2023-07-31-accounts

UCLU (operating as Students. Unlon UCL) Annual Report and Financial ststements 31 Juty 2023 RwslrntK￿ MLrf>or 07635628 (Ewd Wal•sl 1142404 ACW7NS48 1111 276 COMPMIES HOUSE

Contents Referer￿e and administratNe inlormalion Tw5tees' report I￿￿e￿)deth au(fjtols report on the rmancial stalemgnls 19 Fffi*n¢ial slatements Stslgft￿nf of finan¢4al acliwtig$ 24 Balance sheet 25 StsIerr￿ of cash flows 26 PrirKipal accounling policies 27 Notes to the finwKial statements 31 University College LorKlon UnTron

Ref•r•nc• and administrative information M IbqcHarg P 8arran B Beasant C Bracey M Chaudhary X Huang A Ismail M Kachwala Ashi I Smith Cyoo Chief ExeGutive oifKer John DubL Senlor Managoment T•am D DominKzak (Director ol Finance) D Nicts)Is IDirector of Operations} C Sallon-Brooks IDirector ol Student Experience) S To (Director ol Policy, Governa￿e & Advocacy) Charlty Yeglstrallon number 1142404 Company ragi$tratlon number 07635628 Website Y4ww.studentsunionucl.o Reglsfrred address 25 Gordon Street London WC1H OAY Auditor Buzzacott LLP 130 Wood Street L￿￿on EC2V 6DL B•nkers Barclays Bank PIC London Corporate Seryice Centre PO8ox46116 London EC4N 8W8 Metro Bank One Southampton Row London WC1B SHA UCLU 1

Trustees. report 31 July 20Z3 The IN￿198S, who are also directors ol the charitable cowy {Ih8 Charitf), pr8senl their report and the financial statemènts lor UCLU rthe UnK•n"I lor thè y8ar ended 31 July 2023. which have b89n preparad in accordance ￿￿th Ihe Companies Act 21X)6 and Accounting and Reporting by Charities: Slatement of Re¢ommended Pracl¢e applicable lo charities preparing their aCc￿JnIS in accordance with the Financial ReportirwJ Standard appI￿able in the UK and Republic ol Ireland (FRS 1021, Offe￿￿￿e from accountin9 P8riods commencing 1 January 2015 or later. STrUCTURE, GOVEANANCE AND MANAGEIAENT Charit•bh status Students. Union UGL I'UCLU.) is an i￿orporated chaiity (limited by guaranleel leharity iegistralton wmber. l 142404. cl￿panY registratKffi llLtmber: 076356281. It was originally establtshed in 1893 and operates in accordance with the Education Act 1994. It has been regÉslered wilh Ihe Charity CommiSs￿n since 14 June 2011. when sludents. unions ¢onnected ￿th exempl higheTnvrther education institutions wwe removed Irom èxemption by the then Charities Act 19YJ. UCLU is govemed by its Mènh)ranthJm and Articles ol Assc¢kqtK)n last amended in July 2023. UCLU operate5 as Students. Union UCL follo￿TrY a rebranding project during the 2017118 financtal year. UCLU is cork8tituted urKler the EdUcat￿n Act 1994 as a Charitab￿ compary limiled by guarantee with Intern￿ reguLations and rules approved by the governing body ol University College London {UCL). The primary aim of the Un￿n ts thg advancement of education ol slvdents al UCL lor the wblic benefit. Public bery￿1t l acttvities undertaken ty the Unh)n a￿ to lurther our Charitab￿ Pur￿￿ for the benelit of r student ￿mbers. In shaping our (*ièclives arthy planning activihès. the Board ol Trustees have had regard to the Charity Commisston's published generd guidanc8 regarding the exercising ol duty and power for the publ￿ benelil. The main benefits whKh have aiisen during the year Irom the organisation's aims are detailgj in the following sections. Board of Trusteps The Board ol Trustees ensurgs Stu¢Jgnts' Unhjn UCL has th8 nec8ssary financial and slruclural abilities to out its aims effeclivety. The Board makes decisions on legal aTrJ finan¢ial issues arvj gnsures thai the organisation is dglrvering on tho political pJli¢y Sel by the detrttxralt bodies ol the Un•Jn. In aecordance wilh the organisat￿,9 Memorandum and Articles. the 8oard comprises: 5 Sat￿al￿al Twstees 4 Student Trustees 1 Extemal Trustee (Alumni) l Extemal Trustee IUCL Staff) 1 Extemal Trustee INon-UCL) UCLU

Trustees. report 31 Juty 2023 SThUCTUAE. GOVERNANCE AND IIANAGEMENT Icontinuedl B￿rd of Truste•s Iconlinued) Members of the Board (who are also directots of UCLU for th8 purposes ol conwny law} wfv) served dullng the year a￿1 up to lh8 dato ol this report were: Dlre¢tors) Appvint•d l R•s19￿d M McHarg M Chaudhary vtsintèd 16 Juty 2022 inted 16 Juty 2023 ResbJned31 Oclober 2022 oinled 16 July 2023 Appc4nt¢d 16 July 2023 wointed 16 Juty 2023 Aesiwed 1S Juty 2023 Ilesigned 15 Juty 2023 Resigned 15 Juty 2023 Re5wned 15 July 2023 Appointed 16 July 2023 Appointed 16 July 2023 Wlnied 1 November 2022 R88igned 15 Juty 2023 ppoinled l Novembef 2022 BeS￿ned 9 June 2023 Appointed 1 October 20¥2 Rè5•Jned 31 Oeiober2tr22 Rgsbwèd 3 August 2022 Stu￿t Sabbatical A l$rnail ASN I Smilh H Ahmed D Aknnici M Mehmood 0 05ibankn¥o Sabbabeal Sabbab¢ Sabbic sabba￿al Sabbaiical Cyoo Sludent Sbjdent SbJdent M Kachw4 HLIM Imran X HuaYJ MDty Z Badat Sludent S￿dént P Barran C Bracey Exlemal Extem Th8 trusl8es hold a mininwm ol four meetirvJs per a￿deffl￿ year army are responsible lor establishing and de￿aling to the lollowing committees: FinafKe Cornmitl88 Risk & Audrt Committee Govemance com￿¥￿e8 Reffluneration Co￿￿11t88 Th8 terms ol refer￿e for the Board and its ass(￿lated committees. ar8 available on the Urlon website. htt sJlstudentsunM)n -w8-are ovemed UCLU 3

Trustees. report 31 July 2023 STRUCTUR& GoveRNANCE AND MANAGEIIENT (continued} Committees Finance Commlttee is charged by the Board of Twst8es to oversee the finances of the un￿3￿. including cons￿eT1ng strate￿C opts.ors for. and general ovetsighl (4 all areas of the Un￿￿.$ finances. This includes approving annual budgels and monituing ihe financial performance of the Organisa￿n. Risk & Audit Committee is tharged by the Board lor exarThning an(1 reviewing all swems and methods ot control financial and othern1￿8 Ir￿lUdI￿j rtsk analysis and risk management.. and tor e￿uring the Organ￿ation is comptying with aspects of th& law, relevant regu￿tIOnS and practice. The annual slalutory audil is also under this committee'$ remit. Govefnance Committee is charged by the Boaffl lor promoting g(Nxl g¢)vernance and ensuring our govemanca arrangements are effeclive and comply with the governing dL￿Urnents laid down ty our members. UCL. the Charity cOrnn￿$S1On. other legislatfve bcdles and a￿tr￿)r￿leS. Remun•ratlon Commltte• is charged by the Board lor wnsKlering the renwneration of the Chiel Executive and SabbatThl OlfKets, and prorM)sab rngarding broader staff remuneration. Re¢Tuiling •nd training ol Irustees The Sabbatical OKicers {Sabbatical Trusiees) a￿ ￿en￿elat[CallY elected each year by the membership ol the Union in the spring election to serye Ir¢X7 16 Juty lo 15 July. All now Sabbatical 011￿e￿ undergo a period ol induct￿n and training. To ertsu￿ a sm(x)th handover, incoming Sabbatical ott￿er uTrJergo a 15-day shadowing period. Once in rrf)sl. they have weekty moelings with Ihe Chief EX￿utiVe and Senior Management Team, which forms thè Union's Leadefship Team. who ha￿ del￿alad respons￿Illity lor overseeiThJ the day-to-day oporat￿n$ of tho Union and mana￿Ment of affairs. The SabbatThl oifrer rol8 is to work closely with UCL'5 management team lo ensu￿ thal sludgnl sssues and concams are a central part of the Universrty's g)vemance and deci8ion-nHking. Th8y represent students to other organisatiorb5 and nationalty as required. They are leaders of the Union. helping to ensur8 that il is a well-run and effectbve charity providing a wide range ol valuable sèJvice8 lor its members. They also ensure that poliw FwtM)s ￿Tr$ider8d by th8 Exoculrve. meMtr￿' meelirtys and iefereThJa *e Im￿en￿nI8d. Student trustee positions are derrwraknlly eWed by the menknarship ol the Union. Thay serve lor one year Irom 1 November or 16 July. depending on when th8y are elected until their slatus as a student no longer exists. External Irustegs are appoinled fdlowing advertisements placed within the UCL comrnunty and natKtnalty in the media. Th8y are appointed lor a pellod of four yeats and each appointmenl is Rlrfied by Union ExecutNe. Unl¢n Executive Union Executive is ihe defflmt￿ rdicy making trfyjy ol the UnKin and resp)nstJle lor the ratification ol UnkTh poly except where polw was delgrmin8d by a Referendum. UCLU 4

Truste¢s' roport 31 Juty 2023 srAUCTUAE. GOVERNANCE AND MANAGEMENT {continuedl Relationship with Univ•rsty College London (UCL) The relat￿nShY between UCL and the Union eslablished in the Reg￿latiOr6 ol UCL and delailgd in the Union wles aFS)roved by both Organ￿allOn$. The Union receives an annual Block Grant ITOM UCL and Occu1￿0S a number of buildings owned by UCL. The Union also receives adrninistralive SUp￿rt in a number of areas tncluding Human Rgsourcgs. IT inliasttuclure and payroll. This sUp￿rt ts intrinsic lo the ￿latIonShIp between UCL and the Union. An eslimaled annual value to the UnKJn for its Iree ol chargg 0¢￿PatIOn ol UCL'S s8n1￿9d accommodath)n has been inckmjed in the financial stalemenls. Pr￿ed at a markel value ol £2.57m {2￿22. £2.57m). Altholtgh the UnKJn continues lo gen8iate SUFplementary Ivn(ting from various mutual trading activities, it is dependent on UCL'S support and tor this il is appreciativ8. There is no reason io btr￿eve that this or equivalent suptK>rt from UCL will not continue for the loreseeable future. as Ihe Education Act 1994 i￿￿seS a duty on UCL lo ensure the financial viabilty of its student represèntatrve tody. Employment pollcy The Union contracts of employment lernplates continue lo be PTovided by UCL. This allDW5 Iha UnKJn to continue to benelil from UCL'S extensNe provèn HR procedures, policies and support from UCL Human Resourcos DNiSKJn. Through its relationship with UCL. the Union olfers competitNe terms, condilions arnl benefits to its statt in¢ludry a gongrou$ annual leave entitlement and pension scheme. VCL )M￿smented the Pay FrarrwoTk AgTeerrnt for all non-clinical posts across the organ¥sation in May 2(A)6 and Ihe Union's arrangement lor setting pay and remuneration ol staff ts based on this ag￿eMent. The Unw)n uses the $aft￿ coherent len grade structure as UCL. wh￿h is based on ihe non-discrirninatory ic*¥ evaluation scheme IHERAI. The Unk)n has a longstanding c(Knmit￿nI to equality. diversity arKI inclusion. and lo provKJing a wothing and social environment in which the rights and di9nty ol its diverse sta arg rgcowised. All sLiff have an annual appraisal which incovporates a personal devekjpmenl plan. The Union has excellent proVis￿n for Iraining and devebping stsft. The Union is keen to build and retain talent and each department works on succession planning. All skft new lo the organisalion have a comprehensNe induction programme in place and undergo regular probation and prog￿$$ reviews. All staff meetings. email briefings and newsletters are used lo keep staff up-to-date with Televant issues sL￿h as slralegic and nancial planning, a￿1 staff are invited to provKle feedback to sen￿1 management through ragular surveys and OFen meetinp. We employ a large number of part lime casual sludent staff our commerthal department and oth8r departments ensurtng we provide devekjpment lof students and flexible work opwrtunities. We also empby permanent m8nkners ol slaff. some ol whom are responsitlg lor the op8rational decisions taken across the organisalion on a daily basis. Details ol staff costs can be found in note 6. UCLU

