UWE STUDENTS, UNION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Company Registration Number 07675253
COLYfETrrrs PAGE Trusteeb, Rep)rt Indendent Auditor'.$ Repoit to the Members 15 Consobdated Statement of Financial Aetivities 18 Statement of Financial Position 19 Consolidated Statement of Cash Flows Noies to the Financial Stateents 21
Trus¢ees' Report for the year ended 31 July 2024 TRUSTEES, ANNUAL REPOR TFOR MEMBERS The pleased io present their annual report together with the accounts for the yeax ended the 31 July 2024. The financial siatements have prepared on the historical c05t bAsis and in accordance with Accounting and Reporting by CbaEitie5.. Statement of Recommen(kd Practice applicable to charities prepillg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ThEland (FRS 102) (effective l January 2019)- {Chatitses SORP {FRS 102)). the Financial Reporting Standard app]icabl¢ in the UK and Repubbc of Ireland IFRS 1021 and the Companies Act 2(K)6. Reference & (MinIStratIve details Charity Name: UWE Srudenls. Union Company Number: 07675253 Cbarfty Number: 1143067 Princlp41 Office and retstered add. Fr¢n¢hay Campus. ColdhaJt%)ur La. Bristol, BS16 IQY Key m•na8¢ment personnel: Trustees and Directors: 2023124 2023124 President # Olure Kolawole Samuel President # Olure Kolawole Samuel Vice PsIdent FAlucation # Khath'za Hossai (Appointed 01107124) Vice Pffsident Education Sabiha Khan (Re8igned 28106124) Vice President Sports & Healih # Muhammad Habib IAppoiDted 01107124) Vice President Sp)rts & Krishna Singh (Resigned Health # 28106124) Vlce President Commllnity Lllbyn4 Gardczi &Welfare # {Appointed 01107n4) Vice President Fayaz Ab(hd Kareem Community &Welf2re # (Resigr£d 28106124) Vict President sletiCs &Commllntcation # Umar Abbasi (Appointed 01107124) Vice President Swieties &Communication # Bethel EkA*tte (Resigned 28106124) Extsrnal Trn5tte # Sarah Bolt External Trustee Helen Balmer (Resigned 05112123) Exthat Trustee # Les Redwood Studem Trustee A¢ngus Miralto Desmond (Rc$i8ned 25106124) Externaj Trustee Sarab Bolt External TTUStee l£s Redwood
Trustees? Report (Continued) for the year ended 31 July 2024 The PK¢sident alld Vice President tNStees knld post from the l July of the year they are eleetrd to the 30Juue of the following year. Elections att held for ehch p)sition annua]ly. The tnJ8tees identified with a # are ¢threctoTh of UWE Students. Utiion. Key management rsOne1. Senlor ManAgement ChiefExecutlve offiL*r'. Tim BeDfoTd Michad Bla(ks NAtionAI Westrnill$ter Bank PIC 72 Gl1xeSterR0Id Bisbopston BristoL BS7 8BF Solldtors: Osborne Clarke LLP Halo Counters]ip BSI 6AT Sp¢nc¢r West 20 Chiswell Street London ECIY4TW Audltor: WESTcO,s (SW) ILP 80 Oxford Street Burnham.oTrSea Somerset TA8 IEF
Trustees, Report (Continued) for the year ended 31 July 2024 Slructiire, Goveriiaiice & Maiiageiitent The Union has a writtcn con.qtitution th wa5 approved by the Board of GovErnor8 of the Univer8ily of the Wes1 of England on Ihe 31 January 2012. UWE Students, U0, a compaDy litnited by guarani¢e. was inLOtwraied ()n the 20 June ?01 l and i'egistcrcd with the Chatily Commission. The UnivD moved from its tLaditional Unincorpotated AsswiatÈon m(Klel whieh had served it in the past. to become inc0rated in(0 a Company Limsted by Guarantee - a model which more suitably serves the mulii-million pound organiution that the Union is today. The entire a.4seis, liabilities and %t&ff of the previous unincorporated association were transferred to the new charitable company on the 311uly 2011. The i[Orporated dtY has company numEer.' 07675253 and IEgistered charity number.. I]47. Apwintment of Trustees Up to fivc Officcr Twstees bhall be elected by secret ballot by the rnernbeThN ot UWESU. In ad(lition up to two Student Trnsiees. one Alumni Trustee and four External Tru8tce.% shall be appointed by the Appointments Conunittee. These appointment¥ do take effect until they have been ratified by ihe Student Council. Trustee Induction & Tr#fiDSng The Officer Trustees al-e givcn extensive in house training and induLtions well atiending relevant external and NUS run couThes in the initittI three month.% of their period of office. The Studeni and Extrrnal Tn]stees are offe]Yd the opporrunity to g() on .suit&ble NUS or other extrrnal irustee tiaining Lourses. Urganisation The Union has a Studeni Councll ihar is the main Irgular tnechani5ffl lor members to make their vicws known io the Union. All the elecied olli¢er5 members of the ExeLutive Committee which act5 in ilK ab5enLe of Student Council. In addilion there are lour committres Ih4t focus on distinct areas of activlty, namely the Student RepTesentAlive C.()mTll1tt, .SpnrL% Committee, Community & Welfare Commitiee and Societies & CummuniLaiivn Cununittee. Strategic decibions and the setting of the Union's budget are made at the quarterly meeting.% of the Bodrd of Ti'ustees. The implefflentsuons of those decisions are caiyicd out by Lhubtt TJubtee.s wlio are appointed to attend the monthly meeting5 of tlie Finance & General Iljrposes Cornmiitee and the Stsff COmnlree. The day io day management of ihe Union is the responsibility of the.Eenior mcmber nf staff, the Chief Executive OffAcei'. Related Parties The Union receives a subsiantial part af its income from the University of the Wesi ot Engl4nd Bristol and therefore has a close working relationship with the University to enable ihe Union tu besi carry out its objective5 and aLtivitseb. Key Management Personnel remuneratlon The Union's key managernent personnel aiE listed in note 22 of the account5. The dtiectors consider thc board of directors. who are ihe charity's trustces. and the seniorrnanagement team ¢omprise the key managetnent personnel of the charity in charge of th"recting and ¢onirolliDg. Lijnning and operating the chaIity on a day to day basis. A number of diTrctors give their time freely and rexeive no remuneration. Detsi15 of directois, expenses and related party transactson5 pre detailed in the aount noies tylow. The seJ)ior saLary plY grades ore benclllnarked against the UCEA standards on a 3 yw. basis. The nexi review is due in the Unions 2023124 Iinancial year. hiipsJ/www.ncvo.org.uklimagesldociim¢nislabout uslour-fAnanLes-IL nd-paylExecutiveJay_Report.pdf Rlsk ManAgement The Union ha5 examined th¢ mJjor strategic. business and operational risks and has put in place a Ri8k Management Strategy and a Risk Re8iSier. These are reviewed quarteLly by both tht senior %taff and the Trustees of the Union and wher¢ approptiate systems 01 procedures have implemented to rnitigatr the risk% the Union
Trustees. Report (Continued) for the year cnded 31 July 2024 face5. In addiiion pttKedures aJ'¢ in place to ensure that the activitie5 of the Union are carried oui with due regard to the hedlih & safely ot all pJrtiCiPdTIts. Objectives & Aclivities The Ariicles of A%%(Kiulion of the Uni()n stste that.. The objects of the Union are ihe advanLeTnenl of education of stuthnl.s at rhe lJniversity of the Wcst of EnglaTKI for the public ner]t by.. RDtnoiing tho intere.%i% and Welf.¢ of btudcnts at th¢ University of the West of England during their ¢ouise of study and rtyprc.%¢nting.-%upporting and advising studcntS' Being the teLognised repr¢sentativc channel between siudenL% and the University of the Wcst of England ,Ind any vihLI externa] bodie%; and Pruviding social, cultui'al. 5poiting and recreational activities and tornms for di5¢ussioM% and debate lor the personal developmeni i)f ils Studcnts. The principal activity i)f the Union 1.% ro repre.4ent it5 mernbElS and provide appropriate .*rvices. To this e1 the UniL>n oi'gLinises Siiident Repi'escntLilion, rLlll% Lliih5, socieiies and nCt.l.ks, pri)vides ii n Adi'icc Ccnire. Job Shop, Nursery, bars, shops and cnteitain]nent5. The commercial activities fL provided through the Union's subsidj'arj, UWESU Sei'vices Limited. When reviewing our objectives and planning Qui. activities we have given due consideration to the Ch&rity Co]nmi55ion's general and relev¢int supplemenrary guidance on public benefit. Achievenieiits & perforinwice li h11.% been tL?ntlSllL vcar of cnts1L oemcnt nd .%uppori far ollr member8. Th¢ liiehlighis below Lover a¢llVlties ovcr the yedi dLmun8trdiino the hugc effui'i 4Triid profe.%siondlism sliown by PresidLntts' and slaff. A giEJl thanks f()r the Ptc.4idcnis and tsiaff ILdm is duL thi% y¥ai' wiih.SUPLtb enttagemeni ancl IEPI"csentalion liapinin0 aLIO% all CttTnpube.4. Drivlng sllstalnable Change- SCod 98% in the Green ImptiLt AcLreditaiion. rciaining 'Exccllent' i"<ing f the 8th year in a row, and winning ihe Highest Scoring Studcnts, Union A ward in rhe Lallntry for the 7th Ye4 . Su5¢1]nable period.% nd tackling riod poverty 47t every campu.% %ite Giiren oui oi'er 54Qlo more free Feriod products.. oi'er 30,0(M) free, qinole-ii%e il nd pla%iic-ffec menstruttl products., ddding an dddiiional 24 locaiions you carh colleLt {e product% from. Gave away 24% iiiure reu%uble F[lud produLLS". 360 SLudents' and 3U suff m¥l)Ibers luok Piirl in our busInbIL [lod pi"oduci trial, )Tceiving a fire product (such as a mcnstrual cup. Ftriod pLnts, or rcU%b]e sunitry towel). Saved Students a totsl of £8.323 in upfront costs in switching to ti greener option We estiiiiaie a saving of 5,817g of plastic per year. If students carried on using thcse products over 5 yeiifb, then t]ll"s would mean 29.085g of plastic savcd over thi8 lime. Placement Uniform Swap Shop at Glenside Providing additional f£ unifotm to UWE students on placemen(I 59fj Studcnt% hav¢ used tlii% .%ervice. this is an increase of 15Q sLudenlS frorn rhis tirne las( year, %aving studenrs a ma.58ive £6,354.8R. .1 was bo stressed about %tarting my placement wiihoui uniform. you've really saved rnel. Community Cornei. £lt Bower Ashton Launched in January 2024, given out a tThinm)um of 234 items of clothing from our pemianeni swap shop, 288 condoms, 980 cups of tea and 5(K) cups ot" coffee We saved siudents approximately £2864 on hol drink8 alonc in this time Siuden( feedback'this is the besi thing to ever hapErn to Bower.. LaunchL"ng the new Climate Educdtion Module in partnership with UWE Bristol, re¥ponding to student demand for more visible cliinate change edutatlon.
