2024-07-31-accounts

UCLU {operating as Students. Union UCL) Annual Report and Financial Statements 31 Juty 2024 (mpany by Guarantee RegisYat"cfi NL￿ber 07&15628 IEngLqnd Wales) 1142404

R•fer•nc• and adrninistrative inforn￿tion TTUStees M McHarg (resigned 15 Juty 20241 G Danaci lappointed 16 July 20241 P Barran {resigned 31 August 20241 B Beasant A Boikova lappoinled 16 July 20241 G Bracey M Chaudhary G Hu (resigned 31 October 20241 F Ibrahirn lappoinled 16 July 2024) L Lan {appoinled 16 July 20241 R Lirn lapw)inled 16 July 20241 K Sio (appointed 16 July 20241 S Tedros Iresigned 25 September 20241 E Yildirimkaya lappoinled 16 July 20241 X Huang (resigned 31 October 20231 A Ismail (resigned 15 JU￿ 20241 Kachwala (resigned 15 July 20241 A Shi (resigned 15 July 20241 I Smith (resigned 15 July 20241 C Yoo {resigned 7 June 20241 S Harris (appointed 1 Novertjer 20241 A Brown (appointed 1 November 20241 Chief Executive Ollicer John Dubber Senior Managemenl Team D Dominiczak (Director of Finance) D Nichols (Director of Operations) C Sallon-Brooks (Director ol Student Experience) S To (Direelor of Policy, Govemance & Advocacy) Charity regi$tration number 1142404 Company reg58tralion number 07635628 Websile wv•w.studentsunionucl.o Reg¢stered address 25 Gordon Street London WC1H OAY Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL UCLU 1

Contents Roports Reference and administrative information Trustees. report Independent auditorfs report on the rinancial statements Financial statements Statgmenl ol financial activities 25 Balance sheet 26 Statement of cash flows 27 Principal accounting policies 28 Notes lo the financial statements 32 University College London Union

Refer￿¢* and administrative information Banke BarcL8ys Bank Pk London Coyporate ServKe Centre PO Box46116 London EC4N 8WB Metro Bank One Southampton Row London WC1B SHA UCLU 2

Trust••s' report 31 Juty 2024 The tnjslees. who are also directo￿ ol Ihe charitable company (Yhe charity.). present their report and the linancial statements for UCLU (Xhe Union"} foi the year ended 31 July 2024. which have been prepared in accordance wtth the COF￿anIeS Act %X)6 and Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in accordance w5th the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021, ar￿ effective from aecounling pericxjs commencing 1 January 2015 or latèr. STRVCTUAE, GOVERNANCE AND MANAGEMETrir Charitable status Students. Union UCL I'UCLU'I is an incorporated charity Ilimiled by guaranleel Icharity regislration number.. 1142404" company registration number: 076356281. 11 was originally established in 1893 and now operates in accordance with the Education Act 1994. It has been registered with Ihe Charity Commission since 14 June 2011. when students, unions connected wilh exempt higherllurther education institulions were removed from exemption by the then Charilies Act 1993. UCLU is govemed by its Memorandum and Articles of Association last amended in July 2023. UCLU operates as Students, Union UCL following a rebranding project during the 2017118 financial year. Governance UCLU is constituted under Ihe Educaty"on Acl 1994 as a challtable company limited by guarantee wilh inlemal regulations and wles approved by the goveming body of University College London {UCLI. The primary aim of the Union is the advancement of education ol students al UCL for Ihe Publ￿ benefik. Public benelit All activtties Lbndertaken by the Unk)n are lo further our charitable purposes for the benelit ol our student members. In shaping oijr objectives and planning activities, the Board ot Trtjslees have had regard to the Charty Commission's published general guidance iegarding the exercising ol duty and power lor the public benelil. The main benelrts which have arisen during the year from the organisalion's aims are detailed in the following sections. Board of Trustees The Board ol Trustees ensures Students. Union UCL has the necessary financial and structural abilrties to cary oul rts aims effectively. The Board makes decisions on legal and financial issues and ensures thal the organisation is delivering on the political policy sel by the defflocralic bodies of the Union. In accordance with the Organ￿allon'S M&morandum and Articles, the Board comprises.. 6 Sabbatical Trustees 4 Student Trustees 1 External Tnjslee (Alumni) 1 Extemal Trustee IUCL Stafll l Extemal Trustee INon-UCLI UCLU 3

Trustee8' report 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Board ol Trustees loonlinued) Members ol the Board (who are also directors of UCLU for the purposes of company lawl who served during the year and up lo the date ol this report were.. Truslees {Di￿10r$I Appointed l Resigned G Danaci A 80ikova S Chau(thary LLan Satsba￿l AFpointed 16 July 2024 Appointed 16 Juty 2024 sabba1￿1 Sabbalic SabbatKal sabba1￿1 SatA)abcal Appointed 16 Juty 2024 Appointsd 16 Juty 2024 Appointed 16 July 2024 Resigned 15 July 2024 Flesign8d 15 Juty 2024 Res￿￿ed 15 July 2024 Resigned 15 Juty 2024 Resigned 31 (kttsbef 2023 Appoinled l November 2023 Appoinled 1 November 2023 Resigned 15 Juty 2024 Resigned 15 Juty 2024 Appointed 16 July 2024 Apwjinted 16 July 2024 Appointed 1 Nov8mb&r 2024 Appo¢nted 1 Novgmber 2024 HLIM E Yildirimkaya A Isrnail Sabbat M McHarg Ashi I Smith X Huan9 GHU Sabbatical Sabbabc Sabbatical Student Student Studenl Stuiknt S Tedr¢ M Kachwala Cyoo Student Studenl StL￿nI F IbraFM"m Ksio A Brovm S Harnis P Barran Studènt SttKJent External Ext8mal B Beasanl C Bracey Ext8mal The INslees hold a minimum of lour meetings per academic year and are responsible lor establishing and delegating to the following commtitees-. Finance Committee Risk & AudFt Committee Governance Committee Remuneration Commrttee The terms ol Tefeience for the Board and ils associated committees. are available on the Union websrte= htt s.'Ilsludentsunionucl.o ow-we-are- ovemed UCLU 4

Trustees. report 31 July 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Icontinu&J) Flnance Commlttee is charged by Ihe Board ol Trustees to oversee the finances ol the Union, including considering strategic options foi, and general oversight ol all areas of the Union's finances. This includes approwng annual budgets and monitoring the h'nancial performance of the organisation. Risk & Audit Committee is charged by the Board lor examining and reviewing all systen and melhrxys of control both financial and otherwise including risk analysis and risk management: and lor ensuring the organisation is complying with all aspects ol the law, relevant regulations and good practice. The annual slatulory audit is also under this committee's remrt. Governance Committee is chaTged by the Board for pron￿ling good govemance and ensuring our governance arrangements ale etteclive and comply w(th the governing documgnls laid down by our rnernbe￿. UCL. the Charity Commsssion, and olhgr legislative bodies and authorities. Remuneration Commiltee is charged by Board for considering the remuneration ol the Chief Executive and Sabbatical Ollicets. and prtwosals regarding broader staff remuneration. Aewiting and training of trustees The Sabbatical Otticers ISabbab"cal Tnjsteesl are democratically elected each year by the membership of the Union in Ihe spring eleclh?n lo serve from 16 July lo 15 JLtly. All new Sabbatical Officers undergo a period of induction and training. To ensure a smooth handover, incoming Sabbatical Off icer uThlergo a 15-day shadowing period. Once in post, they havg weekly meetings wilh the Chiel Execulive and Senior Management Team, which forms the Union's Leadership Team, who have delegated responsibility for overseeing the day-to-day operations ol the Un￿n and management of affai¥s. The Sabbatical Officer role is to work closely with UCL'S management leam to ensure that student iSSLbes and concems are a central part of the Univetsily's governance and decision-making. They rapresent students lo other organisations and nationally as required. They are leaders ol the Union. helping to ensure that it is a well-run and effective charity providing a vrfide range ol valuable services lor its members. They also ensure that yjlicy propK)sals considered by the Executive, Members, meetings and referenda are implemented. Student tnjstee posttions are democraticalty elected by the membership of the Union. They serve lor one year from 1 November or 16 July, depending on when they are elected until their status as a student no longer exists. Extemal trustees are appointed following advertisements placed wfthin the UCL community and nationally in Ihe media. They are appointed for a period of lour years and each appointment is ratified by Union Execulive. Union Executive Union Executive is the democratic policy making bcmty ol the Union and is responsible lor the ratrficalion of Union policy exc8Pt where policy was determined by a Fleteiendum. UCLU

Trustees. report 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Relationship with Vniversity College London (UCLI The relationship between UCL and the Union is established in the Regulations ol UCL and detailed in the Union rules approved by both organisations. The Union Teceives an annual Block Grant from UCL and occupies a number of buildings owned by UCL. The Union also ieceives administrative support in a number ol areas including Human Resources, IT infrastructure and payroll. This support is intrinsic lo the relationship between UCL and the Union. An gslimaled annual value to the Union lor its free ol charge occupalion of UCL'S serviced accomrnodation has been included in the financial statements, priced al a market value of £2.57m {2023'. £2.57m}. Although the Union continues lo generate supplementary funding frorn various mutual trading aclivilies. il is dependent on UCL'S support and lor this it is appreciative. There is no reason lo believe that this or equivalenl support Irorn UCL will not continue lor Ihe foreseeable future, as the Education Act 1994 imposes a duty on UCL lo ensure the financial viability of ils student representative body. Employment policy The Union conlracls of employment templates continue lo be provided by UCL. This allows Ihe Union to continue to benefit from UCL'S extensNe and proven HR procedures, policies and support from UCL Human Resources Division. Through its relationship with UCL, the Union offers Competitive terms, conditions and benefits to ils staff including a generous annual leave enlitlemenl and pension scheme. UCL implemented the Pay Framework Agreement lor all non-clinical posts across the organisalion in May 2006 and the Union's arrangement for setting pay and remuneration ot stsff is based on this agreement. The Union uses the same coherent len grade structure as UCL, which is based on the non-discriminalory job evaluation scheme IHERAI. The Union has a longstanding commitment lo equality. diversity and inclusion, and to providing a working and social environment in which the rights and dignity ol ils diverse staff are recognised. All staff have an annual appraisal which incorporates a personal development plan. The Union has excellent provision lor training and developing stall. The Union is keen to build and relain talent and each department works on succession planning. All staff new lo the organisalion have a comprehensive induclion programme in place and undergo regular probation and progress reviews. All staff meetings. email briefings and newsletters are used to keep staff up-lo-dale with relevant issues such as strategic and linancial planning, and statt are invited to provide feedback lo senior management through regular surveys and open meetings. We employ a large number of part time casual sludenl stall our commercial departfflent and other departments ensuring we Provide development for students and flexible work opportunities. We also employ parmanent members ol staff, some of whom are responsible tor the operational decisions taken across the organisation on a daily basis. Dgtails ol staff costs can be found in note 6. UCLU 6