T￿￿te¢s. report 31 July 2023 STrVCTURE. GOVERNANCE AND MANAGEMENT Icontmiuedl The remunernlion of key manageff￿nI personn81 is set by the 8oanJ, with the polKy obj'ective ol ensuring that Ih8y are provided with appropiiale incentives to encourage enhanced perfom)ance and are. in a lair and responsible rnanr￿r. rewarded lor their ind$v￿Ual contributions to the Union's success. The appropriateness and relevance ol such rerNneration reviewed annualty. including referer￿ to comparL%ons wth other unions to ensure Ihat Ihe Union remains sensilive to the broader issues ol pay and employment condrtions elsewhere. Detw'is ol key management personnel and their remuneration are set out in note 6. Stslemeni of Iruslws. rnspOn$lbl￿t1eS The trustees (who are aL80 directors of the Union tor the purposes ol coffoany lawl are responsbi le lor preparing the Twstees. Rep)rt and the financial statements in accordance th appluble law and Unil8d Kin9Jom Gen8ralty Accept8d Accounting Practice (United Kingdom Acwunling Slandardsl. Company law roquires thg trust9es lo prgparo financial statgm9nts lor gach financial y9ar. Under Company law the Trustees must not approve the tinartcial Slalements unless they aro satislied that they give a true and fair view ol IhB slate of affairs ol the charitable company and of the inccffiing resources and application ol resources, including the income and expenditure. of the Charrta￿e company for that period. In preparing these financial statements. the Trustees are required lo: Select suitable accounting FdKi8s and then appty them con5i5tentty". ObseThe the ff*lhods aThJ principles in the Chatrfies SORP; Make judgements and estimates that are ￿asonable and pnJdent,' Slate whether applicabl8 UK acccmjnting ￿andardS have been followed, sut4.ect to any material departures disck)s8d and 8Wained in the tinar￿la1 slatemenls: and Prepare th8 fin8F￿ra1 statements on the goiThJ concem basis unless it is inapproprkqte to presume that the charilable ¢orroany will ¢ontinue in business. The trustees are tor keeping adequate accounting records that disclose with Teasonable accuracy at any t1￿ the financial position ol the charitable company and enable them to ensure thal the fina￿La1 statements comply wÉth the Companiès Aet 2(M)6. They are also responsible lor safeguarding the assets of the Charitab￿ ￿MpanY and hence for takin9 reasonable 51ep5 for the prevents.on and deleclion ol fraud and other irregularities. Each ol the Iruslees ¢onfiTff￿ that: So lar as each of Ihe In￿le88 is aware. there is no rel8vant inf¢)rmatK)n of which the chaiitable coryany's auditor i8 unaware: and The trustee has taken all steps that helshe ought to have taken as a trLtstee in order lo make himse￿1herselI awa￿ ol any rdevanl audit inlorrrkatYJn and establish thal the charitable company's a¥Jdrtor is aware ol that intormation. UCLU 6

Trustees. report 31 July 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued> Statement of trustet$' Yesponslblllties Icontinuedl The confirmatw is given and should be inleTpreted in accordance with the provisSons ol $418 of the ConN)aNes Act 2C¥)6. The trustees are re5wJnsible lor the maintenance and integrity ol the cO￿1rate and finar￿la1 inlormalion included on the chawitable COMpa￿S website. Legislation in the United Kingdom governing the prepafation ar¥J ilisseminakn.on of financial statements may differ Irom legislatKJn.in other jurisd￿lOn$. The Risk & Audrt Committee ovetsee the organtsatK)n's approach to ru8k management. A Strategic Risk Register is agreed by the 8oard of Trustees, Risk & Audit Committee and Seniormanagement Team ISMT). This is rewewed on a quartedy basis wilh an annual review cycle. Going forward. this will be updated regulaty alongsKle departmental risk regislers. overseen by the Risk & Audit Committee. The Un￿n will lollow Ihe UCL risk framework. including regU￿r stalf If￿ning and ievi8ws and updates of ragislers. This ¢ombined wilh a Practical approach and visJe engagemenl and sur4)ort from tntstees and senior management will help embed risk management across the Union. The principal potential risks and Uncertainl￿S lacing the Union are: Potential disruption to commercial Servi￿ due lo lower than usual lootlall due lo a number ol issues beY￿d eontfol such as" slrik& action. chawd behaviours of students FQSt covid elc. Conlinuing increases in levels ol dèmand for seNice provisw)n from students without a comparable increase in grant funding from UCL. GDPR (General Data Protection Regulat)n) c￿lIanCe. A sexious irt¢idenl on Union premises or by ￿￿rnbers Df the Union's clubs and S￿le16S that resulls in harm to staff or students and l or reputalional damage. The Unhjn's miligathjn strategies against ihe58 are: Weekly rewews of the impacton ihe un￿.$ operations and linances. and maintaining ¢k)se ￿tationShiP and dialogue with UCL regarding the fInar￿la1 and operational impaci ol the cost ot living crisis and bwer fooltall. ContiThJing to enhance and st￿ngthen the Un•n's relaltonships with UCL and seeking reased conlribulions from Commercial inco￿. The Systems Manager the Union's data proleclion and GDPR lead. A rewew ol thè Union's GDPR compliance and best practice in data management was compl8led in 2019 and work is cmlinuing to tTr)nitor iryilemenlation ol all controls. A Data sharing agreèment Wlth UCL has been wiiiten and is undergoing the linal slages ol n8gotiat￿n post legal review. UCLU 7

Trn8le•s' re￿ 31 JU￿ 2023 STRUCTVRE, GOVERNANCE AND MANAGE14ENT Iwrtinued) Risk marwent {C￿tinued) A Head ol Facilities and H8aNh & Sal8ty has baen appointad lo rovigw and implement health and sal8ty management lor Ihe Union. including risk assessments. training provisk)n arKI records, safe working procedure5, emefgency response and incident resFon58 plarning. Regular reviews of Un￿n Heath and Safety policies and procedures. continuing to work closely with UCL Communications and Maikeling. continuing and improving training lor Union and Clubs and S(£￿tIes offvrs aTrJ ensur8 high qualty risk assessments IOT. actNities and events. Therg ha$ bggn an hnpkmenlal￿an of a critical fftcidonl respor￿e plan and Iraining sessi￿$ undertakèn relat￿ to the plan. Training for team mombers in¢lud&s external and inlemal training and sirNlalion exercises. Testing of the ￿an will be under1aken penodicalty. The s￿dent Union is Thfjrking ttrwafds athieving ccrylelion ol UCL T100 safety Mar￿gemen1 system. The T1¢XI tool is based around the Plan. Do. Check. A rnanagoment system approach Wh￿ is consistentwith Health and Salgty Executiva and Higher Education gLtridance aThJ is based on pract￿al mwures to promote continuous irw)rovement in health safety- August 2023 the SU scored a T100 compliancy iating. 0195% STRATEGIC REPORT Unlon purpose. vision, mlsslon. values Th8 obj8Ct ol the Union is the advancement ol educalion of Sludents al UCL lor the public bgnelil by: promoting the interest5 and wemafe of students at UCL during their o)ur5e of study and Tepresenting, supporting and advising students; being the recognised representative channel b8twe8n students and UCL and any other external bodies: and provtsjing Sockil. cullur￿. sporting and recreational actNili9s and forums lor discussion$ and debate lor the Pe￿onal development ol its studants. Vlslon An outstanding expgrience for all UCL students and to be one of the best students, unions in the UK and Ihe wortd. Ali$$ion We buibj a vibrantarxl eMp0￿red St￿￿entcomMuThty with real influ8nc8 in UCL and beyond. that enables stL¥Jents to enjoy Ihwr time at unrvefsty: pursue their ￿teleSt$ and passions: see the world in new ways: arxl develop ihe sknjls and experience to change the world for the bettef. UCLU

Trusteey. report 31 Juty 2023 STRATEGIC AEPORT l¢onlinuedl Unlon purywei vlslon, mlssl¢yn. values (coniiThJed) Values Our values are: Communty Dèmocracy Empowement IT￿lusIve Bob Sustainablg Fun Achievements The role ol the Students. Union is wide rangry. Our core purpose is Ihat all of our members have a lanlaslic experience of unNar5ty lrfe. We want students to be lull partners in the future development of UCL. We aim to provide fantast￿ opportunilies for them lo meet Iriends, develop new skills. build their confidence and pU￿ue their interests and pasS￿n$. For those who face drfI￿VIli8S and barrieTS to b8ing able to lulty participate in and enp)y student lite, we provide htgh qualty indepeThlent support and athite. And perhaps most importantty. we want all ol our studenis lo feel al home at UCL. wilh a stroThJ $enso of wmmunty and belonging, and fegling proud to be students ol our universty.. In the past year. Ihe Un￿n has conlinued rts excrting programme ol renewal and development, lowards our long-lerm goal of working with UCL to achieve an outstanding eXper￿n¢0 lor all our students and becoming one ol the Lwl sludents. Ltntons in the wortd. Over th8 past year we￿9 helped terts of thousaThJs of sludents to feel welcome al UCL. to make new fnends. build skills and conlhjence, and losler a stronger sense of communty and belongtng. We achieved our lighest ever level of erMJagement in oursports. student societies. elections and many other programmes. We have also L4unched flagship new services. including opening Iwo new c<)nvenience stores vthKh are providing gieal value meals on our o campuses, as well as addl1￿)nal student empkiyment opportunities. We are continuing lo n¥)demise and improve the woth ol ts organk%ation to meet rising levels ol demand. We wer8 so raled in Ihe top 5 Siudents, in the Studenl CTowd bgst Su's survey 2023. Earlier this year, we wefe delighled lo work with UCL to develop and launch UCL'S new Student Life Strategy. This sets a corryelling vision for students. exlra and ctrcunicular experien￿ forthe next five years. This will see thou&inds mre opportunities lor students io gel involved in acliviliès thal will enable them lo make the most ol their time at universty. buihj ski115 10 support their future careers and create memories that will last a lilelime. UCLU

Trustees. report 31 2023 STRATEGIC REPORT (Continu￿j) Revi￿ o12022r23 (cl￿lIn￿ed} Achievrnts (continued) As ever we arg very gralgful lor UCL'S s(tpport of th9 Stud9nts' un￿n. Th8 senior leaders of Ihe Universty who havè Corttinu￿ to denK)nstrnte their commitment to our students so strongly during the past year. We k)ok foTh¥ard to working closety wtth all ol UCL'S staff in thg year ahead. to continue lo put students first aThJ work towanls our shared aim of a worfd lead￿g student experience. Thankyou to everyone who has played a fole in the success of the Union this year, oui elected Ott￿e[s. our fantastic staff team. all ol UGL'S staff who have done so much lo support students during the past yeai. and finally lo our amazing students who have continued to do incredible things $upportiro each olhgr, wnlributirvj to th8 local community. and making UCL the very spectal place it is. This year. we: We supported 393 clubs and so¢ioties. with 31 newty affilialed Ihis year. These student- led groups attracted 21,347 members, a new record. with 42% of all UCL stud8nts havin9 joined a club or socrety this year. Our sludenl salislaclion was at 7th tlace in the Russell Group. whrh shows sludent Satisfa￿lon wilh how we represenl their academic interests, up from 18lh place in 2018. We were rated in the top 5 Students. un￿n5 in Ihe Studenl Crowd Best Su's Survgy 2023. 7.497 students en￿ged with TeamUCL, the hLNne ol sport at UCL. WAlh almosl 3CQ sludents participatirwJ in our new intramural leagues. We aLso won the British Univetsilies" aThJ College's Sport National Award for DNetsity and lrtlusrjn. We trained 8.195 sludents to be PLtNe 8ystanders. heJirYJ to preveftt harassment and sexual misconducl. This yearwe olfered boih onlinè and in)erson workshops. We also worked with acadenN¢ departments to delivgr bespoke tra￿Ing. We celebrated the hard work and progress of all the clubs. societies arKJ individuals who make a huge irrpacl on studenls. lives al our annual awafds ¢gr9rn0nie$ in June. This year. we recewed 1.098 nominaliolls. our highesl number evgr. Our Sabbatical delNered in-person induct￿n lalks lo new sludenls. 'UCL 101. Wekorne induelK)n lalks in the Bloo￿￿$bury Theatre intrcmjuced Ihousands ol students lo th8 Students. Union. Our calé stsff lve served more than 2(KI.000 hol drinks, toasted llK)re than 30,￿0 paninis and served rnre Ihan 31,(KY) croissants across the year. Our bars have sold 650.000+ (kinks. i￿8￿dI)g 127,fAJ akthol.free and 24.OOD cocktails. UCLU 10

