2022-07-31-accounts

UCLU {operating as Students, Unlon UCL) Annual Report and Flnan¢lal Statements 31 Juty 2022 07&3￿ (E￿¥￿ Wal0¥1 11424(

Conl•nt$ Reports R81erence and adminislrdtive information Truslees. report Indep8nd8nt auditorfs rep)rt on the financval statements 19 Hnancial statsm•nl8 Stal6m6nl of financid aclivities 24 BalarKe sheot 25 Statement of cash fkms PrirKipal accounting policies 27 Notes to th8 financial statements 31 Universty College London Union

Relerenco and admlnlstralive infomwtion H Ahmed D Akinci P Barran B Beasant C Braeey HTRLIM D DImitrop￿10$ Imrdn X Huang M McHarg U Mehrrv)od O Osibamwo Chlfrt Executhie Offle•r Jthn Dubt S•nlor Manayment Team D DoMin￿zak (Diractor of Final￿e) D NIC￿1$ (Director of Operations) C Salton-Bmoks (Director of Student Experienc81 S To (Director of Polw. Govemance & Advocacy) Charity reglstrath)n number 1142404 Company reg181railon number 07635628 Web8he www.studentsunionud.o Rfjgistered addreM 25 Gordon Street WC1H OAY Audilor BuZZa￿tr LLP 130 Woc¥J Street EC2V 6DL Banknrn Barclays Bank P London CorF(Irate se￿￿e Centr6 PO Box46116 EC4N 8WB UCLU 1

Tru8tee•' report 31 Juty 2022 The trustees. who are aL￿ dir￿¥r8 of the charitable coffyny {Ih8 chariw). present their report and the tinancial stste￿nts for UCLU nhe Unv)n"I for the ygar ended 31 July 2022, wh￿h have been propared in accordanc8 With the Corwigs Act 2CH)6 Accounting and Reporting by Charilies.. Ststementof Recommendèd Practice applicable lo chariligs preparing Ihwr accounts in accolllance with the FinarKial Repjrting Standard applicable in ihe UK and Republ￿ of IrelarKJ (FRS 102). and elIe￿rIe from ac¢ounting periods commencing 1 January 2015 or laier. STRUCTURe. GOVERNANCE AND MANAGEMENT c￿ritable status Students. Union UCL {'UCLU'I is an incor￿￿ted charity Ilwnited by guaranleg) {Gharfty registration nun*er. 1142404: cowy registration number. 07635628). It was originalty established in 1893 arKI now 0￿rnt8$ in acCOrda￿e with the Education Act 1994. It has been regislered with the Charrty Commission sI￿e 14 June 2011, when students, unions conn8rt¢d wrlh exffj highernurther education inslrtuti¢)ns were removed from exeW￿lI0D by Iho then Charities Acl 19W3. UCLU is governed by its Memoranthm aThl Articles of Ass(KialK)n last amended in May 2011. UCLU operates as Students. Union UCL following a rebranding project during the 2017118 Ilnanoal year. UCLU is consliluled urmler the Educat￿￿ Act 1994 as a charitable company limited by guarantee with intemal regulations and rules approved by the goveming body of Universty College LorKlon IUCL). Thè primary aim of the Union is thg advancement of education of students at UCL for Ihe public benefil. Public benefft All aclNities undertaken by the Union are to fvrther our charitable purFtyJses lor the benefit ol i)ur Studenl members. In shaping our obieclN88 and planning actNibes. the 8oanl of Trustees have had regard lo Ihe Charity Commission's wblished general guidance regarding the exercising of duty and Fth¥er for the public benefil. The mwn béneffts wh￿h have arisen durng thé yèar Irom the organbation's arrts are detsled in the folbwing sections. Board ol Tnmtees Thè Board ol Truslees er￿ureS Sttjdents. Union UCL has the necessary financial and structural abilities lo cary out its aims effeclivety. The Board makes decisKsns on legal ar financial issues and ertsures that the organisat￿n is delivering on the political FK)licy set by the danwxrat￿ tthies of the Union. In accordance with the organisalion's Memorandum and Art￿1&$, the &Jafd coffyrises: 6 Sabbatical Twslees 4 Studgnt Trustoes 1 Extémal Trustee (Alumni) 1 Extemal Trustee (UCL Staffl 1 Extemal Trustee (Non-UCLI UCLU

Trusl••s' report 31 Juty 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Board of Trustees {continued) Members ol the Board (who are akn directors of UCLU for the purFJses of ¢orrpany lawl who Serv￿ during the year and up lo the date of this rep)rt were: Trust•e8 {Dlr•c¢orn} Appolnt•d l R••lgn8d H Ahmed Pwointad 16 Juty 2Q2 Appointed 16 July 2W22 pointed 16 Juty 2022 olnted 16 Juty W22 Appjinted 16 Juty 2022 Aesigned 15 Juty 2022 Resigned 15 Juty 2022 Resigned 15 Juty 2tr22 Rgsbned 15 Juty 2021 ￿p￿Inted 16 Juty 2021 Resigned 15 Juty 2022 AN)th"nt8d 16 Juty 2021 Fle8vJned 15 thjly 2022 Appointad 16 Juty 2U21 Ae¥tgn8d 15 Juty 2022 hppointed 1 Novenkni 2tr22 nt8d 1 Novenknr 2￿2 Appointed 1 Novenknf 2022 Appointed 1 Novenknr 21Y22 Appointed 1 NoventhT 2021 Flesvjned 31 October 2022 cintod 1 No￿￿￿[ 2021 Resigned 31 October 2022 ppoint8d 1 No￿Tr￿￿ W21 AèswJn•d 23 May 2(Y22 hppointed 1 November 2021 Resigned 3 Augusl 2022 A￿19n$￿ 31 October 2021 Resigned 27 Septembèr 2021 Re8vJned 30 November 2021 ointad 1 D8c•mber ￿21 SaLtsk Sabbalical M McHarg DAki A 8enmati 18enmou Y Daoud C Paige Aknwry SaiJaiul V M Makai O M Teklies HTRknm M Imran D Dimitrcpo X Huang MDay Slude sI￿J0r￿ M ChaLthary Z BadAt A Liang A Sree A80k D Banali Stuthnl 8 Beasant P Barran CBra Extemal Extemal Extemal The trustees hold a minimum ol four mootings per acadgmtc year and are responsible lor eslablishing and delegaling to the foll￿￿1￿j committees: Finance Committee Risk & Audit Corywnittee Govemance Committe& RemuneratMM Committ8e UCLU 3

TN8tees' report 31 Juty 2Cf22 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The terms ol refOre￿e for the Board and ils associated commiitees. are available on the Union website. htt Jlsludentsunionucl.o ovemed Finan￿ Committee is charged by Board of Trustees to oversee the finances of the Union, InclLKling considering strategbc options for. and general oversight ol all areas ol the Unbn's finances. This ir￿lUdeS approving annual budgets and monitorfng the linan¢ial performanc6 of the organisation. Rl8k & Audll Commlttee is charged by the Board lor examining and reviewing all sysloms and methc#ts of control both finwKial aThJ 0thgn¥i59 irtluding risk anatysis and risk rrbanagement. and lor ensuring the organisalion is complying wth all aspects of the law, relevant regulations and g(KJ prnthe. The annual slatulory aLKlil is also under this commiltee's remf(. Govemance Commiltee is charged ty the Board lor prOr￿tIng good govemanc8 and ensuring our govemance arrangements are effective and comply wfth the goveming documerrts laid down by our members. UCL, the Charity Ccffnmission, and other legislative tKKlies and authorities. Remuneratlon Committw is chargéd ty the Boaryj for consid8ring the rémunerath)n ol the Chiet Executive and sabbat￿al Officers. and prcp)sals regarding broader staff remunèration. Recrulllng and Iraining of trustees Thè sabbat￿al Officers {Satthtical Twstees) are denNxYatsalty el8Cted each year by the membersh¥) of the Union in the spring eleclion to seNe from 16 July to 15 Juty. All new Sabbatul Off ieèts undergo a periTrJ of ifKluct)n and trwning. To ènsure a smoolh handover. incoming sabbatic￿ Officer urKlgrgo a 15-day shadowing period. On¢• in post, they have wegkty meetings with the Chief ExecutNe arKI S•nior Management Team. which forms the Union's Leadership Team. v4ho have delegated resFK)nsibilty for overse8ing the day-to-day operat￿)nS of thè Union and managemerrt ol affairs. The Sabbatical Officer role lo work closety with UCL'S man3gement team lo ensure that sludent issues and conc8ms are a central part of the Univeisity's govemance and decisi0n-ma￿ng. Th&y represent students to oth8r organisations and nalionalty as required. They aro leaders of the Union. helping to ensure Ihal it ks a wélkrun and effectNe chanty providing a wide range of valuable s8rvices for its members. Thay also ensure that pow proposaLs considered by the Executive. Members. meetings and relereTrJa are implemented. Student trustee kM)sitions are democrat￿1￿ ewed by the membership ol th8 Union. in the autumn. They seNe for on8 year from 1 November or until their stalus as a student no lonpr exists. Extemal Irustoès are apwinted following advertisernents placed within the UCL communty and nat￿nalty in the mgdia. They are aFV)inled for a poriod ol four Yea￿ and each appointment is raIrf￿d by Un*)n Executbve. UCLU 4

TTU8tees' report 31 July STRUCTURE, GOVERNANCE AND MANAGEMENT {continuedl UnKJn ExeAXrtNe is the d8ThwralK wlicy maknng tthy of the Union and is responsible lor the ralif￿alKIn ol Union ￿)￿cY except where policy was detemined by a Referendum. R•lation8hlp wlth Unlver81ty College London IUCL) The relalh)nship between UCL and the UnKJn is established in the Regulalions ot UCL and d9tailgd in ihe Un￿n wles appmved by both 0rganisa1￿ns. The Union receives an annual Blc¢k Grant from UCL and o())Jpigs a numbèr of Iwildings owned by UCL. Thg Union also receives administrativ• SUFP)rt in a numbgr of areas including H￿an Resources, IT infrastnjclure and payroll. This swrt is intrinsic to Ihe relationship between UCL and the UnK)n. An estimated annual value to the Unitin for ils frge ot charge occupation of UCL'S seryKed accommdalion has been i1￿[uded in the financ&91 statements. pr￿d at a market value of £2.57m (2021: £2.57ml. though tho Union conlinues lo generate supplewEntary funding from various mutual traling activilies. il is de[￿￿nI on UCL'S suprM)rt and lor this it is appreciative. There is no reason to believe that thi8 or equivalent supp)rt from UCL will not continue lor the foreseeable future. as thg Education Ad 1994 imposes a duty on UCL lo ensure the financial viability of its St￿ representative trM)ty. Employment polky The Unm contra¢t$ ot omph)ym¢nt templates continue to be provided by UCL. This allows the Union to continue to benefit from UCL'S extensive and proven HR procedures, policies and $UPFK)rt from UCL Human Resources Division. Through its relatK)nship with UCL, th8 Union off8rs cornp81itrrfe lemB, corKIThons aThJ beneftls to its staff incl￿j1ng a generous annual leave entittement and P￿s1On scheme. UCL irrylemenled tho Pay Fraffwork Agreem8rrt for all non-clin￿al posts acfOSS the organisation in May 2￿6 and the Un)n's arrangement for setting pay and remuneration of staff is based on this agreement. The Union usès th6 same ¢ohgrgnt Ign grade structure as UCL, which is based on the non4l$eri￿￿natory IC￿ evaluation scheme {HERA}. The Union has a bngslandiry commitment to equalty. diversty and inclusion, and to providing a working arxl social environment in which the rights and dignity ol ris diverse staff are recognis8d. All staff hav8 an annual appraisal which incorporates a personal development rAan. The Un￿n has excellent proviS￿n for training and devek)ping staff. The Union is keen lo build and retsin tslent and oa¢h thpartrnenl works on su¢cess)n planning. AN staff new to th8 organisath)n have a coW8nsive induction programme in pface and urKlergo regular probation and progress All staff meetings. email briefing$ and newslèttèrs are used to keep staff up-tovdato wth relovant ISSU8s such as strategic and firkincial planning, a￿1 stsff are invitgj to provide feethmck to senM)r management through regular surveys and open meetings. UCLU