Tru8lees' report 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT IcontFnuedl Key management remuneration The remuneralh)n ol key management petsonnel is set by the Board, with Ihe policy objectwe ol ensuring thal they are provided with appropriate incenlwes to encourage enhanced performance and are. in a fair and responsible manner. rewarded for their individual contributions to ihe Union's sueeess. The appropriateness and relevance of such remuneralion reviewed annually. including reference lo comparisons with other unions to ensure that the Union remains sensilive to th8 broader issues of pay and employment condrtions elsewhere. Oelails ol key management personnel and their remuneration are set out in note 6. Staternent of trustees. responsibilities The trustees (who are also directors of the Union for the purpM)ses of company lawl are responsible lor preparing the Trustees, Report arNJ the financial slalemenls in accordance with applicable law and United Kingthsm Generally Accepted Accounting Practice Iunited Kingdom Accounling Standards). Company law requires the tnJstees lo prepare financial statements lor each financial year. Under company Faw the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affaiTS ol the chaittable company and ol the incoming resources and application of resources. including the income and expendrture, ol the charitable company for that period. In preparing these financtal statements. the Twslees are required to= Select surtable accounting poI￿leS and then appty them consistently: Observe the melhc#Ys and prI￿lpleS in the Charities SORP. Make judgements and estimales that are reasonable and pnjdent: State whether applicable UK accounting standards have been followed. subject to any material departures disck)sed and explained in the financial slalemenls- and Prepare the financ￿1 statements on the going concem basis unless r( is inappropriate to presume that the charitable coryany will continue in business. The Iruslees are responsible for keeping adequate accounting records that disclose with reasorbable accuracy al any lime the linanci￿ posrtion ol the oharrtable company and enable them to ensure that the financial statements compty wf(h the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Each of the trustees confirms thal: So far as each ol the trustees is aware, there is no relevant information of which the charttable company s auditor is unaware. and The tnjslee has taken all sleps Ihat helshe ought lo have taken as a trustee in order lo rnake himselllhersem aware ol any relevanl audit information and establish that the charitable company's auditor is aware ol that inlomHtion. UCLU 7

Trustees. report 31 Juty 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued ststemenl of trustees. responsibilities {conlinuedl The confirmation is given aThJ should be inletpreted in accordance with the provisions of s418 ol the Companies Act 20￿. The trustees are responsible for the mainlenance and Integrity of the corporate and financial information included on the charrtable company s websile. Legislation in the United Kingdorn governing the preparation and dissemination of financial statements may drffer from legislation in other juiisdiclions. Risk management The Risk & Audit Committee oversee the organisation's approach lo risk management. A Strategic Risk Register is agreed by the Board ol Trustees. Risk & Aud(( CommÉttee and Senior Management Team ISMTI. This is reviewed on a quartedy basis with an annual review cycle. This is updated regularly alongside departmental risk registers. overseen by the Risk & Audit Committee. The Union will follow the UCL risk framework, including regular statt Iraining and reviews and updates of registers. This combined with a praotical approach and visible engagemenl and support from trustees and senior management helps embed risk management across the Union. The principal potenlial risks and uncertainties lacing the Union are.. Potential dtsruption lo comrnercial services due lo lower than usual footfall due to a number of issues beyond conlrol such as., strike action, changed behaviours. eslato repair works etc. Continuing increases in levels ol demand foi service provision from studenls without a comparable increase in grant funding from UCL. GDPR (General Data Proteclton RegulatKJnl compliance. Risk of a Cyber attack A serious incidenl on Union premises or by mernbers of the Union's clubs and socieli8S that resuhs in hami lo staff oi students and l or reputational damage. The Union's mihgation strategies against these are-. Weekty reviews ol the impacl on the Union's operations and finances and maintaining a close relationship and dialogue with UCL regarding the financial and operational impact of the cosl ol living crisis and lower fTr)ttall. Continuing to enhance and strengthen the Union's relationships with UCL and seeking increased conlribulions from commercial inco￿. The SU is working towards Cyber Essentials Certification working closely with UCL IT team. UCLU

Trustees, report 31 Juty 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (conlinued) Risk management Icontinuedl Th8 syste￿ Manager is the Union's dats prot&tion and GDPR lead. A review ol the Union's GDPR compliance and best practice in data management was completed in 2019 and work is continuing to monttor implementation of all conlrols. A Data sharing agreement wrth UCL has been written and is undergoing the final stages of negotiation post legal review. A Head of Faciltties and Health & Salety reviews and implements health arbd safety management for the Union. including risk assessments, training provision and records, safe working procedures, emergency response and incident response planning. Regular reviews ol Union Health and Safety policies and procedures. Continuing lo work closely with UCL Communications and Ma￿eting, continuing and improving training for Union and Clubs and Societies officers and ensure high qualtty risk assessments for activities and evenls. There has been an implementation ol a critical incidenl response plan and training sessions undertaken related to ihe plan. Training for team members ir￿lUdeS extemal and intemal training and simukqtv)n exercises. Testing of the plan is undertaken periodically- The Students, Union is working towards achieving completion ol UCL T100 safety managemenl system. The T1￿ tool is based around the Plan, Do, Check, Act management system approach which is consistent with Heallh and Safely Executive and Higher Education guidance and is based on practical measures to promote continuous improvement in hea]th and safety. In August 2023 the SU scored a T100 compliance raling ot 95% UCLU

Trnstees. report 31 JLtly 2024 STAATEGIC REPORT Union purpose. v18ion. mi￿10n, values Purpose The object ol the Union is the advancement of education ol Students at UCL for the pub]ic beneftt by: promoting the inleresis wellare of students al UCL during their course of study and representing. supporting and advisiNJ students. being the recognised representatNe channel be￿leen students and UCL and any other extemal bodies.. arKI providing soctal, cuttural, sporting and Tecrealional actrvrties arbd foNms lor discussions and debate lor the personal development of tts students. Vision An outstanding experience lor all UCL students and lo be one of the best students, unions in the UK and the workl. Mission We build a vibrant and empowered student communtty wtth real influence in UCL and beyond, Ihal enables students to enjoy their lime at unNersity,' pursue their interests and passions., see the world in new ways; and develop the skills and expefience lo change the world lor the better. Values Our values are.. Communty Democracy Empowerment Inclusive Bold Suslainable Fun UCLU 10

Truslees. reporl 31 July 2024 STRATEGIC REPORT Icontinuedl Revlew of W23r24 Achievements The role ol the Students, Union is wide ranging. Our core purpose is that all ol our members have a fantastic experience of unNeTsty lrfe. We want students to be full partners in the future development ol UCL. We aim lo provide fantastic opportunities for thern to meet friends. develop new skills. build their confidence and pursue their interests and passions. For those who face dthicullies and barriers to being able lo lulty part￿iPate in and enjoy student life, we provide high quality independent support and advice. And perhaps most importantly. we want all ol oijr $l￿dentS to feel at home at UCL, with a strong sense of community and belonging, and leeling proud lo be sludents of our unwersty- In the past year, the Union has continued its excfling programme ol renewal and deveSopment. towards our long-term goal of working with UCL to achieve an outstanding experience for all our students and becoming one ol the best students, unions in the worfd. We've helped tens ol thousands ol sludents lo feel welcome at UCL. lo make new friends. build skills and confidence. and foster a slronger sense ol community and belonging. We achieved our highest ever level of engagement in our sports. student societies, elections and many other programmes. We are continuing to modemise and improve the work ol the organisation to meet rising levels of demand. 2023-24 marked Ihe first year ol our new Student Life Strategy. This sets a compelling vision lor students, exlra and co-curricular experience. This will see thousands more opportunities for studerrts to gel involved in activities that will enable them to make the most of their lime al unwersty, build skills to support their future careers and create memories that will last a lrfelime. We are very grateful lor UCL'S support ol the Students. Union. We Icx)k forward lo working closely with all of UCL'S staff in the year ahead. to continue to put students first and work towards our shared aim ol a worfd leading sludenl experience. Thankyou to everyone who has played a role in Ihe success ol the Union this year, our elected officers. our fantastic staff team. UCL'S staff and senior management team, who have done so much to support students during the past year, and finally lo our amazing students who have Continued to do incredible things supporting each other. conlribuling to the local community, and making UCL the very special place il is. This year. we: Our student satisfaction was at 7th place in the Russell Group. which shows student satislaclion with how we represent their academ￿ interests, the Th)st improved Students. Union in Ihe Russell Group since 2017. 21.524 students joined a sports club or society this year. which is 45.V/o ol all students and up Irom 43% in 2022-23. 7,199 students joined an Arts s￿Iety (15.2% 01 all UCL studenls and up Irorn 14 /0 last ygarl- UCLU 11