Tn￿l￿s, report 31 July 2023 STAATEGIC REPORT Icontinuedl Revlew of W22123 (￿)ntinUed) Achievenwits [C￿linu6dj We supported a V•ide range of student furxlrahsing activities including a UNICEF -

Unilewrthukraine Fundraising Concert FollowiThJ the devastating èarthquake in Tufkey

and Syria in February. our Turkish Society raised ￿L)re than £13.ODO and collected vital suKpIi85 lor those affected. They made such an impad that UK Pfimg Minister Rishi Sunak hgard of their work and visited us lo show hi8 support to the oppeal. We expand8d our commercial operation. opening Iwo sws-the Bloomsbyry Shop the Wilkin's Bu41ding and the Pool Street Shop at the UCL East carrws. Since opening we￿& sold 15,000+ meal deals. We've abo introduced a widg wig8 of international Icods to meet our students. need5. Together with our studenl.led groups. we tK)$18d moro than 620 events during Welcome Week. up Irom 523 in 2021. We SUFVOrted 2.282 student volunteers through0￿ the year, working on projects such as sup1￿1ng homeless pecyle. worf(ing wilh refugees. supporting young peO￿e to leam lo read. plus a wwje range ol olher cornn￿nty aTrJ environn￿nIal prciecls. Seven of our student groups were recognised natKJnally at the National SoGieties and Volunteering Awards, with Ethjcation for Chwe s￿lety comir@ njnner up for thg Communty Award. 2,391 students have taken part in Pro1￿1 Activ8 classes, with SPA ol attend89s Irom a BlacK Asian and Minority EihnK background and 44% previously classing themselves as'inaclNe.' 6.539 students have engaged in our arts programme. joining an ArtsUCL society and exploring, performing and developing everything fr(m musical Ihealie lo opera lo ioumatism. Our Social Hackath)n's and the Cr)mmunity ChalleThJe provgd as popular as ever WTth 156 students wtyking in par1nership with 16 community partners to develop solutions lo rgal-lrfe challenges that the organisations were facing. Volunieers addressed challenges around Volunteer rècruitment. donor engagement. marketing. impact rneasuremenl, data analysrs. sustainability. equality. dwwsity and i￿lUsion and more. We laU￿hed the Russell Group Students. Union Cost of Lmng Report working wlh all ol Ihe Russell Group Stvdgnls. Unw)ns. represonting 700.IXQ+ students lo produce the lanJgs1 study on firwKial pressures laciThJ students to date. Over 3W students ¢W8d in our Varsty swrts compelilion this yeaT, across 27 sportirvJ events. with over 2.000 students c(xming along to support the events as speclalors. London is Purple 0￿e again afteT we reclaimed the trophy beating arch- rivals. Kings. 17-12. UCLU.11

Tr￿lee$. report 31 July 2023 STRATEGIC REPORT Icontinuedl Revlew o1202VZJ (eontinued) Achiovwhents (continued) We'v8 tak8n TearrilCL W'nst Hate. to naw haights" training ovor £￿ sports cl￿5 on how they Can PTovthJe an inclusive enwronment lor all club rne￿ers. We ran the largest and mst S￿CeSsI￿1 e￿IK)n ever at UCL. wilh 10.400 voters wi the Lthidership Race and a 20.9% turrnut- Ihe highest nurrb8r of voters ol any Students, Union in the UK lor Ihe Ihird year running. Our Vdunleering team wwked with 350 community partnors to provide a rang8 of on8- off. Ilex1￿8 and long-tem) volunteering cwortunities that enabled 1,502 sludents from across 71 UCL departments lo volunleer. 194 students participated in Ihe Community Research Initialtve lor Studènts. This is a increase compared lo last year. We've also achievwj a 25% incfeasè in student- community partnerships. Our Adwce Semce SUPkK•rted 1.602 students. up trom 1.152 last year. There was a 60% increase in overseas students seeking support and a 105% increase in support for PGT and PGR studerrts. We recruited and swwted a networf( ol r￿Te than 1.839 Academic Reps across every departmenl ai UCL who dedicated themsefves to improving education at UCL. Our cafes have been paviThJ the way in sustainability. We intrcyjuced crockery and Increased ihe singl8.us8 cup chargo to 50p to encourag8 Ihe uptake of reusables. with around 18% ot ¢￿0m0f$ using reusable Cw. We've savad almost 200KG of C02 emissions. Fundrai$ing a¢tivili•s The Union does not active5y So[￿1￿ donations direclty from th8 public and do8s not Lbse Ihird parties forfund￿SIng. Therefore it bs not registered with the FuThJrnising Regulator and does not subscribe lo any fundrai%ing codes ol practice. Were &Jnations Irom individuals or twsls and fou1Klatior￿ lo be receNed. the UnN)n would ensure personal data 15 approprialely protecknj. Th8 un￿ recgivgd r¥) ￿￿P[alnts within the ygar r9garding fundTaisin9. Financial review The Union had an improved operational financial perfomwnce in 2022123 versus the previous year. The realised income arKI expenditure (which excludes the Un￿alISed gains and losses in relation to investments and the pension scheme) are slated below and show a net suWus from L)peralK￿S in the year of t72k12022: surplus of È144k). However, the net result after a capital grant depreciation charge 01 È11k (2022.. £1 Ik), loss on revalualK)n ot investments of It66kl" and a decrease in pension proviS￿n of £260k. and addilional hardship fundin9 Irom UCL 01 £662k results in a net suwus of £917k (2￿22.. defficil of1£180kl. UCLU 12

Tru$tees' report 31 Juty 2023 STrATEGIC REPORT Iconlinued) Flnanclal rgviw Iccffitinued) 2023 E'OOO 2￿22 £'c#)o Operating ir￿orne lexduding hardship fundryl Operating Expenthture lexc. depreciated tharged lo rns1yic1￿ IL•)d51 OperatirrfJ sU￿S Addit￿n￿ Harthlup want ttm<fing ￿l¥•d Investmenl revalUat￿n Ilossl gain Pension re¥￿￿a￿On o8pretha￿n charged to ￿$t￿le￿ f￿d N¢t Surplu￿de￿c4l) 13.261 13,189 72 662 166) 260 111) 917 10,799 10,6551 144 750 {911 19721 11801 At the end of 2022123. the Union is in a strorvj fIna￿la1 poSit￿n wtth growing grant funding from UCL. irKreased comrneTfAal income and good relum on Inveslmgnls. The Bloomsbury caffws beneliled ITOM the relum ol students. and loottall wa5 Imgh in all our oullels. We kept refreshing our food and drink offers to attract custom8rs wrth now product ranges, ensuring the sales targets were achieved. The cal&s consistentty rewrted significant income and contribution 9rovAh. made by effKiency savings and a more suiiable slaffing sIn￿lUre. We hav8 responded to the cost-of-lrving crisi5 by offering affordable fo(xl options in select8d oudels. Our students. bars also perfomied wdl as a destination venue for sludents. with mre studerts. events held wrthin them. We have expanded OLsr cornmercial portfolio and opened o conv8nience stores. Pool Street on the East campus and The Bloomsbury store on th8 nwin canwus. Our merchan(lise shop continued to be a Success. with several new product launches which have proved very popular wlh students. Th8 Fitness Centre has performed strongty due lo increased mentsrship and elf￿19n¢1eS introduc8d in tho change management PfOgTamme. The 2022r23 surplus will be used to future-prool the Union's financial sustsinabilty. The Unson has continued to b8nefit from the Tecognit￿n aTrJ support of UCL. and this year reeeNed a block grant of £3.973k {2022: £3,403k). This anY)unl includes a one-off funding support of £188k Iof investment in specific projects and increased support lor sludenl clubs and socielies lo rellect rising a¢livty 1gvg1s after the pandemic. In addition to the block grant. UCL provided a SpeCrt￿ grant lo support the Volunteering seTh￿e 01 £440k12022.' £383kl and £159k1£2022: E20k} to $uppori Ihg Union's actwities in the East caffws. 11 ha5 also provided further lunding of £662k lor The Sarah Douglas Fund and the Participation Fund lo benelrt ￿udentS and ease hardship {2022- £750kl. The Universty also provvJed the Union fre8 use of lacilrties vakned at £2.575k {2￿2. E2.575kl. Unrestricted reserves incwed lo £5,191 k (2022: £4,609k). InclLkJ8d in this increase is an achieved surplus of £388k12022: suWu5 of £315kl. an actuarial gain on a defined p8nsion scheme of £260k {2022: loss 01 £972kl. and a k)ss on Wbvestments vahjaiion of È66k12022.' loss of £91 k). Restricted reserves increasedto £2.419k12022: £2.084k}. The increase in restricted reseNes is mainly explained by i￿e1VIng a specific grani from UCL of £662k12022'. £750kl to SUPFQrt sludents, hardship. atter accounting nel expendilure against reslriclgd rgSgrv85 01 £327k UCLU 43

Trustees, ieport 31 Juty 2023 STRATEGIC REPORT (continued} Finan¢lal revlew (continued) Custodmn activilies." Clubs. & So¢ieties Funds The Union acts as custodian lor funds raised by tha students. Clubs & Societies anh)unting lo a nel figure of £1.￿? k12022: £1.072k) in creditors at the year*ThJ. In addition to Ihis. the UnK)n pYovKles grant supwrt for their actIV￿e$, as shown in note 1 01 the financial staiemènts. Future funding and going concem assessn￿lL The Trustee board conlirms that the Students. Union UCL has sulficienl lunds to mget all ils o￿lgatiOns. Nelcurrenlassets at Iheyear-end sto￿￿ at £2,946m (2022.. £2,285kl and included E1.576m12022= £1.701kl ol cash available on demand. The current assets and cash level are rewe¥¥ed agaI￿t a rr￿VernOnt in the intercompany balance wrth Ihe UnNeTstty, through which the grant fuThling is paid. and staff salaries are settled. At the yeaT-end. thts balarte has grown lo £2,739k121Y22: £2.367kl. Posl-year ernl, in Seplember 2023, the University settled £2,061k of this baLance. and the Un￿n'S avwlable cash resour￿ increased by this amount, opening now inveslm8nt opportunities. The UCL core grant.lor 202W24 has been set at £4,234k12022r23: £3,972kl. In addrtion to the block grant. the University pro¥￿e$ the Volunteering SerV￿es support grarbl 01 £45Sk 12022.. £440kl. The spectfic funding for Ihe Union's aclNilies in ihe East campus is sel at £271 k {2022: £159kl. and the significant increase reflects UCL'S commitment lo the East campus with its nagship building at MarS￿Jate opened in September 2023. The University's commilThnt to the Student Life Siratggy 15 th8 most signrfKanl change in the Union's funding arrangement. In 202￿24. thg lirst-year funding is set £876k to deliver the lirst sel ol projects. which will . involve siwilicandy increased investment ￿ many dePartrr￿ts. Priorilies lor year 4Jne irtludes.. Expanding our work in sp3rt Further developing the Communty Flesearch InitiatNe Growing our maior events projwnn The lundiNJ will grow ¢Juring each year ot the delNery. reaching £2.5m in the projecfs final year. The wmIr￿TcI￿ tumov8r from all our oullets is expeded to Continue lo experience growth. Th8 nawly r81u￿Lshod morchandise slKsp will attract high demand for UCL-branded clothing. gifts. and $tatic)nery. Sgveral of the bars will benefft Irom rolling out new hol food offers to make them destination outlets for Stl￿ents. events and societies, activities. We will operale wilh financial risk altribulable to hNJh innathjn. the cost-ol-living crfsis. investing in ihe exparKled b.randed merchandi8e ranges and rolling oul food and drink otters. We will monitor the fInar￿la1 performance ot all outlets. Tr risk will b8 conslanty monitored lo mitigate the iwct ol any financial Unde￿erf0MWn¢e. UCLU 14

