢ggest ever wlth dalegates from Europe, USA and Australia and our Creative Design Agency grew enough to employ extra stsff. SU Block Grant The bloGk grarrt will grow next year to approximatety £3M as tha SU takes on extra responsibility for new seNice delivery. The SU running se[vi￿S provides efficiencies for the University Group with over £200,000 in savings identified in 2024r25 across catering, Youell House and SF4)rts. We thank the Universty Group for ils continued investment in the SU in these challenging financial tirnes and believ8 that the results shown against the strategic plan provide a good reium for the Group and positive benefits for students. Key Performance Indicators {KPls) A range of KPIS have been developed across our themes and enablers io monitor progress of the organisation over th8 4 years of the strategic plan. These are listed below with the targets and actuals. Theme- Unlverslty Experienco We will en8ure all students have a volce In improving every aspect of their a¢ademic experience. We identify and remove barriers to students succeeding in their ¢ours8 We wlll be experts in the student experience across all modes of delivery at Coventry University Group The delay in laun¢hing the new online feedback tool has impacted dellvery in this area but student satisfaction remains high particularly amongst postgraduates.

COVENTRY UNIVERSITY STUDENTS. UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 21- 22- 23 23-24 target 23-24 actual 2&25 targot 2&26 target Coventy University Group {CUG} total satisfaction in NSS (rank) 42 17 22 2 CUG satisfaction score in PTES ( % ) 87 CUG score NSS fernale students 3 differen￿ from Teaching on My O. Course satisfaction {O/D points) Students who raised feedback vla an SU dtgitsl platfomi (0/0) Students participating as collaborators shaping th8 university experience through an , SU feedbath evenl (Q/0) 91 91 88 10 15 25 12 15 18 Themè- Providing Support We will help sttjdents to navigate the complexity of university life We will h81p students overcome the challenges they face in Iheir non-academtc lives that impact their studies We will advocate for valu8-for-mon8y in all aspects of student life Th8 restructure of the Advic6 Setvlce at the start of the plan continues to provide positive results as our Int8mal metrics remain high. We are pleased that infonnation regarding mental health services was the highest growing score in the NSS as we worked with the University Group on advertising this lo sbjdents. IAfithdrawal rates remain our key concem in this area (and across the plan) and we believe the Student LifelBelonging project should help address this as we encourage more students to engage with their peers. 21- 22 22-23 23-24 actual 23-24 tsrget 24-25 target 25-26 target In-year UGT withdrawal rates who 1 have not retumed to study in 12 5.0 10.3 students aware of SU campaigns in at least areas (Ok. SU Survèy) 59 87 70 65 68 71 % of students who engage in a 't)onl 3 Drop Our, Drop In, intervention who remain in study for the academic year 73 75 77 % of students in NSS who respond positively to 'How well communicatgd was infonnation about your university mentsl wellbeing support services?. Advtce Servic8 client follow-up.. Was the advice you received useful? (%> Advice Service - Amount of financial 6 galns achieved for students following 47 Advice Servlce inteNention (£) 80 78 79 91 87 60 70 80 304 70 85 100 10

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Theme- Creallng Communltles We will help students to find and create their communities We will celebrate our increasingly globalised leaming communty We will help students develop as active citizens who create positive social, civlc and community impact Alihough our engagement with students has grown, it is mostly with one off events rather than the traditional student activities of sports, societies and volunteering. We believe the development of academic socigties will be key for encouraging students to see th6 benefits of extra•curricular activity as tie this in wlth course activity and Phoenix+. 21- 22 22-23 23-24 a¢tual 2425 target 23-24 larget 25-28 target Students who have actively engaged wilh an SU facilitsted activity {O/o total number of 17 students from 2,3,4,5) 28 35 30 39 50 Students who join sports clubs (%) Students who j(Hn societies (OA) 12 15 students Involved in volunteering projects Students attending an SU event (Yo) 20 28 13 18 23 Theme - D8v8loping Skills We will help students recognise the experience, resilience and confidence they gain whilst at Universty We will provide opportunities for students to develop social capital through trainir¥J, volunteering and work experience We will pather with Coventry University Group to help students transition into the employment. further study or career progression they deserve We have fallen behind wilh our skills offer as we support managing the transition with the University Group from Add+Vantag8 to Phoenix+ where the majority of delivèry has been pushed onto 2024125. Financial Constraints have also impacted digital badg8s as the University no longer has a subscription for a prerniurn model. The operation of Priory Wisitor Centre has allowed us to significantly increase the number of communty collabordtions and after the transfer of venue stsff to the SU we can maximise opportunlties from this building as we Currently don't have the staff resour¢e to take fvll advantage. 21- 22 22- 23 23-24 actual 23-24 target 24-25 target 25-26 target Students eaming an SU Digital Badge (/0} 3.2 6.8 12 16 20 students who say the SU has helped them gain and develop skills { /0 - SU Survey) 32 35 40 45 Students completing an SU training course or 11 10 11

Nurnber of significant Community collaborations 20 22 45 30 40 COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Enabler- Governance and Relationships With SU election tumout this year at 17 % we have MO￿ than doubled the poor perfomiance at the start of the strategic plan and are above th8 Sector average of 160A. NSS results for the SU question remain above tsrget however we have stood still with the sector improving so we will ba developing approachès to Improve thè score In 2024125 a8 part of the Student LifelBelonging project. The SU received the WMCA Thrive at Work accreditation of Silver for work improving employee's health and wellbeing and we continue to grow our extemal press coverage with SU activity featured in national press arbd television including BBC Panorama. The SU has not progressed wlth publishing sector research studies du8 to a lack of resource. 1-22 2-23 3-24 actual 3-24 targe 24-25 tsrge 25-26 targe Sludents satisfied with the SU in the NSS {/0) 80.9 75.8 75.6 65.5 67.8 70 SU Election tumout (0/0) Number of annual awards or quality rna￿S achieved by the SU Number of sector research studies published Number of SU activit18s receiving positive sector or national medi83 coverage 15 17 12 14 16 Enabl•r- Finan￿ and Resources Although turnover has stalled in the last 2 years, initiatives such as the sports and venues transfer, Phoenix+ and the growth of SU Commercial seNi¢es m8ans we are confident we can reach the £5M target outlined in the strateglc plan in 25 26. SU Turnover J>2= 24 ?5 2E. tem Commercial Services continue to grow steadily but not at the ambiiious rate outlined in the plan. We are budgeting an £80K surplus from these in 2024125. Catering continues to grow rapidty (there will be ffive SU catering outlets running in 2024125) which provides tumover and better value and employment opportunities for students but this provides limited surplus. 12