Trustee5' Report (Continued) for the year ended 31 July 2024 Representing the student voice- The Advice Service supporied 9a1 new studcnls this aLademic year,. the two highest categories remai Lademic {47%1 with h¢ilf of the cases relating to asse.ment iiffertce%, and accommodation 112Qhl. with internation411 students looking for JLcommodaiioii the highcsl %uh Inattcr. Successfully audited by the Advice QuJlity Stand£wd IAQSI, ensunng wc achieving key %iandards iihin policies and praciices. The Advice Service offers support to student% in person dt FrenLhuy. Glenside and Bowcr. &5 well as virniolly. In partncrship wilh the LIWE Studeni Voice and AcademiL PoliLy Team. we bhowcased ihe brilliant rolc5 %tudents undertake alongside their studies, fi'om.%upporting their peers. w01ng in partnership with slaff and providing feedback. 22.stttdents parllcipatedov¢rall (presenting & posters) and 125 staff and students aiiended. 318 students joined the Student Consultation Panel- giving.%tudcni an oppfirtunity to provide feedback and create change at UWF.. 46 upp011unitie.% WCLI. LLkcn up by studeiits thrvugli IhL Studeiii Con%ultaiion Panel. Studcnt% gave fcedback ond %hLiped ihe joumey of the Drugs and Alcohol Hai'm Reduction University Policy through lu dei'elopmeni and rvll c)ut ()t thL CLIIIMY .41ci"1 .4pp Student Rep5: 816 Siudeni Reps Signed up, 585 rrained. 71 % ttaining rate Lead School Reps- 24 reprc.$cnt students wiihin the 10 schools. We hosted thi'ec Student Rep Cottrrittees bringing together 170 students rcp.4 to discuss acadernic issu¢5 and gain feedback fi'om students. Election8'. 37 candid¢llLS sIj for 10 role% in the MLifLh SILILlvnl%' LliiJi>ii EleL(ruiJs 4,950 indifvidual v(Iier.% Ci141 ?5,n7• i'nie%- iiirnout l 3.7n% The Studcnt Experience Awards: This year'4 Student Experience Awth'ds honour all a5cL uf liftt di UWE, lii)Iii aLddtJiiics to Loniiiiunity involvement. We received 576 nominations presented 15 awards ranging from 'SLudeRt EnvJronm¢nial Champion. to 'OutsLinding Teaching Award.. Impact on wellbelng and Melfare- c.ost ofLiving c.ampaign CoinTnunity L£iFders'. WL gave oui £5,800 worth of free goods lo oui. siudent cotntnunity Bring Youi. Own Cup SLlILme'. we havti providLd 13,250 fl.ee Iiut di'iJik% aiid sai'cd.%iudenis L33,1?5.11 Free Mcal%.' Wc have hLlnded out 18,51X) frec hot rnCl¢ Is Pcirt of our Lo%t of living suppurt 10 siudeni¥ Provided £50 %hop on ctTpu. and 12 monthly bu.s passe.8 to those siudcnt% suffering shnll iemi financilll h4dship through our Advice Cenire workj'ng with the UWE Money Service. Drugs and Alcohol Harrn Reduction UWE Brisiol and The Students. Unicm received the Drugs and Alcohol Ilnpaci accrcditation for a second time. The PELrther.%hip h&% received a score of 92%, refleciing the hard work to drive foNard a harrn reduLtion policy and culture llcross all operlitiollb and the %tudcnt eAt[]enCe. Key projects and initiatives that wcre celebiatcd in thc audit this year were our full lime Drugs dnd Alcohol Practitioner Becky Ri.%lcy being in rost, the ts'ttining of 450 siudents a5 part of theii spott5 elublsociety and our newly launched harm reduction cttmpaign. Accornm(Kl&iion F&1¥ Over 4(K) studeT]t5 attended Il)e fair and talked lo representatives frotn local aLcommixkntion agencies as well a5 getting top tsps for rcnting via talks run by the Advice Centre arn. Ments] Health Campaigns En8agTed 700+ students in our new Mental Health and Wcllbeing Festival 500 exarn destre55 bags given OUL 10 siudenls in exam ¥e£Trson all I campu.% site
Trustees, Report (Continued) for the year ended 31 July 2024 43 5tudent5 benefiiied from a 'MentJl He4ilth in Sport, workshop, in collaborats.on with Student Minds The Student Wellbeing Champions ran a Destress and Loneliness ¢ampuigD in March 2024 engaging a total of 45 btudenls., 'Thank you for making me tcel sn wclcome. l ellme by myself and was a[lOU8 but have had a great time. Sexu21 Heaitb Campaign We l)ave given out 4,320 free CondOS to sludenls Tetrence Higgins TLUSt have made 8 visits to campus si(es for awJrene55 5taLls and offered free STI testlng. sletse5 and Swjrts ClulL% 128 aclive Societies and 46 Spoi( Clubs. with a toul membership of 7.878. 3000 srts Club member.s for thc first time American loDtball l 8t icam wcre undefeated thi.5 8eSL%on, winning ihe National charnplonsp for the 3rd year in a row. beaiing Durham University 55-0 Volleyball Men'5 First Team and wom,. first team won he cOnferee Cup CongratulJtionb Iv our goll'nuxed I s( team for wijininiy the Western tier ?B leaglle. with our second ieam in a close 2nd place. A huge con8rntulaiions (o Ultinmte Frisbee Men's First Teafft who have finished theiL season top of the WesLetn tier 2 league. Congratulations to both squash Men's and Women's First Team b¢ing blLk-io-back champions of the National premier lettguc%. The fvll vollcyball team had a fantastic sekL%on winninR (ill 7 of iheir league fixtures and finishing top of Ihc Wcst¢rn 2B leaguc. Our squash Nlen's qecond teic m h£2d ll fantdstlL sedS011 wiRnin¥ IlJ¥ Wv%l¥TT) ii¥i I Itagut witl) a hugc 185 inib. aTKI 10 wins out i)f 10 Th¢ Men's Fii"st volleyball team had a fantastic sedson winning all 7 of theiileague fixtures and finishing top of Ihe Webrn 2B ledgue The %qua%h Men'5 Third TeaTn continued the greai season for the squash club by finishins top uf the tli hle. nf ihe We..%tern tier 2R league Commitiec training forthc 24125 academic ycar htis changed formatto bring 211 cornmile memiyrs into E)ur Building and 10 deliver key work.%hops including from UWE siakeholdet&' around Anti Sexual Vi()l¢ncty, and Drug and AILohol Harm Rcduction %e55ions. Thi5 year our Mens Football Club have worked with the Community Tcam io crellte sfKial media content for anri.sexual i'iolcnce ii'eek, challcnging thc 'bo)'s ivill bc boys, narraiive. Thi¥ yeat our Womens Cricket Club have worked Closely with The Siudents, Union and UWE Bristol Sport to enhance our offering lor womens cricket pl&yers by CiE(iting a partnership with Bristol University to ensuie an oppc>iiunity tor studenis to compete cOtitiVelY and ensurc a sustainable option for future ye5 of delivery. Women in Engineering. Science al Technology held an ¢x¢iting event to celebrate diversity in their field of study. The EfflpowerheL' eveni invited swakers frorn Aitbus, Boeins and Rolls Royce io talk bout their experiences as women in a largely male doMited field. Empowering our diverse student community LiratiOn Campaigns 7,480 pronoun pin badges given out thi5 academic year. Our wrap up Instagram post from Black 'stOry Month received 123 likes and 2 comments and our Instdgratn Rel of the hall of fatne received 159 likes and 11795 views. 40 NFI Societies wilh a meMbehIP of 1611. a small in¢reose on last year's membership. Key cultuial events that have b¢en .4upported in their delivery this yeat including.. Hindu Society Garba Nights, DashaiTrffihar Party. Diwaii, Mallu Night. In dddiiion, ti)ere have been a number of societies meet and gre¢t events. taking place to support community building lOngSt those groups.