Trustees. report 31 July 2023 STrATEGIC REPOAT (continued) FIna￿l•l rgview (wilnued) Future fvnding andgoing ¢onc•m asses$ment (cont￿ued) Total fund levels remain healthy. with the total reserves increased to £7.611 k12022.. E6.693kl. The 2022 total reseNes were negalivety iffpacled by a sionilicarrt Inc￿0$9 in unrealised aduarial loss on the defined benefit pen5ton Scheme. and the elfect ol thts provisK)n has been partialty ￿Versed this year. With the UCL funding conlirmed. the UnKJn is linancialty Stable. and well-resilient shoukl trading conditions change in Ihe coming year. Reserves levelandpoli¢y The Union's reseNes provide finaT￿lar stability and the means for the continued development ol our principal activitTres. The Union is heawly dependent on the annual grant receNed from UCL and would be at risk were I￿)$& lunds to be reduced. In the event ol a reduction in and to ensure continuty ol activilies and scopg lor review, it i8 the Iruslees, polw lo maintain Ireg rgseNès lequating to general funds 8xcluding the pensions I￿1￿￿) ol a miniM￿n ol stx monlhs. running costs. The charity had total reserves ot £7.611k (2022: £6.693kl at Ihe balance sh88t date. This included restricted funds of £2,419k (2U22: £2.084k} and designated funds of £4,200k12022: £4,296kl. After deducting thèse lunds from total reserves. th• fr8e reserves on 31 July 2023 were £2,084k {2022= £1.665k) - equivalent to 2.4 rrK*nths average running costs {2022= 2.5 months). The Unlon is taking steps towards txjilding Iree ￿serVeS by growing its commercial offer. and having polioes aTrJ pr￿edureS in place lo ensure cost conlffjl. The Union reserve polw is reviewed annualty to assess whether a six.monlh raserve cover adequatetry respoTrts to ongoing financial obligations and Stratèg￿ opportunities. The truslees have continued to fomialty (knignaie £1.635k lo thè Sports Development fund. Capital Imiestmenl fund and Shenley athletKs ground fund wilhin the strale9ic plan 12022.. È1.782k). The Iruste8s will r8view this designation on an ongoing basis. The designatad funds are lor fLrture Stra18g￿ projects. ir￿lUding developing student SFQrts and providing sporting facilities. During 2022r23, sev8ral Capit￿ projecls were undertaken lo improve facilities and space5 wcupied by the Union. wKluding the Cafes, new convenience slor8s and the gym ancilL4ry Spaces. Investmentspolicyi obleetive4 andwfomJan¢e The UnK)n's investrnenl otiectwes are lo balance current and luture needs by: maintaining (atlgastl the value ol Ihe investments in real terrrs: producir4J a CO￿ls1ent a￿j sustainable amunt lo support expendrtuie", and ddivemg these objectives within acceptable levels ot risk. The polw to invest surplus lunds i% agreed by the Finarte Committee. Investments are placed after agreement with Ihe Investrnenl Team at UCL. TransfeTS ar9 under the control ol Director ol FNncè and Chiel Executive. UCLU 15

Trustees. report 31 Juty 2tr23 STRATEGIC REPORT (continued) Financial rnview Icontinuedl Investments policy. obfv¢tives andperfommnce (continued) Other than investments in the UCL fund. all othei assets rwst be held in a restitled portfolio (where capital has lo bo presaTh8d). InvestnEnts wilhin the UCL Unified Fund lolk)w UCL'S Investmert Policy Miduding its ethlcal conshjerations. whioh are surrffiarised bel¢)w. While the guiding principle ol UCL'S investrnenl policy is to 98neTat8 funds. whetheT through income or Capital grovAh. with whth to luriher Ihe work of UCL. other than linarLial Criteria bwng appropriate, UCL vrill I￿t invest in a particular business in the following circuirtslanc8S: whe￿ such investnnt might conflict. or be inconsislenl, %wih the al￿￿. objects or activittes of UCL. Thus. lor exary)le. investment in the l(•a￿0 industry would be inconsisteni with and would confiKt wilh UCL'S research into ¢an¢er. Vthere such investment might hawper the WO￿ ol UCL either by alienating financial supporters or polent1￿ linancid suFporters: or by having a material impact on a￿lICatIOnS from potential students. Where such investment. wh￿e not excluded by.virtue ol li} or {iil abovo. considered by UCL to bg unethical. The inve5trnent ￿lcY is to obtain a mirimum incomè y￿d ot base rate plus 0.5%. Our listed investments, valued at £4.160k on 1 August 2022 in the UCL Unrfied tund, r$lumad an inCc￿￿ weld 012.5%. and an unrealise(I capital I￿ of £66k. equating lo a 1.6% reduction was recognised. taking Ihe valuation to £4.094k as at 31 July 2023. Othei average treasury investmgnts. such as lixed-term deposit accoLEnts of £1.510k. retumed an income yield ot 1 % {2022= 0.1%). The Un￿n is reviewing its inv8stm8nt stratogy to prOt￿t th8 high-inllalion economy's Ic4)g-temi investment gains and income weld obiecbve as m￿h as possibl8. Fulure plans Students. Union UCL has tho an*•ition to be one of the bgst students, uni¢)ns in the UK and the worfd. We want to be the be51 organisaticffj that we can lor our members, providing outstanding seryKes and faciltss for students. and achieving real inlluen¢e a¢ioss UCL and beyond. W8 ar8 conlinuing to grow and expand our Sery￿es lo provid8 Ir￿reaSed support lor our sludents and increase our ￿n￿r¢I81 activities to generale addit￿l￿al I￿orne. UCLU 16

Trustees. report 31 Juty 2023 STRATEGIC REPORT {o)ntinued) Fulu¥e pl* Iconlinuedl La51 year we publishgd a rvaw 3 year strategy lor the Urion. 2022-25. Key obiectives lor the next year Mll include- Eff¢clive Influence: The UnK)n is the rep￿sentat￿Ve body lor all UCL studenl$. wp havg ong of the largesl collective sludenl voices in Ihe UK. We want lo support our Olficers an(1 Academic Represenlalives to h8W shape the future ol UCL and achieve positive change for our sludents acT05S London arKI at natio￿ 18vd. We also want to conlinLEe to develop our elections, communication and engagement with ourmembers, to ensure a heallhy and vibranl democracy, wrfh all our sludents having inhuenee on our decision making. Amazlng Experience - We warrt all our studenls to have an amazing èxperience al UCL outside ol the classroom. with the besl ext(a.Wrr￿vlar olfgr in Ihe UK. Wg want our students to have fantastic opportunities pursue their interests and pa$sKJns, with opportunities to l&arn newskills. try new things. gr0wtheirexperler￿e and conlidence, and develop new friendships. We want all our students to have the opportunity to gel actNe wrth excel￿￿1 sports provision,. have the chance to devebp Iheircreativty through invO￿eMent in the arts. music and culture-. and conr¢ect with the local communty through lantsstic volunteering opportunities. We recognise the vital irrp)rtance of actNiti85 1fi(e sports. volunteering and our ￿der co- cuirieular programme in Ixjilding community. helping to creale a strong sense of belonging for all our Mernbe￿ arKI SUPPOrfing student wellbeing. Vibrant and Inclusive Comrnunity- UCL is a dNerse community ol slLKlenls from all corners ol Ihe world. in an amazing ctly. doing amazing things. We believe that we are uniquely tAac8d to buikl, SUPFQrt and engrgise Ihis communty. making it strorb9er and1051er a Qrealer sens& of belonging lor every student. We want our space$ to be the centre ol th8 student community at UCL. places where our mert>ers feel genuinety at home, spenrj time wrth their Iriends, and importanlty. somewhere where they can access support and advrE when they are in need. As London's Global UnNersty. wg wanl lo be a global students. union. where all our students havè opportunrties lo see arKI experience the wortd in new ways by engaging across our diverse student community- We want to support our sludenls lo get the most out ol living and sILtdying in London. with opFortunilies to visil and engage in Ihe best ol the city and nation's cuhural opportunitie5. Excellenl Union - We want to be a lantsslic. efficienL well-govemed and elleclive charity, that is one ol the best sludenl organisatKJrts anywhere in the world. so that we can effectwely repiesant and provKle fantast￿ seN1￿$ lor all our membe￿. W8 wanl to wod( with UCL Io gain their help in signiluntty improving and expanding the Union's building and lacililies, including our sports lacililies,. we know Ihat we can provide better Serv￿85 and experiences for our ￿MberS wrth better spaces. We want to be the besl possi1￿e employer ol slaff ensuring we invest in the stafl experi8r￿e.TBc0gnlsIng thafs how we will be able to provid8 amazing services lo our menets. If we do all thi8. Ihen we will have built Ihe loundatKJns ol a Union that ¢an go on lo achwe our ambition ol being one ol the best sludenls, unit)ns in the w¢)rld. UCLU 17

Trustees. Teport 31 Juty 2023 STRATEGIC REPORT (conlinuedl Fulure plans (continued) We have also iecentty W0￿ed closety wilh UCL to d8veh)p the UnNersity's new Student Life Strategy. This I￿￿SeS on expanding our activty in six koy areas lor students.. aThJ Physical Activty Arts Volunteering Inlercultural engagement Departmental societies Vorant slijdent lrfe in Ihe heart of London Over the next year we will be workn"ThJ closely wilh UCL colleagues to begin delivery ol this exciting now plan. This Truste8s' Rgport. wmwtsing ts Dirgclors. RgPQrt and Siratogic R8PQrt, wa$ approved by the tKArd and sKJned on its behal by: Mary McHarg Twstee Dale: l7 9024 UCLU 18

Independent Auditorfs report 31 Juty 2023 Inde￿ndent audiiorfs report to the membern of UCLU Oplni¢)n We have audiled Ihe financial staiements of UCLU lor the year ended 31 July 2023 which comprise the Statement ol Finan¢ial ActNilies. the Balance ShegL the Cash Flow Siatemgnl and notes to Ihe linanckil slalemenls. incl¥Jding a summary ol significant accoLSnling policies. Th8 financial rep)rting frameY￿rk that has been applied in theii preparation is appI￿able law and United Kingdom A¢￿￿ntIng Standallls. including Financkil Reporting Standard 102 'The Financial Reporting Standard appI￿a￿e in the UK amd Republ￿ ol Ireland. Iunitgd Kingdom Generally Accepted Attounb"ng Practice). This Teport is made solely to the charitable compa￿$ members. as a body, in accordane8 with Chapter 3 01 Part 16 01 the Companies Acl 2006. Our audit work has been undertaken so thal w8 might slate to Ihe charIta￿e company's memb8TS tl¥)se ￿￿tter5 we are required to slatg to them in an audilorfs report and lor no 0th8r Purpose. To lh8 fullest ext8nl permitted law, we th) not a¢¢epl or assume responsibilty to aryone olh8r than the charitable ' compary and the ctwrilable company's rTwbers as a body. for our audsi work, lor this report. orfor the opIrk￿ns wè have fomed. In opinion. the linanual statements: gwe a true and lair view of thp Stale ol ihe charitable company's alfairs as al 31 July 2023 arKI ol its incom8 and expenditur8 lor th8 year thenended; • have been prop8rty prepared in accordance with Uniled KFngdom Ggnardty Aeceplèd Accounting Practi¢e,' arKI • have been prepared n accordan￿ with the requirements of the Companies Act 2¢JJ6. Basis for opinion We coNlucled our audit in aC￿rda￿e with Irrtematk)nal Standards on AudiliThJ (UK) IISAS (UK) a￿j applrable ￿￿. Our resrx)nsibilities under those standards a￿ further described in the Auditor's responsibilrties for the audrt of the finarti￿ sialements section ol our report. W& are indepeThJgnl ol the charitable company in accorda￿8 with the ethical requirements that are relevant lo our audit of the linancial statements in the UK. including Ihe FRC'S Ethical Stsndard. and we have fullilled our other ethic￿ responsibililies in accordance with these requiremenls. We believe thai the audrt evidence we have Obtain￿ is sullicl8nt and approptiale lo provide a basis lor our opinion. Conclusions relating to going ¢oncern In auditing the financial statements. we have corKluded that the trustees, use of the going concem basis ol accounting in the prepafalw of the linar￿181 statements is appropriate. Based on the work we have pèrformed. we have not hlentilied any materAI uncertainlies relating to events or Conditio￿ Ihal. indivKlualty or collecttvety. may casl signilicant doubt on the charity's ability to continue as a going concem lor a period ol ai least Iwelve months from whgn Ihè fInar￿la1 slalements are auttrK)rized for issue. Our responsibiliti&s and the responsibilrties ol thè tntstees with rèspect to going concem are described in the relevant seclions ol Ihis report. - UCLU 19