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 21- 22 22- 23 23-24 actual 23-24 target 24¥25 target 25-26 target 1 Your Students. Union totsl tumover {£k) 3800 3200 3020 4000 4500 5000 2 Surplus from CUSU Services (£k) 15 42 140 210 280 Number of new significant services launched per year developed with university or other Sus Nurnber of new campus outlets launched per year wilh benefits to students Enabler- Communlcatlons and Inslght Enabling Single Sign On wth Group systems has had a posltive impact on a¢￿$$ to our digital offer with over half of all students logging into the SU webslte. There are still signiftcant and long-running dats sharing issues with the University group which impacts the abilty of the SU to reach its members whlch we hope to resolve in 2024125. 1-22 2-23 23-24 actual 4-25 target 3-24 target 5-26 target Sludents who say they know how to engage wilh the SU (0/0 Student53 suNey) Students completing SU annual suNey Students logging into an SU websitg at least once (0/0) Students aware of SU campaigns in at least￿0 areas (0/0 Student survey) 92 75 800 1129 1300 1600 2000 32 50 40 45 50 59 87 62 65 71 Enabler- Poopl6 and Cultura A strong set of results from our annual staff survey has meant we are generally on target In this area. Financial challenges are impacting the money we have available to employ more students however sports, venues and an increase in catering outlets means this should be remedied next year. There has been an emphasis on improving EDI initiatives following an 8Xt8mal revlew and this is beginning to make an impact however still have work to do on elimlnatlng the SU gender pay gap. 13

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 21- 22 22-23 23-24 actual 23-24 target 24-25 target 25-26 target Career staff who say that 1 Your SU is a good place to 85 work(%) Career staff who say their 2 manager motivates them to 83 achieve their best ( % > Career staff who know what 3 to do to help the SU me8ts ils 85 goals and objectives ( % ) Career staff who frequently 4 feel unacceptable levels of 25 stress at work (ts/o} Amount paid to student staff as 0/0 or overall turnover ( % Career staff Grade 6 and 6 above from Global Majority 13 background (0/0) 93 90 90 90 85 83 88 90 go 100 88 90 go 17 12 18 15 10 10 15 19 17 19 21 Career staff gender pay gap (%) 14.8 2024125 Priorities There are 7 priorities for the SU to contlnue progress against the plan in 2024125: We will need to work qulckly to integrate sports and venues into the work of the SU and develop r8POrting structures for these areas. This also necessltates a refresh of the Strategic Plan to Introdu￿ physical activity metrics. The digital fe8dback tool is now ready to laun¢h across all UK campus8s allowing students to more easily provrde feedback and for the feedback loop lo be closed. 3. We are in the process of restructuring Membership SeNices staff to save money and to allow a matrix managemènt approach in London and Scarborough allowiro more oversight and consistency of SU activity in these areas. 4. We are working with the University Group to develop a 'Student LifelBelonging Plan, for academic unlts giving us a much more targeled approach to extra<urri¢ular activty and student satisfaction. Thls will mostly be achieved through att8mpting to rapidly grow academic societies (though this is resource heavy). More events, trips and guest speakers for students will encourage a better feellng of belonging to improve wlthdrawal and completion rates. 5. We will support the Universlty Group wilh the continued roll out of the Pho8nix+ scheme both through providing actlvlties that tie into the framework and supporting the advertising of the scheme to students to ensure it becomes embedded In campus lrfe. 6. We need to ensure that the increasing tumover of SU cornmercial sèrvlces also means increasing surplus as w8 relaunch the SU Comme￿Ial Strategy. 7. To continue to cui costs to ensure we achiéve a break*ven budget or better. 14

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 SLthment of Publlc Beneflt The trustees confim thatthey havè referred to the guldance contained in the Charity Commission's general guidance on public benefit when reviewing CUSU'S aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and obieGtives they have set. In pursult of its 8ims for the public ben8fit, CUSU will ensure the dlversty of Its membership is recognised, valued and supported. CUSU has established deparbnents and services for the use of its members to support its woth with the Universty and other organisations on behalf of students. FINANCIAL REVIEW Reserves policy The Charity commissi￿ defines reserves as Ihat part of a charity's income funds which can be made available to spend for any or all of Ihe charity's PUTposes once it has met its commwiments and covered other planned expendibJr8". The Trustees are aware of the general duty to apply charitable funds within a reasonable lime of rec8iving them. Therefore to justify the holding of reserves the charity needs a reseNes policy which is based on realistic assessment of the required reseNes. The board of trustees has identified that a minimum level of unrestricted funds should be set to counter balan￿ trading uncertainty and provide a base level for stability. A target level of unrestricted funds has been set to allow for growth and for cusu to take advantage of strategic opportunities for future growth. The current level of unrestricted funds should be set as follows: Mlnimum level - 200A of Charity expenditure Target level - 300/0 of Charity expenditure. If our reserves exceed 40 % of Charity Expenditure we budgetto bring those reserves It)werthe followlng year unless the board of trustaès have agr8ed a specffic proj8ct W8 are saving for. The board of trustees has approved CUSU'S réserves policy and identlfied the followlng reasons to hokl reseN8S: To provide financial stability to enable CUSU to continue to achieve its objective during ¢hallenglng trading periods. To allow CUSU to take advantage of strategiG development opportuniiies and plan for future growth. To enable CUSU to make investment decisions in accordance wlth the Investrnent policy and enable CUSU to conslder opportunlstic investments which may not be within the strategic plan. The Trustees also feel that additional funds should be set aside to meet longer term commitrnènts such as leases and redundancy payments. With the current level of un￿Stricted reseNes £551,172, the Trustees believe sufficient funds exlst to allow the continued operation ofthe company in the event of a s¢gnificant drop in funding. Funds not required on an immediate basis will ba invested In Ilna with the investment pollcy. Truste8s review this policy fomialty on an annual basis. Review of the Gurront year financial activiti•s CUSU'S unrestricted gross income from all sources for this period totalled £3.251.438 and totsl expenditure of £3.378.912 including trading income and expenses from CUSU Services Limited. Total expenditure was incurred on wide ranging student b8nefits that we have provided durirwJ th8 y8ar leaving a deficit of £72.800. Rlsk management The major strategic. business and operational risks. to which the charity is exposed. as identified by the trustees are regularfy reviewed and systems or procedures put in place to mitigate those risks. Full risk reviews are regularfy undertaken on a detailed risk register. A Risk Management Framework providing the mechanisms and systems to develop an overall approach to manage risks along wilh a risk appetite statement which are approved by the Board of Trustees and the Finance and Audii Committee annually. The trustees have identified the reliance upon the Coventry University as the principal source of funding as a potential risk. CUSU would be in significantfjnancial difficulty rfthis funding were to be reduced orwithdrawn. To address this risk the knstees have established a Reserves Policy to ensure that fvrKls are available for an ordedy restricting to the new funding levels. the trust888 are developing an(i implementing plans to generate new sources of Income to lessen the reliance upon the University funding. 15