Trustees, Report (Continued) for the year ended 31 July 2024 The Sthdent Expericnte f4und We worked in ptnershiP with the UWE Alumni Team to give out £15.000 in grants to studen[ groups 10 go towdi'd8 cquipment. tJ"ip%, Jrwurces and much rnoi'c to impact Ihc wider UWE student community SPOTLIGHf." the British Sign Language S(Kiety enÉag¢d 94Q eduLation and healthcare studeni.s in a deaf awatenes& Lourbes led by the (kaf cumrnunity and tunded by the.%tudent expcrience fund. Fnsher's We held a Fresher's week with a great exrienCe for all students. The fresher's coniribution plan for 23124 was to make a pre-management charge break<vcn which we achieved wilh a pre-chatge surplus of £85 a p)st charge deficii of £34,4()6122123.. £11,898 Deficit). Wc arc targetino a £4,000 pir-chLf(Te surplus for 24125. Going Concern The Balance Sheet as at 31 July 2024showed a net a%.%et position of of £682,794 and for 22123 a deficitof £966,592 after paying off a pension dcficii liabilityjusr under £2m on a mulii<mployer pension Scheme in the accounts. In consi(kring the going conccrn basis, the Twbiees con%ider the cornpany reiains suffiLieni working capital ts) continue trading for ihe nexi 12 monihs based an evidcnce of lonb ierm posiuve Lash tlows and improving commercial trade more ihan adequately covering the increase in pension liabiLity payments. Reserves excludLng the pension liability are eontinuing (o increase with le.8s funds iT) a restricied capacity. UWESU also in Consis[ discussions with LWE and in particular ihe DireLtor of Finance moniloiing the Fcn5ion's position both present and future. Thebe asburanceb are iEinforced wilh ongoing finanLial 5UPPOrt options that out i"elated party Universiiy have pi"ovided in thL wake uf (he impact of (he global pandemiL. Given the recent pandeimic the Union is also perfomLinbT regulat %tress (e5ting on commercial &ile% dnd Lonv¢rsion to contsibuiion and have moved policy io review and siEn of budgets 10 J QuterlY basis rdihei. than bi-annually. Wc also monitoring and reviewing Nursery occupancy and policy on attendance io ensure prudeni laboui. planning. Thc cornpany cash flow forecasting will be coii&istentty completed for a minimum of & 12 month period and will rernn under monthly iekiew. The hrd theref()re feel it appr(Jpriate to prepare the a¢counls on a going concern basis.
Trustees, Report (Continued) for the year ended 31 July 2024 riiiaiicial review The Union has ma(k a surplus of £1,649,386 of which there 15 a net £1,740.885 positive movement in the nei pre%ent value of ihe SUSS pension liability. The SUSS pension liability wa8 paid off in full under thc %ection 75 rules resulting in ¢he Lidbilily siepping llp to a i'aluc o1.£2,036,970 before king paid off. This mean% thLt the tNe ¢vmparable positioll ptt-pensIon is a deficit of £91.499122123.. £86.463 deficit) v.% ttn oilginally budgeted £50,0 5uiplus position. The principal funding souiee% are the Block Grant from ¢he University of £2.020.000 and the income raised by the individual clubs. SletIt. and networks. There was aone off increase in the overall Blwk Grant of £1,984,130 during the year and removing thi% factor there was a nct £90,OOQ increase on the grant year on year. Capital exFenditure of £88,832 wa% largely made up of our cxpected annuts] replacements for o notmal tradiTJg year. We expect the annual addition.% 10 continue at atound £1 ,000 per annum with the excepiion of any use of our designated reserve of £2(K),000 for the next 5 yea[%. The sent lev¢1 of funding is suffi¢ient to support thc charity's activities and thc TnJstee% consider the financial PO8ltion of the Union to be gnod. The Union has 1 pre-pension suiylus budgei for2024125 o1.£50,(O. The budget includes prudeni as%umpuons round trading sales given the ongoing global cconomic issues and the unguints Lhanges to Dursery NEG funding. REVIEW OF TRADING sifBS]DtARY The trttding sub.sith'ary, UWESU Services Limiied. was set up ar the end ofJanuary 2012. The totsl turnover for the year to 31 July 2024 W<lS £2,624,667 (22123.. £2,854,745) and the burplu5 01" £12,872 (2Y23.. £170.9061 WdS dnni?Icd tn IJWF. .£tudenL%' lJnii)n (ITr leave re.rves of £1. The as5eis of thc coinpaiiy are stock, debtor5 and cash &nd Ihc main creditor of thc Gompiiny Was Witli UWE Studenis, Union. The principal activity of the company wab the running ()( bdrs, enteitainments, shops dnd her comme1 activities. RESFRVF.S POI.ICY A.% sensible and professional organisauon, we feel ]( is important to keep sume IILOJlle% lielJ iii IEseive. Tliele rnoni¢s either held to meei known future circumstance& meet unloIeseen LirCumstat5 or for a 4iiuation where we need to wind up the orgllnisation. As we are a membership organizitioD. we believe (h&1 in edch year the majority of the income received by the Union Should be spent in providing services to our members. However, it is prudent for us to budget tu rnake il small surplub each year to en%ui"e that we live within our means. This should rnean that we will develop a reserve thai can Ihen be used in future years. The Union Lun'ently holds £682,794 in its Ir$ee.% {22123.. £774.293 excl SUSS), £63,919 in restricted ndS 122123.. £95.8801, £2¥8.196 in the unre.8u'1cd funds {2Y23.. £372,950) and £330,679 in the designaied funds 122123.. £305,463). However £408,469 of those resei'ves *e held as tangible fixed asscts. {22123.. £528,715) and are thu% not easily converted to usable Lilsh. General funds Gererdl funds are the general reserves not imTnediately ffquired for any specTfic purpobe, The SU at UWE TJeed8 io hold getjeral reserves in order. to provide working Capital. to allow The SU at UWE to provide continuiiy of service if income levels were to fluctuate, thereby giving time to seek new SoUeS of revenue or io reduce costs. io allow The SU ai UWE to providc continuity of service if it had to cop¢ with increases in eXtnditute that Could not be accurately forecast; to ensure that in the worst possible circumstances it would be possible to ptty all creditors and wind up the organi5ation. io
Trustees, Report (Continued) for the year ended 31 July 2024 Th¢se fund5 should bc built up and held at & minimum level of £400.(KMI. Designated funds The Union Main1n5 a fund foi. the i"eplacemeni L)f the capital a.%scts nf the Union in ihe normal Lourse of lis activities. Following ihe significJnt inove Jn 2015 1() Ihc U Block SU building thc.%c reserves should re-instated to a minimum of £200,()011 by 2020. which has been ttehieved. As p>Jrt of t agreement with the University on the setting up of the Hll]ley Nursery it was agreed thar (he funds gcn£raied by or required for the rnnning of that nur%ery would be kept in a designaied fund. Tht5 ha5 beerA amended with an agre£ment to cap the fvnd at 2 ycar.% ri¥k of1ts%s which is £32,IX)O. the remainder would k tyansfejred back to the SU. The balance in this reserve a8 at 31107124 is £16,Th)0. The Union ha% agrced that any %urplu.ses generi£ led by individual club¥ network¥ or $lleties shall be kept in a designated fiind ¢ind C4in bc SnI hy that cnl.ity in futurc years. INVESTMENT POLICY Thekey investrnent objcclive ib to maintain and, where possiblc. grow the value of the Union's designated r¢serves whilst balancing risk with return. The Union musi always ensurc that there is sufficient cash io meet its upErationJl needs, but rnust al.%0 obtain the best I'eiurn possible on all dcposiied with oui. banker5. Any ndS nol required in the.%hort term may then be inVeSd in short iemi depagiL% and any funds not need¢d in the medium-long term can thcn be inve.sted wisely it] longer iem) inves(mentS to generate a greater yield. Funds not needed for short temj oFrational need8 can be deposited with rcputable iDStitutions. provided that The ii5k rnungs and liJnits agreed by LI B1)lid of Tiu%tec.s aL"e adl)ered to. De.11¢s sliould a]way.% &pli( bctw¢¢n UK based in5Ututions with diffcrent bankinx licenscs, to reduce Ihc ri.%k from in¥tiiutinnal fttilure. Ai th¢ year-tt]d thL'ru was only one S1] invesunent AEindining to (he valuL' uf £6,461 Ild witli the NUSSL. The investmcnt perforniance of the Union's funds is in linc with the objeciives.set by the Trusiees. RECRUITMENT POLICY At the Studenis Union we feel it important to cnsuiE that we Lonsistent]y chatienge our recruitment proces5 10 mitigate the effects ot. poteniial discriminaiion. A5 such we huld recruiiment policies ihat erLsure the tolluwing.. Full t2nd fuir Lvn.%id#r£ilftun 10 £ippIiLaliUll% f. eiiiployinejil by il)e ¥ompai)y JJi(Ide by di5ablcd persons, having regard io their particular apiitudcs and abilitie.%. For continuing the employrnent ot. and loi rearranging appropriate training for those who have ircome disabled p¢rsons during the period when they We cmployed by the company To also give full and fail" Lonsideration vf those employees with regai'd to training. carcer dcvelopment dnd promotion of disabled persons employed by the company.