Trustees. report 31 July 2024 STRATEGIC REPORT Iconlinuedl Review of 2023r24 (continued} Achievements (continued) Together with our student-led groups. we hekl 6.977 events this year. up from 4.800 in 2022-23. 82% {38.571) ol all students booked a lickel to an evenl through the Siudents, Union website. We introduced 'Hall Community Officers, for the first time last academic year. 16 elected students held 63 events lor students in Halls. including winter ciaft sessions, picnics. football matches, badminlon sessions and Eid celebralion events. Our Advioe Service supported 2,020 students in need. w¢th a wide range ol challenges such as academic appeals. housing issues alld financial support. This included supporting 420 students with housing queries. 1 OQ/(* of the students we supported were either experierting. oi al risk of, homelessness. 11,224 students joined a Sp)rts Club124% of all UCL students up from 22.7% in 2022- 231. We held our annual Inlemational Festival in February. hosting 12 events with more than 512 students taking part. We held a S-a-side World Cup. hosted 6 cultural society perfomiances. and 13 workshops. We held a record-breaking Leadership Race, retaining our iecord ol holding the largest student election in the UK. Oveiall, 3,452 students put themselves forward for election and 11.177 students voted. Our tumout increased to 23.8°/o. a new UCL record. We held our largesl-ever Welcome fortnight. Together wtth our sludenl-led groups, we hosted rmre than 727 events, up from 620 in 2022. More than 12.500 students joined a club or society during Welcome Week, and we showcased 70 Iwe club and society perfomHnces on the Main Quad leslNal stage. We elected and supw)rted a network of over 2.0￿ Academic fleps across every department al UCL who dedicate themselves to representing the academic interests ol students and improving education ai UCL. 501 stud8nts. staff and alumni took part in our inaugural Campus Run at UCL East, helping to create an accessible pathway into physical acltvty- Since the inlroduclion of 50p diskN)sable cup levy across our cafes in 2023, 25% 01 hol drinks in 2023-24 were sold to customers using reusable cups. up Irom 18V. last year. We trained more than 6.CK(J new students to be Actwe Bystanders. helping lo create a safer carnpus. UCLU 12

Trust88$' report 31 July 2024 STRATEGIC REPORT (continued) Review of 21Y23r24 Icontinuedl Achievenwnts (continued) We continued lo prolessKJnalise our sporting offer and achieved a Rey objective in the Student Lrfe strategy, Talented Alhlele Scholarship Scheme accreditation. We have awarded £227,485 in hardship funding this year across our Activities Participation Fund. Gender Expression Fund and Sarah Douglas Hardship Fund. We're proud to be a London Lrving Wage employer and put money back into students, pockets by providing flexible and rewarding jobs on campus. Last year. we paid more than £1.3m to our student stsff team. Our clubs won 48 Bronze and Silver Medals. and 51 Gold medals in competitions across the year- our best ever. We're 19th in the BUCS league lable. We convened the natK)nal nehvork of Russell Group Studenls, Unions. This included leading the development ol a Russell Group Student Manrfesto lo influence national Higher Education tN)licy in the wn up to the General Electton. We retained our Silver Accreditalion for Inveslors in People. In Autumn 2023. we celebrated the 130th annNeTsary of the formation ol the Students, Union. welcoming back students leaders from past decades and opening a new exhibition on the history of student lrfe al UCL. Fundiaising activiti•s The Union does not actively solicit donations directly from the public and does not use third parties lor fundrdising. Therefore. it rs not registered with the Fundraising Regulator and does not subscribe lo any fundraising codes of practice. Were donations from indNiduals or trusts and foundations lo be received. the Union would ensure personal data is appropriately protected. The Union received no complaints within the year regarding fundraising. Financial review The Union had an improved operational financkql pertomiance in 2023124 versus the previous yeai. The realised income and expendilure {which excludes the unrealised gains and losses in relation to investments and the pension scheme} are stated below and show a net surplus frorn operations in the year of £279k12023: surplus of £72kl. However. the net result after a capital grant depreciation charge of f39k {2023: £1 Ikl, gain on revaluation ol investments ol £456k12023: investment loss of £66kl and a decrease in pension provision of £1,093k12023 a decrease 01 £260kl, resutts in a net surplus of £1.789k12023.' surplus of £917kl. UCLU 13

Trustees. report 31 July 2024 STRATEGIC REPORT (continu&J) Financial review Icontinued} 2Q24 £'ooo 2023 £'ooo Op8rating income lexduth'ng hardshj'p lunthngl Operating Expen(bturè lexc. depre￿al￿ Cha￿ to restrKled lundsl Operating surplus Addttional Hardshp grant funding r6rewl Investment fevajuats.on gain P•nsion Yevaluab"on Depreciation Char￿ lo r&8irided ILmd Nel surplus 15.887 115,6081 279 13,261 113.1891 72 662 1661 260 456 1,093 {39} 1.789 917 At the end of 2023124, Ihe UnK)n is in a strong financial F#)Sition with growing grant lunding from UCL. increased commercial incOff￿ and good retum on investment. Our 2023124 budget and subsequent forecasts were cautious, and our operath?nal strategy was to carefully manage our linancial resources to delNer an excellent seNice lor students and other stakeholders. The overall commercial perfomiance in the cafes. bars. retail shops, and gym was good but varied between the outlets. The refurbished Merchandise store offered a new range ol gifts and stationary merchandise and expanded our successful apparel range. The sales have been busted by a ￿￿year conlract Ifom the University to supply merchandise dufing the graduation ceremnies and to the University's departments. The convenience store al the heart of campus remained F￿pUlarwith staff and, whilst the East campus store's trading suffered from low lootlall and permanenlty closed in June 2024 giving a new opportunity to repurpose the space for the benefrt ol students. The cafes and bars on campus continued delNering a financial retL6m and provided social space lor students. conlribuling to their sense ot belonging and well-being. The Ftfne5s Cenlfe has performed strongly due lo increased Tnembership and effiCier￿leS iNroduced in the change management prograrnme. The annual surplus was further improved by high interest on Ihe Union's cash deposrts and the i￿reaSe in the market value of the investment porttolio. The 2023124 surplus will be used to future- prool the Union's financial sustwnabilty- The Union has continued to benefit from the recognition and support of UCL. and this year received a block grant of £4,287k12023= £3,973kl. In addrtion lo the block grant, UCL provided a specific grant to support the Volunteering Service of £455k 12023.. £440kl and £271k (£2023: £159kl lo support the UnK)n's aclrvities in the East caryus. The Union received a new grant to support the Student Life Strategy Project ol £876k 12023= nill. The University also prov￿ed the Un￿n free use ol facilities valued at £2.575k12023.. £2,575kl. Unrestricted reserves increased to £7228k12023= £5.191 kl. Included in this increase is an achieved surplus of £487k12023.' surplus of £388k}, an actuaiial gain on a defined pension scheme of £1.093k12023'. gain of £260kl, and a gain on investments valuation of £456k 12023.. loss 01 £66kl. Restricted reserves reduced lo £2.171k 12023-. £2.419k}. Included in these reserves is the Hardship fund created in 2022 to help studenls affected by the cost ol leaving crisis. The fund received a generous funding from UCL of £750k in 2022 and £662k in 2023 and awarded £678k to student lo ease Iheir financial hardship. UCLU 14

Trust•8$' report 31 Juty 2024 STRATEGIC REPORT {continued) Financial review (continued) Custodian activities." Clubs. & Societies Funds The Union acts as custodian lor funds raised by the sludenls, Clubs & Societies amounting to a net figure of £1.167k {2023.. £1.(E2kl in cred¢tors at the year-end. In addition to this. the Union provides grant support for their core activities. as shown in note 1 01 the financial slalemenls. Future funding and going cOn￿n assess￿£ The Trustee Board confirms that the Sludents, Union UCL has suff icienl funds lo meet all its obligations. Net current assets al the year-end stood al £1,873m12023= £2,946kl and included £1,763m12023= £1,576kl ol cash available on demand. The current assets and cash level are reviewed against a movement in Ihe intercompany balarte with the Universty. through which the grant funding is paid. and staff salaries are settled. Al Ihe year-end, this balance has reduced lo £1,098k12023= ￿.739k). On September 2023, Ihe University settled £2,061 k of monies owed lo the Union. and the Union's available cash resources increased by Ih¢s amount. opening new investment opportunities. The UCL core grant for 2024125 has been sel al £4,483k12023124: £4.234kl. In addition to the block grant, the Universty provides the Volunteering SeNices supFx)rt grant of £476k 12023.. £455kl. The specilic funding lor the Union's actmties in the East campus is set at £295k 12023.- £271 kl and relle¢ls UCL'S commitment to Ihe East campus with its ftagship buikling al Marshgate opened in September 2023. The University's support for the Student Life Strategy will continue with the second-year grant of £1,491 k12023.' £876kl. The slralegy will start delivering impact, expanding a wide range ol our activities and inlmducing new programmes aimed al increasing Ihe breadth and depth ol sludenl engagement. The focus will be on expanding our sports offer, introducing a new arts part￿ipatIon programme. expanding our major events provssion (leading up to the bicenlenniall. bL5ilding a new model lor Departmental societies. and developing our intercuftural and inlemational opportuntties al home and abroad. The portfolio ol our existing and well-established oullels will remain unchanged. The East shop space will be repurposed to become a mini gym lor the enjoyment of Ihe students and staff working on the East campus. Following signing a two-year agreement with the University, Ihe Union's merchandise offer ￿11 exlend lo the graduation ceremonies and the UniveTsIIy's departments. gengrating a linancial Telum and raising the Union's profile. The Un￿n will continue the programme of refurbishment in all existing spaces, focusing on maximising capacty by adding outdoor sttting areas to our cafes and bars where possible in response to high demand from staff and students. A major improvement programme in the gym is planned during the Christmas 2024 closure, including new flooring, structural repairs. and improved acoustics. The space will be redesigned and redecorated, and the new cardio and strength equipment will feature sustainable ieehnology. UCLU 15