Tru8lee8' report 31 Juty 2￿22 STFIUCTURE, GOVERNANCE AND MANAGEMENT {continued) Employm•nt pollcy (continued) We employ a large nU￿r of part time casual student ststt our ccfflmercial department and other departments ensuring we provide development for students and flexible work opportunities. We akn employ pemnenl members of staff, some of whom a￿ responsibl8 lor the ¢)pèrational decisions takw xross thg organisatK)n on a daly basis. Dgtails ol stall costs can be found in note 6. The remuneiatK)n ol key managemenl personnel is s81 by the Board. with the polKy obiectwe of ensuring that they are proVN￿ed Mth appropriate Ir￿ntiveS to encourage enhanced perf0m￿nCe and are. in a fair arKJ responsib￿ ffanner, rewarded for their individual conlributKJns to the Union's success. Th• appropriateness and relevance ol su¢h remuneration roview8d annual￿+, including rgfgrance to eorfpar￿ons wtth olher unKsns to ensure that th9 Union r8mains sensitive to the broader issues of pay and employment onditions elsewhere. Details of key management personn81 and their remuneration are set oul in note 6. Slat•ment of tru8lee8' rw>onsibilili•s The trustees (7who are also directors of the Unwjn for the purposes of company law} are responsib￿ for preparing the Trustees. ReFQrt and the financial statements in accordance wtth appl￿ble law aThJ United Kingdom General￿ AccgPt9d Accountwkg Practice Iunited Kingdom Accounting Standards). Company law requires the trustees to prepare fftnancial statements for each financlal year. Under company law the Trustees must not approve the financial slatemenls unless they are satislied that they give a true aNI fair view of th8 ￿ate of affairs of the charitable company and of ihe I￿orTh￿J resources appI￿at￿)n of resources, incluthng the income and expenditure, of the charitable company for that per￿)d. In preparing these financral statements. the Tnjstees are required to: Select suitable accounting WI￿￿8$ and Ih8n appty them corsist8ntly', Observe the methods and p￿￿1p1&S in the Chaiilies SORP: Make jthJgenwnts arKI estimates that are reasonab￿ arKJ prudgnt; Stale whether applicabl8 UK aco)unting starmlards have been tdlowed. subject to any matefial departures disclosed and explaintd in the tinancid statern8nts: and Preparg the fina￿La1 statements C￿ the sY)ing wicern basis unless it is inappropriate to presuw that tho thaiitable conyany W￿11 continue in Ixtsine8S. The trustees aro responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any the tinancial position ol the charilable company and enable them to ensure that the finarKid statements corrpty wilh the Compani8s Act 2006. They are also responsible lor saf8guarding the assets of the charilable company and hen¢0 for taking reasonable steps lor the preventb)n and detection ot fraud and other irregularities. UCLU

Truslem, r•port 31 July 20¥2 STrUCTURE. GOVERNANCE AND IAANAGEMEKf (continuerf) Stalen￿1 ot trustees. respon8lbllilie8 (continued) Each of the In￿lee$ ¢MfimB Ihal: • So far as each ol the tnjstees is aware. there is Th) relevant infomialion ol which the chaitable conyany's auditor is unaware. aTr The trustee has taken all steps that Wsh8 ought to havo taken as a truslee in order lo makg himselllhersell aware of any relevanl audit infomMI￿n and establish that the charbtable conyanYs auditor is aware of that infomBtion. The confimHtion is given aThJ should be intorpr8l¢d in a¢cordance wilh the provisions of s418 ol the Conyanies Act 2rTh. The trustees are respxtstjfe for the mairrtenance and integrity of the corForate and financial information included on the charitable company's website. Legisk4tion in thé United Kingdom goveming the preparation and dtssemination of fina￿la1 statements may drfler Irom legi8lalKJn in otherjurBdicknons. R18k management The Risk & Audit CorNnittee oversee the organisation's approach io risk managem8nl. A SIraleg￿ Risk Register is agreed by the Board of Trustees. Risk & Audit Committee and Senior ManagementTeam ISMT). Thi5 is rev￿ed on a quarterly basi5 with an annual revwi cycle. Going forwa￿. this will be updated regukqrfy ak)ngside departmental risk registers, overseen by the Risk & Audrft Committee. The Union will folk)w the UCL risk Iram•work, including regular Slaff training and reviews and updates ot registers. Thks combined with a praclical approach and visitAe engagemenl and SUPFK>rt from trustees and senior management will help en*ed risk management across th8 UThon. Th8 principal potential risks arKI Ur￿9rtain1ieS faciThJ the Urmon are: Potential disruplion to commercial ser¥ic8s due to k)wer than usual IQ￿all post covkl. Potential disruption to commer¢ial seThices thje to ongoing Suppty Issugs ￿mbIned with the costd-living crisis. Continuing incrwes in levels of demarNJ for serrfTh proviS￿n Irom students without a ¢omparable ￿￿Tea$9 in grant funding Irom UCL. GDPR (Gene￿ Data Protection Regulath￿l cornpliarKe. A serious incident on Union premws or by members of the UnK)n's clubs aNI socielias that results in ham) to staft or students and l or rèputati¢)nal damage. UCLU 7

Trustsg8' report 31 J￿Y 2022 STrUCTURE, GOVERNANCE AND MANAGEMENT l¢ontinued} Risk management (continued) The Union's mitigation slralegies agairtst Ihese are: W8¢kty reviews of the impacl on the Union's Op8rat￿)nS and finances. and maintaining a ck)se relalionship and diabgue with UCL regarding Ihe fina￿￿1 and opèrational impact of the cost of living crisis and h)wer foottall. Continuing to enhance and strengthen the Un￿n,$ relalbonships wlth UCL and $9gkin9 The Systeffts Manager the Union's data prOt￿tion aml GDPR lead. A review of the Union's GDPR com1￿lance and besl praCt￿e in data management was conwleted in 2019 and work is continuing to nh)nitor IryIeff￿nlaI10n of all controls. A Heath and Salety Ctrordinator has been appointed (part timel to review and implemenl heaEth and safety management for the Union. including risk assessm8nts, training provk%ion and records, safe working procedures. emergency response and irKident resFonsg planning. Regular fewews of Unh)n Heallh and Safety policies and prccedures, continuing to work closety with UCL CommunicatK)ns and Marl(eting, continuing and improvlng trainng for Union and Clubs and S¢tIet￿ 0￿erS and ensure hpJh quah'ty rlsk assessments for activities and events. lrylementation of a Siudenl Union vewes incident resp)nse ￿an curtentty urKlor consultation. This incl￿10S tdenlil￿*i0n of training negds and onsile supporting information. Training for team mentsrs will include exlemal and intemal lrnining and simuLatson exercises. Testing of the plan w￿1 be undertaken periodically. Student Union working towards achiewng cOmplet￿n ol UCL T1 CO safely management System. The T1(Kl tool is baséd around the Plan. Do, Check. Act management system approach which i8 consistenl wilh Health and Safety Executive and Higher Education guidance arbj is based on praciKal measures to promote ¢(x)tinuous inwrovement in health and saf8ty. UCLU 8

Trust￿, r•port 31 July 2022 STRATEGIC REPORT Unlon pwpo8e, vknlon. mlsslon, values The obiecl ot the Ur￿1 is the adVar￿ment of e(knatI￿ of Students at UCL for the public benefft by: promting the inlere5ts arKI wellare of students at UCL during Iheir course ol study and representKw. support￿9 and advk%in9 St￿jerrtS. being the rwnis8d repr6senlative chamal betwe￿ students aThJ UCL and any other extemal t￿195. arKI providirrfj s￿al. cultural, sportiThJ and reCreat￿nal activittes and forurrts fordiscussions and debat8 for thé PQTsonal devebprrwt of 11$ studgnts. Vlslon An outstanding experience for ￿1 UCL students and to be one of the best students, unions in the UK and the wodd. AIIMlon We build a vibrant and emFfv)wered studenl communty with real influence in UCL and beyond. that enables students lo enjoy their time at unNersity: pursue their interests and passions,. see the world in new ways: and devel￿} the skills and experience to change the world for th ttér. Valuos Our values are: Communty I￿lIding Empowering DeTh)cr Inclusive SusLqinable Fun Bold UCLU

Trusle88' report 31 July 2022 STrATEGIC REPORT Iconlinued) Revlew of 2021f22 Th8 role of the Union is wde raThJing. but our core purp)se is that all of our members have a lantaslK expeiience of unNersty life. We want their interests lo be at the hgart of tho future direction ol the univgrsity. We aim to provide fantastk opportunities lor Ihgm to mgel friénds and purpose their &YlracurrKular interests via our cafes. bars, societies. clubs and volunteèring opportunities. For those WI￿) face dilliculties and barr￿r$ to being able to fulty partiupata in and enjoy student life, we provide high qualty irKJeperKlenl support and advlce. And perhaps most importanty. we want all of students to feel at home at UCL, with a strong sense of belonging a￿1 feeling proud to b8 Students of our un¢ver8ty. In the past year. the Unton has Continu￿ its èxciting programme of renewal and dgvelopmgnt, towards our long-temi goal of working wrth UCL to achieve an outstanding experience for all our students. and becoming one of the best Students. UnK)ns in thg wotkl. 2021-22 has been a year of re1￿lIding for the un￿)n and r￿L$covery tor our students after a the disruptKin from Covid. As the restrictions have eased. studerrts have returned to campus. and we have worked hard to SUFPOrt them to have the best F#)ssible retum to unNersty lrfe. We began th8 yearwrth our largest ever Wel¢ome programme, taking over the Main Quad lor an incredible week of student led-actNty to help evéryone feel welcome aTrJ inspired as they relumed to eamFX￿. Over the Welcom PerKxJ. we ran over gvents acros5 the whole ol UCL in venues across London and online for any students nol able lo join us in-person. This led lo a signrficant increas8 in stUd￿t satisfactK)n wtlh students. Welcom8 to UCL. One ol the key things wg'vè noticed this year as students have returned to campus is that they are keener than everlo part￿Ipate in a full range of extracurricuLqr actNilies. The Union's officer and stafl team have worked hard to support them in doing so. As a resum, we have seen reconl numbers joining clubs and KKieli8s. voluntegring in the thal community, partiupaling in our new TeamUCL sports leagues, and getting irwolvod in thé arts via performing in Ihe Bb)orr6bury Theatre. Students also tumed out in record numbers lo vote in our elections and led our societies in hosting more events than ever. with over 1,000 external SP9akers irtluding Ukrainian Prestsjent VOIC￿￿Yrnyr Zelenskyy. Our team also supported around 1,0￿ sludents in challenging circumstances through our Advic8 serv￿6. Also this year, we expaTrJed our Inl8rnalional Festival. devekwed a new programme ol major cultural celebratK)ns and conlinued our work to improve our cafes, bars and shop lo offer improved ranges and improve the sust￿nabl1￿ of our products. Ws boon a terrif￿ team effort that has delNered fantastic results. UCLU 10