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 Golng Concem The Iwstees have considered the reserves FdiGy above and the wK)rklng caKAtal requlrements for a perfod of 12 month from the date of this report and have reasonable expectation that CUSU has adequate resources to continue Its operation for the foreseèabl8 future. Accordingty the trustees conllnue to adopt the going (x)ncem basis for the preparation of the annual report and acc%￿nIS. PLANS FOR FUTURE GRowfH The future and s￿￿91¢ Plannlng The new strategic plan shows a serfes of objective$ arKI KPIS to take the organlsatlon through unlll 2026. The strategy will be monitored at regular intervals by the trustee boafd lo ensure ils relevance and Itv￿11 be adapted rfthe needs Ofc￿r membetship change. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (vtho are also the directors of Covèntry University Students, Union Limited for the purpose of cc4npany law) arè responslble for pr8poring the Report oflhe Trustees and the finandal statements in accordancè with applicable law and United Klngdom Accounting Stand8rds (United Kirv3dom Generally Accepted A¢￿Uftting Pra¢ti¢%). Company law requires the trustee8 to prepare financi81 st8tements for each financial year whith give a true and fair ViV•V of the state of affairs of the charitablé company and of the incomlng resources and appllcalion of resources indudlng the income and expenditure, of the chatitable company for that period. In preparing Ihose Tr)an¢lal stalem8nts, the trustees are required lo: select suitable accounting polirAes and then apply them ¢onsi8tently', ObSe￿e the methods and prlnciples in the Charity SORP: make judgements and gstimates that are reasonable and prudent; prepare the financ[81 statsments on the going ￿nCern basls unlass R ts Inapproprfate to presuma Ihat the charitable company wlll continu8 in ￿siness. The trustees are respollsible for keeping adequate records whlch disclose wth reasonablè accJJracy at any tim8 the financial position ofthe charitable comp8ny and to enable thom to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for 88feguardlng the assets olthe charitable company and hence for tsking reasonable steps for the prevenlion and delection of fraud and other irregulariliès. TRUSTEES. STATEMENTS OF INFORMATION PROVIDED In so far as the twstees are wware.. Ihere is no relevant audll InformatiDn of the charitable companys audrtor Is unawar&', and Ihe trust8os have taken all steps that they ought to have tsken to make themselves aware of any ￿leVant audit infO￿nation ancl to establlsh Ihat he audilor is awa￿ of that Infornwtlon. This confimiatlon is gpien and Should be interpreted in accordanco with the provisions of Section 418 of the Compan￿$ Act 2006. Thg trustees, are responslble for the malntenanee and integrity of the coryjorate and finanual inforniatioTr included on the charltable compan￿¥ website, Legislation in the United KirKJdom g¢)vèming the preparation and di#semiTration of financial statements may dlffer from the legislation in otherjurisdictions. ON BEHALF OF THE TRUSTEES ents 2V November 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF COVENTRY UNIVERSITY STUDENTS, UNION LIMITED Opinlon We have audited the finanual statement$ of the Coventy University Students Union Limited (the 'Charitsble Companf) and its subsidiaries {'the Group")for the yearended 31 July 2024 which comprise the Consolidated Stslement of Financial Activities, the Consolidated and Parent Charity Balance Sheets. Consolidated Statement of Cash Flows and notss to the financial stat8ments, induding a summary of signfficant accountlng polici6s. The financial reporting framework that has been applied in their preparation is applicable law and United KirvJdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounling Practi¢x). In our opinion the financial ststements: give a true and fair view of the stste of the Group's and the Charitable Cornpany's affairs as at 31 July 2024 and of the Group's income and expenditure for the year then ended., have been properfy prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accordance wllh Iniemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are fijrther described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financi81 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our oth8r ethical responsibilities in accordance with thes8 requirements. W& believ8 that the audit evidenc8 we have obtained 16 sufficient and appropriate to provide a basis ft)r our opinion. Conclusions relating to golng concern In auditing th8 ffinancial stat8ments, we hav8 concluded that the Irust8es' use of th8 going concem basis of accountlng in the preparation of the financial statements is appropriate. Based on the work w8 hav8 perfomied. we have not identified any material unc8rtainti8s r8lating to events or condltlons that. individually or collectively. may cast significant doubt on the Charitsble Companls abilty to ¢ontlnue as a going concem for a perlod of at least ￿e1ve months from when the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ¢on¢em are descrlbed in the relevant sections of this report. Other Infomiallon The other infonnation comprises the infomiation induded in the annual report. other than the financlal ststements and our audltorfs report thereon. The trustees are responsible for the other Infomiation. Our opinion on the financial statements does not cover the other infonnation and. except to the extent otherwise explicitly stated In our report, do not 6xpress any fomi of assurance conclusion thereon. Our responsibilty is to read the other infomiation and, in doing so, consider whether the other infomiation 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 lo detemiine whether there is a material misstatemenl in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material mi&statement of this other infonnation. we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescribed by the Companies Act 2006 In our opinion. based on the worf( undertaken in the course of the audit: tho infonmation given in the trustees. report. which includes the diroctors, roport and the strategiG report prepared forthe purposes ofcomp8ny law, for the financial year forwhich the financial statements are prepared is consistent with the financial statements: and the strategic report and the directors, report includ8d wlthin the trust8es' report has been prepared in accordance wlth applicable legal requlrements. 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF COVENTRY UNIVERSITY STUDENTS. UNION LIMITED Matter8 on whlch we are requlred to report by excoption In thè Ilght of the knowledg8 and understanding of the Group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic rèport or the directors, report in¢luded withln the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to r8POrt to you if. in our opinion: the Charitsble Company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not b66n recelved from branches not visited by us; or the Charitable Cornpany's financial statements are not in agreement with the accountlng r8cords and retums. or certaln disclosures of trustees, ￿mUneratiOn specified by law are not made; or we have not received all the infomalion and explanations we require for our audit. R•8ponsibiliti08 of Trustees As explained more in the Trustees. Responsibilities Statement set out on page 14, the trustees (who are also the directors ofthe Charitable Company for the purposes of company law) are responsible for the preparation oftha financial statements and for being satisfied that they give a true and falr vlew, and for such intemal control as the trustees determine is necessary to enable tha preparation of finanaal ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustses are responsible for assessing the Group's and Charitable Company's ability to continue as a going concem, dlsclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to Ilquidate the group or parent charity or to cease operdtions, or have no realistic altematlve but to do so. Auditor's rospon$ibilitias for tho audll of the financlal statements Our objectlves are to obtsin reasonable assurance about vthether the ffinanclal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinlon. Reasonabl6 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 mlsstatement when it exists. Misstatements Can arise from fraud or error and are ¢onsidered materfal If. Indlvidually or in the aggregate, they could reasonably be expected to infiuance the economi decisions of users tsken on the basis of Ihese financial statements. Irregularities. including fraud, are instances of non-compliance with law￿ and regulations. We deslgn Pro￿dureS In line witt) our rgsponsibilities, outlined above, to detect matérial misstatements in respect of irregularities, in¢ludlng fraud. The extent to which our procedures are capable of detecting irregularities. induding fraud is detsiled below.. The Group is required to comply with both company law and charity law and, based on our knowledge of Its actlvltles. we Identified that the legal requirement to correctly account for restricted funds is of key signIfican￿. We galned an understanding of how the Group ¢omplied with Its legal and regulatory framework, including the requirement to properly account for restricted funds through discussions with management and a review of the documented policies, procedures and ¢ontrols. The audit team, whiGh is experienod in the audit of charities. considered tha Group's susceptibility to material misstatement and how fraud may occur. Our considerations included the rfsk of management override. Our approach was to theck that all restricted Incom8 was property identified and separately accounted for and to ensure that only valld and appropriate expenditure was charged to restricted funds. This in¢lud8d reviewing joumal adjustments and unusual tran$a¢tions. A further description of our responsibilities for the audlt of the financial statements is lorAted on tha Financial Reporting Councll's website at: www.frc.o .uklauditorsres nsibilities. Thls description fomis part of our auditorfs report. 18

