UWE STUDENTS, UNION ANNUAI, REPORT AND CONSOLIDATED Tr'INANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Company Registration Number 07675253
CONTENTS PAGE rru51ees' Report Independent Auditor's Report to the Members 13 Con80lidated Statement of Financial ActiVi11¢8 16 Statement of Financial Position 17 Consolid4¢ed Stat¢m¢nt of Cash Flows 18 Noies to the Finaneial Statements 19
Trnstees, Report for the year ended 31 July 2025 rRUSTEES' ANNUAL REPOR TFOR MEMBERS The trustees are pleased to present their annual rqjort togeth¢r with the accounts for the year ended th¢ 31 July 2025. The fllwlcial 5tatemetits have becn prepared on the historical ctssi ba8is and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pr&ctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019)- {Charities SOR (FRS 10211, the Financial Reportitig Standard applicable in the UK and Republic of Ir¢land IFRS 1021 and the Companies Act 2006. Reference & odminulrotive delails Charlty Nim¢: UWE Students. Union Company Number: 07675253 Charlty Number.. 1143067 Prlnclpjl Oftlce and reglstered mddress: Frenchay Campu8, Coldharbour Lane, Bristol, BS16 IQY Key mDgemeDt personDel: TTU8iees *nd Dlrectory: 2025126 2024125 Olure Kolawole Samuel {Resign¢d 201061251 President # Muhammad A$ad Zarif Shehzad (Appointed 161061251 Vice PTe#ident Education # Khadiza Hossain Khadi7a H055f4in {Appointed 011071241 Vicc President Sport5 & H¢alih # Anya Bren(nall (Appointed 16106125) Muhammad Habib (Resigned 20106125) Vice Pre8ident Communiry Lubyna Gardezi &WelfaT¢ # Lubyna Gardezi (Appointed 01107124) Vice Pr¢sident S(Kieties &Communication # Umar Abbasi Umar Abbasi (Appointed 011071241 External Trustee # Sarah Bolt Sarah Bolt External Trustee # Ley Redwijod Les Redwood Student Tru8¢¢e # Sasirindu Hamangoda Sasirindu Hamangoda (Appointed 221101241 Student Trustee # AmNiha Kotinchintala (Resigned 12111125) Amrutha Kotin¢hin¢ala {Appointcd 011071241 External Tmstee # Wtlliam MaTsh (Appointed 201061251 External Trustee # Ashish Sawhney {Appointed 201061251
Trustees, Report (Contlnued) for the year ended 31 July 2025 The PresÈdent 8nd Vice Presidellt Iwstees hold post from the l July of the year they are elected to the 30 June of the following year. Elections are b¢ld for each p05iuon annually. The trustees identified with a 11 are directors of UWE Students, Unith. Key management personnel: Senior Management Chlef EXeCtIve Officer.. Tim Benford Fthanre M¥4n*8er: Michacl Blades Bankers: Nation81 Wcstminster Bank PIC 72 Glouce%ier Road Bishopsion Bris101, BS7 8BF Soilcltori: 05borne Clarke LLP Halo Counterslip BSI 6AJ Spencer West 20 Chiswell Street LA>ndon ECIY4TW Audltor: Corrigan AccounthniN Limited First Floor 25 King Street Bristol BSI 4PB
Trustees, Report (Continued) for the year ended 31 July 2025 Styuclure, GovernanLe & Managemen¢ The Union has a written constiNiion that was approved by the Board of Governors of the University of the West of England on the 31 January 2012. UWE Students, Uniott, a company limited by guarantee. wag incorporaied on the 20 June 2011 and registered with the Charity Commission. Th¢ Union moved from itg traditional Unincorporated Association model which had served it in the paSL to become incorporated into a Company Limited by Guarzniec - a model which more 5Ultably Serves the multi-milli(Trn pound organisation that the Union is today. The entire a&8ets, lihbilities and staff of the previous unin¢otVOTat¢d &&s00ia(ion were tratlsferred to the new charitable company on the 31 July 2011. Th¢ in¢orporated charity has Company number.. 07675253 and regist¢rd charity number, 1143067. AppolDtment of Tru8iees Up to five Officer TTUStees $hall be elected by secret balloi by the mernbers of UWESU. In addition up to two Student TThs(ees, one Aiurnni Trnstee and four EKtemal Trnstees shall be appointed by the Appoinim¢nts Committee. The% appoinlrnents do not take eff¢ct until they have b¢en raiified by the Studcnt Council. Trustee Inductlon & Trllnlng The 0]Cer Trustee5 are given extensive ¢xLernal and in house training and inductions as well as attending other relevant eXnl and NUS run course5 in the inilial three months of their period of office. The Student and External Tntee3 Are invited to in depth extemal tr&ining and internal trainin8 coiirses. Organlsatlon The Union h8s a Student Council tha¢ is the mairt regular mechanism for members to make their views known to the Union. All the elected oificers are m¢rnberA of the F.xe¢utivc Committee which A¢ts in the absence of Student Council. In addition there are four cornmittees that focu$ on distinct ar¢a$ of activiry, namely the Student Repre8enlativc Committee, Sports Committee, Community & Welfare Cotnmittee and Societies & Conunut)icalion