Trustms. report 31 Juty 2022 STRATEGIC REPORT (conlinued) R•vi•w of 2021r22 {continuedl As ever we are very grateful for UCL'S SUFWrt of the Students. Union. It has been fantsstic to Wofk with the senior leaders of the Universty who have continued lo derrK)nslrate their commilmenl to our students so strongly during the past year. We Icok forward to working losety with all of UCL'S staff in the year ahead. to Gcrtinue to put Studgnts first and work towards our shared aim ol a worfd leading student exp8rience. We also ask.for UCL'S conlinuirKJ heb to address our space and faulty i8sues which remain the Union's largest chailenge arKI undermine what 15 in many other ways an excellent student experienoe. We are deligmed lo be working wilh UCL Estates on a new master plan lor Studenls. Union space arKI sports facilities. We hope that this address students, biggest priority for Ihe fLrtur8, which Is a qualty students, unh)n building, coryarable with other teading unNersities. with accompawng practice and reheatsal spaces for sport, music, perfoming arts and other s￿1$￿0$, onabling our students to fullil their extracurricuLqr interests and build the friendships and social aThJ culbjral Catrfl￿ that are so iiiwlant to an exemplary university education. Thankyou to everyone who has played a role inthe success ofthe Uniontlms year. ourelected officers, ouTfantasli¢ staff team. all of UCL'$ slaff who have done so m￿h to support Students during the past year. aThJ finalty lo our amazing sludents have conlinued to do incredible things SUFPQrting each other. ￿ntr￿)utIng to Ihe bxal o)Thwnunty. a￿1 rnakir@ UCL ts very Speci￿ place it is. This year. we: More than 20.IX(l Stud&nts TrJin8d a dub and society this ysar. Tho first tim& in UCL'S history this figure has t9n rea¢h8d. 41% of all UCL students were a mart)8r ol one or mre student.led gnwps this year. another new high. Studèrts took up 83,7(K) club and men)erships thi¥ year, up from 48,249 in 2020-21. On average each club or society member ioin&J four or more groups. 6211 students engaged in our Arts Programme this year. joining an ArtsUCL S￿iety and extAoring. perfoming. and devel¢)ping in evèrything from opera to jazz. musical th8alro lo drama. 7.c￿7 students joined a T&qmUCL sports club this year. competing against ￿lIVerSty teams arourKI the UK TeamUCL suwgd 7,OCrf) mgmbers for the fiTsI time, and we w have our largest ever selection of clubs for students to join. with 75 sports represented. This is a 15% wKrease pre-pandeM￿ engagement. We krKJW that nv)ney can bg a barrierlo pngagement with eXtra￿urr￿Iar activty, so we launched a new Part￿ipatIon Fund to cover the cost of getting invO￿ed in studenl life. 2021-22 was a year ol rediscovery. After Iwo years of sKJnilunt disruption to student life. our members, new and old. relumed to campus and slarted making up lor lost lime. Overall, w• supp)rt•d 362 dilferent Clubs arml Societies, with 54 new groups this year. UCLU 11

Trust•es' report 31 Juty 2022 STrATEGIC REPORT {continugd) A￿l•W of 2021r22 {continued) A¢hi•vomonts (¢Mlinu•d) We launched our new TeamUCL Leagues with ovèr 5CK) students participating across 6 dillorènt sports at beginner level. hel)iThJ n￿re sludwrts lo ￿t activ8. We invesl&J resources in devdoplng d8partm&ntal sttietbes. helping reach more students across UCL. We affiliated 18 new departm8ntal societies this year, tsking our tai to 29. and meThth)ership ot these groups Ir￿reased by 410%. We hosted more than 6.(m events throughout the year, ￿ from 3,307 in 2020-21, with one of mst diverse events programmes we've ever had. helpiThJ build a stronger Sense of communty and belonging lor our studgnts. More than 8.¢Xrf) students att￿ad 26 student-led Bloofftsbury Theatre produclions this year. These p￿d￿tionS were pgrfomwd. produced, arKI d81iv8r•d by more than 7CKJ $tud6nls from our societies. We launched a new websile arKI irKreased the nurrt)er of pages viewed this year lo 9 million. up from 5 milhon in 2tr20-21. We had more than 2.7 million visils throughout the year. our highest ever. Our A0￿e SeNee supported 998 students wilh complex cases related io housing empknymenl, academic issues, and money iSSL￿. Through the inteNenlion ol our Advisors, We￿ saved students £51.043 this year. Our peer-led Language + Writing Support Programmè 1-2-1 appointrnenly resumed in- person. and 282 students benefited from 1-2-1 supwrt with their academic writing. We held the largest student e￿lIOn in the UK for the second year running. with 2,948 nominatio￿ for roles leading clubs. societies, and the whole Students. Union. A record 10,219 students voted during Vote Week. For the first time at UCL, election lurnout hit 21%. We succ8sslully inlluonc8d UCL to provbje us with an athjitional £75Ok in grant funding to enable us to signilicantty expand our Sarah t)ouglas Hardship Fund and the Participation Fund. enabling these to reach huThJreds more students. We have begun a naw project in partn8rship with the UCL Institute ol EduGation to trace 200 ygar5 of studgnt lilo in L¢yKknb as part ol the buihj up lo UCL'S bilaints within tho yw regarding fundraising. UCLU 12

Trus￿8, report 31 July 2022 STRATEGIC REPOFrr (￿ntinu*￿) Flnanclal revlew The Union had an improved operational financial performance in 2021122 versus Ihe previous year. Th• realistd income and exFenditure {which excludes the unrealised gains and losses in relation lo investments and pension ¥hgm851 is stated bdow and shows a nel s￿￿US from operations in the year of £144k12021: suWus of £116kl. However, the net resutt after a capitsl grant depreciation charge of £11 k (2021: £379k). loss on revaluation of investments of (£91kl an i￿reaSe in pensK)n provision of (£0.9m), r8suAs in a delicil o11£180kl12021'. Su￿uS £273kl. 2021 OperatiThJ ir￿OMe lexduithrwj hathip funthg) Oporatirg Ex￿￿￿rture {e¥c. cwad io Te8litt8d OpralirvJ Surplus A(hJiliond Hartsti¥i grarfl 10.799 10.655) 7,172 (7.056) 116 750 1911 19721 577 (41) 379) 273 Pension reV￿Uab0n N•t IDfftItySurpl (180) The Winning of this linanci￿ year was finarKialty th￿1¢nging for the Union as. with a continuing hb3h volume of online teachiTrJ. th8 footlall on campus has been very k)w for statt arKI students. Since January 2022 the commercial trading showed a skjw and steady recovery with all unils open6d as fwtfall on campus has increased following rer￿Val of all C¢)vid r8Strictions. H(ywever. results were still well below pre-covid levels. Student servicos provided support lo students in line with their albxated INJthJets, also achigving sorne savings to enable funds to ￿ ￿Invest9d in the Un￿n,$ facilities. As post Covid recovery progressed in Spring 2022, IhefuThJing all￿ated for many departments and activities had b•gn increased, especially for clubs and societies, to reCOgntr￿ the in¢reasirwJ needs to fund rising levels of actr￿ty. The Union has continued to ben8lit from the recognilion aThl support of UCL. and this year receNed a blcck granl of £3.403k (2021: £2,795kl and use of UCL laciliti8s valued at £2.575k (2021= £2.575kl- UCL has also provided a Specif￿ grant lo supwrt the Volunteering SeNice 01 £384k wh￿h was fulty transferred to the Students. Union this yèar. Ir￿me in the year was also supplomented by a(hJIti￿al grants from UCL whth were receNed on top of tha block grant, totalling £230k {2021: £462kl. Thks was in recognition of. and to help further, the vital WO￿ that the Union was delNering to support the student communty and the reduced income from the Union's comnwcial ouU8ts whilst campus fcrt)ttall renJ9ined knwer than usual folk)wing the pande￿. Unrestricted reserves decreased to £4.609k {2￿1. £5.356kl mainly because of an actuarial ioss on defin9d pension scheme of £972k {2021: loss of £41kl. Pr￿r lo accounting for unrealised losses the Union rewrts an increase in unrestricted funds of £315k (2021: d81i¢it £263k). UCLU 13

Tru8tee8' report 31 July 2022 SThATEGIC REPORT {continued) Financi•l revlew It￿ntinUed) Restricted reserves increased to £2.084k (2￿21. £1.517k). The irtrease in restl￿ted reservos is rnainly explained by a receipt of an add[l￿nal one-off grant from UCL of £75CI( to support sludents, harylship, partialty offset by expendilure against other ffjstrided reserves of £183k. New UCL East funding of £159k will allow us to supwrt stud8nls based on the East caryus from September 2022. Both the Sarah Douglas Fund and the Participalion Fund will benefrt from £750k funding prov#Jed by UCL to dIr￿tty benetit students and 8ase hardship. Custodian activits." Clubs. & Societies Funds The Union acts as custodian for funds raised by the students, Clubs & S¢xieties amunting lo a nel figure ot £1.084k {2021= £968k) in credttots al the Year￿rKI. In addition lo this, thè Union provides grant support for t￿1 core acliviliès as sl)own in nole 1 of the financial statements. Fulur• lunding andgolng concern assessment The Trustee board o)nlims that StLKlenls' Un)n UCL has suffKient funds to meet all ils oblb3ations. The cash at bank and on hand Fbas increased to £1.701k (2021: £1.630kl. however the interconpaDy balance wilh UCL. through which the grant funding is paid. has grown to £2.367k12021'. £1,244kl. Th8 UCL core granl for 2022-23 has bèen set at £3,726k 12021-22: £3,403k}, and the Volunteering SeTV￿es support grant ￿ £440k12021-22.' £384kl. Ths funding is slgnrficantly increased as part ol the Urvon's three-year grant sett18mènt in April 2021. In adrfrtion to thi8. UCL has agreed lo proNide a one-off furKling SUPFQrt of £188k for investment in specif pro1￿1$, and to provide increased support for St￿￿ent clubs and societies to reflect rising aclivity levels after the pandem￿. The 2(Y22-23 budget assumes steady re(x)very conlinues as campus loottall iisgs following th8 pandemic. The Commercial tumover from all our wèll-eslaLlished outlets and Iwo new convenignce stores is expected lo rise as UCL mostly retum to lul faceto face teaching. This 11 also lead to an i￿r￿& in staffing costs as outlets I￿11 require additional staff support to match the ir￿lease in sales vohjmes. We Mll operate with a level of financial risk attributable to the opening of n9w Gonvenience stores and rising inflation . Thg risk wll be constantty mnilored to mitigate the impact ol any nar￿la1 undgrperformanc&. UCLU 14

TN•teo8' roport 31 Juty 2￿22 STRATEGIC REPORT (continued) Flnanclal revlow (continued) Total fund lèvels rgmain hèatthy. alihough thg total reserves have reduced versus last year to £6,693k I￿121. £6.873k) b￿aUse of unrealised actuarial loss on defined benefit pension scheme. With the increase in b￿￿ grant fuThJing that has been agr&ed with UCL, the Union is finanaalty slable and wll be able lo be resilient should trading conditK)ns change in the ¢omin9 year. level andpolky The Union's Tesgrves providg financial stabilty arvj the ￿￿an$ for the continued developir￿n1 of our principal activities. The un￿)n is heavity dependent on the annuai grant receNed from UCL and would be at r￿k were those funds to be rgdu¢ed. In thg event of a reduction in incom8 and to ensure conlinuty of activf(ies and scope for review. tt 18 the trustees. pyjlicy to maintain free resekves (equating to general funds excluding the pe￿ionS l￿bIl￿) of a minimum of six months, running costs. Th8 charity had 10t￿ reserves of £6.693k {2￿21. £6,873k) al Ihe balance She￿ date. This included restricted funds of £2.084k12V21: £1.517kl and designated funds of £4.297k (2021.. £4.317kl. After deduding th9s9 furKl$ from total rgsgrvg5. tho frge roserves al 31 July 2022 were £1,666k 12021: £1,421 k) - equivalent to approximalety 4.9 months. average running Osts 12021: 3.9 months). Thg Unitin is taking steps tOVATds robuilding fr8• r•s•rvgs by diversifying the commercial offer and urKlertaknng risk assessment to all new projects, as well a8 having poI￿leS and procedure in place to ensure costs control. The Union reserve policy is r8viewed annualty to assess whether a six-nw)nth reserve cover is alkquate to respond lo on-going fin￿la1 cl)ligat￿)nS as well as Strateg￿ OFP)rtunities. The lrnste8s have continued to lom￿llY deswjnate £1,782k to Sports Development lund. Capitsl Inveslffnt furMJ and Shgnley athletics grou￿1 fund wrthin the stratggic plan{2021: £1,741kl TheTruslees wll rewew this designatic￿ on an ong)ing basis. The funds that are d•signated aré lor futurè Stratag￿ projects. inc1￿1ng the develoynent of student sports and the provision of s￿rtIng facilities. The Union's investffnl objtttives are to balance the current and fulur8 needs by: maintainwig (at lèast) the value of the In￿tments in real tarn￿., producing a consistent arKI sustairkible amount to sw)port exp8nthlure; and UCLU 15