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF COVEMfRY UNIVERSITY STUDENTS. UNION LIMITED Use of the audlt report This report is made sol&ly to the Charitable Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken. so that we might stste to the charitable company's member Ihose matters we are required to state to th8m in an auditorfs report and for no other purrK)se. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than th8 Charitable Company and the Charitable Company's members for our audit work, for this report or for the opinions we have fomed. stephen Anderson FCCA {Senior Ststutory Auditor) for and on behalf of Knox Copper LLP Chartered Accountants and Ststutory Auditor 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ 29th November 2024 19

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Note Unrestrlcted Funds Rostrlcted Funds Total 2024 Tolal 2023 INCOMING AND ENDOWMENTS FROM Charitabl• aGtiviti•s Sports clubs & societies Democracy & representation Volunteering & social work 7.144 2,216,981 359,854 226.641 233.785 2.216.981 359,854 295.327 2,096.338 697.331 Trading income 419,320 419.320 347,961 Investment income 21.498 21,498 8,672 Total 3,024.797 226.641 3,251.438 3,445.629 EXPENDITURE ON Fundraising trading costs Charltable actlvltles Sports clubs & wGieties Democracy & representslion Volunteering & social work Students, union advice centre Other central servic8S Communty & inclusion 378.036 378.036 335,954 397.684 1.009,900 514,171 355,273 392,968 127,025 203,855 601,539 1,009.900 514.171 355,273 392,968 127,025 683,144 898,016 624.378 337.537 430.227 180.681 Total 3.175.057 . 203,855 3,378.912 3,489.937 Net incomel(expenditure) {150.260) 22.786 {127.474) (44.308} Other recognised gainsl{losses) Actuarial gainsl(losses) on defined benefft schemes 54.674 54,674 (55,951) Nel movement In fund$ (95,586) 22.786 (72,800) (100,259) Reconciliation of funds Totsl fvnds brought fO￿ard 21 646,758 250.655 897,413 997.672 Totsl funds carried forward 551,172 273,441 824.613 897,413 All incomlng resources and resources axpended derived from continuing activities. All gains and Ioss8s recognised in the year are included in the Statement of Financial Activities. 20

COVENTRY UNIVERSITY STUDENTS. UNION LIMITED BALANCE SFIEET AT 31 JULY 2024 2024 Group 2024 Charfty 2023 Group 2023 Chaiity FIXED ASSEf8 Tanglble assets IM￿StMents 13 14 95,797 95.797 157,958 157,475 95.797 95.798 157.958 157,478 CURRENT ASSETS 15 11.789 243,825 928.186 8290 335.331 895.564 Debtors Cash at bank and in hand 496.513 870.767 641,551 849,892 1,181.800 1.367,280 1239,185 1,491,443 CREDJTORS Amounts falling dup within one year 17 (114.21n (72,582) (91,318) (74.69n NET CURREKf ASSErs 1,067,538 1294.698 ,147,867 1,416.746 TOTAL ASSETS LESS CURRENT UABILITIES 1.163,380 1,390,498 1.305.825 1.574222 PROVISIONS FOR LIABILITIES 18 (338,767) (338,76n (408,412> (408.412) 824.613 1,051,729 897.413 1.165￿10 FUNDS UnTestrict&J funds Restricted fu￿lS 21 21 551,172 273,441 778,288 273.441 646,758 250.655 915.155 TOTAL FUNDS 824.613 1.051.729 897.413 1.165,810 The Trustees have prepared group accounts in ac£ordance vliih sedton 398 oflhe Companie8 Act 2006 and seclion 138 of the Charities Act 2011. These fjnanci81 statements have been prepared in a￿￿dance with the special prDvi8ion8 of Part 15 of the Companle6 Ad 2LI)6 relating to small charitable companies. Tho ffinarKtal statsments were approved by the Board of Trustees on 29 November 2024 were signed on its beh4f by: cqui Clemenls Truslee 21