Trustees, report 31 July 2024 STRATEGIC REPORT (continued) Financial r•viw (continued} Future funding and going concem assessment. Thanks to large incieases in the Union's income budgeled in 2024125. all departments are sufficiently funded to deliver their operational plans and maintain service levels wotking towards longer-lerm strategic targets. We will maintain tight control of spending in all areas. Tolal fund levels remain heatihy. with the total reserves increased lo £9,400k12023- £7,611 kl. The 2024 lolal reserves were wisitively impacted by a decrease in pensioll liability and the ir￿reaSe in the long-lem investments. valuation. With the UCL funding conlimied, the Union is financially stable, and well-resilient should trading condrtions change in the coming year. Reserves level andpolicy The Union's reserves provide finar￿la1 slabilty and the means lor the conlinued development ol our principal activrties. The Union is heavily dependenl on the annual grant received frorn UCL and woutd be at risk were those lunds to be reduc&J. In the event of a reduclion in income and to ertsufe continurty of activities and scope lor revi￿, it is the trustees. poI￿Y to maintain free reserves {equaling to general funds excluding the pensions liability} of a minimum of six months. running costs. The charity had lolal reserves of £9.4(K)k 12023.. £7,611 kl at the balance sheet date. This included restricted funds 01 £2.171 k12023= £2.419kl and designated funds of £5,020k12023: £4,200kl. After deducting these funds from total re5eTves, Ihe free reserves on 31 July 2024 were £2,209k12023: £2,084kl - equivalent lo 2.08 months average wnning costs12023'. 2.4 months). The Union is lakn.ng steps towards building free reserves by growing ils commercial ofter and hawng policies and procedures in place to ensure cost control. The Union reserve policy is reviewed annualty to assess whether a six-monlh reserve cover adequately responds to ongoing financial obligations and strategic opportunities. The trustees have continued lo lomialty designate £1.843k lo the Sports Development fund, Capital Investment fund and Shenley athletics ground fund within the strategic plan 12023= £1.635kl. The tnjslees will review this designation on an ongoing basis. The designated lunds are lor future strategic projects, including developing student sports and providing sporting facilities. During 2023124, severnl capital projects were undertaken lo improve facilities and spaces C￿Cupied by the Union. including the cales, new convenience stores and the gym ancillary spaces. Investments policy. objectives, andperfomiance The Union's investment objeclNes are lo balance the current and fulure needs by.. maintaining lat least) the value ol the investments in real tem￿,. producing a consistent and sustainable amount lo support expenditufe., and delivering Ihese objectives wtthin acceptable levels ol risk. UCLU 16

Trustees. report 31 Juty 2024 STRATEGIC REPORT Icontinuedl Financial review Iconlinuedl Investments poli¢yJ objectives. andperfomiance (contt"nued) The policy to invest surplus lunds is agreed by the Finance Commrttee. Investrnenls are placed after agreement with the Investment Team al UCL. Transfers are Under the control of the Chief Finance Off icer and Chiel Executive. Other than investments in the UCL fund. all other assets must be held in a restricted porttolio {where capital has to be preser¥ed}. Investments within the UCL Fund I￿lOW UCL'S Investment Policy including its ethical considerations. which are summarised below. While the guKling principle ol UCL'S investmenl policy is to generate funds, whether through income or capital gTOWth. with which lo further the WOTk of UCL. other than financial crileria being appropriale. UCL will not invest in a particuL8r business in the following circumstances.. Where such investment might Confl￿1. or be inconsistent, with the aims, objects or activities of UCL. Thus, for example. investment in the tobacco industry woukl be Ir￿OnsI$lent with and would conflict wilh UCL'S research into cancer. Where such inveslment might hamper the work ol UCL either by alienating financial Supporte￿ or potential financial supportets-. or by having a material impact on applications Irom polential students. Where such investment, while not excluded by virtue of (il or (ill above. is consideied by UCL lo be unethical. The investment policy obieth.ve is to obtain a minimum income yield of base rate plus 0.5Y.. Our listed inveslmenls, valued at £4.094k on 1 August 2023 in the UCL Unified fund, retumed an income yield of 2.69., check and an unrealised caprtal gain of £456k, equating to a 11.1 % increase was recognised, taking the valuation to £4.551 k as at 31 JLtly 2024. Other average treasury investments. such as lixed-tem deposil accounts ot £2,01 Okchange. retumed an income yield of 3%12023'. 2°Al. The Union is reviewing ils investment strategy to proleel the high-inllation economy's long-lerm investment gains and income yield objective as much as FKJssible. Future plans Students. Union UCL has the ambition to be one of Ihe besl sludents, unions in the UK and the worfd. We want lo be Ihe best organisation that we can for our members, providing outstanding seNices and facilities lor students. and aehieving real influence across UCL and beyond. We are continuing to grow and expand our seNKes lo provide in¢rgased support IOT our students and increase our comm9rcial actNities to generate additional income. UCLU 17

Trustees. report 31 July 2024 STRATEGIC REPORT {continued) Future plans (continued} As sel out in our Making More Happen Strategy 2024-29. key objeclives lor the next year will include-. Effective Influence: The Unh)n is the representative body lor all UCL students, we have one ol the largest collectNe student voKes in the UK. We want to support our Officers and Academic RepresenlalNes to help shape the tulure ol UCL and achieve posilNe change lor ou¥ slijdents across London an(1 at national level. We also want to continue lo develop our elections, communication and engagement with our members, lo ensure a heatthy and vibranl dernocracy. wrth all our sludents having influence on our decision making. Amazing Experience - We want all our students to have an amazing experience at UCL outside ol the classroom. with the best extra-curricular offer in the UK. We want our sludenls to have fantastic opportunities wtsue their inleresls and passions, with opportunities to learn new skills. try new things, grow their experience and confidence. and develop new friendships. We want all OUT students lo have the opportunty lo get active with excellent sports provision., have the chance to develop their creativity through invotverTienl in the arts, music and culture,. and connect with the local communty through fantastic volunteering opportunities. We recognise the vital importance of activrties like sports. music, volunteering and our wider co- Cu￿1C￿lar programme in building communty, helping to create a strong sense ol belonging for all our membets and supporting student wellbeing. Vibrant and Inclusive Community- UCL is a dNerse commL*nity ol students from all corners of the world. in an amazing city, doing amazing things. We believe that we are uniquely placed to build, support and energise this communty. making tt stronger and losler a greater sense ol belonging for every student. We want our spaces to be the centre of the student community al UCL. places where our members feel genuinety at home, spend lime with their friends. and importanlty. somewhere where they can access SLEPPOrt and advice when they are in need. As London's Global Universty. we want lo be a global students, union, where all our students have opportunrties to see arKI experience the wortd in new ways by engaging across our diverse sludent community. We wanl to support our studenls lo get the most out of living and stLtdying in London. with opFKJrtunrties lo visit and engage in the b8St ol the cty and nation's cuhural opportunities. Excellent Union - We want to be a fantastic, elficient. well-govemed and effective chartty, that is one ol the best student organisations anywhere in the world. so that we can effectively represenl and provide fantastic services lor all our members. We want lo work with UCL to gain their help in signrficantly improving and expanding the Union's building and lacililies, including our sports facilities., we know that we can provide better services and experiences for our members wilh better spaces. We wanl to be the best possible employer of staff ensuring we invest in the staff experience reeognising that's how we will be able lo provide amazing services lo our members. If we do all thTs. then we will have buih the loundalions of a Union that can go on to achieve our anl)ition ol being one of the best students, unions in the world. UCLU 18

Trustees. report 31 Juty 2024 STRATEGIC REPORT Icontinuedl Future plans Iconlinued) We ar8 now one year into delNering UCL'S Student Lrfe Strategy. This focuses on expanding our aclivity in six key areas lor students= Sport and Physical Aclivity Arts Volunteering Intercullural engagement Departmental societies Vibrant student lile in the heart of London Over the naxt year we will continue to deliver the main priorilies sel out in the strategy. This Trustees. Fleport, comprising the Directots. Report and Strategic Report, was approved by the board and signed on rts behalf by: Goksu Danaci Truslee Dale: Cl¥ / IZ I Z UCLU 19

Independent auditor's roport 31 Juty 2024 Independent audltor's rep¢)rt to the members of UCLU Opinion We have audited the financial slalements of UCLU for the year ended 31 July 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Slatemenl and notes to the financial stateménts. including a summary ol significant accotjnling policies. The firkAncial reporting Iramewotk that has been applied in their preparation is applicable law and United Kingdom A¢¢ounling Standards. including Financial Fqeporting Standard 102 'The Financial Fleporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Genernlly Accepted Accounling Practice). This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of Ihe Companies Act 21￿. Our audit work has been undertaken so that we mighl slate to the chaTttable company's members those matters we are required lo stale lo them in an audito¢s report and for no other Purpose. To the lullesl exlenl permitted by law, we do not accept or assume re5ponsibilty to anyone other than the charitable cornpany and the charitable company's members as a bcty, lor our audit work. for this report, or for Ihe opinions we have formed. In our opinion. the finar￿la1 statements: give a Irue and fair view of the slate of the charitable company's affairs as al 31 July 2024 and of ils income and expenditure for the year then ended. have been properly prepared in accOrdar￿e with United Kingdom Generally Accepted Accounting Pfaetice.. and * have been prepared in aCCordar￿e with the requirements of the Companies Act 2(YJ6. Basis for opinion We conducted our audit in accordance with Inlemalional Siandards on Auditing IUKI IISAS IUKI and applicable law. Our re5ponsibilrties under those standards are further described in the Audilor's resFX)nsibilities forthe audrt of the financial statements section ol our report. We are independent ol the charrtable company in accordance wrth the ethical requirements that are relevant to our audit ol the financial statements ill the UK, including the FRC'S Ethical Standard, and we have lullilled OUT Other ethical responsibilrties in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going con¢em In auditing the financial stalemenls, we have concluded that the trustees. use ol the going concem basis of accounting in the preparation ol the financial statements is appropnate. Based on the work we have performed. we have nol identified any material tjncertainties relating to events or conditions that. indivmlualty or collecltveFy. may cast significanl doubl on Ihe charity's abilty to c(Intinue as a going concem for a period of at least twelve months Iroffl when the linancial slatemenls are authorized for issue. Our responsibilits.es and the responsibilities of the trusle8S Wrth respect to going concern are described in the relevant sect￿nS of this report. UCLU 20