TNst•o8' report 31 July 2022 delwering these objeCtr￿ within acceptable levels of risk. The pOI￿Y to invest sU￿lUS fur¥Js is agreed by the Finance Comittefr. STRATEGIC REPORT {wntiryJed) Fina￿la1 r•vi•w I￿ntInued) Investm•ntspoli¢y, obl￿tsveS andperfornianco (continued) Investments are placed after agreement with thè Investment Team at UCL. Transfers are under thé control of the Director of Finance and ch￿ Executive. Olher than inveslments in UCL fund. all other assets rnust b8 hékl in a restricted portlolio {wh8re capital has lo be preserved). Investments Mthin the UCL Unffied Fund lolknw UCL'S Investment Policy including its ethul considerations. which are summarised bekjw. While the guKling principle of UCL'S investment policy is lo generate funds. whether through Income or capital growlh. with which to further the work of UCL, other than financial criteria bging apprwriate, UCL will not invest in a part￿ular business in the loll¢)wiThJ circumstances.. Where such investr￿n1 might conflict, or be in￿nsIstenI. with the aims, objects or activrties of UCL. Thus, lor example. investment in the tobacco industry would be inconsislenl witti and would contliel with UCL'S research into cancer. Wherg such investment nught hamper Ihe WO￿ of UCL either by alienating financial supporters or polenlk41 financial supportets". or by having a material impacl on appI￿1￿)n8 from potenti￿ students. Where such inv8slrnenl. *thi1g not exc1￿j¢d by virtue of {il or lill above. consvjered by UCL lo be unethical. The investment policy objeclive is lo obtain a ryynimum y￿Id ol basé ratè plus 0.5%. Our listed investments, valued al £4251k at 1 August 2021 in Ihe UCL Unrfisd fund returned an Ir￿Orne yigld of 2.1 %. and an unrealised capital loss of £91 k equating lo a 2.1% reduction was recognised, taking the valuation to £4.161 k as at 31 July 2022. Other average treasury investment. being fixed term deposii account of £1.010k. retumed an income yield of 0.1%. The Union is reviewng its investrnenls strategy to prolect as much as possible th8 long term vestment gains arKI the in¢oTh yi¢bJ 0tr4ectiv8 in the high infiation economy. UCLU 16

Tru8te•s' report 31 Juty 2022 STrATEGIC REPORT (continued) Fuluie plans Studènts. Union UCL has the ambitirm to be one ol the best students. unions in thg UK and the world. We want to be the best organi8ation that wè can for our members, providing outstanding seNi¢es aThJ facilities for students. aThJ achieving real InflUe￿e across UCL and beyond. Following the diswption to our serv￿$ dumg Ihe pande￿, we are rK)W 8xpandiThJ our services. This year we will op9n two new convenierKe stores as well as extending the opening hours for our cafes and bars. We are also laU￿hIng our newty expand8d Sarah Douglas Hardship Fund and PartI￿patiOn Furwj to support students during the cost-ol-living ciisis. Thesè funds will exparKI by ￿K)re than ten-fold. We are aL80 growing tha capacity of our Poly IrEight team. increasing fundiThJ for clut48 and societies. oxpanding our support lo ACadern￿ Reps. and continuing to grow develop our work across every department in the Union. Wo also plan lo conlinue to develop the U1)￿.S faulitias. with a plans to relurbish several spaces and ongoing work with UCL to seek to secure investment in a new Union buikjing. Wo have budgetod that cFerations in 2022-23 will break 8ven although there will be addlI￿nal experKlilure furKled by restricted granl income received in 2021-22 specrficalty for sludenl hardship. We expect 2022-23 ￿11 bo a yoar where camws foottall continues to rise arKJ moves back towards pre-pandemic levels. However. there is still somo un¢ortainty as to changed student and staff behaviours. For that reason, exp8￿￿rture will be carefulty controlled to ensure we do not over-commit and can b8 agile lo react to a changing environment. In this way we aim lo protect the Union's reseNe$ in the short te￿ lo enable long temi investm¢rt We arè aL80 Gomrrutted to ￿tinuIr￿j the Union's nM)deMiSat￿n aThJ our work towards our lOn￿te￿ VIs￿n. As we emerge fromthe P￿ern￿. our plans build on the organisalion's great achievements of the past few years. such as the signrfi¢ant iricreas8 in student engagement, with more and mre swdenls part￿lpat1rwj in clubs and sc￿4e11es. standing for •lèction and voting. But we are also seeknng to focus more resources and attenlion on our core systems and processes with strengthened objectNes in areas such as fina￿la1 management. gov9mance. health and safety. engagement wilh our student staff. and our environmental sustainability. We are also working clowly with UCL to gxplore cwions lor the modernisation and expansion of our facililies. Last y8ai we published a new 3 year strategy for Ihe Union. 2022-25. Key objectives lor the nexl year wll include: Effecllve Inlluenc•: The Union the representative body lor all UCL students, we hav8 one ot the largest collective sludenl voices in the UK. We want to support our Offic8rs and Academic Representatives to help shape the future of UCL and achieve positive change for our students across London arKI at nalKsnal level. We also want to continue to develop our Qlections, communFcalion and engagement wilh our Mat￿erS. to ensure a heahhy and vibrant dew￿racY. with all our $ludents having influerKe on our decision making. UCLU 17

Tru8tee8' report 31 Jlly 2022 STRATEGIC REPORT {continuedl Future plan8 Iconlinued) Amazing EX￿rIenCe - We want all our students lo have an amazing experience at UCL outside of the dassri)om. with the best exlra-curricular offer in the UK. We want our students to have fantastr￿ Op￿rtunI￿eS pursue their interests and passions. with opportunities to learn skills. try newthirvJs. grow theirexperience and confbjgnea, and develop n8w1ri8ndships. We want ail our students to have the OPFKfyrtunty to gel aclNe with excellent sports provision: have the chance lo d8V81op thèir creatiwty through invO￿eMent in the arts, rnus￿ and culture. and connect wtth the thal communty through fantastic volunteering opportunities. We recognise the vital importance of actNib¢s like sports. rnus￿, volunteering and our wider co- curricular programme in buihjing community. helping lo create a stroThJ Sense ot belonging for all our Mernbe￿ aryl supp)rting Student wdlbeiThJ. Vlbranl arKI Inclusiv• Communlty- UCL is a dNérse communty ol students from all comers oftho worfd, in an amazing cty. doing amazing things. We believe that we are uniquety placed to buikl. $upp)rt and ener￿se Ihis communty. making it strongér and.foster a grealer sense of belonging lor every student. We wanl our spaces lo be the centre ol the Student community at UCL. plac8s where our members feel genuinety at horn, spend time with their frionds. and importantly. somewhere whgrg they can access support and advice when they are in need. As London's Global Unwersity. we want to be a glclxl StL￿entS, union. where all our students have opportunrties to see and experience Ihe world in new ways by engaging across our dNerse student community. We wanl lo suptw)rt our students to get the most out of living and studyiThJ in Lonthsn, ￿th opportunilies to visit aThJ engage in th• bèst ol the cty and nation's cultural opportunities. Excellent Union - We want to be a fantastic, efficient. welkgovemed aThl elleclive charity, Ihat is one of the best studenl organisaliorts anywhere in the world, so that we can effecllvely represent and wwde fantastic SerV￿S lor all our men*)ets. We want lo work wilh UCL to gain their help in signilwtly improving and expa￿ling the Union's building and fa¢ilili8s, including our sports faciliti8s: we know that we can provbje bgttar seNices and experiences for our m8mbgrs with better spaces. We want to be the best possible employer ot stall ensuring we invest in the staff experience recognising th8Ys how we will be able to provide amazing services lo our members. 11 we do all this. then we will have buill Ihe foundations ol a UnK)n that Can go on to achieve our ambition of being one of the best students. unions in the world. This Trustees. Report. convris￿lg the Directors. Rgport and strateg￿ R8P)rt. was approved by the board and swJnwJ on 11$ boham by: Trustee . Deniz Ak¥K? Date: 8 D￿erthr 2022 UCLU 18

Independont audltoV• rw¢Yt 31 JU￿ 2022 Independ)t audllorf$ rewi to th? mwnb•rs of UCLU Oplnl¢)n We have a￿lled the ITh￿181 statements of UCLU for the yoar andod 31 Juty 2022 wh comprise the Staternent of Financk71 Activities. the Balar￿e Sheet, the Cash Flow Statement notes lo the financial stalemenls. including a summary of shjnFI￿ant accounting policies. The fInar￿la1 rewrting framewoth that has been applied in their preparation is aPpI￿able law arKI United lQn9Jom Accounting Slandards. inclLKling Financial Rewrting Stsndard 102 The Financial Rewrting Standanl ap￿￿able in tho UK arKI Aepublic of IrelarKI' (United Kingdom Generalty Acceptèj Accounting Practice). This report is made solety to the d￿ritable Co￿Van￿S members. as a boty, in accordance wilh Chapter 3 of Part 16 of the ConVn￿ Act 2c￿. Our audrt woth has been undertaken so that we migm state to the chaiitable compan￿$ members ttrKtse matlers we are required to stat• lo them in an auditorfs reFQrt and for no other purpose. To the fullest extent permitted by kw. we do not accept or assuff¢ resp)nsibilty to anyong Othgr than the charitable company and thè chaiitablg co￿VanY,$ mernbgTr as a both¥, for our audil wort, lor this raport, or for the Opin￿nS we have fomwd. In our oprnion. the financial ststentnts: give a true and fair view of the slate of th8 charilable corroany's affairs as at 31 July 2022 and of its income arwj expe￿liture for th6 year then0nd￿. • have been property prepared in accordance with Unod lQngdom Generally Accepted Ac¢ountng Practice: and have been prepared in accordance wilh Iha requireffonts of the Cowi9s Act 20￿. Basis for opinlon We conducted our audit in accord￿ wrth Intemational Standards on Auditing IUKI IISAS {UKI and applKablo law. Our restM)nsibililies under those standards are further dèscribed in the Auditorfs responsibilities for the audit of the fIr￿r￿la1 statements seCt￿n of our report. We are indgpendent of ihg charitable (#)mpany in accordance wilh Iha ethical requirements that are relevant to our audil of the financial statements in the UK. inGluding the FRC'S Ethical Standard. and we havo fulfilled our other ethKal rgsponsibilities in aCcOrda￿e with these r8quirements. We believe that the autht evidence we have obtsingd 15 suffici8nl and appropriate to provide a basis for our opinpjn. ConcluBions relating to going concern In auditing the financial slatements. we have c￿l￿ded that the t￿￿tees. use of the going concem basi8 ol accounting in the preparatK)n of thg fInar￿la1 statements 15 appropriate. Based on the work we ha￿ pertomwl, we have not id8ntiFied any rThalerial uncertainti8s lating to events or condilk)ns that. indN#Jualty or collectivety. may cast significant doubl on the charivs abihty to continue as a going ¢orKem for a period ol at least twelve rr¥Jnths from when Iho finwKial statements are aulhorised for issue. Our responsibiltties and the responsibiliknes of tha trustees with resped to going concgrn are described in the relevant seclions of thi8 report. UCLU 19