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 Notes 2024 2023 Cash flows from operallng actlvllles: Net cash provided by l (used in) operating actfvities 11,008 8.447 Cash flows from investing activltlos: Purchase of tangible fjxed assets Interest recelvable <1.884) 21,498 (11.757) 8,672 Net cash provided by l (used in) investing activities 19.614 {3.085} Change in cash and cash equivalents In the reporting perlod 30.622 5,362 Cash and cash equivalents at the beginning of the reporting p8riod 895.564 890.202 Cash and cash equlvalents at the end of the reportlng period 926.186 895.564 Reconciliation of net Incomel(expendltUTe) to nel cash flow from operating actlvltles 2024 2023 Net Incomel{expenditure) for the reFQrting period {as per the ststement of financlal activiti8s) Adjustments for: Depredatlon charges Interest re￿1vable Unwinding of discount Defictt funding contributions (Increaseydecrease in stocks (Increaseydecrease in d8btors Increasel(decrease) in creditors (127,474) (44,308) 64.045 (21,498) 11,429 (26,400) (3.499) 91,506 22.899 80,766 (8,672) 10,2 (25,144) (4,818) 5,686 (5,353) Net cash provldod by (used in) operating actlvltles 11.008 8,447 Analysls of changes in net funds Asat1 August 2023 Cash flow 31 July 2024 Net cash Cash at bank and in hand 895,564 895,564 30.622 30.622 926,186 926,186 Total 22

COVENTRY UNIVERSITY STUDENTS. UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1. GENERAL INFORMATION Coventry University Students, Union Llmlted is a company limited by guarantee and is incorporated In England and Wales. It is also a registered charity as regulated by th8 Charity Commlsslon for England and Wales. The address of the reglstered office is given in the company infomiation on page 1 of these financial statemenls. 2. ACCOUNTING POLICIES Accounting convention The financial statements of the charitable company, which is a public benefil èntity under FRS 102. have been prepared in accordance with the Charitiès SORP IFRS 102) Accounting and Reporting by Charitie5: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effectlva 1 January 2019),. Financial Reporting Standard 102 The Flnancial Reporting Slandard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost Gonvention. The principal accounting policies of the Charity are set out below and have remained unchanged from the previous p8ri0d. Basls of ¢on$olidation These financial statements consolidate the results, assets and liabilitses of Coventry University Students, Union Limitsd and its wholly owned trading subsldlary CUSU se￿ices Limited on a line by line basis. No separate Ststsment of Financial Actlvlties or Income & Expenditure Account is pres9nted for th8 Chadty because it has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. Incoming resourcas All Income is recognised in the Statement of Flnanclal Actlvities once the charity has entitlemgnt to the funds. it is probable that the incoffle will be rec8ived and the amount can be measured reliably. Fund accounting Unrestricted funds consist of funds which the charity may use for general purposes at the Trustees, discretion. this Includes deslgnated funds which are designatsd for specific purposes. R8strict8d funds represent income contributions which are allocated to a particular purpose in accordance with the donorfs wishes. All investment inwme, gains and losses are allocated to appropriate funds. Resources expended ExperKliture is accounted for on an accwals basis and has baèn dassified under headings that aggregate all cost related to the category. Liabilities are r8cognis8d as expendiiure as soon as there is a legal or constructive obligation commttting the Group to that expenditure, it is probable that a transfer of economic beneffts will be required in settlament and the amount of the obligation can be measured reliably. Overheads and othar costs not dir8Ctly attributable to particular fvnction81 activity ¢at8gories are apportioned overthe relevant categorfes on the basis of management estimatas of the amount attributable to that activity in tha year either by refgrènce to staff time or space occupied, as appropdate. The Irrecoverable element of VAT is included wlth the items of expense to which it relates. Govemance costs are those incurred in connection wlth administration, strategic planning for th8 future, extemal audi( all the Costs of complying with constitutional and ststutory requirements, suth as the Costs of Board and Committee meetings and of preparing statutory accounts and satisfying publlc accountability. Tanglble flxed assets Fixed assets are stated at cosl Sess accumulated depreciation and any provision for impalmient. Assets are not capitalised below £750 cost per itemlset. Dep￿ciatIon is provlded at the following annual rates in order to write off the cost over the estimated useful life of th8 asset. Motor v8hides excludlng coaches and minibuses Motor coaches and minibuses Short leasehold Improvements to property Plant & machinery Fixtures & Fittings Straight-line over 3 years Straight-line ovar 5 years Straight-line over 5 years Straight-line ov8r 5 years Straight-line over 315 years - Straight-line over 315 years 23