Independent auditor's report 31 Juty 2024 Olher infomiation The Trustees are respjnsible lor the other information. The other intorrnation comprises the information i￿luded in the annual report other than the fina￿la1 slalements and OUT aud*tor's report Iheieon. Our opinion on the financial statements does not cover Ihe other inlormalio and, except lo the extent othe￿iSe explicitty slated in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge oblained in the audit or othe￿ise appears lo be malerialty misstaled. If we identrfy such material inconsistencies or apparent material rnisstatements, we are iequiied to determine whether there is a rnaterial misslatemenl in the financial statements or a material misstatement of the other information. 11. based on the work we have pertormed, we conclude thatthere is a material misslatemenl ol this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Compani•s Act 20C In our opinion, based on the work undertaken in the course ol the audil: • the infomiation given in the Trustees, reF)Ort for the financkgl year for which the financial slatements are prepared 5s consistent wf(h the financial statements: and • the strategic report and the directors, rewrt includ•J wf(hin the Twslges, report have been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding ol the charitable company and Tts environment olknined in the course ol the audr(. we have not ￿enlitied material misstalemenls in the TNslees' report. We have nothing lo report in respect of the following matters in relation lo which Ihe Companies Act 2(KJ6 requires us lo report lo you rf, in our opinion: adequate accounting records have nol been kept: or • the linanchal stalements are not in agreement wth the accounting records and returns; or ertain disclosures of TnJstees' remuneration specified by law are not made.. or we have not received all the information a￿1 explanations we require for our audit. Responsibilities of Truslees As exp￿Ined more fully in the Trustees. Teswnsibilities slalemenl. Ihe Trustees (who are also the directors for Ihe purposes ol company lawl are responsible for the preparation ol the linancial statements and lor being sali8fied that they gwe a true and fair view. and foi such ntemal control as the Trustees detemiine is necessary to enable the preparation of financial slalements that are free from material misststement. whether due to fraud or error. UCLU 21

Independent auditor's report 31 Juty 2024 Respon$lbllltie8 of Tru3lees (continued} In preparing the financial slatemenls. the Trustees are responsible for assessing the charitable company's ability to continue as a going cortem. di￿10$ing, as applicable, matters related to going concem and using the going concem basis ot accounting unless the Trustees eilher intend io liquidate the chanlable company or lo cease operations, or have no realistic ahemative but to do so. Auditor's responsibilities lor the audit ol the financlal statements Our objectives are lo oblairb reasonable assurance about whether the tinancial statements as a whole are free from material misstatement. whether due lo fraud or error. and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level ol assurance. but is not a guaianlee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered malerial if. indivKlually or in the aggregale, they could reasonably be expected to influence the econom￿ d￿￿IonS of u5ets taken on the basis ol these financialstalements. Irregularities. irtluding fraud, are instance5 of Th)n-compliance with laws and regulations. We design procedures in line wilh our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irreguLirities. including fraud is delailed below= How the audit was considered capable of detectlng irregularities including fraud Our approach to ￿entIfyIng and assessing the risks of material misslalement in respect ol irregularities. including Iraud and non-compliance with laws and regulations, was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to idenlfy or recognise non-compliance with applicable laws and regulations- • We oblained an u￿￿erstandIng of Ihe legal and regulatory Iramewort(s that are applicable lo the charitable company and detemined that the most significant Irameworks which are directly relevant to specrfic assertions in the financial statements., • We focused on specrfic laws and regulations which we considered may have a direct material effed on the accounts. • We assessed the extent ol complia￿e wtth the laws and regulations idenltfied above through making enquiries of represenlalives of management and the review of minute5 of Boa￿ ol TNslees meetings. We assessed the susceptibilty ol the chartsble company's financial statements lo matèrial misstatement. including obtaining an underslarHJing of how Iraud might occur, by.. • Making ènquiries of where management considers there was susceptibility lo fraud and knowledge of actual. suspected and alleged Iraud: and Considering the intemal controls in place to mitigate risks ol fraud and non-compliance with laws and regulations. UCLU 22

Independent auditoe$ report 31 Juty 2024 Auditor's resP(￿$1b1Iltles for the audit ol the financial stalem•nts Icontinuedl How the audit was wnsidered wble of detecting irregularities including fraud (continued) To address the risk of fraud through management bias and override ol controls. we= Performed arkalylical procedures to identfy any unusual or unexpected relat￿nShips- Tested and reviewed joumal entries to identify unusual transactions- • Tested the authorisalion of expendrture," Gained an understanding ol the processes in place for the management of the charitable company's investments.. and • Investigated the rationale behind significant or unusual transactions. In response to the risk ol irregularilies and non￿Omplianc8 with laws and regulations. we designed procedures which ineluded. but were not limited lo: • Raview of the minute5 of meetings of those charged with govemance: Enquiring ol rnanage￿nt as to actual and w)tential Ittigation and claims. and • Agreeing accounts disclosures to undertying supporting documenlat¥)n. As a result ol our procedures we did not identtty any key audit mattels relating to irregulan1￿. There are inherent limitalions in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-eomplianee. Audf(ing standards also limit Ihe audit procedures required lo identify non-compltance wtth laws and regulations to enquiry ol the InJslees and other management and the inspection of regulatory and legal coffespondence. rf any. Material misstatements that arise due lo fTaud can b8 harder to del￿1 than those that arise from emr as they may involve deliberate concealment or collus￿n. A further description of our responsibilities for the audtt ol the financial statements is located on Ihe Financial Reporting Council's web5tte al www.Irc.org.ukJaudilorsresponsibililies. This description lorms part ol our auditorfs report. UCLU 23

Independgnt auditor's report 31 Juty 2024 Use of our report This report is made solely lo the charttable companys membets. as a body, in accordance with ChapteT 3 01 Part 16 of the Companies Act 2(M)6. Our audit work has been undertaken so that we mighl slate to the charilable cornpany's members Ihose matters we are required to slate to them in an audilorfs report and lor no other purpose. To the lullesl extent permttted by law. we do nol accept OT assume responsibiltty to anyone other than the charitable company and the chaTÉtable conwany's members as a bcxjy, lor Ouf audit work. for this report. or lor the opinions we havo fOrrr￿d. Shachi Blakemorg For and on behall ol Buzzacott LLP. Slatulory Audilor 130 Wood Stfeel London EC2V 6DL Date: 5 December 2024 UCLU 24

Statemont of financial activities (including income and expenditure account) Yoar to 31 July 2024 Total 2W24 Unresirided rKts Restti¢ted fsJrKts funds lunds 2023 Income from.. Grants aNJ (k)naiv)r Charitable acbibes Trading Non-tra¢Jing Inv&8lm8nts Tota￿ I￿oMe 4499.711 360020 8050,531 7.t27.221 873.424 8.1W.645 IT2,351 6.172J51 652W6 201.19) 3fy)mO 15,886J98 s.￿.255 615,￿7 I37.￿2 13.049.985 5.069.255 615,657 137.852 13,923.409 201.79i1 15,525,578 B73.424 Expend1￿re on= Charitable acbwties Trading Non-traE&ng eXp￿diture 8,012.869 7.025,154 15.038,IY23 8.012,8fj9 80$￿) 7,633.904 008,8￿ 15.646,853 6.761.117 s,￿,612 12.661.729 6.761,117 6,438,809 13.199.926 538.197 538.197 N¢1 In¢ome lexp¢ndliurtl 1248.0101 388,256 5.227 723,483 ¢Jth¢r r¢¢ogftÉ￿d gain$ • lo￿ Actuand gain on d8fi"nJ benefit p￿slon schemes Unrealised g•n O(sl c investments 16 7,053,Oq4 I.￿3.014 2￿.351 260.351 456.431 456,431 166,4021 166.4021 Net In¢ome (expÈndl￿1O) I037.030 1248,0101 I,785,￿￿) 582,205 335.Y27 917.432 Transfer ftjrds N¢t m¢)vwn¢nt In fvnds 2.037.030 1248.0101 1,789,0 582.205 335.Y27 917.432 br1x1￿1 Bances carriecj fornard 5.191.422 7,228.452 1419.487 2.171.477 7,610,9Tr3 9,399.929 4,609,217 5.191.422 2,084.260 2.419.487 6,693,471 7.610.909 The statement ol financial activities ir￿lUdeS all gains and losses recognised in the above tsvo years. All amounts derNe from continuing act￿11￿e$. The notes on pages 32 10 42 fom part ol these financial statements. UCLU 25

Balance sheet 31 July 2024 2024 2024 2023 2023 Notes Fixed •saèt¥ Tangible fixed assots Investm&nts 966.470 6.560272 7,526,742 653.693 5.103,841 5,757.534 Curr•nt as8ets Stwks Debtors Cash at bank and rn hand 10 336 J51 11 2,085,814 1,763.168 4.185A33 210,527 3,099.249 1,576.434 4.886.210 Liabililies credito￿.. amounts laNirKJ duè within one year Net eurrtnt a$sel8 12 (2?12.146) (1.939,7911 1.872.187 2,946,419 Net assets excludlng p•ngion Ilability 9.399,929 8,703,953 Pension sel*me defiut 16 11,093,044) Total net assets 9,399,929 7,610,909 Repres•nt•d by: Resiri¢ted reserves unrest￿ed reserves . DesKJnated funds . General fund . Pen&on reserva 14 2.171A77 2,419,487 15 15 2.208.904 15 15 5.019548 4,200.092 2.084,375 11,093,045) 2,208.904 991.330 Totpl funds 9.399?29 7,610,909 These financial statements were approved by the Trustee Board and signed on their behall by.. 10kSL{ Trustee Dale.. CP5/ 11 1? 4 The notes on pages 32 10 42 form part ol these tinancial stslements. Company Registration number 07635628 UCLU 26

Stalement of cash flows Year to 31 Juty 2024 2024 2023 Notes Cash Ilow¥ from op8rating aetlvltl•s: Net income DepreciatK)n IGans)Aosses on investments (Lossl on dk8posal Ol h"x￿5 asset Interest r￿eNed Ilncreasg) in Stock Decreasellincrease} in del)lors IGainsl on (klined ￿nSIOn scheme liabikties Increase1(d￿reasel in creditors Net cash provithd from OP•f￿1n9 aCtl¥ltl•s 1.789.019 917.433 321.097 237.481 1456,4311 66,402 74,548 25.791 194,9051 131.4931 1125.8241 1106,9031 1.013,436 1561,6021 11.093.044} 1260.3511 373,397 1135.0111 1,801,293 151,746 Cash flows from in¥estSng acllvities: Inle¥est receivable Proceeds from Sale of Equipn￿l Pur¢has8 ol tangible fixed assets Nèt e•sh (used inl investing activitie8 94,905 15.18S 1724,6491 1307.9951 {614,5591 1276.5021 31.493 Change in cash and cash ￿U￿alents in the year Cash and cash equivalents at the begTrnning ot thè year Total cash and cash equivalenls at Ihe end of the y•ar 1.186,734 2.585.969 3,772,703 1124,7561 2.710,725 2.585,969 Analy$i$ of ¢ash and cash oqulvalents Cash in hand and at bank Cash held by investment managers Total cash and equlvalents 1,763,168 2,009,535 3,772,703 1.576,434 1,009,535 2,585,969 Al 1 August 2023 Cash flows At 31 July 2024 Reconciliation ol n•1 d•bt Cash at bank and cash in hand Cash held with tnvestmenl manager5 Totsl cash and ￿¥h equivalents 1,576,434 1,009,535 2,585,969 186,734 1.000,000 1,186.734 1,763,168 2,009,535 3,772,703 UCLU 27