Trustees, Report (Continued) for the year ended 31 July 2024 OBJECTIVES FOR 21)24125 We will cot)tinue the pha¥e one elements {fuS work strcams) of our 2022-2026 siraiegic plan. This will continue to shape and provi¢Jc the b&%is for the foiii" key Priorilies and follr key aiEUS of wurk for 2024-25. The graqphic below highlightf th¢ plan in more detail hiip8'.Ilivww.IhebtULlcnisunion.LO.ukl.%iniegiL-planl Wo are a ¢ritioal partof studpnt'5 llyos. ., To represeiil the voi¢e ol the lllll dNersity ol IhE StsideI comrniinity, yroYidin£ iiidtpendellt 8dvic¢, ad¥ooacy. life ¢h8llyig aots-yits'es and OPPPOTtuniti8s in order lo positively in4Ja¢t Ihp sttideNt experience at iWE. QursiTItv ai Wellbeing gres11I OUT Tea Dun 8$wry lave we shident.leRd rs. To e for oiir data s lo wceod ts8mS ¢omrnMk2tiin Ow values Our behaviollrs We putstydeThts fitsl SUOrt1¥e Empowerini A2ile Wo drN8 ¢hafYA8 We are aThfdNersq We arE cornmittod ID sM11ty Ci&ati¥B and Fun In adth'iion we will be aiming to complete a]1 pra¢ticable Pre5idertt Manifesio points and proacts.vely 8howing progres5 and achievement OD the SU website so students C(In see the achievements atld positive impact of our elecuon officers, they can be found hiipb'./lwww.Iht51u(knt5ulliLin.Lo.ukl%upportlpiEsidentbl 12
Trustees, Report (Continued)
for the year ended 31 July 2024
The fnllowing subscriprions were pd in the year ended 31 July 9024..
ational Union of studentb
British Univerbity & Colleges Sports
£13,653
In addiiion thei"e are 8ub5LIiPlions by some of the 5P011s clubs to Iheii relevant governing body.
Custodlan Trustee
RAG is a studeni led society with the aim of fundraibing for a variet}, ollocal and Th7 tional ch1( riiable causes whilsi
providing students with & number of development opportuni(ies. includes fundraising itsclf a5 w¢ll as
orgarusauonal and leader%hip role.s.
The financial transactlOll5 of RAG are kept separllte fi.om thobe of the Students, Union through the use of unique
coding and custody of the a%sets fall.% within thc genei'al sccuriiy arrngeMen[S of the widei. University.
TA TF.MENf OF TRUSTF.F.S' RESPONSIBILITIF.S
The TruEtcc¥ (who are also diiELiors of UWE Siudenis, Uninn for the purpu%es ol company law) &1re r¢.4ponsible
for prcparing the Annuul ReEK)rt of the Trustees and tl)e finanL1411 siatejnenls in aLcordJnce with appliLoble law
and Uniied Kingdom AcLouniing Sthndards (United kn'ngdom Generally Accepted AcLountlll8 Praciice).
Company l<iW requires the Trustees to prepare financiiil %taiement.% for each financial year wh]'Lh give a twe ld
¢Trir vie, uf the s1<il¥ <il-fLlifS uf (li¢ ¥li¢iiil£ilTrlr Ll?iiipai)y aiid thc vroup aTid ot ihc incoming resources and
appliLalion of iesourLe% InLludino the income 41nd expendilurc, ot the Lhatiiablc gi'nup forthai period. In PrePing
Ihe%e finanLial btiltemunts., tlie Tjwstees are requii.ed to..
select 5uilabl¥ <iLLI?UntinA p()liLies and Il)en
SUBSIDIARY REPORTll¥G The UWE Studenrs Union accounts ieport has been prepared in accordance with t] provision% applicable to companies entitLed to the small Lompanics. exernption. APPROVAL The TNstees' Report and Strategic t¢port was approved on the 22TrJ (ktoixr 2024 and 518TJed on their behalf by.. O Samuel President of UWE Students, Union 1411112024 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UWE STUDES, UNION Oplnlon We have audiied the fina11 S[aMenTS of Students. Union I'the group i and it's subsidiary UWESU Services Limited ('thc subsidiary,) for thc y¢at ended 31 July 2024. wtll.ch comprise a Con%olidated StatetYLent ot FinaTKial Activitie.s, & Con80lidaied and ChaLlty S(atement of Financial Po¥ition. a Con801idated Cash Flow Statement and notes to thc fin4inLial statements. inLludsng significant accounting policies. Thc fin£2ncial reporting framework Ihai been applied in iheir prepaLlU is applicable lilw and Uniied Kingdom Accounting Standard4, Including FRS 102 Tlie FinonLiul Reporting Siandard cipplEcablLi in tlit, UK and RepI4blic ¢![ IreiÉTnd (Unld Kingdom &nerally Acc¢pt¢d Accounting Practic¢). In our opinion, the financial Starnents'. 'give a trlle and fairview of the stateof the group andit's subsidiary'b affairs as at 31 July 2024 and of its incoming lesources and application of resources for the ye[ then ended., .have been PToperly prepared in accordance with Uniied 'Agdom Generally Accepled Accounting Practice. and .have been prepared in aCcorda]e wilh tt]e requirements of (he Cotnpanies Act 21XX5. Basis for opinlon Weconducted our audit in accordance with International Standcird5 on Auditing (UK) (ISAS (UK)) and applicable law. Our responbibilities under those standard5 al'e further desciibed in Ihc Audiii)r'.f respo#.YibilEiiesfiirth¢ uudit ofiliefthi7neiol siementS section of our rert. We are indeEndent of the group tsnd il's subsidiary in accordance wilh the ethical iEquiremenl5 Ihat are relevant to our audit of the financitsl staMent% in the UK, including the FRC'S Etkn'cal Standard, alld we have fulfilled our other ethical responsibilities in accordance with these requtrements. We believe that the audit evidence we have olAained is sufficient and approprMLe to provide a ba51S tor our opinion. Conclusions relating to going concern In auth.ting the fjnancial statements, we have eoncluded ihat the trusiees, use of th¢ going concern basis of accounting in the preparation of th¢ financia] sthiemenis is appropritste. Babed on the work we have pei"foin*d, wtt IrdV¥ lii)I iLi¥iilifi¥Li illly Illaleiial uiitettaijities iBl<lting to eveni8 or conditionb Ihai, individually or collectively, may casi %ignificant doubt on the group's ability to coniinue as a going conLetn for a period of at least 12 tnonihs from when the financial statemenis allthorised for issue. Our re%ponsibiliLies and th¢ responbibilit12s of the tn]5tee5 Wlth re.%ct to going concern are derited in thc rclevanl &ections of this i"eport. Other Infomatlon The other informationcompiises the infom[10n included in the annuaL report including the tsUStees' report. Ot1 Ihan ihe f)nanci&l statCTncnt% and our auditol'b iepori thereon. The trustees are re5pon&ible f(Trr the other inforniation containcd within the annulll ieport. Our opinion on the fi]]ancial %iat¢ments does not covcr the othcr infonnation and. except to the extent otherwise expli¢itly stated in our repJri, we (lo not expre%s any form of assur0¢ Conclusion thereon. Ouri"e5ponsibiLiiy is ro l'ead tbeotherinfomi£iiion and, in doing so, consider whether the other infomiation is matetially inconsistent with Ihe fjnancial 51atell]eniS or our knowledge obtained in the course of the audit. or othei.wise appea15 to be maierially misstdted. If we identify such material inconsi.%tcncie8 or appweni maleriaL mysstat¢ments, we are required to deierniine wheihu ihi5 gives risc to a matrrial mi55tatcment in Ihe financial statements themselves. If, ba&ed on the work we have performed, we conclude that there is material misstatement of tms Oth infoLmauoo we a required to iew)n that fact. We have nothing to report in t.5 reglltd. Opliilons on other matters prescrlbed by the Companles Act 2(M16 In our QPiDion, b05ed on the work undertaken in the course of the uudil.. .the infomjation given in the trustees, teport, which includes the direciors, Irport prepared for the purposes of company law, foi. the financial ye. for which the financial stat¢ments are prepared is Lonsi5tent with the financial statements., and •Ehe directors, rep)It included within the trustees. reFOrt has been prepared in COrdanCe with applicable legal requirements. Mattsrs on whlch we are requlred to report by exeeptlon In the light of the knowledge and understanding of the gioup and it's subsidiY£ y 3nd it$ environment obtaI]d in th¢ course of the audit, we have not ideDtified material rnisstaiement5 in the directors. report included within ihe trustees, report. We have nothing to report in respect of the following matter8 in relation to which the Companies Act 2(KK) requires us io report to you if. in Qui opinion.. •athquate and proper accounting recoL"ds have not been kq)t. or returns adequate for our audit have not Iren received from branches not visited by us,. or 15