Indgpgnd8nt auditor's report 31 Juty 2022 Olhw inlomwtlon The Trustees aTr reSP)n￿ble for the other Info￿￿?ti0n. The other intormation cOrr￿rISeS the Information ir￿lUded in the annual report other than the fir￿nCIal statements and our audilorfs report thereon. Our ¢winion on the Ilnancial statemants th)es nol cover the oth•r inf0m￿li0n and. except to the extent othe￿iSe expliciity statsd in our report, we do not express any fom ol assurance conclusion there￿. In connection wilh our audit of financkil stat¢ments, our responsibllity is to read the other informalK>n and. in (kiing so, C¢)nsider whether the other InfO￿allon is materially inconsistent with the fInar￿la1 statements or our knowwe obtalned in th8 aLKIit or otherwise appears to be materially mi8slaled. If we idgnlfy such rnalerial irtonsistencies or apparent material misstatements. we are required lo delemiine whether there 1$ a material misstatement in the financial staterr￿n1$ or a material misstalernent of thg Other infomwlion. If. based on the work w• have pertomMI. we cond￿￿&thatthere Is a n%9teYial misstalement oflhis other information. we are required to report that fact. We have nothing to rep)rt in this regard. Oplnlon8 on other matlers pre8¢rsbed by the Companles Act 2006 In our opinion. based on the Y>rk undertaken in the course of the audit". • the inf0m￿l￿1n given in the Trustees, report for tha financial year for which thg financial statements are prepared is consisl8nl with the financial statements; and • the slralegic report aThJ the direclors. rewrt i￿l￿ded wilhin theTrusle8s' report hav8 b8èn prepared in accordance with applicable legal requirements. Motlws on whlch we aye requY•d to report by exceptk•n In the light of the kn￿edgtr and uThderstaThJing ol the charitaNa Company and its environmènt obtained in the coutse of the audr(. we have not Kléntir￿ material misstatements in the Trustees. report. We have nothing to report in respect ol the following matters in ralat￿n to which the cOr￿nieS Act 2￿6 requires us to report to you il. in our Lwinion: • adequate accountirvJ records have baen kept: or the fina￿la1 statements are not in agrooment tyth the accounting records aTrJ relum5; or • certain dithures of Trustees. remuneration spo¢ilied by law are not made", or • we have not receivad all the 1nforrnatm￿ arbj ¢xplanatiorts we require for our audit. UCLU 20

Independent audltor's report 31 Juty 2022 R•8ponsibililies of TNste As explained morelully in the Tntstees, responsibiliti8S Statoment. th8Twsteos (who are also the directors lor ihe purwses of corryany lawl are responsible for the preparation ol the linancial statem8nts and tor being satisfied that thèy give a true and fair VTr￿, and lor such internal control as the Trustees detefmine is n6ressary to enable the preparation of financial statements that are free from material misstatement. whather due to fraud or error. In preparing the finartial slatements, Ihe Trustees aro rosponsible for assessing the charitable company's abilty to ￿ntinue as a wing cor￿M. disclosiThJ. as applicable, matters reLqted to going Co￿&M and using the going ¢on¢em basis of a¢counting Unl￿ the Trust•as either inlend lo liquidate the ￿lIab[e company or to cease operations. or have no realislic altemalrrfe but to do so. Audltor's re￿￿91b111Q1e8 lor the audll of the fimnelal ststem•nts Our objectives are to obtain reasonable assurance ab)ul whetherthe financial statements as a whole are free from material mwlaternent. whether due lo fraud or error, and to issue an audilorfs report thai includ8s ouropinKJn. Reasonable assurance is a high18vel of assurance, but is not a guarantee that an audil conducled in accordance with ISAS IUKI will always det8¢t a material misstatement when rt exists. Misstalemenls can ar￿e from fraud or error and are consKlered material rf, ir¥JrivJualty or in aggregate. they coukj reasonabty be expected to Influence the econom￿ decisions of users taken on the basis of trÈse financialstatements. IrregU￿lItIe$. includiry fraud. are instances of non￿ompliar￿e wilh laws and regulations. We design procedures in line with our resp)nsibiliti8S, Outlined ab)ve. to detect material n￿sSIateMentS in ￿sp￿tI of Irregularit￿$. induding fraud. Thg extent to which our PTocedur8s are capable of detecting irregularities. inludiw fraud is detailed below. How the audft was consldered capable of deledlng Irregularftles Includlng fraud Our approach to identrfying and assessing the risks ot material misstatement in rgspecl ol irregularities. including Iraud and nOn￿lIanCe with laws and regulations, was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate Competer￿8, tapabilrties and skills to id8nlfy or recognise non<omplianc8 with applicable laws and regulations: + We obtained an understsnding of the legal and regulatory framewotks that are applicable to the charitable corrpany and determined that the significani fTameworks which are directly relevant to s￿71￿ assertKJns in the financial statements: • We focused on spécrfic laws and regulations whi¢h we considored may have a dI￿¢t rnaterial effect on the aCC(￿nts. • We assessed extent of conwliance wilh the laws and regulations idenlili8d above through mthng •nquiries of represèntativès of management and the reviw ot minute$ of Board of Trustees meetings. UCLU 21

Ind•p•nd•nt guditorfs report 31 July 2022 Auditorfs req)onsThi ill￿S for th• audil of the flnanclal slatemonts Icontinugd> How the athft was considerod ¢aph •f d•tectlry Inryulariti•s including fr•ud (continued) We assess￿ the susceptibilty of the chaiitable compan￿$ financial statements to material misstalement. inckKling obtaining an urKletstanding of how fraud might wcur, by. MakirKJ ￿qUirieS of where management consJers there was sus¢eptibilty to fraud and knowledge of aclual. suspected aNI alleged fraud,. aThJ • Considering the irrtemal controLs in place to mithjale risks of 1[a￿j and non-compliance with L4ws and reguLqtions. To address the risk of fraud through management bias arKI ovenmle of controls. we: • Pertomied analytical pr￿lureS to hjenlrfy any unusual or unex￿ed relationships" • T￿ted arwj ravi8w8d joumal entTi85 to id9nlify unusual transactions: • Tested the authorisation of exper￿ure. Gained an understanding of the pKKesses in plats lor the management of the charitable company's investrngnls; and Invest￿al$d the rationale behiThl significant or unusual transactions. In response to the risk of irregularities and non•iance with Lgws and regulations, we designed prcKedu￿s which ir￿Uded. but were not lim¢led to: Review ot tl minules of meetings of those charged with govèmance; • Enquiring of managemeni as to actual a￿j Wentkgl liligatton and claims" and • Agreeing accounts di￿105V￿9 to undertyry'ng sUppM)rtW￿ documentation. As a resutt ol 0Urpr￿￿Ur￿s we dKI not Klentify any key audit matters relating to irnegularities. There are inherent limitat￿n$ In our audit prC￿edureS dès¢rMJÈd above. The rnre removed that laws and regvlalKJns arg from financial transactions, Ihe less likely rt is that wa would become aware of non-compliance. Audrting slaThtsrds also limit the audit procedures requir8d lo idgnlify nonvcompliance with laws and regulations to enquiry ol the trustees and oth8r management and the inspectiM of regulatory and legal correspondence, if any. Material rr¥sstatemènts that arise due to fraud can be harder to detect tFkqn those that arise from error as W may involve deliberate ¢oncealment or collu&on. A turther descrplion of our resp)nsbi ililies for the audit of the financial $latoments is located on the Financial Reporting CTrJncil's webstlo at www.frc.org.uklauditorsresponsibilities. This descriptw forffs of our auditorfs repo UCLU 22

Independont auditor's report 31 July 2022 U#• ol our report This report is made solety to the charitsble Cor￿any,S members. a$ a bc. in accordance with Chapter 3 01 Part 16 of thg Caryan￿$ Act 2(￿. Our audit work has b99n undertaken so that we mwJht state lo the Charitab￿ companys members those matters we are required to slate to them in an audrtofs report and for no other purpose. To the tull8sI extent permitted by law, we do rK>l accepl or assum8 responsibilty to anyone othw than tt18 charitable ¢oryany arKI thg charitable ¢omparrf$ m¢ners as a t￿ty. for ouraudil worK for Ihis report, or lor the opintons we have lormed. Shachi Blake￿￿re For and on behall of Buzzacott LLP. Slatutory Audilor 130 Wood Street London EC2V 60L Date: 23 February 2023 UCLU 23

ststement of Ilnancial activi1￿ (including I￿0￿ and expendliure account) Year to 31 Juty 2022 Total fvnds Incom• from.. Gmts and donatic￿8 Ch8ritatA& thts'es . Tradiry •m1.777 478.914 5,849.599 3J59353 515,401 91,460 10,57T,891 4359253 S15.401 91,480 gn,488 11.549.379 478.TJ8 775.835 67,481 6.692.709 478.738 775,8&f 67,481 T.171, Investrnwts incom6 478.944 Chaiiiat18 . Tr8thThJ . N¢￿TrIr￿r￿J Totd 8XP8r¥th"luwe 5.197139 SM50 S2o2￿B5 4114.107 5.064,YaD 398,402 S,483A22 4740.803 103623S9 404.051 10.668A17 .910 3,114.107 4.920.915 7,435,022 580, 112 .112 Nol Incom {•xp•ndtwo) 315M32 (16Za)iJ (101, 168) (2￿589) Oth•r recogThl•ed and 16 121 1971•2) 140.&ts) (40,803) Unrgaised Oossl gth q•).776) 577297 577297 N•t l•xp¢ndMw•l In¢om• (T47,IJW S67,480 1179W61 374.2A3 (101, 168) 273,125 Net movement in lund* 1747,•J61 V79A76) 374.293 flOI.168J 2fJ. 126 88larw forwar

rw Carri￿ forward

5,3563rJ 4.809217 1A16.8 6An.053 4,981.930 2.084260 6.693.477 S3562tJ 1.617.998 1.516. 6.599.928 6,873,053 The slalemenl of financial a¢tMti¢s irKludes all gains and bsses recognised in th8 above two years. All amounts deriv8 fr(Nn continuirwJ activit￿. The notes on pages 31 10 42 tom part of these tinancial statements. UCLU 24

Balan¢0 $hw 31 Juty 2022 2022 Flxod a¥wts Tangthle fixed &ssets 591A55 5,170343 5.761A98 529.960 5.261.019 5.790.979 SttKks Debtors Ca8h W barf( and in hand 10 103.624 11 1537.647 1.701.1 4,341461 31. 197 1.374,025 1.&30.329 3,035.551 Uabllltles Creditors: amoLmts fallng Ihin y 12 12.057,1 (1,571,944) 2285274 1,463,607 48w8 oxcludlng pr Ilabblity 046072 7.254.586 16 11.353.395) (381.533) Total nèl a•aet8 6.693.477 6.873,053 ReSt￿ted reseN8s Unrestr￿led re8er¥w . Des3nated funds . General lund . PO￿on rnsoN• 14 2J184260 1,516,830 15 15 1.665.872 1,353095 4996,740 4,316,951 1.420.805 381,533) 15 312.47T i.a39R72 Totol fvnd• 6.693,477 6,873,053 These financial statements w•r6 approvod by the Trust0& Board aThJ signed on their beh￿f by= Trustee Deniz Akir￿1 Date: 8 Decemb8r 2022 The notes on pages 31 to 42 form part of these finarKial slatements. Conwany Registratb)n nuTrlr 07635628 UCLU 25