Principal accountlng policies Year lo 31 Juw 2024 The principal accounting policies adopted, judgements and key sourcgs Ot estimat￿n uncertainty in the preparation ol thg financial statements are laid out below. Basis of preparation These financial statements have been prepared for the year to 31 July 2024 and are presented in slerfing and are rounded to the nearest pound. The financial reporting tramework that has been applied in their preparation is applicable law and United Kingdom Accounting StsndaTds (United Kingdom Generally Accepted Accounting Praclieel. including FRS102 Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland. and the 2015 Charities Slalement of Recommend8d Practice based Ihereon- the Charities SORP. Universty College London Union meets the definition of a Publ￿ beneltt enlty under FRS 102. Going concem The Trustees consider that there is a reasonable expectation that the Union has adequate resources to continue in operational existence foi the foreseeable future and. for this reason, they continue to adopl the going ctsr￿ern basis in pieparing the annual financial stalemenls. The Trustees have made this assessment in respect lo a period ol al leasl one year from the dale ol approval ol these finarKial statemonls. During the 2023124 the Union's free reserves increased and stand al £2,208k 12023.. £2,084kl. The Union is commrtled lo rebuilding ils free reserves by diversifying the Commercial offer. working with suslainable and eth￿al suppliers. and investing in the spaces il occupies. The outlook for the next 18 months remains positiv8. The Union benefits from the increased 18vel ol collaboration with the University and an increase in overall lundinglgvels, including the block grant and the Sttjdenls. Life Strategy. The Irusloes are ol the opinKJn that UCLU will have sufficient resources lo me81 its liabilities as they fall due. Critical accounting estimates and areas of judgement Preparation ol the financial statements requires the Trustees and management lo make significant judgements and estimates. The items in the linancial stalerrtnts where ihese judgements arKI estimates have been made include= valuation ol donations in kind received during the year: estimatin9 the useful economic lrfe of tangible fixed assets: allwation of support costs across charitable acliviltes; and valuation ol the pension Sche￿ liabilities in relation to the Universities Superannuation Scheme IUSSI. UCLU 28

Princlpal accountlng policle8 Year lo 31 JU￿ 2024 In￿me Income is recognised in the period in which the Union has enif(lement to the income, the an￿￿nI can be measured reliably, and il is probable that the income will be received. Income comprises ol donations and gTrnts received from UCL. income generated from )mmercial activities. and investment income. Expendi￿re Liabilities are recognised as expendilure as soon as Ihere is a legal or constructive obligation committing the charity to make a paymenl lo a third paty. il is probable that a transfer or economic benelils will be received in settlement and the amount ol the obligation can be measured reliab￿. All expendtture is accounted lor on an accruals basis and is stated net ol VAT. Chaiilable expendilure comprises the direct and indirect costs of delivering the charitable activities as set out in the Trustees. report. This includes govemance costs. whieh are those sts incurred in relation lo compliance with conslilutional and slalulory requir8menls, such as the annual audrt, annual eledions and training lor sabbatical otticers. Support costs are alkxaled to charitable aclivities. The value ol serviced campus accommodation is app)rtioned on eslimaled floor space occupied. Other cential ovBrhead costs are apportDned lo charitable and other projeclslactivities on a usage basis, pro rala lo the staff costs ol each project or activity vndertaken. Depreciati¢>n A lull year ol depreciation is charged in the year ol acquisition. Depreciation is calculated so asto write off the cost ol an asset, less ils eslimaled residual value, over the useful economic lrfe of Ihal asset. For depreciation purposes. useful life is assessed lo be- Fixtures and littings 5-10 years • Equipment 3-5 years • ML¢sical inslrumenls 10 years Fumiture 3-5 yea Capital expenditure in excess of £1,000 is capilalised wf(hin fixed assets. Expenditure less than this amount is charged to the statement ol financial activities in the year il is incurred. Stocks Stocks are valued at the lower ol cost and nel rea1K￿ble value. after making due allowance lor obsolete and slow moving items. Taxatlon No provision is made in these financial statements lor corporation tax as Ihe Union ts exempl from such tax as a result of ils charitable status. UCLU 29

Prlnclpal accounting policieg Year to 31 Juty 2024 Invgstrnents Listed investments are a fom) of bas￿ financial instrument and are initially recognised at their transaction value and subsequentty measured at their lairvalue as al Ihe balance sheet date using the ckjsing quoled market price. Realised gains lor losses) on investment assets are calculated as the dillerence between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent lo the first day of the financial year. Unrealised gains and losses are cakulated as the drflerence belween the fair value al the year end and their carying value al that date. Flealised and unrealised investment gains {or losses) are combined in the statement of linancial activities and are credited (or debrtedl in the year in which Ihey arise. Pension costs The Union contributes lo three principal pension schemès on behalf ol its employees.. the Universities Superannuation Scheme IUSSI, the Superannuation Arrangements for the University ol London ISAULI. and the NEST scheme. USS and SAUL are defined benefit schemes and il is not possible to identify the Union's share ol the underlying assets and liabilities in the mulb'employer schemes. However, the Union has entered into an arrangement to clear the USS scheme delicil by 31 March 2038 The nel present value ol the Union's contributions as part of these plans are reflected as a liability on the balance sheet. which will reduce as they are paid. The NEST scheme is a defined contribution schem8. Contributions lo all schemes are charged lo Ihe statement ol financial activities. Fund aecounting Resl¥icled funds are tmnies rdised for. and their used restricted to. a specific purpose. or donations subject lo donor imFN)sed conditions. Designated funds are monies set asKle ol unrestricted general funds and designated lor specific purposes by the Trustees. General funds repfesent Ihose monies that are freely available lor application towards achieving any charitable purpose that lall within the Union's chanlable objects. Leased assets Rentals payable under operating leases are charged as expenditure to the statement ol financial activities on a slraighi line basis over the period ol the lease. Debtors Deblois are recognised al their settlement amount. less ary provision for non-recoverability. Prepayments are valued al the amount Pfepwd. They have been discounted to the present valua of the tuture cash receipt where such discounting is material. UCLU 30

Principal accc*unting policies Year to 31 Juty 2024 Credilors Credilots and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer ol economic benelit will be required in settlement, and the amount of ihe settlement can be estimated reliably. Creditors and provisions are recognised al the amount the Union anlKipales r( will pay to settle the debt. They have been discounted lo the present value ol the future cash payment where such discounting is material. Flnancial instruments The Union ollly has financial assets and financial liabilities ol a kind that qualrfy as basic financial inslrvments. Basic financial inslnjments are inttKalty recognised al transaction value and subsequently measured at their seldement value. UCLU 31

Notes to the Flnancial Slatements Year lo 31 Juty 2024 1 Donations and gr•nts Totsl UnresirK Restrictsd funds lunds lund8 2023 and SrKi81i8s gRr*ts urX￿ gtant Facilib85 gwl l.d0natK￿ in kin￿) . Trading . Omer Total Wo¢k wnt Irom UCL 205.%1 5.718.360 205,951 5,718,360 178.989 4,472.892 178,989 4.472,892 1.554. 1.021.274 1,554.066 1.$54,IX6 1,tr21,274 1.IY21274 1,554,066 1.021,274 8.495,651 .499.651 7x7,221 7.227.221 Olh8r grants lJhÉr (k)natNJ Totsl lund8 331.711 29,109 360.W4 331.711 29.169 8.860,531 873.424 873,424 ,499,711 7,227.221 873.424 .1(M).645 Facilities grant funding above Ilrading and other} relates to'donation in kind" accommodation provided by Ihe University lo UCLU (see note 51. 2 Investment incom• Unrestricted Total funds 2024 Total funds 2023 Income from deposits Investmenl irthne 94,905 106,28S 201,190 31,493 106,359 137,852 3 Incorning resources from charttable activities Unrestricted Total funds 2024 Total funds 2023 Trading irtome Non-trading income- other 6,172,351 652,326 6,824,677 S,(￿9,255 615,657 5,684,912 4 Total resources expended Support costs Inole 51 Total lund8 2024 Direcl stalf Oirect other Direct costs depr6ciation Charilable activiti?$: Trading expenditu Non-trath'ng expen(titure 2,011.950 3.308.472 2,650,645 1,424.76S 4.662.595 4.733,237 233.039 2,459,408 8.012,869 16,333 3,542,242 7.633.985 249,372 6,001,650 15.646.854 UCLU 32

Notes to the Flnan¢lal Stalements Year lo 31 Juty 2024 4 Total resources expended Iconlinuedl Support Gosts (notg 5) Total funds 2Q23 r8Ct staff Direct other costs D1￿cl Cha￿table 8ctsviti8s.- Trading expenditure Noft.ir8thng exwjdilrjre 1,837.624 2.608,987 2,052,246 7. 168.496 3.889,870 3.777.483 172.676 2, 141,830 6,761, 117 15.684 3.202.383 6,438,809 188,360 5,344.213 13, 199,926 Total 2024 Total 2023 This is slated after chanirwJ- Depreciathon Audi(ors' remuneration . Current year statutory audri provision . Olher seM¢es 321.097 237.481 27,030 7,600 25,500 5 Support Costs Total funds 2023 funds 2024 Rent ' SalarEs and wages Othèr staff relaied costs Prinlfng and staiK)nery Website and publicity Cleaning and utility costs Repai¥s, maintenance and equipment Oepreciation Audit Legal and prolessi(m Insurance Membership arKI subscripl Tr8inw)g and conferences Bank charges and Gash harth.ng lirecoverable VAT Other 2,575,340 2,080,066 73.092 3,352 280,826 236.706 88,011 71.725 27.030 123,356 104,189 71,161 90.661 10,096 155,989 10,050 6,001,660 2.575,340 1.688.274 70,041 3.116 193,221 162,805 106,245 49,121 25,500 76,894 79,995 69.629 37.121 40.962 146,338 19.612 5,344,213 'Renl charge above relales to the °donation in for aLrommodat￿n proV￿d by UGL (see note l). UCLU 33