Comrnittee. Sira¢egi¢ deeisions and the setting of (he Union's budget are made at the quarterly meetings of th¢ Board of TNstee¥. Th¢ implementations of thoge decisions gn ¢8rried tsui by ihose TnISe8 who are appoin¢¢d lo attend the monthly meetings of the Finance & General Purpo5e8 Commiiiee and the Staff Commitiee, Th¢ day to day management of the Union is the re$pon$ibility of the 5¢niormember of staff. the Chief Executive Officer. Related Parties The Union receives d substantial part of IL% income from the Univerbiiy of thc Wesi of England Bristol and therefore has a ¢lose working relationghip with the University Lo enable the Uni()n Lo best catry out its objectives and activitits. Key Management Personnel remuneratlon The UnioD'S key rnanagernent personnel are listed in note 21 of the accounts. The directors con.iider the board of directoi.$, who arc the charity's tNsiees, and the senlor management team comprise th¢ key management pers0TCl of the charity in charge of direciing flnd Controlling, running and operating th¢ ¢haiity on a day to day ba$is. A umber of direciors give their time freely and receive no Temuneration. Details (Ff dircctors, Expenses and rclated party transactions are detailed in Ihe accounts noteb below. The sellior salary pay grades are bcnchmarked against the UCEA stsndards on a 3 year basis. The next review is due in the Unions 2026127 linancial year. Rlgk Man8gement The Union has examined the majoT Strategic. busin¢5s and operational risks and has put in place a Risk Management Strategy and a Risk Register. These are reviewed quartcrly by both the senior staff and the TLseS of the Union and where appropriaie $YStell or procedures have been implemented to mitigate th¢ risks the UDion
Trustses, Report (Contlnued) for the year ended 31 July 2025 faces. In additi¢)n. procedures are in plaee to ensuTe that the g¢UVities of the Union are carried out with due regard to the health & safety of all parti¢ipants. Objectives & Aciivilies The Arti¢l¢$ of A&qociation of the Union state that.. The objects of the Union ar¢ the advancemeni of educ4tson of students at the University of the West of EnglaThJ for the public b¢n¢fit by.. n Promoting the inierests and welfare of Stllden ai the Urtiv¢rsity of th¢ West of England during their ¢ourge of Siudy and representing. supporting and advising students- B¢ing the re¢ognised representglive Channel between studenis and the University of the West of England and any other external bodies., and Providill8 Social, cultural, sporting and recrcational activities and fonuns for discussions and debat¢ for the personal development of its swdents. The prin¢ipal a¢iivity of the Union is to repre5eni lis members and provide appn)priate services. To this end the Union organises Siudent Repre8entation, runs ¢lubs, socieiies and neiworks, provides an Advice Cenire. Job Shop. Nursery. bars, shops and encenainmenls. The commercial activities ar¢ provided ihrou8h the Union's subsidiary. UWESU S¢tvices Limited. When r¢viewing our objectives and plannirtg our activities we have given due consideration to the Charity Commission's general and relevant supplctnenlary guidance on public benefit. AchievementJ & performance li ha5 been a fantastic year of engagement and support for our memb¢rs, Tht highlights bare now ou(lin¢d on our lrnpaci Repon which cover a¢iiviiies OV¢T the year demon8traiing the hug¢ elTort and profeis5ionali8m.%hown by Pre.%idents' and $iaff. A greol ihonk¥ for the Presidents and slaff team is du¢ this year with superb engagemcni and represent4tion happenin8 &croy8 all rampuses. Impact report hom¢pa8e- hrip5'.l/www.1he$tudentbunion.co.uklaboutttlmp8ctrcpoftI 2024-25 report IMPACT REPORT 2024.2D25 "K, .7lJllL,
Trngtees, Report (Continued) for the year ended 31 July 2025 Fresher's We held a Fre&her's week with a great experience for all sthdents. The fresher's ¢ontribution plan for 24125 was to make a pre-managelnent charge break-even which we a¢hieved with a PTe-¢harge $uJplus of £1.423 and a post charge deficit of £22,000 (23124.. £34,406 Deficit). We are targeting a bTeak ¢v¢n pre-ch¢ Surplus for 25126. Golng Coneern The Balance Sheet as at 31 July 2025 Showed a net assct p)siiion of £692.553 and for 23124 a net asset position of £682,794. In considering the going concern basis, the Trusiees ¢on8id¢r the compamy retains sufficient work8 Capital to continue trading ftsr the next 12 months based on evidence of long term positive cash flows and improvll comm¢rcial trade. The company cash flow forecasting will be consistently cornpleied for a mitiimum ora 12 month period and will remain under monthly review. The board therefore feel it appropriate to prepare the accounts on a going Concern basis.