Statement of ea•h flow8 Year to 31 Juty 2tr22 2022 2021 Notss Nel lexpenthluTrl ￿￿￿ne Deprecialw)n (179&761 273. 125 166,837 533,207 90.776 (577.237) {1560) (4,003) 172,427) 42.629 {1.163.622) (887.404) 971.862 40,803 492,648 303,938 Interest ￿1ved Iln¢reas¥l d&reas• in sloek (Increase) dmase in ddAors (Gains) losses on dthed p￿￿on schTh liatAlfties {De¢r0￿) in ¢rnthtors Net cash prgvid•d from opwatlng •cllvlt (479.271 C•sh flows from Imrnstlng actl¥llle9: Inl8rest T￿e1¥aLle Purchase ol ￿g￿le ffixe(l assels (235.6371 {218.26SI (95.425 (91.422) Change ￿ caBh aThJ cash eq￿Val￿ts in thè ￿ar Cash and eash equivalents at Ihe begiMirvJ ol the year Totsl ¢88h and cash equ1¥al￿t$ al th? of ihe 70.861 1,630,329 1,701,190 (570.893) 2,201,022 1.630.329 An￿y$l¥ ol ¢ash and ¢ash •qulval•rts Cash in hand at bank 1,701.190 1,630,329 At 1 Au￿t 2021 Cash fftows At 31 July 2022 R•con¢lliatlon of net debt Cash at bank ar￿ in hand Total ¢ash ￿*h •qulvalent8 1.&30.329 1,630.329 70,861 70,861 1,701,190 1.701,190 UCLU 26

Principal accounting polcles Year to 31 Juty 2022 The principal accc4Jnting poI￿leS adopted, lUdge￿wI$ arKI key sources of estimation urKertainty in the preparatIC￿ ol Ihe financid statements are LqMI out bebw. Ba818 of wyatlon These financbal statements have begn prgpared for the year to 31 Juty 2022 and are presented in sterling arKI are rounded to the nearest tM)uThl. The financial reportiro frarnewo￿ that has been applied in their prgparalion appliGable law Untled Kiwkni Ae¢ounting SlarKths (United Kingdom Generally Accepted Accounting Practul, induding FRS11f2 Ihe Financ￿1 Flep)rting StaThlard applicable in the UK and Repu￿￿ of Ireland.. and the 2015 Charities Ststement ol Recommended Practice bas8d thefeon- thg Charities SORP. University College London Union meets the definition of a publ￿ benefft entity under FRS IIY2. The Twstees consKler that th8r8 is a r8asonthe expectation Ihal the Union has adequalo resources to continue in operalK)nal existe￿el0rthe foreseeablè futur• and. forthis rgason, tlw continue to adopt the going cortem basis in prepariro th8 annual financial slalem8nts. The Truslees have made this asSeSs￿nI in resp￿1 to a period of at least one year from the date ot appn)val of th￿e financial slateffents. During the 2021122 the Un￿n,$ free reserves increased and stand at £1,666k 12021: £1,421 kThe Union is cornmitted to retsjilding its free resep4es bydivo￿￿ylng the commercial offer. wor￿n9 with sustsinable and 8th￿ SUFvliers. and investing in the spaces it occupies. In Autumn 2022 the two new convenience stores will be added to our commercial portlolio increasing the turrthier and retum on commercial aclivities. Furth8r investment in spaces was approved by the board in Sumw 2(Y22 to ensure that we attract and relain high foottall in all our outlets aTrJ the gym. During the first quarter of 2022123 the Union's cash Ilow rem&ns healthy. The trading unils reported strong resulls from the beg￿nir$g of the 2022123 acadeffic year. The outlook for the next 18 rTh)nlhs remains Ffv)silNe. In addIt￿n to the commgrcial success the Union beneftts from tho increased level of the collaboralK)n with the Universty and an irtraase in overall funding 18vels. including the core grant. funding to eas6 students. hardship and to support acliviknes in the East canyus. The trustees are oflhe opinion that UCLU vlill have suffKient resources to meet its liabilities as they fall du8. Critical accounltng egtlmates and areas ol Judgement Preparation of the linancial statements requires th8 Trustees and management to make sIgnrf￿anI I￿￿geThnts and eslimates. The ite￿￿ in fironci￿ Statty)￿ts where these judgements and estimates have been madè include: v￿UatIOn of donations in kir¥J received during thè yèar,. UCLU 27

Principal a¢¢ountlng pollcle• Year lo 31 Juty 2022 • estimating thè USefi￿ economic life of taThJible tixed assets: Crftlcal accounling eslimths and of judg￿1 Iconlinued) allocatlon of supwrt costs across charitable activities. aTrJ • vduation ol the pension scheme liabilitses in relation to the Universities Superannuation Scheme (USS). Incom• Income is recognisgd in tho p8riod in wl¥ch the un￿n has entiU•ment to the ncome. the amount can b& measurwj relithy. and il is probable that the income will bè received. Income conwrises of donath)ns and grants received from UCL, income generated from ommorcid aclivities, aThJ investment income. Expendlture Lialm'litiès are rwrised as eXperKlitU￿ as w)n as there is a legal or Constructive obligation ¢omrritting the charity to make a paymwt to a third paty. it is probable Ihat a transleT or eoorK)mic benolils wil be received in settlement and the an￿Unt ot the obligation can be measured reliabty. Ail expenditure is accoumed for on an acc￿￿ basis and is staled inclu$Ne of irrecovernble VAT. Charitable expenditure comprises the I￿r￿1 and indirect tu)sls of d8lr4ering the charitable aclivilies as sot in the TnJslees' report. This includes govemance costs, which are those costs incurred in rdation to complkqnce with constitutional and statutory requirements, such as Ihe annual au(fit. annual elections aThJ training for sabbatral ott￿rS. Support costs arg allocated to charitsble actNilies. The value of serviced campus accommodation is apFQrtioned on estimated floor space ocojwed. Other central ovethgad costs are apportK*ned to charitable and other projectslactivilies on a u$ag& basis, pro rata to the staff wsts of &qch project or adity uTrJertakan. A lull year ol d8prgcialion is charged in the year of atquisitb)n. Depreciation is calculated $0 asto wiite off the Costof an asset. less its estimated residual value. overthe uselul economi rrfè of that asset. For deprecbalion pU￿￿s. useful lile is assessed to be: • Fixlures and fftlings 5-10 yea • Equipment 3-S yea Fumiture 3-5 yeas CaFital expenditure in excess of £1.c￿ is capilalised wilhin lixed assets. Expenditure less than Itms aff￿Unt is charyed to the statement of financial activities in the year il is incurred. UCLU 28

Prfn¢lpal aw>unting pollcles Year to 31 Juty 2022 Stocks are valued at the lower of cost net realisable value. after making due allowance for obsolete and slow mowng i18irts. Tax8tion No provision is mad8 in Ihese financial statemgnts forcorporation tax as the Union is exempl from such lax as a result ol its charitable status. Invg$tmonts Listed investrn8nts ar8 a lom of basr finanthal instrument and ar• inbtialty re¢ognis8d at theirtransacth)n value and subsequenty measured atlheirfair value as at the balance sheet date using the chjsing quoted market pite. Realis￿ gains lor k)ss8s) on InveStTh￿ assets are eakulated as the thllerenee between disposal prcteeds and their cyening carying value or Iheii purchase value is acquir8d subsequent to the fitst day of the financial year. Unrealised gaing arml k)sses ar& calculated as the difference between the fair Value at thg year erKI arKI their carying valug at that datg. Realised and unrealised investment gains (or losses) are combined in the statement of financial actNib8s and are credrted {or debrtedl in the yoar in whth Ih•y ari$•. Pension cosls The Union contributes to Ihree principal pension schemes on behaw ot its employees: the Universities Superannualion Scheme IUSSI. the Superannuathjn Arrangements for the UnNersty of Lonth)n {SAULI. aThJ the NEST scheme. USS and SAUL are defined benefft schemes aTrJ il is ￿t posshye to identfy the Union's share ol the undetying assets liabilities in the muhieryloyer schemes. However. the Unh)n has entered inlo an arrangement to clear the USS schgm8 d81icit by 31 March 2038 The net present value of the Un￿n,$ conlributions as part of these pkns are reflected as a liabiif(y on the balar￿e sheet, which will reduce as Ihgy are paKI. The NEST scheme is a d6fin8d contribution scheme. Conlribulions lo all schome$ aro charged to the statement of fina￿la1 actrvities. Fund accounllng Restr￿ted funds are monies Twsed for. arKI thwr used ro$triet8d to. a spo¢ilt purpose. or donations subject lo donor inp)sed conditions. Dèsignalod funds ara monies set asmle of unrestricted general funts and designated lor specrfic purp)ses by the Trustees. General funds represent those monies that are freely available for applicalion towards achieving any eharitable purpose that fall wittun the Union's charitable obJ"ecls. Leased a$#•ts Rentals payable under operaling leases are charged as exper￿[lUre lo the statement of financial aclivtties on a straight line basis over the pericxj of the lease. UCLU 29

Principal o¢counling policies Year to 31 Juty 2022 Debtors Debtors are recognised at thar setllemenl arrw)unl, k$$ any provision lor non-recoverabilty. Prepayments are valued at the anv)unt prepa#J. They have been discounied to the presenl value of the lulure ¢ash r￿1p1 where such discounting is material. Creditors and provisio￿ are recognised when thgrg is an obligation at the balance sheet daté as a resu￿ of a past event. it is probable that a transfer of ecor¥)￿￿C benefit will be required in settlement. arxl the anw)unt of the settlement can be eslimaled reliably. Credrtors and provisions are reco9nised at Ihe amount th9 Union anticipates it will pay lo settle the debt. They have been discounted to the present v￿ue of the future cash paymenl whoro suth discounting is matorial. Financial in#truments The Union onty has finwKial assets and finarKi81 liatilities of a kind that quatify as basic finar￿la1 instnjments. Basic final￿tal instruments are initially r8cognised at transaction value and subsequenlty measured at their settleThnt value. UCLU 30

Notes lo the Financlal stat￿n￿ Year to 31 Juty 2022 lund Clth and Socieiies grants UnbJn grant Facilit￿ wt I'donalion kiThJ . TradirvJ . Othgr Totsl blo¢k nt from UCL 6,611,7TI 147 147.984 21.040 3.8M453 2.773.537 21.040 2,773,537 1.554.066 1,021274 1W,I)66 1,554.066 1.021274 1.021.274 1.$54,oe6 1,021,274 6.611.7T7 S.369.917 5,369,917 ¢)h&r grants Oiher donatic Totd funds 970A88 970.468 478.944 478,944 738 5,370,655 6.611.7TT 971.488 7¥3,265 478.944 5.849,599 Facilities grant funding above (trading and othgr) relates kn°donalion in kin￿ accOMn￿l8Ii0n provided by tho University to UCLU (see note 5). Unr•strtt¢d Total funds 2022 Total funds 2.560 88.900 91.460 Irbvestment irKome 63,477 67,481 Unrestr￿•1 Total lunds 2022 Total Tradw i￿0 Non-trading irthm8. other Non•trathng. Fur￿)￿ ganl ixcl) 3.359.253 469.734 45,667 478.738 402. 138 373.697 1254.573 4 Totsl resourcts •xpgnthd Support eosl$ Inole 5) Tot41 lund• 2022 Dif￿1 staff Direct olher Dir8cI costs d￿reCiatif CharltAble Aetlvttlos: Traduw expendilure Non.trathng experKfjIwg 1.385.553 1,697,125 1,617.319 819.444 3.￿r2.872 2.S16.$69 102.ewd 2.017.715 S,204995 15,1￿ 3.011,559 5.463J22 117,602 5,029,274 10.666A17 UCLU 31