•1] financial 5taiements are not in agreement with the accounting records and returns, or •¢¢riain disclosures of tru5tec5' retnuoerliiion specified by law are not made.. or "we have not I'eceived all the inl'ormation and cxplanations wc qUire for OUL" audi( Responsibilities of trustees explained more fully in the irustee%' re.%ponsibilitie.s statement sei out on page 13, Ihe trustees (who are also the directors of thc charitable company for the pllrpose5 of company lawl arc responsible for the piepardtion of the fin&ncial.%t£2ternents and for being saii%fied that they give a irue and fair tw, and for such iDtemal control as Ihe IStec$ dcleiThine necessary to enable the prcparation of financial 5tatemcnts ihat ue flee from marial misstaiement, whether due to fraud or error. In piEparin£ the fInancial stateincni8, Ihe tru.%tec% att iesponsible for assessing (he group's ability to continue as a going concern, disclosing, as applicable, matter8 related to going concern and ustng the going ¢(Fncern tMSiS (Trf accounting unles.% thc tNsiees cither Innd to liquidllte the company or to cease operations. or have no i"ealistic alicrnative but to do 50. Audltor's responslbllities for the audit of the finaneial statements Our objectives are to obtain reasonable &%8urancc about whether (he fjnancial sldtetnenis as a whole Éi"ee from mRterial mi.%statemeni. wheiher due co frnud oi error. and to issue an auditor's rew)rt th£lt includes our opinion. ReasonLible a%8urance is a high level of SuranCe but 15 not a guaraniee that an audit conducted in accordance with ISA5 (UK} will alway% deieit a malerial tni5Stdlefflent when ir exists. Mi5Staiemenis Lan arise from fraud oi. effor and LunsideiEd n)d['la] if, individually OL. in thc aggreg&tc, they could reasunably be eXCted to influei)ce the eLunumie decisions of usei's takcn on ihe basis of these financial 5tatemeni%. tttegularities, including fraud, are instonces of nOn-comp.aA¢e wilh laws and regulations. We design procedures in Line with our i.espon5ibiliLies. Outlined abtsve. to derect material misstatemenis in rcspect of irregularitie& Including fraud. The extent to which our procedures capabl¢ of dctccting irregularities, ineluding fraud is detailed below.. the engagemeni partner cn%ured that the en(T&i¥ement team ci)Ilectsvely had the (Ippl'opriale Lotenle, Lapabilities anij skillb 10 ideniify ()[ reLo¥ni&e noi)-coinpliance with appliLable law% and i"egulations' we idenufied the law% aiid LEguliiiions applicttble 10 the group and it's .%ub5idiary through disCU5S10115 with direLiOfS and other m&lnageinenL and fiDm our¢ommeTLial knowledg?e anLI expeiien¢e of the sector. we fOcud on specific laws and iegulatitsn5 which we considered may havc a dirccl rnateLial effeci on the financial statemenis or the operations of the group and il'% 5ubsidi<lIy Loiiiwiy, iiicluding the Companies Act 2006, taxation legislation, data protection, anti-bribery. cmploymenL environtnentai and health and salety legsslaiion; we dssessed the extent of compliance with the laws and resulations identified above through making enquiries of management £ind inspecting legal coriespondence., and idenlified laws dnd iEgulaiions were ¢ommunicaled within the audit iegulariy and the team tefftained aleil to insiances of non-¢ompliaRLe throughout the audit. We asbessed the su&ceptJbLliiy of the grnups's financial stale]nenls to maierial mis%tatemen(, including obtaining an undersianding ot.how fraud might occur, by.. maksng enquirie& of rnunti¥erneni as io where they consiikred there was susceptibility ts) frthu(L their knowledge of Ktual, susFc(ed and alleged fraud-, considering the internal Controls in place to miiigate risks of fraud and non-compliance wilh laws and rcgulauons; and To addre88 the risk of fi'aud through manllgement bias and oven'ide of ¢QT)trols, we: perforned analytical procedures to identify any unusual or unexFt¢ted relationshipb: tested juumal enities io idenuty unusual tran5actions', ossessed whether juLlg¢ments' and assumptions rnade in determining the accounting csrimates wcrc indicative of poiential bias: invesllgated the rationale h1nd significani or unusual traDsaLtions. In respon* to the risk of irregularities nun-compliance with laws and regulation5, we deSigd PedureS which included. bui were not limited to.. agreeing financial slatemeni disclosures to underlying supporting do¢unLentation; rea(hng the ]ninutes of rneetings of those charged with govemance., enquiring of nngeMent as to actual and potential Litigation and elaims,. reviewing cotreswndence with HMRC, relevant regulators and the company's legal advisors. 16
There #re inherent limitations in our audit pr(Kedures descriEed aEove. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standar(ts a150 liJnit the audit proc¢dures tequired to identify non-compliance with laws and r¢gulations to enquiry of the directors and other managernent and the inspection of gUlatOry and legal correspondence. if ally. M&terial Tni5Statemen(s (hat arise du¢ to frdud can be harder to detect than tt]ose that arise from error as they may involve delilxrate concealment or collusion. A further descripuon of ow responsibi]ities is available on the Financiat Reporting Council's website at-. www.frc.org.uklauditorsrespnsibiliiies. This description forms part of our auditor's report. Use otour report This rep(Trrtis tnade solely to the group and it's Subsidiary's members, as a Ix)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our autht woik has Iten undertaken so that we might state to Ihe group and subsidj'ary's members those mattS we required to state to them in an auth'tor's report andfor no otlKipurp05e. To the fvllest extent perlIted by law, wc do not accept or assume responsibility to anyone other than the clwithble company and it's subsidiary and the ctwitable c¢)mpany's memixrs as a imxly, for our audit worL for thi.s repoQ or for the opinion5 we have fonned. David Wrigiit (Senioi Statutory Audiiorj For and on behalf of Westcotts (SW) LLP, Ststutory Audttor 80 Oxford Street Burham-on-sea TA8 IEF 28.11.1* 17
UWE STUDENTS, UNION Consolldated Statement of Financial Aetivities {Ine Income and EXndIture accounts) fot the year ended 31 July 2024 Unrestricred Funds 2024 Restricted Funds Total Funds 2024 Totsl Funds 2023 2024 Incomefrom.. Donations: Block grant Grant income ChlbIL acdvitles: Fresliers,.8tudtnt shops and bars Union servi¢e5. SPQfts und her activities Other trading activities: Nurseiy aT)d oth¢r trading Investments 4.071,090 11,485 4.071.090 11,485 1.930,1 48,036 2,546,497 658,933 2,546,497 658,933 2,787,043 676,505 705,I( 10.968 705,106 10.968 622,449 Total Income 8,004079 Expendthre on.. Raising funds: Nursery and other trading Grant expenth.ture Charitable activities: Freqhers, student shops and bars Union services, swrt5 and other activities 733.169 11,485 733.169 11,485 720,698 2.611,795 2,966,283 2.611,795 2,998.244 2.683.839 2,651,086 31,961 Tota] Expendlture 6,321732 6054,693 6,055,623 Net (expendltureylncon 1,681a47 131,961) 1,649,386 11754 Fund balances brou8hi forward 16117 ji.062.472j (966,592) j979,31iiJl Fund5 Balance at 31 July 16117 (966,592) The notes on pag¢s 21 to 37 fomi part of ihe%e accounts. There are no recognised gains or losses other than those passing thn)ugh the Con5011dad Statement of Financial Activiti¢s. All trading acuyities of the Union aDd its subsidiary classed a5 continuing. Prior year coryardtive figures ate shown An note 27. 18
UWE STUDENfs' UNION Co01]dated & chlty St&tement of Financi8] Positioll as at 31 Ju]y 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Fixed Assets Propctry, Plan( & UIpMent Investments 522.253 6.461 402,008 6,462 522,253 6,462 12 6,461 Totsl Fixed AeLS 408,469 528,714 408,470 528,715 Current Assets Inventories Debtors 13 14 82,437 293,424 394,141 88.726 155,257 388.244 9,550 287,918 237,957 8.617 404.311 113.044 Cash ai bamk and in Iwjd Total CurYen¢ Assets 770,2 032.227 535.425 525,972 Credltors: Arnowits falling due within one year E5 (495,677) 1386.648) 1261,101) (280.394) Net Current el(LIablI1tiesj 274,325 245,579 274,324 245.578 Creditors: Amounts falling due after onc year 25 (1,740,885) (1,740,885) Net e(LIabl]st5es) 681794 (966,592) 682,794 {966,592) Capltsl and Reserves :: Unrestricted fjjtjds Genetal funds 16 288.196 372.950 288,196 372.950 Designated funds 16 330.679 (1,435,422) 330.679 (1,435,422) Restricted fund5 17 63,919 95.880 63,919 95,880 Total Funds 18 682,794 (966.592) f)8•.794 1966.592) The note8 on pages 21 to 37 forni pari of these accounts. These financial statements have been prepattd in accordan¢¢ with the special provisions of Pari 15 of the Companies Act 2(K)6 relating to small charitable compawe5 and were approved by the Trusiees on 14 mEL"r 2024 and are SAgned on their E¢half by.. mucl President of UWE Students, Union Company Regibtration Number 07675253 19
UWE STUDENTS, UMON Consolid#ted Statement of Cash Flows tor the year ejded 31 July 2024 Group 21124 Group 2023 £?IKM) £'ooo Cashlgenerated by operating activities (94) (601 Cgsh flows from Investing aetlvltles Interest iOrne Purchase ftf ¢anhle fixed &$8Et Return of investments 89 {l26) Cash proded used In InVting activities loo 11221 Cosh flows from flnanclDg actiTrities Repayment of borrowing Cash used In acdvlties Increase in cash and cayh e4uivalenis LTJ Ilie year Cash and c2sh equivolents ai the beginDing of the year (182) 570 388 Tntal eash and cash eouivalents at the end of the year 394 388 The notes on pages 21 to 37 forni part of these accounts. ChitY law prohibits the use of nei cash flows on any restricted fund to offset net cash outtlows on any fund outside of ils own purpose& except on sFeeial authotity. tn practiK this restriction has tt had any effect on cash flows for the ye. 20