Independent audhor's report 31 Juty S)23 Oth•r inforniallon The Truslees are resFMyISit4e lor the other inlormalion. The olher inlom)alion compris￿ th8 information included in Ihe annual repjrt otherthan the linancial statements and our audilorfs report Ihereon. Our opinion on thg financi￿ $tstement$ does not Cover tho other infomiation and. except to the extent otheMse explicitly stated in our report. we do not express ary Iorm of assurarKe conclusion thereon. In COnn￿￿'0n with our audit ot the tinar￿Val slatements. our respDnsibility 15 to read the other information and, in doing so. consider whether Ihg Othèr inlormatv)n is malgrially in¢on$islenl with the financial statements OT our knowledge obtained in the audit or otherwise appears to be malerialty misstated. 11 we identify such material I￿¢)nsisten¢18s or apparenl material misstatements. we ar8 T8quired to datermine W￿ther IhÈrÉ is a material mi$$tatemenl in the financial statements or a material misslalement ol the other inf0m￿tIOn. If, based on the work Wehav8pgrformed.we¢o￿lUdeIhatlhtre i5 a materi& misstatement of thi5 Other information. we are required lo ￿port thal fact. Wg hav8 nthing lo report in this regard. Opinions on other matters pre$¢rlbed by the Companies Act 2006 In our opiNon, based on the woth undertaken in Ihe course ol the audit: • the information grven in the Trustees, report lor the linartial year IOT which the linancial statements are prepared * ￿n$[Sten1 wrth the fir￿￿la1 stalements: aThJ • thg strateg￿ retxirtaThJ the diwiors, report included within theTrustees' report have beon prepared in accordance with applicable legal requirements. MatteT$ on vthl¢h we are requlred to report by exception n the lighlof the knowledgeand understanding of the charitable company and its gnvironment obtained in the course ol the audit. we have not Njentrtied material misstatements in the TNstees' report. We have r#)Ihing to report in respect ol the lollo￿ng matter$ in rglalw to wh￿h Ihg Corryjanies Act 2W6 requires us to report to you if. in our opinion: adequate ac¢ountiThJ reeor(ts have not been kept: or • financial slatemenls are agreerr￿nt with the accounting records and returns., or • certain diSck)su￿$ of Tn￿tees, remuneration sp￿thed by law are not made., or • we have not recer¥8d all the inf0m￿tiOn aTrJ explanalions we require lor our audit. Responslbllilies ol Trustees As explained rTh)re lully in theTruste8s' responsibilities slatemènt. the Trustees Iwho are also the directors tor the purp)ses ol company tawl are responsible for the preparation ol the lirtancial ststernents aThJ for being satisfied that they give a Irue and tair view. and lor sueh inlemal control as the Truslees determine is necessary lo enable the preparation ol I￿ancIal slalement$ that are Iree from material ￿￿$staleM￿I. whelhgi dug to fraud or error. UCLU 20

Indopendont auditor's report 31 Juty 2023 Responsibililies ol T￿St￿ IcontiThJed) In preparing Ihe linartial slalemgnls. the Trustges arg r0sponsib10 lor assessing the charitable company's ability to continue as a going ¢oncem, disclosing. as applicable. matteTS related to going concem and using the going concem basis of accounting unl8SS the Trustees either w)tend to liquKlale the charitable corrpany or to ¢eas8 operations. or have no reaSislic allernative but lo do $0. Audilofs responsibilities lor the audil of the"flnanclal 8t•temerrt$ Our objectives are lo obtain reasonable assuTanc8 aboul whether the financkil statements a5 a whok are free from material misslalement, whether due to fraud or eTror. and lo issue an audrtorfs report that includes our wnion. Reasonable assurance is a high leyel ol assurance, but is not a guarantee that an audit cOnd￿tad in a￿Orda￿Owrth ISA5 IUKI will ahvays delect a material misslatement when it exists. Misstatements can arise from Iraud or error and are considered material it. irKIMdualty or in the agg￿gate. they could reasonably be expe¢led lo inlluence Ihe economic dacisions ol users taken on Ihe basis ol these fina￿la1 slalements. Irregularities. including fraud, are instances of non-compliance th laws and regulations. We de5yn procedures in line our responsitylities. oullined above. to detecl material misstatements in respect ol irregularilies, including fraud. The extent to which our pr￿edUreS ar& capabl8 of det8Cting irregukrrties. i￿lUding Iraud is detailed bek)w: How theaudR was Mn$ldefad ¢3pable of dete¢ting irylarities including frau Our approach to idenlifying and assessing the risks ol malerial misstatement in respect ol irregularit￿. including fraud and non<ompliance with laws and regulations, was as follows.. • The engagement partner ensured that the engagement team collectively had Ihg appropriate compelerKe. capabiltrti¢s and skdls to identify or recognise non-compliance with applicable laws and regulations- • We obtained an uTrJerstarKling of th8 legal and regulalory Irameworks that are applicabl8 to the charitable ￿tr￿anY and determined that the m051 signrfKanl Irameworks which are directly relevant to sp￿rfIe assertions in the tinancial statements- We focused on specifK laws and regulations whKh we considered may have a dire material gtted on the ac¢oLbnts. • We assessed the extent ol compliance with the laws and regulations idemilied above through making enquiries ol represenlaiNes ol management and the review of minutes ol Board ol Trustees megtings. We assessed Ihe susceptibilty ol the charitable company's linancial siatemènts io material sstslement. including obtaining an uThJetstanding ol how ffaud might occur, by.. Makin9 enquir￿ of Whe￿ managemenl ¢onsKl&rs there was susc8Ptibilty to fraud and knovAedg8 ol actual, suspected and alleged fraud: and ConsKfering the intemal conlroLs in place lo mitigate risks ol Iraud and r￿n￿O￿lianCe vthh Lqws and regulations. UCLU 21 _

Independent auditorfs report 31 Juty 2023 Audllor's ruponslbllitim for the •udll of the fiMn¢l•l statements (continued} How Ihe audlt was considered capable ol detecbng Irrryylaritie$ in¢ludlng fraud (continuay) To address the rtsk ol fraud through management bias and ovenide of controls. we". • Performed arolybcal prctedures lo Klentify any unu$ual Of unexpected reLationships', • Tested a￿1 rnwewed joumal ent￿$ to thntity unusual transactKJns' T8s18d tho aultKsrisation ol expenditure: Gained an und8rstan(*ng ol the pnKess8s in ￿ace lor the manag0Th￿nI of the challtab corrwny's investments. and • Invesligaled Ihe ralionale behind significant or unusual tranSa￿lOn5. In respor￿e to the rtsk of irreguL4ftties and non-compliance with laws emd regulalw)ns, .we designed pi¢xeduies whth included, bul were N)t limited lo: • Reviow ol the minutes ol meotrys ot those chary¢d with 9ovornan¢•: ErK4uiiing ol management as to actual aThl polentral lilytion and claims., and • Agreeing accounts dis¢k)su￿$ to Unde￿Ing supporting d(xumenlalion. As a result ol OuTp￿)Cedures we diy hJ8nlity any key audTrt matters relatin9 10 iri8gula¥itigs. ThgTr are inher￿1 limitat￿rts in our audit prc¢edures described abr)ve. The more rgffovgd Ihat laws and regu&tions aTr from financial transa¢lions. the less likely rd is Ihat we woubj b￿Qme aware ol mn<omplian¢e. Auditing Standants also limitlhg audil P￿edU￿$ required to identify non-CoM￿lanCe wtth laws and regulat￿n8 to enqukry of the trustees and other management and the inspethn of reguL8tory arKI legal Mrrespondènce, il any. Material mlsslateryÉnts thai arlse ¢Jue to fraud can be harder to d￿e¢t than ihose that arise from error as they may invofve delthrate concealment or collusKJn. A further desc￿'on ol our responsibilities for Ih8 aL￿1t of the financial slalemenls 15 located on the Financial Reporting Council's wobsito at wivw.Irc.org.uklauditoTsr8sponsibiliti&s. This description lor￿ part of our auditorfs re UCLU 22

Ind•p•ndent audiior'$ r•port 31 J*j￿ 20¥3 Use of our report This report is made solety io the charitable company's members, as a body, in a¢cordanc8 wilh Chaptef 3 01 Part 16 of th8 Companies Act 2006. Our audrt wod( has been undertaken so that we might stale to the charilable Company's members th)se matters we are required to state to them in an auditols report and lor no other puw. To the fullest exlent Pgrmitted by law. we do nol accept or assume reSpOns￿lIrtY lo anyone olhei than the charitable company and the charitable compatys members as a body. lor Our audit work. for this report. or for the opinK)ns we have lomed. Shachi Blakemre For and on behaw of Buzzacott LLP, Statutory Audilor 1 W Wood Street London EC2V 6DL Dale: 23 January 2024 -UCLU 23

Statement ol Ilnanclal activilim (mduding income and expenditure a¢¢ount) Year to 31 Juty 2023 Re51riEiv•J Tol 2022 InMm• from: Gr8rts and dona¥c 7327221 424 4111x615 6.611.77T 971,48B 7.583,265 . TFadiNJ S.0ts255 615.657 137M52 13N49.905 s.(th255 3.359,253 fj15.fj57 515.401 137,852 91.460 874424 13m,409 10.577.891 3.359,253 515,401 91.460 I1￿9.37$ InVe51M￿lS Tow 971.488 Expendlknx• ofv: Chthritsble acbMI . Tra￿9 6.761.117 s,￿.&12 12.661.729 6,781,117 5.197.339 SJ.197 6.438W 5.064.W20 .197 13,199.926 10.282.259 5.202.995 390.4￿1 5,463.322 404.C68 10.666.317 Tolal exp￿￿t￿re 227 7a443 315,$32 883,062 Olh•r rK•gftts•d ykns •r#l 10s8e$ Actuarial Ikissl dthed benefft p￿Skin sc*em8S 16 260M51 2WJ,351 (971.8 1971,8621 IILKs$l ty) <66.4021 1.7761 190.7761 Not In¢ryn• l•xpwthurnl 53 917.432 (747.t￿l 1179.5761 Not mobweDI In funds 335.227 917.432 (T47.th)61 7,430 1179,5781 4.609.217 5.191.422 2.lJ84280 &6R477 5.356XJ 2.419. 7.61Q.909 4.W9217 1,516.830 2.CQ4.280 6.8n,053 8,693.477 Bolan¢45 k)rYm The statement ol financial activities includes al gains and ktsses recognised in Ihg atM)ve two yews. All amounts derNe from continuing activities. The notes on pages 31 to 41 fomi part ol these fIna￿tal statements. UCLU 24

Balance sheet 31 July 20¥3 2022 2022 Flxed B¥$•t8 TangiNe h.xed assets Investmenls 653.693 ,103.841 5,757.534 591,355 5,170243 . 5,761.598 Stocks Debto Ca6h at b￿k and in Nind 10 210.S27 11 3,099.249 1.576,434 4.886.210 103.624 2.537.647 .701,190 4,342.461 Li*bFlili•s Creditors.. arno￿ls la￿n9 d within one year 12 {1.939.7911 12,057.1871 2.946.419 2,285,274 N•t assets exduding pen$ion Ilabillty 8.703J53 8,046,872 Pens￿ def# 16 11.093,1)44) I1,353￿95) Total n•t •ss•ts 7.610,909 6.693,477 Represented by: Rè5trietèd rese￿￿$ Unreslrtct￿l rwr¥e¥ . D8SWJHt8d lurKIs . General lurnj . P￿SlOn reseNe 14 2.419.487 2.084.260 15 15 2.084WS 15 11.093.1)45) 15 42WO92 4.296.740 1,665.872 11.353,395) 312.477 Total fund# T￿70.909 6,693,477 Th8se linancial statements were arvnjved by the Trustee Board arml signed on their behalt Tnjstee Hn6ty Date= 11 As4 The notes pages 31 to 41 lorm part of these finar￿la1 stalerrthts. Company Registration nunthr 07635628 UCLU.25-.