COVENTRY UNIVERSITY STUDENTS, UNION UMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 AccouKfiNG POUCIES conL.... stocks Stocks are valued at the lower of cost and net realisable value. after making due allowanGe for obsolete and slow moving Items. Inv*stmont8 Fixed asset investments are valued at cost less provision for impairment, as these assets are not readlly saleable and reliable market value is not readily ascertainable. Financial instruments Loans and borrowings are initially recognised at the transaction prfce including transaction costs. Subsequently, they are measured at amortised cost uslng the effective interesl rate method, less impairment. Debtors and creditors wlth no stated interest rat& and r8ceEvable or payable within one year are recorded at transaction price. Any losses arising from impaimient ar8 recognlsed in the income statement. Provisions Provisions are recognised when Coventry University Students, Union Llmlted has a present and legal or Gonstructive obligatton as a result of 8 Past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of th8 amount of the obllgation. Loaslng commttments Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. Taxatlon Coventry Universlty Students, Union Limited is a body of persons established for charitable purposes only and as such Is a charitable company wlthin the meaning of Se¢tion 467 of the Corporatlon Tax Act 2010. Accordingly, Coventy University Students, Union Limited is potentially exempt from corporation tax on income and chargeable gains within categories ¢ov8red by Part 11, Chapt8r 3 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purp0$8s. Coventy University Studenls, Unlon Limited re￿iVeS no similar exemptlon In respect of Value Added Tax. P•n8ion costs and other po8t-r•tlrement beneffts The Union participates in the Students, Union Superannuation Sch8me {SUSS>. a defjned benefit scheme which is extemally fvnded and contracted out of the State Second Pension. The fvnd is valued at least every three years by a professionally qualified independent actuary with the ratés of contribution payable being detemiined by the trustees on the advice of the actuary. The most recent valuation of the Scheme was carried out as at 30 June 2022 and show8d that the market value of the Scheme's assets was £106,697,000 with these assets representing 44 % of the value of benefits that had accrued to m8mbers after allowing for expected future increases in eamings. The defi¢it on an ongoing fundlng basis amounted to £136,645,000. The 2022 valuation recommended a monthly contribuiion requirement by each participating Union intended to clear the ongoing fundin9 deficit ending in 2037. increasing by 5010 each year. The scheme operates as a pooled arrangement, with contributions paid at a cèntrally agreed rate. As a consequen￿. no share of the underfying assets and liabilities can be directly attributed to the Unlon. Under FRS 102, where a scheme participate6 in a multi-èmployer defined benefft pension scheme that Is in deficit and the employer has entered into an agreement to fund the deficit the entity shall re¢ognise a Ilability for the contributions payable that arise from the agreement. As the agreement runs until 2037, a dlscount rate of 2.8% has been applied in detemiining the net present value of Ihe contributions made In the period. Coventry Universlty Students, Union Limited also offers stakeholder pension schemes to student amploy8es and the contrlbutlons are included as expenditure in the period. 24

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES cont..... Going concem The trusiees have considered the reseNes policy mention8d in trustees report and the workirvj capital requirements for the period of 12 months from the date of this report and have reasonable expectation that Coventry University Students, Union Limited as a group has adequate resources to continue its operations for the foreseeable future. Accordingly the Irustees continue to adopt the going concem basis for the preparation of the annual report and accounts. crftlcal accountlng Judgements and key sources of estimatlon uncertalnty Accounting judgements and estimates relate primarily to depreciation and asset valuations. The directors do not believe that any accounting judgements or estimates are significant lo the reported results of the entity. 3. ACTIVITIES FOR GENERATING FUNDS: TRADING INCOME 2024 2023 Bar & shop sales Advertising & room hire Events & other income 159,823 84,823 174,674 113.223 80,025 154,713 419,320 347,961 4. INVESTMENT INCOME 2024 2023 Bank interest 21.498 8.672 5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2024 2023 Ticket sales & membership fees Other income Grants Grants Grants Grants Sports clubs & societies Democracy & representation Democracy & representation Democracy & represeniation Volunteering & Social work Volunteering & Social work 233,673 9.288 2,190,240 17,565 359,854 295,327 4.742 2.028,000 63,596 690,259 7.072 2,810,620 3,088,996 25

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 6. COST OF GENERATING FUNDS 2024 2023 Purchases Direct wages & salaries Other Costs of sales Administrativ8 Costs Depreciation 78.805 246.502 37.342 14.904 483 54,043 204,514 66,293 10,621 483 378.036 335,954 These are relating to CUSU Services Limited for the year ended 31 July. 7. CHARITABLE ACTIVITIES COSTS Direct costs Support costs 2024 2023 (Soo noto 8) (Seo note 9) Total Total Sports clubs & societies Volunteering & social work Students, union advice ¢entre Democracy & representstion Other Central servi¢es Community & inclusion 347.488 260,120 228,248 755,849 138,917 254,051 254.051 127,025 254,051 254,051 127.025 601,539 514,171 355,273 1,009,900 392,968 127,025 683.144 624.378 337.537 898.016 430.227 180,681 1,730.622 1.270,254 3,000,876 3.153,983 8. DIRECT COSTS OF CHARrrABLE ACTIVITIES 2024 2023 Stsff costs Hire of equiprnent & facilities Insurance Travelling & subsistence Telephone Other expenses Agency costs Subscriptions Sports clubs and societies costs University Charges Consultancy Computers & Soknre Coventry Sport Special Projeots 1,287,035 3,141 1.189 9.077 1,159 13.904 1.137 58.096 203.855 28,741 37,733 27,549 16,976 41,029 1,382.005 2.972 992 9.746 1,259 16.954 2,389 58.743 259.629 59.532 3.990 30,618 13,046 107,571 1,730,622 1.949,446 26

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 9. SUPPORT COSTS Management Governance 2024 2023 Total Total Sports clubs & societles Democracy & represenlation Volunteering & social work Students, union advi￿ centre Oiher central services Community & inclusion 250,633 250,633 250,633 125,317 250.633 125.317 3.418 3.418 3.418 1.708 3.418 1.708 254.051 254.051 254.051 127,025 254.051 127.025 180,680 240,908 240,908 120.453 240,908 180.680 1.253,166 17,088 1.270.254 1,204.537 Management support ¢(Ists. induded in the above. are as follows: Sports. club$ & soci¢tie Democracy & representauon Volunteerlng su advice centre Other Community Central & Servlees inclusion 2024 2023 soclal work Totsl Total Sundries Repairs and renewals Travelling Training Staff costs Office costs DepreGiation 26,155 26,155 26.155 13,078 26.155 13.078 130,776 148,360 1,260 4,666 4,178 189,057 12,605 12,712 1,260 4,666 4,178 189,057 12,605 12,712 1.260 4.666 4.178 189,057 12.605 12.712 630 2,333 2.089 94,528 6.303 6,356 1,260 4,666 4.178 189.057 12.605 12,712 630 2.333 2,089 94,528 6,303 6.356 6,300 23,330 20,890 945.284 63.026 63.560 4.369 19.273 32.633 830,674 63.094 80.285 250,633 250.633 250,633 125.317 250,633 125,317 1,253,166 1,178.688 Govemance support costs. included in the above, are as follows: Sports. clubs & societies Democracy & Volunteerlng ropresentalion su advice centre Other Communlty Central & Services Inclusion 2024 2023 social work Total T¢)tsl Auditorfs remuneration AGM & other ¢osts 2.888 530 2,888 530 2.888 530 1,443 265 2,888 530 1.443 14.438 265 2.650 21.819 4.030 3,418 3,418 3.418 1.708 3.418 1,708 17,088 25,849 27