Notes to th• FIMn¢lal Statements Year to 31 JU￿ 2022 4 Totsl r￿Qur￿$ expended (contsnu• Supwrt rot81 lunds Lx)sts (note 5) Chai¥tabl• aetfvltl•s." Trat"ng expe￿￿re 824787 1.155. 189 1.983.976 309,368 128.682 1.852.270 3, 114.107 242.237 15,607 2.907.882 4,320,915 551.605 199.289 4.760, 152 7.435.022 Total 2022 2021 This is stated after cl￿. Depreciation AuditorB' remunerab . Current year . Prior year under pifftion VAT seNices 166.837 539.207 17WO 1350) 12.885 I7.t￿5 12,9C 5 Support Costs Total fvnd8 ra2 Total funds 2021 Agnt. Salarios wages Cther staff related costs- Printing and stabonwy Website and pubh"¢ity eaning and ulibty ¢L%ts Rapairs. maintenance aTrJ ery4yii•it Dep￿latIon 2,575.340 1,460,532 79.117 2.924 174.474 155.007 153.831 49.236 17.540 15A49 81.126 54.506 17.062 28.180 148.389 12.0401 18.522 5.029.275 2,575,340 1.352,239 (16.387J 795 27.540 57.737 89,482 893.918 19.275 35,872 74.743 51,106 21.556 162LXI Legal and professic Insurance Membershp and Tra￿ing and eoftl8re￿es Bank charges and cash hanthw lrncoverable VAT Doubrful debts"- Other (2. T27J 4.760, 152 note 1). "' Oiherstaff relaledcosts above is $l￿WInga credit Val￿ in Iheprioryear due to Ihe rolèase ol Holiday Payproviskin 01£36.834 in 2021. Doubrful debts above is a credit value due to récovery ofdebtsprov￿ed1orin the UCLU 32

Nole8 lo Ihe Flnandal Stalemmts Year to 31 Juty 2Iy22 6 Staff Total lund• 2022 Total 2021 Wages and salaries Agency costs 3.656.002 2.64S.354 35,061 85.372 2a4.849 223.8￿1 497,491 381,687 4.4fj3.403 3,336215 Included in staff costs are redundaw aThJ Sett￿Ment costs of £12.￿7 {2021: £nill. Tolal Casual 2022 Pe￿￿nent El No. Tolal 2021 No. {FfE) Av 118 15 83 The number ol eThyloyees whose emolumenls exceeded £60.C(rf) was: Totsl Tolal E6O,L￿l- £70.CJ) £70.LK11 - É80.c(K) £80,IJ01 . £90.CiKI Pertsion cJ)ntributK>ng nMd& ￿ beham Oftt￿ atthie irKlr¥pJuaks totalled £49,60712021.' £61,693). Key managément roNgd aggregat• re￿￿r￿tiOn of £PJ)1.14412021: £59),0411. Key management personn81 conyrise the trustees and senKtrr management team as set out on page 1. This inchjdes ￿0ye{s. natbybal irtsurartt contributions. 7 Tanglble Ilxed assets Fixlui88 & ¢¢￿8t1￿￿ Eqll￿e￿I Fumilur8 Total Cost At 1 Augus12021 AdditKffis Transfers 06posaL% Al 31 July 2022 6.(I)3.853 75.743 46.326 123,330 28.025 140.0381 15,017.7981 1.062. 809.437 38,512 12.013 {325,7861 115.99)) (SJ59,534) 534,176 43,455 1.799.072 41.341 6,930M74 18,084 228,rJ2 159.035 D•pr•¢l•li Al 1 Au￿1 2021 Charge lor the yoar D&spc6als 31 July 2ty22 5.644.073 114,418 15.017.798) 740,693 726.859 29.482 6,400,414 8.517 166.837 15.9x1 {325.7861 15.359.534 444,975 22.049 1,207,717 31 July 2022 At 31 Juty 2021 321.713 359.780 759,0￿ 89301 75.743 82.578 21,408 11.859 591A55 S29.960 UCLU 33

Not•s to the Flnanclal Ststements Year lo 31 July 2022 7 T•nglble Flxed Assets Icontinuedl Costs irturred under assets under conslfuction related to two new sludent convenienc6 slores, one on the Bloornsbury campus aTrJ other on the new East campus in Strnrford. During the year, the new 'Grab N Go. ￿ncept cafe o￿ned aThJ these assets were transferred out from assets under construclw)n. 8 Capltsl Commltrnmts The Union had contraQed capilal commit￿nts of £nil (2021: £nll). g Invostments Lkqtod investments Total Cost ¢r v•luatlon At 1 AU￿t￿21 1,CQ9,535 4.251,484 5261.019 R￿￿U8t1¢n In the >wr I￿,776) 190,776 N•t book value: At 31 July 2022 AI 31 2021 1.1)09,$35 1,(M)9,535 4,160.70b 4.251,484 5.170.243 5.261.019 Histor￿ cosi ol inveslmerts l.W9.535 2,173.606 3,183,141 Listed investments represent the value of investments hekl on behalf of the Union by UCL in its UnNersity Trust Fund. The investment was Origi￿ty purchased by the Union and revaluations in investments are recognised through the Revaluath)n fund (see notè 151. Cash relates to a cash deFK6if held Scottish Wtr￿. 10 Stock8 2022 Bars Cal88 Sports cent Rets￿ and oth8r 22.207 9.823 16.113 4781 9,871 31.197 68A90 103.624 11 Deblovs 2022 Trade debtors Amounts from wiver her deblors Prepayments and ￿¢r￿a￿ ifv>) 66,610 1367W4 1.281.248 37.644 13,732 66,089 39.780 2.537.647 1,374,025 UCLU 34

Not•s to tho Flnonclal Slatwnents Year to 31 Juty 2￿22 12 Credilors: amounts falling due wllhln one yew &14.495 1.133A22 389,170 2,057,187 178,679 I.LW4.131 389.134 1,571,944 Other cre(Ilo Accruals and doferrnd income 2tr22 At 1 AwJust ut￿￿ed in the year Deferred ii the year At 31 Juty 147.126 162.431 {147,126I (162,431) 147.126 147.126 13 Fil￿ncl01 instruments 20r Flnandal 888ets Financial &%s8ts m•asur•d #l aMtiTti￿ cgt Fi￿ar￿la1 assets measur8d at lair valuo thr￿￿ the slat8m8rt of ffinwKig1 4238A37 3.¢W4.355 5.170343 5261,019 FIna￿la1 liabilitie FIna￿tal h"aLM.1￿.￿S measured at artlortised ¢ost FIna￿la1 liati1￿e8 measured at value thr￿ thg stat8m8nt ol financial activities 1.817A04 1,424,819 1.727J83 381,533 2022 Int•re•t In¢omo and xp•ns•$ Inlerest income for finar￿la1 assets rn8asured at amortisad ojst Int•resl oxpwse tor 1iatrf1￿Os measured al amorbsed ccot 2,560 123.857 24.5 Financial assets m8asured at amrtised L￿1 comprKse trade debtors. other debtors, intercompany debtorn and cash. Financial ass9ts mgasur•J al fair value conprise investments. Financial liabilities m8asured al amortised cost trade creditors. olher ¢r¢dilors. and accruals èxcluding dèferred inwn?. Fin￿￿ra1 liablities measured at fair valu8 comprtse Ihe pension deficit contribution liability. UCLU 35

Notes lo the Financial Slatements Year to 31 Juty 2022 14 A¢8tricted re8em8 As811 A•a191 2Wd1 resources exFnded Transfern July 2022 Cwtal grants hor roSt￿ted rns8Nes Hardship gwit The Shenley AINetics GI￿￿j ¢¥¢ital lund 31.440 421,489 111.095) {392.963) 20.345 250,014 750.INJO 221.488 750,CO) 1,C63.9)1 1,063,901 2.084.260 971.488 {404.058) AsAtI Asat31 Tr8nslers July2021 Capilalgrants Olher restrtcted reserves Tho Shonl8yAlhl•bcs GrwKI C8Pit81 lund 405,LW7 149.010 (379. 181) 478.944 (2GQ,g31) 5.534 (5.534) 31.440 421.489 1.063.901 1,516. 1.617.998 478,944 (580, 112) Capital Grant Fund relates to receipts received to fund speolic capital purchases. The funds are written th)wn over the lile ol the asset. Olher reslricaed lunds relate to wey>l$ receNed for the fc4knwing specific pury)oses'. Alumni Fund - received from UCL Alumni to be spent on studant 'Wellare' projects. These fuThJs will t ulilised by the wellare off￿elArusIe8 as specified. Supporling Student Communili•s FuThl received from UCL to hglp students to participate in C￿cU￿￿UIar actith by tscilitating and enhancing student servic•$ and actiwlies. Global Engagemént FurKI- y￿e1ved to support thg Students, Unioh Gk)bal Engagement Programm8 to increase supportfor UCL'S in1emalior￿[ students and create opportunTrties for all students lo integrate arKI buikl cultural sensitivty and awareness. ActNe Bystander Fund - TeceNed as part of the UCL 'Full Stop. campaign to put a lull stop to sexual misconducl. bultying and harassment in any form al UCL and bgyond. These funds wal be ulilised to provide both online training and in pewn wothshops for students. VSU FwKI- recgiV8d to he￿ fund projects within the Voluntegring unit. Creche Feasibilty Study FuThJ - receNed to establish the feasibility ol running child creches for students. 14 Restrided r•s•fVg$ (continued) EOI Chinese Students Fund- received for a research projecl C￿ ch￿eSe and East Asian students. UCLU 36

Note8 to the Flnanclal Stalem￿ Year to 31 Juty 2(r22 In JU￿ 2022 the Hardshwj grant wasreeeNed Irom the University to set up a revolving hardship loa￿grant seNice for sbjdwts in need. The fund ks administ8red by UCLU'S Righ18 & AdvKe Departmenl payments are aullxised by the officer&+lnJstees of th& Union. The Shenley Athlgtrs GTourY C4xtal FurKI originatas from transfer of Surplus funds prewousty hekj ￿ trust by UCL on behalf of VCLU and used to cary out capilal works to ensure the grounts and facilities are fit for purpose. There are restrictions whK limil the use ot funds on capilal works greatgr than £20k Asa11 A8at31 transfe￿ July 2022 tl••lgnt•d fvnd• Swrts 08¥d¢J5x￿rtt 161.175 41075 2043SO 248,V27 S27.010 1,334,451 1.987,102 4.288.740 145. ey atrds i.W.451 ReVdUal￿ Iwoj 2,077.878 4.316.951 19).7761 118,2861 43.075 I45.&￿) 1971ffi1 1,5341 1.420,8t6 17,353,395> 1.865.872 10.S34.816 1102172591 IT2.4911 Toial unr•lct•d r•••rv•• 5M56223 10WT,891 (1026W) {I.IX2,6281 4609317 Asati Galns aj￿ AsalSI tra￿f6￿ 440 161,175 244.￿7 B¥J ii¥)d 542,527 (44.￿7) 1.354.451 2,07T.878 4.316,951 I.5￿.581 4740. 577.29T 4a075 {40.￿8) 44.¢￿7 1.534) 1,42V.8L i.W.075 &649.634 (6.&54,910) Totsi¢mMsti￿rn56Trfj$ 4.981,￿ ￿￿.7(9 (6.854.910) 53&494 5,356.223 The Sports Devek)wnent furxl original8s from th8 incr8ase in grant receNgd when Ihe Chislehurst Sports ground was sdd in 1999. There is no reSti￿lOn on the grant bul UCLU took tho decision to ring fenc• Iheso furKls annualty to ￿ sp6nt on SkX)rtlstudent development projects. Any urKlerspend in the year againsl the annual designated fund of £43,075 will be added to the fund for luture pmiects. The Capilal InvestThnl fund (previously known as Ihe Idea fund) represents ring-lenced project expenditure eamwrked for use in delivering the Students, Union's strateg￿ objectives thai will be urNJertaken by the UnK)n on behalf ol OUT mernb8rship. UCLU 37