Statement of cash flows Y8ar to 31 Juty 2023 2023 Ca$h Ilow$ Irtyn •priing a¢tivStlos: Nel I￿Orne ley4wJtttJrel Depreciat￿)n Losses on irNeslments De￿ on disposal ol frAed asset Interest ￿￿ell {Increasel in stock {Incr8asel in deblors (Gains) losses on defYd pe￿￿)n xhM)e IDecrea5e) irKrea5e in crethlors N•t ￿$h pro￿ded frorn opw•tlng acllvlt5•6 917.4aa 237,481 66.402 25,791 (31,493) 12.5601 1106.9J31 172,4271 1561,6021 11.163.622} 1260,3511 971.862 135.011> 492,648 151.746 303,938 1179,5761 16e,￿7 90.776 Cash Ilows frorn inv•rting xti¥il*: Interest Wo¢tyvab Purchase of hxed assets N•t u$h {u8•d In) In￿$11Th9 •dl¥itl•s 31N93 2,560 307.995 1235,637 1276,S02) 1218,2851 Change in cash aTrJ cash equbvaknts in the year Cash and cash ¢quNaknts at tho bèginnir#J ol tho yèar Tolol ¢ash and ¢a$h eAul¥4lents at the end of the year If 24.756) 1.701,190 1.576,434 70.881 1.630.329 1.701,190 Analy919 of eash and Cash equl¥•l•nis Cash in hand and at bank 1076,4134 1.701.19) At 1 AugJst 21Y22 Cash fiows At 31 July 2ty23 Reconclllallon of n•¢ de Cash al bank aThJ cash in tta￿l Total cash and cash equNalent8 1.701,190 1,701,190 1124,7561 1124.7561 1,576,434 1,576,434 UCLU 26

Pfln¢lpal K¢ounting poll¢lo$ Year to 31 Juty 2023 The principal accounting Folicies adopted. judgements arKI key sources of eslimalion uncertainty in the preparation of the financial stalemenls are laid out beb)w. 8•sis ol preparation These fina￿la1 statements have been prepared for the year to 31 Juty 2tr23 and are presented in slerling and ara rounded to the nearest pouMI. The finar￿la1 reporting trarnework that has been applied in Iheii preparation is applicable law arKJ United Kingdom Accounlir4J Stsndards (United Kingdom General￿ Accepted Accounting Pracli¢g1. including FRS102 Ihe Fina￿la7 Reporling Standard applicable in the UK and Republic ot Irelanrf. and Ihe 2015 Charilies Stataff￿nt ol Recommended Practice based thereon- the Charities SORP. UnNersty Comege Loth)n Union mets the defr'nition ol a wblic benefrt enlity under FRS 102. Going concern The TnBte8s consider that ther8 is a reasonable expectation thai the Union has adequate resources to continue in cperalional existence ICH the foreseeab￿ futu￿ and. loithis reason. Ihey continue to adopl tha going concem basis in preparing th8 annual fInar￿la1 stalements. TnJst8es have made this ass8ssmenl in r8specl to a p¢ricJ ol at least one year from the date ol approval of these financid statements. Duringthe 2022123the Unwjn's free ieserves irwsed aThl staTrl at £2.08412022: £1.666k. The Union is ￿rnM￿led to r&Juitding its Iree reserves by diversifying the comm&rcial omer, working with sustainabl6 and glhical suppliers, and inv8sting in the spaces il occupies. In Autumn 2023 the Iwo new ¢onveni8nce slores wll be added to our commercial portfolio increasing the tumover an¢J re￿rn on our commercial ackn"vrtie5. Further investment in spaces was approveil by the board in Surn￿r 2023 to ensure ihal we attract arKI Tetain high footlall in all our outlets and the gym. During the first quarter of 2022r23 thB Union's cash Ik)w remains heatthy. The trading unTls re￿rted strong resutls from the beginning of the 2022123 academic year. The oudook for the nexl 18 ftTh)nths remains POSitNe. In addilion ￿ the commercial success Ihe Union benefrts from the in¢￿ased level ol th8 collaboralion with Ihe Univgrsily and an crease in overall funding ￿81$, including th8 core granl. lundry lo easg slud9nts' hardship to support aclNili8s in the East Campus. The Iruslees arg ol the opinion Ihat UCLU wll have su11￿18￿1 resource8 to meet its liabilities as they fall due. Critical accounting estlm•tes and areas ol iudgemenl Preparation ol Ihe financial statements requires the Twstees atNJ management to make Signif￿nI judgemonts and estimalgs. UCLU 27

Principal accounting pollcles Yearto 31 Juty 20¥3 Critl¢al accounling estlmate$ and ar￿ of ludgemenl {conlinuedl The ￿emS in the financial statements where these judgements arid estimates havg been made i￿1￿￿e. • valuation ol donati¢￿S in kind received duiing th8 year. • estimating th8 useful e￿noMiC lrfe ol langble fixed assets; • ￿k)Cation of support cosls across charitable actNities' and • valuation of the pe￿IOn xheme Ikknilrts in tslalion lo the Universities Superannuation Scheme (USSI. In¢ome Income is recogni8ed in'the period in which the Union has entitlement to Ihe incom8, tha amount can be ￿ured reliabty. and il is probable that the income will be received. Income comprises of donatiort5 and granls r￿e1Ved from UCL, incomg ggnerated from commercial activrfies. arwj investrrnl i￿orne. Expendilure Liabililies are recognised as expenditure as soon as thèrn is a lègal or conslrLtclive obligalton committing the charity lo make a payment to a third party. it is probable Ihal a transler or economtc ben81its will be feceived in settlement and the amoum ol the obligation can be measured ￿lIablY. All expendilure is accounted lor on an accruak basts arKI is staled inclusNe of irrecovBrablg VAT. Charitable expenditure comprises th8 di[￿1 and indirect costs ol delivering the char*able activities as sel cwt in the Trustees, report. This i￿[￿￿eS govemanca costs. wh￿h are Ihos cosls incurred in relation to compliar￿e wth constrtutional and statutory requirements, such as Ihe annual audil. annual elections arbj trwnin9 for $attsti￿1 officeis. Support Costs are allocated to charitable activities. Th8 value of seNiced campus accommodation is apFQrtioned on estimated Iloor space occupied. Other central overhead cosls are apportM)ngd to ¢harttablg and olher projectslartivities on a usag8 basis, pro rala to the staff costs ol each prO1￿t or acbvity undertaken. D¢prnciatign A lull year ol depreciat￿rn is charged in the year of acquisition. Depreciation is calculaled so as lo write off thecost of an a￿e1. less its estimated residual value. overlhe uselul econom lrfe ol that asset. For depreciation puwes. useful lrfe is assessed to be: F￿tUreS and tittings Equipment • Furnilur& 5-10 years &5 years 3-5 years Capital expenditure in excess of £1,000 i8 ¢aPitalised within fixed assets. Expendilure 1gSS than this amounl is charged to Ihe slatemenl of fina￿la1 activities in the year il is incurred. UCLU 28

Prin¢ipal a¢coynilng policies Year to 31 Jufy 2023 Stock$ Stocks are valued at the lower of cost and net realisable value, after making due alk)wance lor obsolete and slow moving 11eTh￿. Taxation No provision 1$ made in these finarKial slatements forwrporalion tax as the Union Is exempl Irom such lax as a rgsull ol its charilable status. Investments Listed investments are a form ol basic f￿ar￿la1 instrument are initially recoynised al theirtransaction vahje and sub5equenty measured al theirfairvalu8 as atth8 balance she8t dale using th& cbsing quoted market pr￿. A￿lSed gains (or losses) on irNestm8nl assets are cakulated as the drfference belween disposal proceeds and their opening carrying vau8 or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the ditteren¢e between the lair valu8 al the year and their Carrying value al that dale. Aeaiised an(1 unreali8ed investment gains {or losses) are combined in the statement ol tinancial aclivities and are credited lor debited) in the year in wh￿h thoy aiise. Penslon costs The Union conlribules to Ihree principal PenS￿n schemes on behalf of employees.. the Universities Superannuation Scheme {USSI. Ihg Sltperannuation Arrangements lor the University ol London {SAULI. arKI the NEST scheme. USS and SAUL are defined benefft schemes it is nol possible lo idenlty Ihe Union's share ol Ihe undedying assets and liabilrties in the muhierryloyer ￿heffles. However, the UnK>n has entered into an arrangoment to clear the USS scheme deticit by 31 March 2038 The net present value ol ihe Un￿A'S contributions as part of Ihese plans are reflecied as a lia￿lty on the bala￿e sheec whKh w￿1 reduce as they aTe paid. The NEST scheme is a dethned contribution schoffe. Conlributions lo all schemes are charged lo the statement ol finarKial aclivilies. Fund accounting Restricted funds are nY)nies raised lor. and their used restTiCted to. a Specif￿ purpose. or donat￿n$ subject to thnor inyosed conditiorts. Designated furwys are monies set aside of UnresI￿ted gemral fuThJs and designated for sp8crfic puws by the Trustees. Ge￿la1 funds represent those nJnies that are freety available for applicat)n towards achievirwJ any chariiabl8 PUfKM)se that fall within the Union's charitablg obj9¢ts. Leased assets Rentals payable under op6raling leases are charged as expendthjre lo the statement of fina￿la1 actiwiies on a straight basis over th• p8rK*J ol the lease. UCLV 29.

Principal accounting policies Year to 31 Juty 2023 . Debtors Debtors are recogii88d at I￿1r$et11erf￿nI arr￿n1, le55 any provision for non-recoverabilty. Pre￿Yments afe valued al th& anK)unt prepaid. They have been di￿OUn1ed to the present value of the future reeoipl vthere such discounting is material. Cr•dTrt¢)rs Creditors and provistons are recognised ¥then Ihere is an oblyation at the balance sheet dale as a resutt of a past evenl, il is probable that a transfer ol econom￿ benelit will be required in settlemenl. aThJ the amount of the setttemenl can be estimaled reliably. Creditors and provtsions are recognised at the am(yJnl the Union anticwtes it will pay to seltle the dèbt. They have been dwounled to the pres8nl valuo ol tho future cash payment where such discounting is maleiial. Fina￿181 instruments The Un*)n only has linancial assets and finanaal Ihqbiifties ol a kind that qualrfy as basic tinancial instrumenls. Bas￿ linancial inslrLtmenls are inifially rewgnised attransaclion value and subsetwently Trvèasured al Iheir settlem9nl value. UCLU 30

Notes to the Financial stat￿￿ents Yearto 31 Juty ￿y￿3 1 Donations and grants Tolal lunds Clubs and ifjti8s g￿ts ln 4,4TU92 147.984 &8B8.453 147.984 3.888. Faub"es r(knatsJn in ￿"r . TTrthThJ 1.55( 1.021,274 1.554￿fj 1.021374 J,$54.C66 1.021.274 1,554,066 1.021.274 Total bl•¢k from iI¢L I227￿1 7227321 6.611.777 6.611.777 Olhew wis •n.424 8nM24 970.488 1,0(KJ 971,498 970,488 Totsl fvnd> 7227221 8rn423 1Th).645 6.611.7T7 T,5￿, Facililies grant lunth'ng thve IlradirrfJ and other) reLqtes to"donation in kin(f accommodatK)n provKled by the Universty to UCLU1see nole S). 2 Investment incorne Unresirict8d Total funds 2023 lund6 IrKJme from deposts InV8s1￿nt irtome 31.493 106,3S9 137,852 2,S60 88,9)0 91.460 3 Incomlng resour¢es from thITllable a¢tivili•s lthrestncted Tot•1 funds 2023 Total lunds Trathng irt¢)me Non-trath'ng incL¥ne- other Non.Irath9. Furlo(ryh grant irtomg 5.069.255 615.65T 3.359.253 469,734 45.667 3.874.654 5.684,912 4 Total rnsources expwthd Support Tot•1 funds 2023 Direcl siaff Di￿t other Direct costs Costs d8pr8cial*)n Ino1• Sl Charilable acli¥ilies: Trathng èxpèndilure Non.trading •xw)diiure 1.837.&24 2,fl)8.987 2.052246 1.168,496 3.889.870 3.TTI,483 172.676 2.141.U) .761.117 15,684 3,202,383 6,438,809 188,360 5.344,213 13,199.926 UCLU 31