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. TRUSTEES, REMUNERATION AND BENEFITS Sabbatical Officers perfom full time rolès within CUSU. they represent the students to Coventry Universty. extemal organisations and wider communlty. Th8y work as co-ordinators belween the studènts of Coventry Univer5ty and Boar(I of Trustees. Each Sabbatical Officer is paid an annual salary and the total salaries paid to Sabbatical Officers during the year end 31 July 2024 were £101.453 (2023.. £94,642). Trustees. expenses Officer trustees expenses paKI during the year were £nil {2023: £nll) and these are accounted for under resources expended. 11. NET INCOMEI(EXPENDITURE} Net incomel(expenditure) is stated aftér charglng: 2024 2023 Auditorfs remuneration Depreciation- owned assets Hlre of plant and machinery & equipment Operating leases relating to property 14.438 64,045 3.142 9.250 80,766 2,972 25,980 12. STAFF COSTS Total staff costs for the year for Coventry University Students. Union Limited and CUSU S8Nices Limite(I were as follows: GROUP 2024 2023 Wages and salaries Social security costs Other pension wsts 2,196.996 199,246 80,343 2.171.575 199.645 81.017 2,476,585 2.452.237 The average monthly number of employees during the year was 148 (2023- 126). The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 2023 £60,001- £70.000 £70,001- £80,000 28

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. TANGIBLE FIXED ASSETS CHARITY Improvements Fixtures and to fittlngs property Motor vehicles Office equlpment Total COST At 1 August 2023 Additions Disposals 227,580 10,043 32.341 214,793 1.884 (64.424) 484,757 1,884 {103,251) (6,486) (32,341 } At 31 July 2024 227,580 3.557 152,253 383,390 DEPRECIATION At 1 August 2023 Charge for the year Dapreclation ellmlnated on disposal 90.415 45,517 8,500 771 {6.486) 32.341 196,026 17,274 (64,424) 327,282 63,562 (103,251) (32,341) At 31 July 2024 135,932 2,785 148,876 287,593 NET BOOK VALUE At 31 July 2024 91.648 772 3,377 95,797 At 31 July 2023 137,165 1.543 18.767 157.475 29

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. TANGIBLE FIXED ASSEfs (conllnued) GROUP Improv8m8nls to proporty Office ulpmont Fixtures and fittings Motor vehicles Short leasehold Total COST At 1 August 2023 Addltions Disposals 261,475 214,793 1,884 (64,424) 70,727 32,341 60,000 639,336 1,884 132,3411 (60,1)00) {253,599} (33,895) (62,939) At 31 July 2024 227,580 152,253 7.788 387,621 DEPRECIATION At 1 August 2023 Charge for year Depreciatlon eliminated on d 124,310 45,517 (33,895) 196,026 17.274 (64,424) 68,701 1,254 (62,939) 32.341 60,000 481,378 64,045 (32,341) (60,000> (253,599) At 31 July 2024 135,932 148.876 7.016 291,824 NET BOOK VALUE At 31 July 2024 91,648 3.377 772 95,797 At 31 July 2023 137,165 18.767 2.026 157,958 14. INVESTMENTS GROUP 2023 CHARITY 2023 2024 2024 CUSU Services Limited The audited financial statements of CUSU Services Limtted for the year ended 31 July 2024 show following results: 2024 20rJ Tumover Cost of sal8S 419,320 347.961 (357,959) (311,468) Gross profft 61,361 36,493 Administrative expenses (20,077) (24,487) Operating Proffit Interest receivable and similar InGome 41,284 12,006 Retained profiV(loss) 41.284 12,007 Cumulative retained profitsl(losses) (227.116) (268,400) 30

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. STOCKS GROUP CHARITY 2023 2024 2023 2024 Shop stock 11.789 8,290 16. DEBTORS GROUP 2023 CHARITY 2023 2024 2024 Trade debtors Other debtors 172,142 71,683 285,061 50,270 75,748 420,765 215,689 425,862 243,825 335,331 496,513 641,551 Amounts falllng due after more than one year: Amounts owed by group undertakings 366,659 398.505 17. CREDITORS: AMOUNTS FALLING DUE WITHING ONE YEAR GROUP 2024 2023 CHARITY 2023 2024 Trade credltors VAT other cradltors Accruals and deferred incom& 19.713 16.207 13,523 64.774 23.107 9,202 22,240 36,769 13.136 18.208 14,976 44,470 22,459 34,030 114,217 91,318 72,582 74.697 18. PROVISIONS FOR LIABILITIES 2024 2023 Provlslons 338 767 408,412 The above provision ￿lateS to the deficit funding contributlons the Union is required to make to SUSS (see notes 2 and 23). 31

COVENTRY UNIVERSITY STUDEwfs' UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. DEFERRED INCOME Charity and group deferred incom8 comprises grant funding for which entiuement to thè income does not exist at the balance sheet dale. Group deferred income also includes advan￿ receipts for Coventry Half Marathon event held in November. Balance as at 1 August 2023 Amount released to income eamed from charitable aGtivities Amount released to income eamed from trading activities Amount deferred in the year 2.500 {2.5001 16,283 Balance as at 31 July 2024 16,283 20. OPERATING LEASE COMMITMENTS The following operating lease payments are committed to be paid: 2024 2023 Expiring.. Within one year Between ono and five years 1,682 25.980 2.165 28.145 Operating lease commitments are relating to both to Coventry University Students. Union Limited & CUSU Services Limited 21. MOVEMENT IN FUNDS GROUP- Current Year Net movement in funds At 1.8.23 At 31.7.24 Unrnstrlctsd funds General fvnd Pension deficit liability 1.055,170 408412 646,758 (165,231) 889.939 (95,586) 551,172 Restrl¢ted Funds Clubs and Societies 250.655 22,786 273,441 TOTAL FUNDS 897,413 (72,800> 824,613 Totsl fvnds as at 31 July 2024 includes total fvnds of Coventy Universlty Students. Union Limited £1,051,729 and net retsined losses of CUSU S8Nic&s Limited amounting {£227,116). The parent's company dafi¢it for the ffinancial year was £114,084 (2023- deficit of £112,270). 32