Nol88 10 th• Financial Statements Year to 31 Juty 2022 15 Unrnstrkled res•rvM Icontinu&ll The Capilal reserve reFKes8nts fixed assel expeThJiture incurred from tho Union's unre8tricled reserve5. Thetransfer isto cover fixed assets pur¢has¢d in the year b8ss depreciation ¢harged against assets held. The Shenley Ath19t￿ Ground fund originates from the annual unused grant allrtaled to the management of the grounds by the UCLU. The grounds are hebJ in Trust by the UCL on beha of UCLU. These funds have been designated to support aTrJ luThJ the upeep. mainlenance and future running of th8 grounds facilitigs. The rwaluation fund consists of thé unrealised gains on revaluation of the listed investm8nt$ held by UCLU in Ihe Universty Trust FuThJ. The pensitin fund feFYesenls UCLU'S al Ihe balance sheet date under the d8ficit recovery plan in rektyjn to Ihe ur￿Versit1es Superannuation Scheme (see note 16). 16 Pension8 T1￿ prirriple p8nsion schemes for the UCLU'S staff are the UnNersities Superannuat)n Scheme IUSSI. Superannualion ArraThJeThEnts ol the Universty of London ISAULI and NEST. The schemes are extérnally funded and contracted oul ol thg State Second Pension IS2PI and are valued every three or four years by professionalty qualified ind8pondent actuaries using the proiecled unit mthhod. Assets of each scheme are held in separate trustee administered fuThJs. As these are mulb-empboyer schemes il is rKJt possible to idenlrfy UCLU'S share ot th8 undetyiThJ assets and liabilit￿. Uniwsities Superninuatlon Sch•m• (USS) USS B the main pensM)n scherne for academK arNJ aCadeM￿-re1ated staff acr0s5 tha sector. It is a hybrid scheme - prowding defined benelits (for ail ￿￿mbar$} as well as defined conlnbulion benefrts- arKI il operates on a mutual basis such that assets are not attributed to indivhjual instrÉutions and a scheme-wide contribution rate is set. As a participating employer, UCL is Ih8relore extx)sed to actuarial risks a$S￿laI￿d with other institutions, eryloyg9s and is unablg to idèntrfy its share ol ihe undetying assets aThl liabilities ot the schgme on a cortsi5tent and reasonable basis. The latest aduarial valuation ol ihe ￿herne was at 31 March 2020 {Ihe 2020 valuation)- It was carried out Using the projected unrt rneth￿￿, and the financial assumptions that had the mst STgnilicanl effect on the resu￿ were as follows: Dlscount rate fixed interest gi￿ wekl cur¥e plus: - Pre-reliremenl 2.75% p.a. - P¢)St.retirement 1.(M)Yo p.a. CPI Increase Temi dependent rat85 in line wfth the diflerence botwtsn the Fixed Interest arnl Index UCLU 38

Note8 to iho Fmanclal Ststements Year to 31 Juty 2(f22 Linked yiekl ¢uNes less: 1.1 % p.a. lo 2030, r&Jucing lin8aty by 0.1% p.a. to a long-term difference of 0.1% pa. form 2040. P8nsion increas8 CPI assunytK)n plus 0.05% la￿1 subject to a floor of 0%) UCLU 39

Notes to the Financial Stst•ments Year to 31 Juty 2tr22 16 Pensions Icontinuedl Unlver8ltle8 Supernnnu•tion s￿￿￿0 (USS) (c>￿t￿lU￿) Pension ir￿r￿aSe cpi (continuwj) The mortalty assumptM)ns includ8d in the valuation arg Ihal male (f8malel m&mbers who retiré at typical ages will INe lo 8oproximalety agg syl {91). The 2020 valuation was the sixth valuation lor USS underthe sCheme.Specif￿ funding regime introduced by the Pensions Act 2(M)4, Vth￿h requir8s schemes to adopt a statutory funding objeclNe of rNqinlaining sufficionl and appropriate assets to cover their t￿hnical provis*)ns. Al the valuation dale. the value otthe assets of the scheme was £66.Sbn and the value ol the scheme's lechnKal provisiors w&% £80.6bn. iThJicating a shortfall of £14.1 bn and a fuThJing Yatio of 83%. This compares unfavourabty to the equNalenl shortfall of £3.6bn that was reported under the $d)eme's 2018 valuation and the associalod fundiro ralio of 95%. As part of th8 2020 valuation, arKI in ligm of this Nreased shortFall. a nv4V deficit rgcovery plan was put in pLqce. Over the perK)d from 1 April 2022 10 31 March 2024, a proportion ol employgr contr￿utIonS equating lo 6.?A of salaries is to be specilKally earnarkad to repair the gxisting deficti. and from March 2￿24 that proporbon will increase to 6.3%. On this basis. it is expecled that thé shortfall V+iU be eliminated by 31 March 2038. The rale in loreè under the previous ￿0Very plan. based on the 2018 valuation. was 6% 01 salaries and this was due to continu• until March 2tr28. In aC￿rdanc8 with the requirements of FRS102 and th8 SOAP. UCLU recognises a for the obligalM)n to fund past defieils. As a consequence of the substantial i￿reaSe ID delKil contrtMJtsons. the value of the provision has risen from £381,533 to £1,353,395.. The Universitls Ikqbilty calcuLqt￿n assumes a salary inflalion rate of 3.0% over the two years to 2024125 reducing to 2.0% thereafter and a 2.0% annual increase in staff FTE overthe same period. A change in the assUW￿nS for sakry inflation by +l- 0.5% would increase the obligation to fund the USS del￿11 by +£57.6kJ-£55.4k. Similarly. a +l- 0.5% change to the increase in staff FTE assuryytions would impact the liabi15ty as at 31 Juty 2022 by +£58.1 kl- £55.4k From 01 April 2022, th8 empk)yer contribution rate uThler the scheme has been set al 21.6% of pensionable salary. and this wim de¢rea$e to 21.4% lor the period belween 01 April 2024 and 30 April 2038. USS is a "ksl man standiThJ' stheme so that in the èvont of the insolvency ol any ol the participating employets. the amunt of any pension fvnding shortfall (which cannot olherydise be recovered) in respect of that enyloyer will be spread across the remaining participant enpk)yers and reflected in th8 next actuarial V￿UatIon of the scheme. The total penston cost for th8 Unton in respect of the USS pwtsN)n scheme amounted to £234,990 during tho yoar12W21'. £150.729). Th• Sup•rannuatlon Anxiipmeits of Ihe Univernity ofLondon UCLU 40

Notes lo tho FlnarKlal Slatements Yèar to 31 JU￿ 2022 The latest ¢onN)leted acluarial valuatN)n of the scheTh was as at 31 March 2(Y20 {unaudtl•dl using th8 projected bjnit m8thod. The financial assunytions thal had the most significant effect on the resull ol the valuation were as t￿￿W$. Investment r8tums per annum: - before retirement 3.15% - after retirement 1.05% Price infLqtion (RPII 2.70% Post 2016 pension increases per annum 2.50% 16 Ponsions Iconlinuodl The Superannuatlon Arrangements of tho Unlvarslty of London (continued) The mortalty assumpttons included within the valuatk?D are thal male {lemale) members who rob'rs at tywcal ages wllll INe lo approximately age 86 {89). As al the valuation date. the ￿ets01 the scheme were re￿rted as £3.61bn and the sch8m•'$ t8chnKal provisions as £3.&n. resuming in a shortfall of £217n Assets were therefore sufftcient to cover onty 94% of the past service benefits that had accrued to members, after allowing for expected tuturg increases in eamings. These resulls represènt a d8¢1ine in funding level Co￿Var￿j to the 2017 valuation la reported £56m surplus and funding level of 1 OVAI and are reflective of a significant fall in yields of fixed interest gI￿S over the inter-valuation period. an increase to the CPI inllalion assumptions underpinning the Y￿uatIon of merthrfs future benefits and an increase in SAUL'S 'short se￿￿8. actbve rnentsrs: those with less ttHn 3 yearn. servth in tho Scheme. Although FJSt-valuatiw expgrience had estirnated that the Scheme held a surplus of £357m at 30 April 2021, the estimated con1ribut￿n strain lor future seThice banelil$ {the amount by whieh fulurg benelit accrual outstrips contributiC￿$) was valuéd at £67m p8r annum: £40m or 150% higher than the 2017 equivalent. To address this issue and ensure that the statulory fund￿9 obj'ective continues to ￿ m&t, th• Trustee and errployers have agreed to i1￿￿a$¢ err4)loyer conlribulKfyrts from 16Yo to 19Yo from 1 April 2022 then again to 21% from January 2023 and amend tho Scheme's eligibilty requirements such that new meffl)ors joining aftgr January 2023 can only accrue lull benefit after 3 complete years of service. In combination. these measures arè é$timat•d to reduce contributh)n strain by approximately £50m per annum. As al 31 March 2022, the date of th8 mst recenl annual actuarial report. the position had inyrovèd substanti￿ty and the scheme was estimated to have a technical provision surplus of £616m. equivalent lo a fuThJing level of 116%. This was due lo higher-than-expecled investm8rrt relums over the Iwo-year period since valUath￿, contrilyJting to a £952m increase in Ihe market value of scheme assets (to £4.S64m}. Since 2017118. eligible er￿loYeeS have been Ir￿uded in the NEST s¢heme lor auto- enrolment. The Union's cost of contribUt￿n in the year aft￿unted to £19.64412021: £24,106). UCLU 41

Nol•s to the Flnan¢ial statem￿ Year lo 31 Juty 2022 17 Anaty$ls of net assets bolvmen funds Net current assets PonsKsns h'aLilty Total 2022 un18st￿ted funds Designaled lunds Restricted lund8 T4)lal fundJ 1,399.513 3.770.730 266.359 11,353,395) 312.477 14S,L￿) 4.296.740 2.(￿,915 2.084.260 $91J55 5.170243 2285274 {1.353•1 6.693.477 571.010 Net cuffent Psns)ns liability Tolal unrost￿ted funds Desffj￿ted 1.442.$88 (21,783) (381.533) 1,039,272 494520 3.818.431 4.316.951 31.440 1,485,390 1,516.&70 529,960 $261,019 1.463.607 ￿ 6.8rJ.053 Totalfvnds 18 R•laled party trnnsactio The Union is in receipt of a reeurrenl grant from UCL of £3.￿.437 {2021: £2.794.577). Other grants were receNed from UCL of £1.218.832 (2021: £514,194). In addit￿n. the Umn occupies its buikjwig on a ienl-free basis under an inlormal licenre subject lo the Union maintaining the building in a good slate of repair. UtKJer the Charities SORP the'donation in kind" musl be valued and included within the finan¢o1 statements. The valu8 lo the Union lor this space is consKlered to be £2.575,340 (2021: £2,575.340). The Iruslees ol ihe Union are slated on pago 1. Six sabbalul officers received remuneration totalling £190.58012021: £205.0391 inclusNe ol pension eonlribulions of £18,262.85 (2021: £22,785) tor their Ser￿eS as proVh1￿ for within the Conslitulion. There are six sabbatical offic8ts per year with a Iwo week harthjover period in July. In addition to their remungration the Union incurred costs aThJ paNJ r8imbutsements cl exper￿ to all trust68S Ot £26,851 (2021: 12.930) The UnKJn is akn a related paty ol Somers Town ConNnunty Sports Céntre Ltd, an Incorporated charity (Charty Registration Number 1057305. Company Registration Number 3157703), as il is considered lo be under common control. Th8 Uni¢Jn has been invoiced for ar￿Unts totalling £nil (2021: £nil) for the hire of sports facilities. Somers Town Communty Sports Centr8 Limited was invoiced for amounls totallirvj £37.18912021: £nill. The bala￿8 e to UCLU at 31 Juty 2022 is £nil12021: £37.136). 19 Afflllatlon8 2022 2021 Membershp crmtnknJl)n ￿ NaI￿al Union of ￿deThts 37,880 37.880 The membership lee 1$ pahl directy by UCLU for membership of thè National Union of Students. UCLU 42

Notss to the Flnanclal Statements Year to 31 Juty 2￿22 UCLU 43