UWE STUDENTS, UNION Notes to the Financial Statements fnr the year ended 31 July 2024 AecountinE Policies BASIS OF PREPARATION The financial statements have btcn prepared on the hi¥(OriCAI cost basis and in accordanLe with ALLounting and Rew)rting by Charities.. Staiernent of Recommended Pi'octice applicable to Lhdriiies pr¢pating their accounts AO accordance with t Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffcctive l January 2019) - (Charities SORP (FRS 102)). the Finanrial Reporting Standard applicable fftn the UK Republic of ]land IFRS 102) and the Cornpanies Act 2006. Group Financi8J Statements The financial statements. ctsnsolidate the result.8 of the chariiy and its whully OWDed subsid]£Y UWESU Servicc8 Limited nn a line by line bagis. A p.ate Staiement of FinJnLial Activitie5 and incoine and expenditure dLCOIJTit, fur Llir Lhdriiy Jiol i)re.scnted because ihe ch<llity has iakcn 4Ldviilltage of the cxemptions affoi'ded by section 408 of the Companies ALI 2(K)6 pagrap]i 397 uf the SORP. The unconsolidated SUluS for the Ye of the charity was £1.649,386 (22123.. Surplus L12,7541. Intome The Block GIiL nt frorn the Univer.%iiy of th¢ W¢st of Enttlic nd ib dealt witli un É¥ finan¢ial y¢ac ba%is. Oiher income is included in the SOFA accouni on a receivthbles basis where there ib reasonable probability of ieceipl. The Union rcceives grants which are recogni*d as incominE re%ourLes in ihtt Stsieiijtrjii of FiiiaiiLiil1 ALtivilie.% i)n a rcLcivahlc h&%1.% when they mcct the ¢hrec rccognitinn critcria set out in the SORP. Expenditure Co%t% of generating fund.s are those co%1.% incurrcd in a((r&cting vnluntaiy inLome, and thu&e inLurred in trading activities thai rai.se fund.s including liahiliiics where thci'e ib a reJsonable probable of the expenditure Charitable aciiviiies include 1h the direct C08t% and suppon eosis reldliDg lu Iljustr aLtivities. Governance c08ts ineludc ihosc incurred in Ihc uovemthnce of ihe charity and its. assets. Support cos(s, being indircct stttff Jnd ovcrhcttd costs. are apponioned on a usage basis aLlOSS each area. stalent of Cash Flows Thc chttiitj. htts taken ttdvaniagc of the e.xemption available under FRS IO• Secuon l. l?(bl in rtot prep&ing charity only %tlltement of ca%h flows. Sti)eks All stocks are stated at the loweL Ot cost and nei realisable value. Etalisable value is based on estimated selting price less the estimaied cost of disposal. tnvestments Invesiments are stated in the batance Sheet at cost. Thc only balance remaining is the £6,461 NUSSL investment. T#ngible fixed a%sets Fixed assets are slated at C05t less accumulated depreciation. Tangible fIxcd assets with a cost below £2,500 ale not capitalised. tkpieciaticjn 1$ provid¢d at thc folltswing annual l'ates in order io write the cosi of ass¢ts off over iheir eStiMad useful live¥',- Fixtures and fitts'ngs Equtpment Alterauons to prerni&es 10% - 3390 of cost 20% - 33% of Clk%l 10% - 20% of cosi 21
UWE STUDF.NTS' UNION Not£ to the Finanelal Statements for the year ended 31 July 2024 (Continued) Pension eosts UWE Siudents. Union partiLipaies in t Students, Union Supei'annuation Scherne, a defined benefit %cheme which is eXterrllY lunded <ind vonti'acted out of thc Siale Second Pension. The fund 1.% vttlued at least cvery Ihi'¥c ye5 by a prole%sioJially qualified Indendent aciuary with thc ratL5 of contribution Piiyable beiniT determined by the trustee.% un the advice of the Ctuary. The Scheme 0[ra(cS a8 a FK)oled atrangement, with ontributions paid di a Lenii'ally agi'eed late. The 2013 valuation recommended a Tnonthly contribution i"equiretnenl by each partjClP41ting employer expres.sed in monetl£ ry temis intcnded to clear ihe ongoinrr funding deficil. As (i consequence under FRS 102, the Union had rec()gnid a liability in the balance 8heei equal lo the net present value I"npv"} of I'utuie deficIt reduction payment%. lliese P41lTnents are discounted io the presenl value using the market yield on high quality corporate bond%. As at 31. July 2024 UWESL has paid off the liability in full via the Section 75 pro$5. The Union al¥v parti¢ipaies in both a NEST (Government .8tandard fund for those thdl duii'l upi 4)ui of ili¢ miiill 5LheJn¥l cind a NUSPS peii%ion fund toi those wishing to takc advthntaoe of the Union8 currenily offered 8Lhcme. ra%ation The chaniy 14 ex¢inpt from tax an income and gaxn% talling within sectioii 505 uf ihe T¢5 Act 1988 or section 9.52 of ihc Taxatinn i)f ChiL rgciblc Gains Aci 199? tn thc extent d)at ihebe are Ipplied to 115 chatitable objec18. Operdting least agreements Renii?Is applicahle to Dpc1[1nts lellses where 8ubsraniially all of (he l)enefii% dnd ri%ks nl. Dwller.%hip Main wilh Ihe le%bl)r are chaJ'(Ted 1L Inst surplubes a sri'¢iighi-line basis uveL' lh¢ peJiiKI Lif the lease. Fund Accounting L'nrestrictrd Fuiids rcpirscnt un8pent income whiLh may be used fDI' aiiy <?ciiviiy. Iksigndled Fund.4 are %el asidc by the Union to be spcni on spe¢ifiL projccts and areas. Rostricted Flind.% raibed aiid adminiblered by the Union are f(>i" specific puipo%e%, such as Clubs and Socieues. Going Concern Th¥ BalaiiL¥ SI)¥LI £lt .)1 Iul "3 bllow iiet L.jLihility of £1,74D.88.f. ii,hich ha% noii. bccn paid oft in full a.s at 31 July ?a24 aftci. the debt was put through the Scction 75 rules. In considtring the going concern basi.s, the -rn]8tee. c()n%idcr the Lompany reiains sufficicnr wurking Lapital 10 cvntinue lidaing Il]e next 12 Inonih% bJ.%cd on cvidcnLe of long tL'rm posiiivc LJ%li flows and stdble ¢omrner¢ial triide. Reseives ate conllnuing to intrett%e with less fund8 in a restricred CÉ1pacity. We re also moniioring <ind reviewing Nursery occupancy and wlicy on ttttcndanee io ensure prudeDt labour pl1ng given the ongoing funding changes in the %ector. The comp{Y cash flow foiecasting will bc wnsisiently completed for <1 minimum of a 12 month period aT]d will rcmtiin under monthly review. The board therefore feel it appropriate to prepare (he accounts on a going eonceim b&4i.%. Fin#neial Instruments As the charity only hEL% bttsic finincial instLumenis It eleLied io Apply the pix)visivr]s of Section I I 'Basic Financial InstrumcnL%' of FRS 102, 10 all of it.% fin41ncial in51ruments. Financial instrument% are recognised when the charity 1ComeS p.[Y to the contractual provisions of the instrumen ??
UWE STUDENTS, UNION Notes to the Finanaal St#tsments for the year ended 31 July 2024 (Continued) Financial a5.%ets and liabiliiic.% are offse(, the nei amounis presented in the financial siat¢mcnts, when IheR is a legally enforceable right to %eL off Ihe recognised amounts and thett is intcniion 10.%ettle on net basi.% or to rettiise the asser and setile ihe liability %imultane()usly. Basic FinanclAI Assets Basic financial assets. w.Ch include trade and other Leceivables and cash and bank balances, are initially measured &ttrdnsaction price including trSaction cost% and are subsequently carried at amortised cosi using the effective interest method unless the rangtrnent constitutes a financing transacuon, where the financial ssei is measured aL the present value of the futuie receipt5 discounted at a maikci late of interest. Impairnient of fjnancial a&sets Financial assets e assessed for indicators of impaii'ment at each reporting end date. FinanLial a55ets' 1tnpa1d where theiE is objective ¢vidcncc thai, re.%ul( of one or moit evenib Ihat OCCULTed afterthe iniual recognition of the financic11 a.s.%ct, thc estimated future cllsh flows have been affected. If an cissel Impl ired. the impaiirnent los% is (he diffcrence bctween the carryinLT amount and the pSent value of the estitnated cash tlows di$counted at the assct's original effective InreSt ra. The impairnienl loss is recognised in the SOFA. If there is a decrease in the impairnient 105% ariEing from an evcnt rtcuri'ing after the impainnent was rtcogni%ed, the impaiiiment is reversed. Thc rever.%al is such that ihe current L£urying umvunt does noi exceed what the CayIng amouni would have bcen, had thc impairment not previously been recognised. The impairmcnt revei'5al ib ltcogni.scd In the S()PA. Dt-Reeognition of financial as5cts FinIt]l&l asgei$ IL re dc]wogni%ed only when the c[bnir1Ual rights 10 lh¢ L£ish flow5 fi.um ihe as%et expiie or rc. 5e.Iile.d. or whe.n the c.ompilny rr11 n.%fr.r8 the fillancial assei and substantially all the riskb and rewards of owneiship 10 another eniity, or if some signifiL£Lnl risks and rewatdb ol" ownership ale Ictained but control t the asset has transferred to another party thal ib able io sell the asset in its entirety to Kin urirddLrd diijd party. Finaneial Liabilities FIrtLi1 liabiliues are clasbihed accorth'ng to the bubstanLe ol. d)¢ coniractual atA'angcments entLred inlo. Basle flnaneial Ilabilitles Ba5lL fitranLiul liabilities, inLluding trdde and otheL payable& are initially recognised at transaction price. De-Recognltlon of llnanclal IlabllltAes Financial liabiliu¢s are derecugni5ed when. and only whe]]. the charities contrnctual obligations air discharged, ¢ancelled DI. they expire. Cash ond tash tqulvalents Cash a7)d cash equivalents includes cash and short tetrn highly liquid inve5Étnentb with a short maiurity peri1. 23