Note8 to Flnancial Statements Year to 31 Juty 2023 4 Total r•sour¢es •xpended Iconlinuedl Tolal lunds" costs (note 51 Charilab￿ acb"vrl￿S.' Tratng 8XP8ngknirg Non.Ira¢ry expeib*iure 7.385.553 1.697. 125 1.617.319 819.444 3.6kV.872 2.516.569 1172,602 2,017,715 5.202.995. 15,LXQ 3,011,559 5,463,322 117.602 5,029.274 10.666,317 Total 20Y2 2023 This i8 State¢1 afterchaffir4J: Depreciation Authlors. remuneration . Current year . Piitiryear ￿der prrNwi 237.481 168,837 17.890 13501 12.885 VAT 5 Support costs Tolal funds 2023 Tolal funds 2022 R•nt" SalaIi8$ and ¥vages Other slafl rdated cos Printing and siatN)nèry W¢bwle and wwi CleaThng and ub.lity costs 2,575P40 1.fj88374 70,041 3,116 193.221 162.805 106.245 49.121 25,5 76,WJ4 2.57S.340 1.460.532 79.117 2.924 174.474 155.007 153.831 49,236 17.540 15,549 81.126 S4.$06 17.062 28.160 148.389 12,0401 18.522 5.029.275 Depreciath)n "L8gal prole86i Insurnnce . Membership and subscriplion Tiaining and confere Bank chargès and cash harKIN IrrÈeoverabte VAT Doubtful debts"" Other 37,121 40,962 146A38 19,612 S.344213 'Renl charge abtwe relates to the knikf1oraccommodat￿ providedby UCL (see te i). "' Doubtlul debts8bove is sho￿1ng a credrf value due to roowery old9bls providgd forin the pr￿Year. UCLU 32

Notes to the Financial Statements Year to 31 July 2￿3 6 Slaff costs Total fund$ 2023 Toi lund$ 2022 Waps And salaries Agency costs Sc¢ial and seujnty costs Pension ¢0sts 4￿42.103 46.047 346.706 641.288 5.578,144 3.656.(*y2 35,061 284.849 487,491 4.463,403 Includ&J in staff costs are redurLdarcy and settlement costs ol E12.56712021: £nill. Towi 2023 Pornw￿nI Tolal 2022 P8rnianenl No.. Casual No. Casual Averay 95 324 170 252 The number of employees whose emoluments exceeded £60.000 was.. Total 2022 2023 fe￿].001 . t70,OC E70.001 . £80.OCIJ £90,￿1 . £100,( Pen￿￿ c0ntributrj￿made ￿ behallof Ihe at￿ve tndividuals tota118d £66245 {2022.. £49,60n. Key manag￿errt persomel recei1￿d a9JTWe remuneration of £644.17412022: É601.144). Key management personnd comprise the Iwslees and senior managemgnt18am as set out on pagg 1. This indude5 errvbye￿. naticffial insufaTts and pensw contribul￿r￿. 7 Tangible fixed a￿tI& Assets F￿1￿[9$ undgr & h"ttin95 Constr￿￿￿)n EqiNprn8nt Fumiturg Totsi Cost At 1 Auwsl 2￿22 Additions Translars Dfjsp)sals At 31 July 21)23 1.￿.408 159.035 252.155 1303.1161 S34,176 39,566 107,975 134.2721 647.445 43.45$ 1,799.072 325.610 195.141 1130.4891 I.1￿.947 1164.7611 43.455 1.959.921 108.074 Oepre¢l￿i0n Al l August 20¥d Chargé for the year DisposaL8 At 31 July 2023 740, 138.291 1104,6981 774,286 4M.975 91.509 134.2721 502.212 22.049 1.207.n7 7.681 237.481 1128.970) 29.730 1,306,228 Nei book valuè: Al 31 July 2023 At 31 July 2022 386M1 321.713 108.074 159.035 145333 89.201 13,725 21.406 653.693 591,355 UCLU 33-

Notes to the Financlhl Statements Year lo 31 Juty 2023 7 T￿Ible Fixed Assèts Iconlinuedl Costs i￿￿rTed urKler assets under construction related to two rglutbishment proiects uTrJertaken in summer 2023 and compleled after Ihe year ernj. 8 Capilal Commitm•nts At ihe end of July 2023 the Unb)n had two capkl projects in progress: relurbishmenl of the ancillary space in the BIoom5bury Fitness Centre and ihe expansion ol The Hanger Shop. Bolh projects started in June 2023 and were completed in Septen¥)er before the start ol the new academic year. The Union has contra¢led CWI comrrrilments of £406.CrfXI at the end ol July 23 {2022- rdl). 9 Inveslments Li$tèd Cath invgs1rn8nts Totss Coal orvoluatlon At 1 AUW 2￿22 1.C#)9.535 4.160.708 &170,243 Reyaluatlon In the yev 186.4021 {66.4021 Net book ¥•lue: At 31 Juty 21723 Al 31 Juty 2022 I,OTrJ.535 1.009.535 4,094,306 4.160,708 5.103,841 5,170,243 HIstry￿￿SI of irwestrnenls 1.009.&35 . 2.l73,E￿6 3.183.141 Li8t8d investrnents represent the vakno 01 investments hold on behalf ol tho Union by UCL In its UnNersity Trust Fund. Th8 investment was originalty purchased by the Union and revaluation5 in inve51ments are recognbsed through the reV￿￿allOn fund (see nole 151. Cash relates to a cash deposit hekj wth Scollish Widows. ' 10 Slocks 2023 2022 Bars 29.089 11.334 2.686 167.418 210.527 fk.207 9.823 3.004 68,5 103.624 Sportscentre Retail and olh•r 11 Deblws 2023 2022 Trade debtor3 Amounts the Irom Olher dèbtots Prepaymenls and a¢¢n￿ ir*om• 72.336 66,610 2.877.698 2,367,304 3,783 37,644 145.432 66.069 3,099.249 2,537,647 UCLU 34

Notes to the Flnanci•l Stat•ments Year to 31 Juty 2023 12 Creditors: amounts lalling due wilhin one y 2023 2022 Trade creditors Othèl ereditors AccW￿$ and deferred ¥K4im8 446,654 1.151.135 342.002 1.939.791 534.495 1.133,522 389,170 2.057,187 2023 Oef•fT8d itvJ)me irKfuthd above.. Al 1 Avgusl V¢ilised in the year Deferred in the year Al 31 J￿V 239,683 147.126 (239,6631 1147.1261 161625 239.6B3 162.625 239.683 13 Flnancial Instruments X123 2022 Ftnanclal owi8 Finartial assèts rneasu￿ at amorised ￿$¢ FinwKial &￿ets mg&sured atfwT valuo throu￿ thè statement ol aetivit 4.675.683 4,238,837 5.103,841 5,170,243 Financial Isabilities Financial liablities me&wrgd at a￿¥)rtised cost Financial liabiliis measured 81 lairvakne thro￿ the statèmènt of tinancial activitvds 1.777.166 1.817.504 1.093.044 1,727,3B3 2023 2022 Inièr•st in¢om• and •xponse$ Inleresl income lor ￿nar￿la7 a&%8ts rywured at amorttsed cost Inlerèsl expense for h"narfTal Ik?bUrfies meawred al amorti58d cost 31.493 170,291 2.560 123.857 Financial assets measured al arTh)rtised cost comprise trade debtors. olher deblots, inlercompany debtOTS and wh. Financial asséts measured at lair vdue comprise rnvestrrnts. Financial liabililies measured at amortised cost comprisa. trade cr8ditors. other creditors, 8nd accruals eXc￿ding deferred income. Financial liabililiès measurèd al fair value comprise the pension def￿11 contllbution liability. U£LUJ5 _

Notes to the FThncial statem￿ Year to 31 Jutry 2023 14 Restricted reserves Asatl Awsi Incomiwvj Resourcas A8•¢31 July 2023 Capital grants Other iestircted reserles Hardslup grani The Shenley AINeiKs Ground eaylal lund 111.0951 1232,9851 1294.1171 9.250 228,036 1,118,300 250.014 211.￿7 662.417 I.C63.￿ll 2,084260 1,063.9D1 2.419.487 873.424 {538.1971 Asall AINJust InGOrnlry A8sourc8S Asét31 2021 resoujres expend6d Tr8nsfers July 2tr22 Cwlalgrants 31.440 421,489 fl 1.095) 221.488 (392.963) 750.LTr 20.345 250.014 750,G Hardshtp grBnt capfgl fvnd 1,063.SVi 1.516.Li70 1,063.901 2,084,260 971.488 (404.Q58) Capital Grant Fund relatss to re¢etpts ￿eNed lo fund specific capital purchases. The funds are written down over the lrfe d the asset. Other restrtled funds relate to re¢eipts recerrfad lor th•following specihc Purposes. Alumni Fund recewed Irryn UCL. Alumni to be spent on siudent knllarè" proiects. These funds will be ulilis&Y by the wemare olli¢erhrustee as specili8d. Supporting Siudenl Communities Fund eived Irom UCL to help students to partiripalg in GrGurriGular a¢#ivrf¢igs by laGilitatiri9 and ènhancing student s8rvices and acliviti8s. Global ErwJagemenl Fu￿J- receivgd lo $upport ihe Sfvdents. UnKJn Global Engagement PrcJramme lo increase Supp￿ lor UCL'S intemalK)nal students an(1 ¢reatg Opportunities lor all stLKlents to integrate buibj cultural sen5iknvity and awaren￿. Aclive Byskrvjer Fund - rec8r4od as part of the UCL 'Full Slop, carroaign lo put a full stop to sexual misconducl. buIty￿g and harassw￿￿t in any form al UCL and bèyond. These lunds will be u1}￿Sed lo provide t#)Ih Onli￿ trwning and in person workshops lor students. VSU FuThJ - receNed to help fund projects within thg Volvnl8eriThJ unil. Creth Feasibilty Study Fund - receNed lo gstsblish tho fea$ibility of running chik ere¢hes for students. EDI Chinese Stthjents Fund- r￿e1ved for a research projecl on Ch￿eSe and East Asian students. UCLU 36

Notes to the Financial Slatements Y8ar to 31 Juty 2 14 Restricted re￿V•S (continued) In Juty 2022 the Hardship grant was r￿e1ved from the UnNersty to sel up a revolving hardshp loanlgfant service lor students in need. The turrtl is admini8teied by UCLU'S Rights 8 Advice Departmenl and payments are authorised ty the officersltnjstees of the un￿n. The Shenley Athletics Ground Capilal Fund originates from transfer ol surplus funds prewously held in trust by UCL on behatt of UCLU and used lo cary out capital works to ensuie the grounds aThJ facilibes are rrt for purpose. There are rest￿tionS which timit the use of lurbjs wilal wovks greater than £2Cth. As811 A•g¢31 tMslÈfS July 2023 43.07S (77.n61 169,0181 169.S89 130,909 C8P"tal knv85tmonl $27.010 1.￿.451 1.W,l(r2 42¥740 117.433 1,334,451 1,920,7Tr) 4.200,0¥4 168.4tr21 7.031 1146.7541 Penwn fwd fuTrJ IIX3.3951 1.&5,872 260,350 11,093,045) ¢73,433) 2,OM,375 13.(¥X.911 {12.514,9751 4.e4)9.217 13,049,966 112.661,7291 193,948 5,191,422 J¥ 161.175 244. 4SSO tJJrf.451 2.077.870 9)12S0 243.927 7.olp 14St . 38.4SV I.VT.J02 256.T40 {J.j￿3951 Y.665.872 0ts217mJ 172.491J JQS77.091 {iQX259J (t.¢w, 4.&)9.217 The Sports Development fund originates from the irKr8ase in grant r8¢9ived when the Chislehurst Sports ground was sold in 1999. There is no reslrictK)n on the grant bul UCLU t(KJk ￿ decision to ring fence these funds annually to be spent on sportlstudeni development Pfoj&ls. Any urMler5p&nd in the yeai against the annual desvJnalgd lund 1$ addgd to the fund lor future projects. Capital Investm2nl tvrKI {pre￿)usty kr•)wn as th& Big Idea lundl rgprgsent$ ring-lenced project expenditu￿ earmarked for use in delivering the Students, UnKJn's Strateg￿ objectives that will be undertaken by the Union on behalf of our ffembership. The Ca￿tal reserve represents fixed assèt expendrture incurred from Ihe Union's unrestricted reserves. The transler ts lo coverfixed assgts wrchased in yearless depreciation charged against assets held. UCLU 37 -