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 21. MOVEMENT IN FUNDS {¢ontlnuÈd> Net movernents in tUTKls, included in thg above are as follows: Incoming resources Resources expended Transfers Movement In funds UnreBtricted funds Genoral funds Pension deficit liability 3,024.797 (3,175.057) {14,971) (165,231) 3,024.797 (3.120.383) (95,586) Restrlcted Funds Clubs and Societies 226.641 (203.855) 22.786 TOTAL FUNDS 3,251,438 (3,324,238) (72.800) The general fvnd represents all free reserves and comprises cumulative retained surplus95. GROUP- Prior Year Net movement in funds At 1.8.22 At 31.7.23 Unrestrlcted funds General ffijnd Pension deficit liability 1,141,591 367 315 774276 (86.421) 1,055.170 408412 646,758 (127.518) Restrfcted Funds Clubs and Socletles 223,396 27,259 250.655 TOTAL FUNDS 997.672 (100.259) 897.413 Total funds as at 31 July 2023 includes total funds of Coventry University Students. Union Limited £1.165.810 and net retained losses of CUSU Services Limited amounting (£268,400). Net movements in funds, included in the above are as follows: Incoming resources Resources expended Transfers Movement in fvnds Unrostricted funds General fjjnds Penslon deficit liability 3,158.741 (3.175,057) (25,144) (86.421) 3,158.741 (3.288,2591 (127,518) Restrlctad Funds Clubs and So¢ieties 286.888 (259,6291 27,259 TOTAL FUNDS 3,445,629 {3,545,888) {100,259) The general fund represents all free reserves and comprises cumulative retained surpluses. 33

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 JULY 2024 22. RELATED PARTY TRANSACTIONS During the year Covonty University Students, Union Limited re￿iVed a block grant of £1.710.018 (2023: £1.583.350} and other grants totalling £840,076 (2023: £1,134,909) from Coventry Unlversity. In addition to Sabbatical Officers, the board of trustees considers the Chief Exe¢utive Offi¢er, Chief Operating Officer, Dir8ctor of Communications, Dlrector of Union Development, Director of Enterprise. Director of Employability and Olrector of Finance and Risk to ¢onstituts key management. Their totsl cost to the employer (inc. Gross Salarfes, Employers Nl and Employers Pansion) recognised in thase financial stat8ments was £353,522 (2023: £380,014). Please note that the Chlef Executive Officerfs salary is paid via the Coventy University. 23. PENSION COMMITMENTS Th8 Union participates in the Students, Union Superannuation Scheme. which is a defined benefit scheme whose membèrship consists of employees of students, unions and related bodles throughout the country. Benefits in respect of s8Nice up to 30 Sept6mber 2003 are accrued on a 'final salary. basis, with benefits in respect of servlce from 1 October 2003 accruing on a Career Average Revalued Eamings {CARE} basis. With 8ff8Ct from 30 September 2011 tha Scheme closed to future accrual. The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that thé market value of the S¢heme's assets was £106,700,OCQ with th&se assets raprasantlng 449/0 of the valu8 of benefits that had accnjed to members after allowing for expected future increases in eamings. The deficit on an ongoing funding basis amounted to £136,600,000. The assumptions whi¢h have the most significant effect upon the results of the valuation are those relating to the rdte of relum on investsments and the rates of increase in salaries and pension8. The following assumptlons applied at 30 June 2022:. • Dlscount rate: Bank of England gllt curve + 1.5% pa, linearly changing over a terni of 13 years to gilts curve + 0.25% pa. • Penslon Increases: A model of each increase, allowing for insurers. relative pricing of dlfferent caps and collars. The 2022 Valuation recommended a monthty contribution requiremanl by each Partlcipating Employer expr6ssed in monetary tems Intended to clear the ongoing funding deficit by 1 May 2037 and will increase by at least 5Yo each year. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of runnlng the Scheme of £5,038 pa. Surpluses or d8ficits which arisé at future valuatSons wlll also Impact on the Union's future contiibution commitsnent. In addition to the above contributions, the Union also pays its share of the Scheme's levy to the Pension Protection Fund. The liability provided for in respect of the SUSS pension d8fi¢it amounted d8creased to £338.767 (2023: £408,412) at 31 July 2024 {see note 18). The Union also has members in a defined contribution scheme. The total contiibutions paid into all Schemes by Coventry University Students, Union Limited in respact of eligible employees for the year ended 31 July 2024 amounted to £80,343 (2023: £81,017). 24. CONTROLLING PARTY AND MEMBERS LIABIUTY Coventy Unlversity Students, Union Limited is a charitable company limited by guarantee. The members of the company have agreed to contribute £1 each to the assets of the company In the èvent of it belng wound up. Ultimate control of the company rests with its members.

COVENTRY UNIVERSITY STUDENTS, UNION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restri¢tèd Funds Funds T¢)tsl 2023 INCOMING AND ENDOWMENTS FROM Charltable actlvltles Sports clubs & societies Democracy & representation Volunteering & social work Trading income 8,439 2,096.338 697.331 347,961 286,888 295,327 2,096,338 697.331 347.961 Investment income 8,672 8.672 Totsl 3.150.069 286,888 3.445,629 EXPENDITURE ON Fundraising trading costs Charitable actlviti6s Sports dubs & societies Democra¢y & representstion Volunteèring & so¢ial work Students. union advice centre Other central services Community & indusion 335,954 335.954 423,515 898,016 624.378 337,537 430.227 180.681 259,629 683.144 898.016 624,378 337,537 430.227 180.681 Total 3.230.308 259.629 3.489,937 Net incomel{8xpenditure) (71.567) 27,259 (44.308) Reconcillatlon of funds Total funds brought forward 774,276 223,396 997.672 Total funds carried foThvard 646,758 250,655 897.413 35