UWE sfuDENrs' ur4ioN Notes to the Flnancial Statrments ror the year ended 31 July 2024 Icontlnued) Other tradlng Aetiirytl 2024 2023 Nursery Other Trading 626,936 78,170 554.747 67.702 705.IIXfj 622,449 3. Charitsble Activities . Fre$her4 Student Shops and BArs 2024 2023 Fresher8 Retall Food & Beverage 78.314 1,772,946 695,237 78.765 2,fr12.878 665,400 2,546,497 2,787,043 4. ChArlt*ble Actlvldes- Unk•n Servle4 Sports and Other Aclivities 21)24 2023 Sports & Other Activities Union Servlces 624,269 34,664 657,989 18.516 658,933 676,505 5. AnysiS of expenditure- Activities for Raising Funds 2024 2023 Nursery 733,169 720,698 733,169 720.698 24
UWE STUDENfs' UNION Notes to the Financial Statements ror the year ended 31 July 2024 Icontinued) Analysls of expenditure on Charltable ACtities- Fre5hers, Student Shops and Bars 2024 2023 Freshers Retail Food & Beverage 112,720 1.795,505 703.570 78,350 1,963,239 642,250 2.611,795 2,683,839 Analysls ofexpendl¢ure on Charltable A¢dtIes- Union Serrfces Sports *nd Other Acllvldes 2024 2023 Sports & Other ACtiti Unlon Services Governance Pelon Li4blUty Adjustnt 1.279.174 3,659,014 108.511 (2,036,970) 1,215.486 1,499,563 35.254 (99,217) 3,009,729 2,651.086 Expenditure Dlrect Staff Support 2n24 Total 2Q23 Total Usage Clubs, Socieues & Networks {20%1 Student Rep & Officers (7%) Advice Centre {4%1 Campus Supp)rt (3%) ComTnunicaLinn.s {.%%) Commercial Nursery (12%) Commercial activities144%) Governanee11 %) Overbeads rech¥rged (0%) PensioDS deficitlmovement (- 833,236 141.750 54.332 74.753 117,075 254,877 244,066 104,618 50,919 167,715 l91,061 60,663 ()0,664 60,664 60,664 1.279,174 446.480 219,614 186,335 345.454 1.215.486 423,173 218,239 158,260 311.254 96,117 1.616.885 97.346 2.076,117 501,707 771,5 11,165 385,014 135,345 223,410 733.169 2,611,795 108,511 2.461,131 720.698 2,683,839 35,254 388.637 2%) (2,036,970) (2.036,970) (99,217) 2,491,581 792.471 6,354,693 6,055.623 Governance costs are th05c incurred for cotnpliance with constitutional and statutory requirements, such as the annual audit, profe55ional fees and election costs. 25
UWE STUDENTS, UNION Notes to the FfinanciaI Staternents for the year ended 31 July 2024 (Contfinued) The supwrt CO$L¢ were looked at on a detailed basis. WIre individual eosts could te allocated to specific areas they wert. Otherwise costs were a]Iwated by comparison to either saltiries, non-salary expenditure or a combination of the two. deLxnding on wlu'rh method gave the m05t reasonabLe allocatson. Cumparative figures are ixlow- Direct Support 2023 Total 2022 Total Usage Cluffltablé Clubs, Societies & Networks (20%) Student Rep & Officers (7%) Advice Centre (4%) Campus Support {3 Communi¢ation5 (5%) Commercial Nursery {12%) ComrneiciaL activities (44%} GovernwKe (l %) Overheads rechar%ed (6%) Pensions defJciVmoTrEment (- 801,447 127,928 46,783 66.(K)O 108.139 247.200 239.028 115.239 36,043 146,898 166,839 56,217 56,217 56,217 56.217 1,215,486 423,173 218,239 158.26A) 311,254 1,065.134 209,925 155,938 27U,541 99.579 1,851,370 26,461 5,461 498.416 712.921 8,793 383,176 122,703 120,448 720,698 2.683,839 35,254 388.637 632,826 2.546,180 97,225 152,130 2%) 199,217) 199.•171 188,8381 3.033.951 ? 180,814 634.858 6.llf S ()?3 5,432,555 Staff Costs The number of staff employed by the union amounted to.. 2024 2023 PermAnent Staff Student Staff 79 92 83 86 171 169 The full time equivalent number of staff employed by the Union amountrd to.. 21)24 No. 2023 Permanent Stsff Student staff 66 69 74 93 26
UWE STUDENTS, UNION Note5 to the Flnancial Statements for the year ended 31 July 2024 (ContSnucdl The costs of ihe aly)ve were.. 2024 2023 Wages & sgjaries Soc18] seturity Peon costs 2,186,062 160,763 134.381 2.073,375 131.744 127.898 2,481.206 2,333,017 Banding for pay over £60,(K)Olannum: 2023124 2022J23 No. of stAff No. of $tatY £70.0(K)-£79.999 £80.0(X)-£119,999 £90,(KK)+ 10. TSte5, Remuneratlon and E%n5£S The SU President and each of the four Vicc-Pre5idenis bee.n rerniinf.nted by way of ¢ontract for the year as allthorised by the Union's governing dvrnent for the repre%entatiDn, campaigning and sUPPOrt work Ihey undert*th as distinct from theirTrusiee ff5ponsibililies. This work includes voicin8 Student opinion wilh thr institution and local community, defending and exiending the Lights of 5tudEnt5 throllgh tKtiiions, discussions with MPS, organising and supwrting student volunteers and SeiCe provision for them. The iotal salary and NE costs for the sabbatical offi¢ers amounted io £138,363 {22123.. £126.7C6}. The breakdown 1% below. There were other taxable Trn8tee benefits the forni of VA reimbursements for year totalling £980 122123.. £1.319). Travel exp¢ns¢5 of £3,133 (22123.. £761) wer¢ paid out to the Trustees. 27
UWE STUDENTS, UNION Notss to the Financikl Statements for the year ended 31 July 2024 (Contlnued) 2024 2017 Payroll RJpeMes P¢wiTrn Tolal PAyroll Pemslfyn Toial BeEhBJ Fkacl 2&187 667 1704 28,458 25474 428 701 Fdy82 Abdul Kueem SabibB 251 292 1285 27,477 22J7 2257 22974 75 876 23,Y15 2257 16 2273 Samuel Olure Kolawol¢ 27937 290 1798 2257 2.257 ishu 25741 571 26.312 2257 2257 KbHdua Ho$5ai]J 2407 2,407 Lubyna MUhld Gardezi 2427 158 1585 Habib 2427 540 2,967 Um¥ Abb4si 2463 540 oluw4damiioja Ok¢yoy Roni 23134 639 23,773 Rahul A5wa 23134 24296 22714 47 639 234(K) L4ty Diyemowei 4woDd 23222 252 6J3 24127 ity Wildini Toth15 13fi J63 3.133 5.663 147.lJ9 J26,X 761 3,777 131,244 In 23124 there We a total of 8 trtteeS who krceived relbUr8ed eXnseS (5 ITr 22r23). Tbere w¢r¢ £DiI waived eXInseS during the cour5¢ of year. (22123.. £nil) 28
UWE STUDENfs? UNION Notes to the Flnancial Statements for the year ended 31 July 2024 Icontlnued) 11. Property, Plant & Equipment Fixtures Fittings Group and clrItY At l August 2023 Additions 2.501,659 88,832 Ai 31 July 2024 2.590,491 Depreeilltio At l August 2023 Charge for the year 1,979.4 209,077 At 31 July 2024 2,188,483 Net Book Vlllue At 31 July 2024 402,(K)8 At 31 July 2023 522.253 12. Investments At 31 July 2024 the Union held an inve5ttnent An the following company which is incorpor&*d in the UniEd Kingdom.. Name of Company Company Number MAin Trading Activity Equity Held UWESU Services Limited 07917777 Cornmercial actiViLies of the Union A summary of the subsidiary's SUIt% for the year ended 31 July 2024 and the balance sheet position at 31 Suly 224 is shown lOw. Group Shares in Subsldlary Deposlls Total At Cost At l Au8USt 2022 Additions Di¥posals 6,461 6,461 At 31 July 2023 6,461 6.461 29
UWE STUDENTS, UNION Notes to the Financial Statements for the year ended 31 July 2024 (Continued) Charity Shares in Subsidiary Dew>sits Total At Cost Ai l August 2022 Additions Disp05als 6.461 6.462 At 31 Juty 2023 6,461 6,462 2024 2023 UWESU Services L¢d- Profjt and loss ccount Trrnover Expenditure 2.624,667 (2.611,7951 2.854.746 (2.683,840) Net Profit Distribuiion UWE SU {12,872) {170,W61 Re(l£ tned profiis brought frorward Reiained pruliis ¢]e¢J furwurLI UWESU SeTTices Ltd- Balance sheet Current assets Current liabilities 313.346 (313,3451 481.116 (481,115) Called up share capital Prolit and loss account 13. IDventories Group Charity 2024 2023 2024 2023 Goods for own use Goods for Male 9,550 72,887 8.617 80.109 9.550 8,617 82,437 9,550 8,617 30