Nole$ to tho FlnarKlal Statemonts Year lo 31 July 20 15 Unr•stri¢ted r•sems (continued) The Shenley Ground fund originates from the annual unused gfant allocated lo the managemenl ol the grounds by the UCLU. The grounds are held in Trusl bylhg UCLon beha ol UCLU. Th8s8 funds hav& be&n de&grAted to SUPFXJrt and hjnd thè upkèèp. mainlenance aThJ lulure runniThJ ol the g￿￿ndS and laulities. The r¥valuation fund eonsisl$ of unwtssed gain$ on re¥JuatKY) ol the Itstad investments held by UCLU in the Unr¥ersity Trust FuThJ. The pensi¢)n fund ￿p￿sents UCLU'S lth.lty at the balance sheel date under Ihe delicit recovery plan in rela1￿)n to the Univetsrties Superannuation Scheme (see note 16). 16. Pen8lon$. The princwje pens)n schemes for the UCLU'S staff are the Universrtles Superannualion Scheme {USS}, Superannuation Arrangements ol the UnNersily of London ISAUL) and NEST. Tha schemgs ara 8Xtgrnally fundod and Contract￿ out of ihe Stale Second Per￿lon {S2PI arKI are valued every three or lour years by professionally qualified independent actuarigs using the projected unit method. Ass8tsof each schgm8 are hehj in separate trustèè adminislere(J funds. As these are muttimpbyerschemes it is nol possibleto identity UCLU. share of the undety.ng assets and liabilrties. Unlver$ltk$ Super•nnuatAon Scheme (USS) USS is the main pensKJn scheme IOT aCadeTh￿c and academic-relaled slaff across the Se￿r)r. It 15 a hybrid scheme - providing defined benetrts (tOT all m8fflb8rsl a8 well as delin8d conlritrtjlion beneffts- aThJ rt OP8rates a mutual basis such that asset5 are not attributed to irhJiv•Jual inslrtulions and a scheme-WhJe conlributicffl rale is set. As a participating employer. UCL is therefore exposed to actuarial risks associated with olher instilutions. 8mployeas and is unabl8 to Klenlfy its share of ihe undety'ng assets and liabilities ol th8 scheme on a consislenl and re&sonable basis. latgst actuarial valuati¢)n of thg sch9mg was al 31 March >320(￿ 2020 valuation). It VMS carried oul using th8 proi8Cted unil mèthod. and Iho finanaal assumpttons that had the most signifwit eflect on the resuR wwe as follows: scount rate lormarf rales Fixed interest gitt yield ¢uNe plus- - Pre-retiremenl 2.75% p.a. - Posl-reliremenl 1.CQ% p.a. CPI Assum lions Term dependent rates in line Ylith the dIffe￿nCe belween the Fixed Interest and Index Linked yield curves less: 1.1% p.a. to 21)￿. reducing lineady by 0.1% p.a. to a I￿g-teM difference of 0.1% pa. form Pension Inc CPI assunytictn tAus 0.05% (and subject to a fthr of 0%) se UCLU 38

Note3 to the Financial Statements Year to 31 July 2(Y2J 16 Pensions Icontinuedl Universities SuperannualAon S¢heme (USS) (contin￿d) The mortality assurWions inctuded in the valuation are that male (female) member8 who retire at typical ages will Irwe to approximately age 90191). The 2020 valualw was Ihe sixlh valuation lor USS uThJerthe schem&sp8¢ilic funding rggime introd￿ed by the Pensions Acl >X14. which requires schemes lo adopt a slatulory funding objective of maintainiThJ suff￿lent and appropriale assets to cover their iechnical provisions. At the valuation date. Ihe value ol the assets ol the scheme was £66.5bn and the value ol the scherne's technical provisi0r￿ was £80.6bn. Ind￿11￿9 a shortfall of £14.1bn and a funding ratio of 83%. This conwares unfavourabty lo the equivalent thrtfall of £3.6bn ihat was reported undor the scheme's 2018 valualÉon and assfxialgd funding ralio 0195%. In accordance wilh thè requirements ot FRS102 ai)d the SORP. UCLU r8cognises a liabilty lor the obligation to fu￿￿ past def￿ltS that arises from this recov8ry plan. The provisKJn lor delicrt recognised at 31 July 2023 was £1.093k12022: £1.353kl. The sIL￿ent Union's liabilty C￿Culat￿)n assumes a salary inflation late on average of ¢4% over the four years to 2026127 reduciny to 2.0% Ihereaftef and a flat rate ol increase in FTE over the lour years to 2026127 increasing lo a 2.0% annual increase in staff FTE thereafter. A change in the assuffylK)ns for salary inllalion by +l- 0.5% would increase the obligation lo. fvnd the USS deficr( by +£41.OkJ-39.3k. SimiLqty. a +l- 0.5% change to the increase in staff E a$surr￿tIOnS woukl impacl lh8 liability as al 31 July 2023 by +£39.3kl.£37.7k. A lurtherfull vJuation as al 31 March 2023 is now undenyay and is showing a much improved lunding position. Since the 2020 valuation. rising bng-lemi interest rates have acted lo reduce the value placed on the scheme's liabilrties and increase the value ol its assels. resulting in a reported surplus of £7.4bn. On this basis the sectorfs represenlalwe bcmjies have made ajoinl commitment lo the resloralion ol pr￿April 2022 benefrt ￿ve1$ where that can be achieved in a demonstrabty sustainable manngr. and USS has priced that proposal al a CO￿*)1ned ontribution iale of 20.6% 01 salaries.. a si9nilicanl decrease on th& current 31.4%. consullat￿n with both employets arKJ employees is due lo lake place belween September and November 2023 wrth an earty decision on tulure seNKe benefits sought for mid- December - well in advance ot the 30 June 2024 stalulory deadline loi completing th8 valuation. Ai the point of transition loth8 new rates. the r￿0Very plan requiTed underthe 2020 valuation will fall away. as wll employgrs. ILtrture obligation to fund past delicils. This is expected lo generate a signilicanl credit for UCL in Ihe 2023124 financial year as the curi&nl USS penshm provisiorb is Teleased in full. The total pension cosl for the Union in respect of the USS penS￿)n scheme amosjnted lo 68.219 during the Year(2￿2. £234.9￿1. UCLU 39

Noto$ lo the Flnon¢l81 St•¢•m¢nts Year to 31 J￿Y 2023 16 . Pensions 1cC￿tInued) The latest compteled acluartal valuation ol the scheme was as at 31 March 2020 lunaudr¢gdl using the projected unit meltmyj. The financial assunwlions that hadthe most signilicanl effect <)n the resuli of the valuation We￿ as folk)ws.' Investrn&)I retums per annum: - belore retirement 3.15% - after retirement 1.05% Price inflatNJn IRPI) 2.70% Post 2016 pension increases per annum 2.50% Tho mortality assumptions induded wf(hin the valuation are that mal8 {f8male) m8mb8rs who relire al lypical ages wdl live to approximalely age 86189)- As atthg valuation date. the assets oflheschgmgwere reported as £3.61bn and the scheme's lechnical prov$ions as £3.83bn. resulling in a shortlall of £217m.. Assgls were Iherelrjre sullicienl lo cover On￿ 94% 01 the past seThice benelils Ihal had accrved lo members. arter allowing lor expected fulvo increases in eanNngs. These results Tepresent a decline in funding level compared to the 2017 valuation la rewrted £56m suwus and lundirrfJ level of 1W2%1 and are reHecti¥e of a s1grwt￿anI fall in yields of frxed interest gifts over the inter-valuaiion peritid. an increase to Ihe CPI inllaiion assuffKJlior underpinning the valuation ol memberfs luture benefits arKI an ir￿reaSe in SAUL'S 'short servtc8" aclive m8mbers'. thosg Y￿1h19$S than 3 years. sgrvice in thg Schgme. Aiihough pK)51-valuation experier￿ had estirnaled Ihat the Schèmè held a surplus of È357m at 30 April 2021. tho estimat8d contribut￿n strain lor future service benelits Ithe amounl by which future benefit accru￿ outslrips contributions) was valued at £67m per annurn.. £40m or 150% high8r than thg 2017 ewivalenl. To address this issu& and ansure that the statutoryfunding objective continues to be ff￿t. the Tnjstee and employers have agreed lo increase employer conlrl)utions Irom 16% to 1 Irom l April 2022 and then again to 21% from January ￿23 and amend the Scheme's eligibility requi¥ements such that new rnerr￿ets joining after January 2023 can onty a¢ctu8 full ￿nefit after 3 complete years of ser¥￿e. In Combinat￿n. these measures are estimated to reduce contribution strain by approximately ESOM p8r annum. As al 31 March 2022. the date of Ihe n))st recenl amual acluarral rerM)rt. the Posbtion had improved $ubstantialty and the s¢hem8 was estimated lo have a lechnical provision surplu$ ot £616m, eqyivalent lo a lurKling level 01 116%. This was due to higher-than-expected inveslfflenl returns overthe fvTryear period sirtt valuation. contributing to a £952m increase in the markot valu8 ol s¢hgmo assets (to £4.564ml. Sinc8 2017118. eligible empk)yees have been irKluded in the NEST scheme lor aut enrolmenl. The Unwjn's cost ol con1n"but￿n in th8 year arrwJunled to £18,322 {2022: £19,644). UCLU 40

Notes to th• Flnancial Slalements Yearto 31 Juty 2023 17 Anatysi$ ol net assets belvmen funds Fixed Nei eurrent Pensb)ns liabih.ty Total 2023 Unrestricted funds Designated funds A851iicted lunds Tolal lunds 1.306.889 644.443 3.796.952 9.250 653.6 777,485 11,093.0441 991,330 P41.3031 4200,092 2.410.237 2.419,487 2.946.419 11,093.0441 7.610.909 5.103.841 Tol81 as￿1$ liaLY'lity Unrestiictedkn 1.399.513 571,010 3,Im.7 20.345 691.355 266.359 (1.353,395) 372.4T7 145.LXX)J 4.296.740 2.(1S3.915 2.084.260 5. 170.243 2.285274 (1,353,395) 6,693.477 RestrKled hjnds Tolalfvnds 18 Relat￿ party transactions The Union is in weipt ol a recurrent grant from UCL of £4,325,252 {2022.. £3,￿S.437). Other grants were received from UCL of £1.1kn,10912022: £1.218.8321. In addrtion. the Un)n LKcupies its buikling on a rent-liee basis u[￿ar an informal licence subject to thg Union maintaining Ihe building in a good slate of wair. Undar the Charities SORP Ihe-(lonation in kind" must be valued and included within the financial slalemenls. Th8 value to Ihe UnK>n lor this space is considered to be £2.575.34012022: E2,575.3401. Thetruslees ol the UnKn are stated on page 1. Fiv8 sabbatbcal off￿erS received remuneration lotalling £167.628 12022= £190.5801 i￿lUsIVe ol pension conlributions 01 £12.149 12022.. £18,262.85) lor their as provhjed for within the Conslilulitsn. In addition to Iheir remuneration Ihe Union incurred costs and paKI rgimbursements ol travel. subsistence, ection campaign, trainiThJ and conferences expens&s to all trusteas of £30.470 12022.. 26.851) The Urnon i8 also a ￿lated paty ￿ Somers Tv*n Communty Sports Centre Lld. an incorporat&Y charty (Charrty Regti%Irat￿n Number 1057305. Conyany Regstralion Number 31 $77031. as bl is considered to be under common control. The Union has been invoic8d for amounts tolalling £nil12022.' £nill lor the hire ol sporls lacilrties. Somers Town Community Sports Centre Linuied was inv(Mced for amounts totalling £1.733 12022.. £37,189}. The balance due lo UCLU al 31 July 2023 is £nil {2￿22. £nil). 19 Affiliations 2023 2022 Membershp c¢ntsltw￿Qn lo Nalional Uwmon ol Students 37.880 37,880 The MeMbe￿bip fee is pahl direclly by UCLU for. m8mbersknp ol tha National Union of Students. -UCLU .41