Notes to the Financlal Statements Year to 31 Juty 2024 6 Stall costs Total nds 2024 Total Ivncts 2023 Wages and salar48s Agew costs Social and security costs P¢nsKJn ￿$ts 5.554,207 15.381 441.403 731.670 6,742.661 4.542,103 46,047 348,706 641,288 5,578,144 C88ual [￿E) Totsl 2024 Permanent No. No. Casual Total 2023 No. P•mian•nt No. IFTEI No. Average 110 252 362 95 229 324 The number ol employees whose emoluments exceedèd £60.0(X) was.. Total 2024 Tot 2023 £60.001 - £70.000 £70,001 - £80,000 £80.001 - £90.000 £90,001 . t100,OC Pension contributK*ns made on behaN ol the above individuals lotalled E66.24512023.. £94.3931. Key management petsonnel received aggregale remuneration of £695.15612023= £644,174). Key management personnel comprise the Iruslees and senior management team as set out on page 1. This includes empk)yeTS' national insuTarte and pension conlribulions. 7 Tangible fixed assets Assels Fixtures under & fittings conslnjcb.on Equipm8nt Fumituie Total Cost At 1 August 2023 Additions Transfers Disposals At 31 July 2024 1.160,947 104.252 585,390 192,8851 1,757,704 108,074 479.740 1587.8131 647,445 59.414 2,423 136,5231 672.759 43,455 1,959,921 80.201 723,607 (129,4081 123,656 2,554.120 Depreci8tiL At 1 August 20¥J Chargo lor the year Disposals Ai 31 July %J24 774,286 198,￿3 118,1201 955.(￿9 502.212 98,473 {21,5551 579,130 29.730 1.306.228 23.721 321,097 139.6751 1,587,650 53.451 Net book valtse: At 31 July 2024 At 31 Juty 2023 802.635 386,661 93.631 14S,233 70.205 13.725 966,470 653.693 108.074 UCLU 34

Notes to the Flnanclal Statements Year to 31 Juty 2024 7 Tangible Fixed Assets Iconlinuedl In 2023, the 'Assets under construction, represented the costs of developing the two new student convenience stores. one on the Bloomsbury campus and the other on the new East campus in Stratford. Both projecls have been successfully completed. At the end 012024, there were no 'Assets under constnjclion. as the Bloomsbury refurbishment project had been rescheduled lo December 2024. 8 Capital Commitments Al the end of 2024 the Union has contractual capital commitments of £204,465 Telating to the relurbishmenl of ihe Bloomsbury gym project {2023: £406,000). 9 Investments Listed Cash investments Total Cost or valuatlon At 1 Augusl 2023 A(klitional Investment 1.￿)9.535 1,000,000 2.009.535 4.094,306 5.103,841 1.000.000 6,103,841 456.431 4.094.3( 456,431 Revaluation in th• y•ar Nel book value: At 31 July 2024 Al 31 Juty 2023 2.009.535 1,009,535 4.550,737 4,094.306 6,560,272 5,103,841 Historic cosi ot invèstsnents 2.009.535 2.173.606 4.183.141 Listed investments represent the value of investments held on behalf of the Union by UCL in ils University Trust Fund. The inveslmenl was originally purchased by the Union and revaluations in inveslments are recognised through the revaluation fund (see note 151. Cash relates lo a cash deposrt held with Scottish Widows. 10 Stocks 2024 2023 Bars Cafes Sports cen¢re Rgtail and other 31,281 16,294 3,568 28S,208 336,351 29,089 11,334 2,686 167.418 210,527 11 Oeblors 2024 2023 Trade debtors Amounts due from universty Other debtors Prepayments and accrued i￿orne 106,889 1.145,571 72.336 2,877,698 3,783 145,432 3,099.249 833,354 2,085,814 UCLU 35

Notes to the Flnancial Statements Year lo 31 Juty 2024 12 Creditor8: amounts falling du• within one year 2024 2023 Trade creditor5 Other creditors A¢erL￿9 and delerred itKome 627.440 1.275,399 409,307 2,312.146 446.654 1.151.135 342,002 1.939,791 2024 2023 Deferred income included above: At 1 August Utilised in the year Delerred in the year At 31 Juty 162,625 239,683 {118,0621 1170,5061 214,593 93,448 259.156 162,625 13 Financial instTuments 2024 2023 Finaneial ass•ts Financial assets measured at amorbsed cost Financial assets measured at fair v￿ve through the state￿￿￿t of fin￿￿la1 activities 3.848,981 4,675,683 6.560.272 5.103.841 Fin8n¢ial liabilities Financial liakn'libes measured at amortised cost Financial liatmlities Measu￿ ai lair value ihrough the slatewnt of fi.nancial actTvth"es 2.052,990 1.777.166 1.093,044 2024 2023 Int?r•$¢ income and expen8eS Interest income lor hnancial assets measured at amorted cosl Ini¢¥est expense IOT finartAI 1th1lrt￿ measuie¢J at am04ti*J cost 94,905 160,941 31,493 170.291 FinaneFAI assets measured at amortised cost comprise trade debtors, other debtors, intercompany debtors and cash. Financial assets measured al fair value comprise investments. Financial liabilities measured al amortised cost comprise. trade creditors, other creditors, and accruals exoluding deferred income. Financial liabiliti￿ mgasured al fair value comprise the pension deficit contribution liability. UCLU 36

Notes to the Financial Statement8 Year to 31 2024 14 Re8triGted reserves Asat1 August Incoming ResouTce5 2023 resources expended Asat31 July 2024 Transfers Capital granls Other restricted reseNes Hardship grant The Shenley Athletics Ground capital fund 9.250 228.036 1.118,3 198,692 162.128 138.9881 1185.4981 1384.3441 168,954 204,666 733,956 1,1)63.W1 2,419,487 1.063,901 2,171,477 360,820 1608,&301 As8tl Augusl IrwmtiThJ Resources resources exp8nded Translers Asat31 July2023 Cspilal grants Other restricled reserves H8rdship grant The ShenleyAthlelKs Grournj cwtal fvnd (11.095} (232,985) (294, 117) 9,250 228,036 1, 118,300 250,014 750.LX 211,￿7 662.417 1,063,901 2.084,260 1,063,901 2,419,487 873.424 (538. 197) Capital Grant Fund relates to receipts received lo lund specitic capital purchases. The funds are written down over the life ol the asset. Other restricted funds relate lo receipts receNed lor Ihg following specrfic purposes. Funding received wilh a value ot £10.Crf)O OT above are detailed below.. Hardship fund - receNed lo set up a revolving hardship loanlgrant se7vice for students in need. The fund is administered by UCLU'S Rights & Advice Department and payments are aulhorised by the officers￿rUSteeS of the Union. Alumni Fund- received from UCL Alumni to be spent on°Welfare" projects. These funds will be ulilised by the wemare oflicerllruslee as specified. Supporting Student Communities Fund leceived from UCL lo help students lo participate in co-curricular activities by facilitating and enhancing student services and activities. Global Engagement Fund- receNed to support the Students. Union Global Engagement Programme to increase support for UCL'S inlemational students and create opportunities lor all students to integrate and build cultural sensitivity and awareness. Active Bystander Furkd - receNed as part ol the UCL 'Full Stop. campaign to pul a lull stop to sexual misconduct, bijltying and harassment in any form al UCL and beyond. These funds will be Lrtilised lo provide both online Iraining and in person workshops lor sludents. VSU Fund - received lo help fund project5 within the Volunteering unil. Creche Feasibilty Study Fund creches for students. received to establish the feasibility ol running child UCLU 37

Not9$ to the Financial Ststements Year to 31 July 2024 14 Restricted reserves Icontinuedl EDI Chinese Students Fund - received lor a research project on Chinese and East Asian students. Hall Community Officers Fund- received from UCL lo provide support and funds lor the halls. officers to build a greater sense of community in the UCL'S Students Residences. The Shenley Alhlelics Ground Capital Fund originates from transfer of surplus funds previously held in trust by UCL on behalf ol UCLU and used lo carry out capital works lo ensufe the grounds and facilities are fil for purpose. There are restrictions which limrt the use ol lunds on capitsl works greater than £20k. 15 Unreslricted reserves Asat1 August Ir￿C￿TrJ R850urce5 G￿n5 ano Losses A$8t91 July 2024 D•$i9natèd lunds Sports De¥e1oF¥n￿I IL￿j InVes¢[r￿n11￿¥j 169.589 130, 43.075 7.851 11J).8461 1499.Y201 81.818 428.631 797,517 1.334.451 2.377.131 5.019.548 11SJ.9091 153,074 reserve st￿1&Y alh18￿$ gr0￿d lthj Revaluatim luNI 1.￿.45fj 1.920.7(M) 4.2(KI.LV2 456.431 456.431 970.926 1630.0661 22.165 perW￿ fw General ftmd ii.(v33.0451 2.084,375 14,554,652 114.407.95n 1,093.045 122.1651 2,200.9)4 Total unMlrf¢t•d re50r 5.191.422 15.525.578 115.(138.0231 1,549,476 7,228,453 Asati Gains arxl Losses Asat31 Juty2023 T1￿51￿rS Sp%ts Dev8kyn8ntlw>Y Capiial InvesfftwTri fimd Capital r8S8Ne Shenley8lM8frcs fftILtrxI FlevaluatNJn .015 (77.736J (69,018) 169,589 130.909 644,443 1.334.451 1.920.I 4.200.092 243,￿7 527.070 1.334.451 1.987. 102 4,￿740 (44.t￿l If7,433 (66.402) 166.402) 075 (146.7541 p8￿0•? Itjnd (1.3&7.3951 1,665.872 I3.1￿.911 (12.514.975? 260.350 (1.093.045) 2.084.375 (73.433) Tot8lunr8sl￿t8draserw8s 4.609.217 13.049.986 (12.661.729) 193,949 5, 191,422 The Sports Developmeni fund originates from the increase in grant received when the Chislehursl Swrts grosjnd was sold in 1999. There is no restriction on the grant bul UCLU look the decision to ring fence these lunds annually to be spent on sporvstudanl development projects. Any underspend in the year againsl the annual designated fund of £43,075 is added lo the fund lor luluie proiecls. UCLU 38