UWE STUDENTS? UNION Notes to the Flnaneial Statements for the year ended 31 July 2024 (Continued) 14. DebtOTS Group Charlty 2024 2023 2024 2023 TrAde and sundry debtors Prepayments and aecrned income SS aDd other taxes Amount due from subsldiary 40,663 252,761 23.387 131,870 13,852 201,761 (15,830) 45.279 72.305 374,862 293,424 287.918 15. Credltors: Amounts fa]ling due within one year Group Charity 2024 2023 2024 2023 Trade credltors Soclal security And other thxes Other creditors Accrua15 and deferred income 63.850 217,817 32.873 1RI,137 128.318 16.897 47,889 193,544 58,295 49.069 14,106 139,631 74,875 (3,685) 46,651 162,553 495.677 386,648 261,101 280,394 16. Unrestricted Funds 2023 Income Expenditure 'IansterS 2024 General Funds 372.950 6,921123 (5,027,735) 11,979,142) 288.196 DesignttsedFunds.' Halley Nursery Capital Reserve PeDsion Liability Clubs, Sk)c'5 & Networks 105,4C)3 Total Designated FuDds (1,435,422) 627,352 (586.715) {24,637} 16.000 2(X).O(K) (1,740,885) (262.894) 2.(M)3.779 454,604 1,081,956 (445,3881 (1,294.997) 114.679 330,679 1.979,142 Tota] Unre8tricted Funds 11,061472) 8.aiH,079 16,322.7321 618,875 The Designaled Funds of £330,679 {22123.. Negative £1,435.422) are for the replacement of existing capitAI items and toward the cost of providing future facilities. the sepaTrtion of surpluses generated by the Clubs. Societies and Network5 and the separdtion of the Halley Nursery funds. The SUSS pension ]iabiliiy wa$ cleared dunng the year sUlting in the designation reducing io £nil. 31
UWE STUDENTS, UNtON Notes to the Financial StAtements for the ye8T ended 31 July 2024 (Continlledl In additiotL by agreement trttweeTh the Unton and the University the th.rect funth.ng generated from or required for th¢ running of the Halley Nursery have been assigned a separate designated fund. The balance is written baek down to £32.1K(J eh year. This year the Nursery made a pre-management recharge Surplus of £29,112. We Iiave therefore decided to build the balance back up to £16,(KK) as at 31" July 2024 with the intention biiilding back knp to £32.000 in 24125. Finally, surpluses generated by Clubs. Societies and Netwoths are set tiside by the Union to be speni spificallY in these areas. Comparative fI8ures to 22m are Eelow.. 2022 Income Expenditure Tr4]ksfers 2023 General Funds 392,363 5,125,944 (5.113,927) (31,430) 372.950 De&tea Funds.. Halley Nursery Capital Reserve Penslon Liability Clubs, Soc's & Networks Total Deslgnated Funds 5.826 200.0 {1.840.102) 134,726 (1,499,550i 554,747 (s92,(3} 31,430 10) 200.0(K) 11,740,885) 105,463 jj d?5.422j 99,217 -.1416,949)_-- {909.735) 387,686 942,433 TotsI Unrestrficted Funds {1,107.187) 6,068.377 6,093,66?1 11.061472 17. Restricted Funds 2023 llleome Expenditure TraThrfers 2024 Capital Grant 95.880 131.961) 63,919 95,118U -41,Ybll 63,919 The Restricted Funds of £63.91912Y23.. £95.880) late to donations and iD¢ome raised for 5wific projects and as such arc held pending luture spcndADg. Thc Capital Grnni is a contribuuon towards the fit out of the new SU buildillg and will it written off over the Ilfe of the ELssets (10 years). Comparative figures 10 2Y23 are IloW.. 2022 IDcome Expenditure Transfers 2023 Capital Grant 127,841 (31,961) 95.880 127,841 131,961) 95.880 32
UWE STUDENTS> UNION Notss to the F5nancial Statements for the year ended 31 July 2024 Icontlnued) l& Analysis of Net A&gets between FuDds GY•up Fund balances #t 31 July 2024 Represented by: Tangible fixed kssets InveStentS Current assets Current liabiLiiies Restricted fund5 Designated fund Ceneral funds Total 63,919 338,089 402.IM)8 6.462 595.151 (320,827) 6.462 324,217 270.934 (320,827) Tot net asseL8 63,919 330,679 682.794 Charity Fund balWeS #t 31 July 2024 Represented by: Restricted fund5 Deslgnated fund General funds To Tangibl¢ fixed assets Invesunents Current assets Current liabilities 63,919 338.089 402,1 6,462 288.920 (14,596) 6.462 324,217 135,297) (14.596) Total net assets 63,919 330.679 288.196 682.794 Comparative figures to 22123 ar¢ in NO 211. 19. Net Inconjelexpenditure for the yeAT Is arrived at after charging.. 2024 2023 Ikpreefiadon 209,077 180.017 Auditor's remuneratlon: Fees payable to the Charity #udltor for the audit of the flnancial statements and consolid2tIon Fees payable to the Chfity •udltor and its associates for other service5: 13.750 16,250 4,000 4.150 20. Penslons UWE Studen(s' Union participates in the Students, Union Superannuation Scheme, which is a defined irnefit scheme whose membership consists of employees of students, unions and related blieS throughout the ¢Ollntry. Benefits in reset of seThice up to 30 September 2003 ate accrued on a "final salary" basis, with benefits in re5per.t of servic.e frnrn I ncknher 20n3 accruing on a Career Average Revalued Ean]ings (CARE) basis. With 33
UWE STUDENI'S, UNION
Notes to the liinancial Statements
lor the year ended 11 July 2024 Icontlnued)
rl'lect froin 10 Seplernbei 201 I riie,8¥lwinc ilosLd If) futurc Ill"u,.11.
The mo.4t recent VlUatiOn of the Scheme WG1S eciined oui ai 30, June ?n22 and showed that the rnarkei valuc
of the SLhemc's a%%cis was Ll 37.0(N),IM wilh Ihese asscL% rcprenting 51 % r)f the value of nCfl1S that had
aLcrued to mcmbers after allowing for expected future incrca4e.% ID earning.%. Thc deficit on
UWE STUDENfs UNION Nknte% to the Financial statennts for the year ended 31 July 2024 (Continued) b) Key rnanagement rsOnnel.. Bethel Ekaette- Vice President Societi¢s & Communi¢a(ioll- Temi ended June 24 Olure Kolawole Samuel- President- 2 Terni FayAZ Abdul Ketrn- Vice President Community & Welfare- Term ended June 24 Krisl]na Singh- Vice Presideni Sports & Healtb- Terni ended June 24 Sabiha Khan - Vi¢e President Education- Tern] endcd June 24 Lubyna Gardezi- Vice President CollLmuni(y & Welfare- Commenced terni June 24 Khadiza Hossain- Vice President Education- Commenced term June 24 Urn Abbasi- VP Sieties & Communi¢ation- Commenced terni June 24 MllharnDd Habib- VP Spons- ComMe¢d teEllL June 24 Titn BeAf(- 0 Michael Blades- Fillae Manager The total remuneration of all of the aboye for the 2Y23 year was £291,267.I23: £272.007) 21 Uiilmate Controlling Party The controlling party of the Union are the Trnstees by virtue of their position under the Artide5 of AssLKiation. 23. Company tjmlted by Guarantee Th¢ Dir¢¢tors of the Company are listed on Page 3 the lin)it of their guarantee is £1. 24. Reconaliation of net movement In funds to net c2sh flow from ope.rxting actlvltSes Group 2024 Group 2023 £?o(M) £yMo Net move¢¢ in fvnds 1,638 13 Add back dq)re¢iation charEe Deduct interest illeome. shown in inve8ting ¢t]vitie5 {Increase)IDecrease in stock {InCreaSe)e¢reaSC in debtors (IncKeas¢YDecrease in creditors 209 181 (4) 21 {1.957) (73) {201} Net csh used In operatlng aetlvlties (941 1601 25. CredStors- Long-temi liabilities over year Group 2024 2023 2024 Pension liabilities 1,740.885 1,740,885 1.740.885 1.740.885 35
UWE STUDENTS, UNION Notes to the Flnanclal Statements for the ye*r ended 31 July 2023 (Contlnued) 26. Compar&llve full 21122 SOFA Uttrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Totsl Fund% 2022 Incom¢fvm.' Donations: Blwk grant Grani incom¢ Charitable activities: Frc.%her5, %tudei!I shops ar.d bars UJbiQtJ services. sw>llS and orher aciivitie$ Other tradlng activities: Nursery and other trading Inve5ttnents 1.930,( 48,030 1.930.0 48,036 1.640.(K)O 2.787.043 676,505 2,787.043 676.505 2.515.956 705,562 622,449 4,344 622.449 4,344 566,348 Totkl Income 6,068,377 5.428,010 Expenditiire oll.. Raising funds: Nursery and other trading Gi.nI expenth'ture Charttsble activities: r4reshers, student qhops and bars LTnion services. 8w)rts and other activities 720,698 720,698 632,826 2.683.839 2.619.125 2.683.839 2,651.086 2,546,180 2,253,549 31,961 Total Expenditure 6,023,662 6,055.623 5,432,555 Net {expeD(UtureYlneome 44,715 (31,961) 12,754 (445) Fund balances brought forward ii,i07,i87j 127.841 {979,346j i974,80ij Funds Balance at 31 July ji,062,472j {966,592i 36
UWE STUDENTS, UNION Not IA) t.he Finxneial Statsments for tht year ended 31 July 2023 (Continued) 27. Comparative 21122 Funds movtments Group Fund balances at 31 July 2Q23 Represented by: Restrieted Desl8nated fund General funds Tot41 Tangible fixed assets Investments 95.880 426,373 522,253 6,462 632,225 (386,647) 11,740.885) 6,462 299,001 Current assets 333,224 I386.7) Current liabilities Long tertll liabilities (1,740,885) Totsi net *ets 95,880 11.435.4??1 372,v_sii 1966,592) Charity Fund balances at 31 July 2023 Represented by: Restrieted fwids Designated tllnd General funds Total Tangible fixed asseis InN'e51menL4 Curreni a.8%ets Cuireni liabilities 95,880 4?6,373 521 ?53 6,462 565,897 (320,3191 (1.740,885) 6.462 999.001 266.896 (320,319) Long terni liabiliti¢s {1,740.8851 Total net assets 95.880 11,435,422) 372,950 1(106.592) 28. Analy515 of thanRes In net debt At 01108123 Cash flows Other non- cash change5 At 31107124 Cash at bank and in hand Debt due within one year Debt due after rnore than one year 388.244 1.S.5.2.57 11.7411.X85i (1,197,384) 5.898 138,167 2.036.970 2.181.035 394,141 293,424 1296,0851 i•£J6,11851 687.565 At 01108122 Cash flows other non- cash changes At 31107123 Cash at bank and in hand Debt due within one year Debt due after more than one year 569.547 82,090 (1.840,102) (1,188.4641 (181,304) 73.167 156,216 48.079 388,244 155,257 11,740.885) 11,IY7,3841 {5f),9991 {56,999) 37