Notes to the Financial Statements Year to 31 Juty 2024 The Caprtal Investment lund Ipreviousty known as the Big Idea fund) represents ring-fenced project expendilure earmarked for use in delwering the Students. Union's strategic objectives that will be undertaken by the Union on behalf of our mgmbership. 15 Unrestricted reserv￿ {continuedl The Caprtal reseNe represents fixed asset expenditure incurred from the Union's unrestricted reserves. The transfer is to covei fixed assets purchased in Ihe year less depreciation charged against assets held. The Shenley Athletic Ground fund originales from the annual unused grant albcaled to the management ol the grounds by Ihe UCLU. The grounds are held in Trust by the UCL on behalf of UCLU. These funds have been designated lo support and fund the upkeep, maintenance and future running ol the grounds and laciliti8S. The revaluation fund consists of the unrealised gains on r9valyalion ol the listed investments held by UCLU in the Universty Trust Fund. The pension fund represents UCLU'S liabilty al the balance sheet date under the delicit recovery plan in relation lo the Univetsrties Superannuation Scheme (see note 161. 16 Pensions The principal pension schemes forthe UCLU'S staff: the Universities Supeiannualion Scheme IUSSI. the Superannuation Arrangements ol the University ol London ISAULI and the National Employer Savings Trust INESTI. The schemes are exlemally funded and contracted out of the Stale Second Pension IS2PI and are valued every three or lour years by professionally qualified independent acluaries using the projected unil rnelhod. Assets of each scheme are held in separate Iruslee administered funds. As these are mulli-employer hemes it is nol possible to idenlrfy UCL'S share of the undertying assets and liabilities. Universities Superannuation Scheme (USS) 'UCL is a participating employer of Universities SuperannualH)n Scheme IUSSI. It is the main pension scheme for academic and academic-related staff acTOSS the sector. 11 ¢s a hybrid scheme- providing defined benefits Ilor all members) as well as defined contribution benefits and il operates on a mutual basis such that assets are not attributed lo individual institutions and a scherne-wide contribution rale is set. As a participating employer, UCL is thereloie exposed to actuarial risks associated with other institutions. employees and is unable lo identify ils share ol the undertying assets and liabilities ol the scheme on a Consislenl and reasonable basis and is therefore accounled lor as a defined contribution scheme in accordance with FAS 102 28.11. USS is a 'last man standing. scheme, so Ihal in Ihe event ol the insolvency of any ol the participating employers, the arnounl ol any pension funding shortfall (which cannot otherwise be recovered) in respect ol that employer will be spread across the remaining participating employers and retlecled in the next actuarial valuation ol the scheme. Details ol the scheme and the 2023 valuation can be found al l?11 .ifvVINW.USS.co.uk.aboul-usivalualion-and- lundin ,'our-valualioiis. UCLU 39

Noles to the Financial Ststements Year lo 31 JU￿ 2024 16 Pensions {continuedl Universities Superannuatlon Scheme (USS) (continued) The latest actuarial valuation ol the scheme was at 31 March 2023 (the 2023 valuation). It was carried out using the projectwj unit method, and the financial assumptions that had the most signrficant effect on the resum wgrg as Idlows= Discount rate (fonvard rates).. - Aclive members= Gilts + 2.5% p.a. - Relired members: Gihs + 0.9% p.a. Prince inflat￿n.. - CPI.. 3.0% p.a. RPI". 3.4% p.a. The CPI assumption is a flat rale based on a long-lemi average expected level ol CPI, broadly consistent with long lem market expectations. The RPI assumption allows for an assumed gap between RPI and CPI 011.0% p.a. Mortality The mortality assumption has been updated to use more recent fLrture projections prepared by the Continuous Mortality Investigalion {CMII 2021 future projeelion tables and makes some allowance lor heavier mortalty lo persist gNen the ramifications ol the coronavirus pandemic. The 2023 valuation was the seventh valuation for USS undgr thg scheme-specrfic lunding regime introduced by the Pensions Act 2fX)4, which requires schemes lo adopt a statutory funding objective of maintaining suFficient and appropriate assets to cover their liabilities. Al the valuation date. the value of the assets of the scheme was £73.1 bn and the value ol the scheme's liabilities was £65.7bn. irHlicating a surplus of £7.4bn and a funding ratio ol 111%Fiom 1 January 2024, the agreed contribulKJn rates are 14.5% 01 salary lor employers and 6.1 ¥0 ol salary for members. The future servu contribution rate was 16.VA to 31 March 2024 and 20.6Vf* from 1 April 2024. The Superannuation Arrangements of the University ol London UCL is a participating employer ol the Superannuation Arrangements ol the University of London ISAULI- SAUL is a defined benelrt pension scheme primarity lor non-academic stall in the higher education sector. It operates on a mulual basis. meaning that assets are not attributed to indNidual institutions, and a scheme-wbde conlribution rale is sel. As a participating employer. UCL is exposed lo actuarial risks associated with other inslilulions, employees and is unable to identify tts share ol the underlying assets and liabilities of the scheme on a consistent and reasonable basis and is therefore aceounled lor as a defingd contribLrtion scheme in accordance with FFIS 102 28.11. UCLU 40

Note6 to Ihe Financial Statements Year lo 31 Juty 2024 16 Pensions (conlinuedl The Superannuation Arrangements ol the University ol London (continued) SAUL is a 'last man standing. scheme, meaning Ihal in Ihe event ol the insolvency ol any of the participaling employers. any pension funding shortlall (which cannol otherwis8 be recovered) in respect ol that employei will be spread across the remaining participating employers and reflected in the next actuarial valuation ol the scheme. Details of the scheme and the 2023 valualion be found at lillr)s....vnvw.saul.o)r ,.tlie-actuafial- VLiluafion. The lalesl completed acluarial valuation ol the scheme was as al 31 March 2023 using the projected unit rneth(NJ. The financial assumptions that had the most significant effect on the result ol the valuation were as follows.. Discounl rate (forward rates).. - Active members= Girts + 2.45% p.a. Deferred members= Gills + 1.0°k p.a. Retired members.. Gilt5 + 0.5% p.a. Prince inflat￿n.. CPI.. Full curve derived as the RPI cutve less 1% pa. before 2030 and no deduction thereafter. RPI.. Full unadjusted marf(el-implied RPI curve: 3.37%- Pre 2016 pension increase uses the above assumptions. Post 2016 pension increase uses CPI max 2.5% pa. pension increases derived using Ihe Jarrow-yiklirim model. Mortalty The mortality assumptions use the CMI 2022 lulure projection tables. with long-term trend rate of 1.750/0 pa. At Ihe valuation dale. the value of the assets ol the scheme was £3.096bn and the value ol the scheme's liabilities was £2.962bn. indicating a surplus of £134m and a funding ratio ol 105%. From 1 January 2023, the agreed ￿￿tribUtIOn rates are 21 % of salary lor employers and 6° ol salary lor fflembers. The future service contribution rate is 19.3tsA ol salaries. From I September 2024. employer contributions will reduce lo 19%, with no change lo the member coritribution rate of 6%. Auto*nrolment pension Kheme Since 2017118. eligible employees have b8en iT￿l￿ded in thè NEST scheme for auto- enrolment. The Union's cost ol contribution in the year amounted to £24.53312023: £18,322). UCLU 41

Notes to the Financial Statements Year to 31 J¥Jty 2024 17 Analysls ol net assets belween lundg Fixed assèts Investment Net current Pertsions liat4.lty Totsl 2024 Unrestiicted funds D&wgnate<l funds Restricted funds Total lunds 2,340,036 4.220.236 1131,1321 1.796 2,002,523 1.873,187 2.208,904 5,019.548 2,171,477 9,399,929 797.516 168.954 .470 6.560.272 Fix8d 8Wts Inveslmont Total 2023 assets liability Unr8stricled funds Destignated lurnts ReStr￿ted knnds Total funds 1,306,889 644.443 3,796,952 9.250 653.693 777.485 (1.093,044) 991,330 {241.303) 4.200,092 2,410,237 2,419,481 2,946.419 (1,093,044) 7,610.909 5. 103,841 18 Related party transactions The Union is in receipl of a recurrent grant from UCL of £5.889.311 12023= £4.325.2521. Other giants were received Irom UCL of £291,031 {2023.' £1.OfA.1091. In addition, the Union ctcupies its building on a rent-free basis under an informal licence subject lo the Union maintaining the building in a good slate of repair. Under the Charities SORP Ihe°donalion in kind" musl be valued and included within Ihe financial statements. The value to the Union lor this space is £2.575.340 {2023.- £2.575.3401. The trustees ol the Union are slated on page 1. Five sabbatical officers received remuneration totalling £188.702 12023.. £167.6281 inclusive of pension contributions 01 £18,264 {2023.' £12,149) lor Iheir semces as provided for within the Constitution. There are six sabbatical officers per year with a tsyo week handover period in Juty- In addttion to their remuneration the Union incurred costs and paid reimbursem8nls of expenses to all trustees of £48,705 12023.. 30.4701 The Union is also a related party ol Somers Town Communily Sports Centre Ltd, an incorporated charity (Chartiy Registration Number 1057305, Company Registration Number 31577031, as rt is considered to be under common control. The Union has been invoiced for amounts lotalling Enil {2023= Enil} lor the hire ol sports lacilrties. Somers Town Communty Sports Centre Limited was invoiced for amovnls lotalling £20,053 12023= £1.7331. The balance due to UCLU at 31 July 2024 is £nil (2023: £nil). 19 Affiliations 2024 2023 Membership contribution to National Union ol Stud8nts 37.880 37,880 The membership lee is paid direclly by UCLU lor mombership ol the National Union of Students. UCLU 42