Trustees. Report (Continued) for the year ¢Dded 31 July 2025 Financial review Th¢ Union has made a Surplus of £9,759 {23124.. £1,649.386) vs an originally budgeted £50,000 sU]uS position. The princip fundirtg sOueS are Ihe Blo¢k Grant from the University of £2.120.(K)O ¥nd the income raised by Iht individual clubs. societies and networks. Th¢re was narurally a nel decrease in block grant year on year (£1,891,275) as (he 23124 ndIng was an excepiional year. Capiial expenditure of £48,862 was largely made up of OUT expe¢ted annual replacements for a norn1 (rading year, which is about half of the typical annual expectation5. We exp¢cl ihe annual addttions to colltinue at around £IOO,000 per annum with the excepiiort of any ofour d¢signatcd reserve of £200,000 for the next S y¢gr8. UWE Swdents Union had a restnKture in our commer¢i41 departmcni in April 2025 due 10 a significant ¢hang¢ in trading paitem and level. The reBiructure has worked io provide the COTrecl level of labour conversion to sal¢$. The present level of fidIng is Sufficient to support the clwity's activities and the Trustees consider the fmancial Posiiion of the Union to be xood. The Union ha8 get a 3ury)lus budget for 2025120 of £67.(X)O. REVIEW OF TRADING SUBSJDIARY The tradittg subsidi4ry. UWESU Service5 Limit¢d, was Set UP at the end of January 2012. The lolal turnover for Ihe year lo 31 July 2025 wks £2.359.865 {23124.. £2.624,6671 and Ihe surplu.$ of £2,346 (23124.. £12,872) was donaied lo UWE Students. Union ro leavc reserves of £1. The 858¢ts of th¢ company are ¥iock. debiors and cash and the main creditor of ihe compAlly WOS Wlth UWE Students, Union. The principal aclivity ol the comphny was the ruT1n8 of bors, entertainments, shops and other commer¢ial aciivilies. RESERVES POLICY A8 8 sensible and profession41 organi8Dtion. we frel it 15 important to keep yome monies held in res¢rve, These monies arc eithcr held to meet known futte ¢iTcumst4nces, meet unforeseen cir¢umstanees or for a Sltuation where we need io wind up iht organisation. As we are # membership OT8ani7.aiion. we believ¢ Iliai in each year the majoriiy of the income re¢¢iv¢d by the Unkon should be spenl In providing services 10 our members. However. it is prudent for ug to budget to make a niall.%urplus each year to ensure thai we live within our means. Thi.% should mean that we will develop a r¢s¢rve that can then be u%¢d in future years. Thc Uniort currenily holdy £692,553 in its reserv¢s {23124.. £682.7941. £31,958 in re41ricied funds 123124.. £63,919), £298,544 in the unreslricied funds123124.. £288,196) and £362,051 in Ihe deyignaied fund51?3124'. £330.6791. However E320.579 of Ihose reserve5 are held as lan¥ibl¢ fi.xed a&sel¥123124.. £408.4691 and ¥r¢ thus not easily converted io u54ble cash. Gener41 funds General funds are ihe 8enetal reserves Tjot immediately required for any specific purpose, The SU at UWE n¢e¢ls to hold general reserves in order.. to provide working capital- to allow The SU at UWE to provide coniinuity of serviee if income Icvels were lo fluctuate, thereby giving itsne to seek new sources of revenue or lo reduce co%. to allow The SU al UWE to provide coniinuity of service if it had to cope with increases in expenditure thai could noi be accurately forecasi. to ensure that in the wor5r possibl¢ Circumstances it would be possible to pay all creditors and wind up the organisation.
Trustees, Report (Continued) for the year ended 31 July 2025 These should be built up and held at a minimum level of £400.000. Design8ted fullds The Union maintains a fvnd for the replacement of the capstsl assets of the Union in the nornial course of its activitL&S. Following the significant rnove in 2015 to the U Block SU buiLding thcse reserves should be re-instaied to A minimum of £200.000 by 2020, which has b¢¢n achieved. A$ part of the &greement with the uniVeity on the setting up of the Halley Nursery it was agreed that the ndS generated by or required for the ruTll)ing of thatnursery would be kept in a designated fimd. This has been amend¢d with an agreement to cap the fimd at 2 years risk of lo&$ which is £32,(M)O, the rcmainder would be rransfwT¢d back to the SU. The balan¢e in this reserve as At 31° July 2025 is £32,000. The Union has agreed tha¢ atty surpluses generated by individual Clubs, networks or soci¢ti¢s thall be kept in a designated fund and can be spent by thai entsty in future years. INVESTMENT POLICY The key inve81men¢ obj¢¢tive is maintain and, where possible, 8row the value of th¢ Union's unrestricted resetves whilst balancing risk with retum. The Union must always eft5ure thai there is 5uffictent cash to meet Lts operational needs, bu¢ must also ob(ain the best return possible on all funds deposited with ourbatjkers. Any funds not required in th¢ short lern) may ihen be investtd in Short tern) d¢p05Lts and any fvnds not needed in the rnedium- long lem] can then be invested wisely in longer ternj invesun¢nt5 to generate a gr¢ater yield. Funds not needed for short lerni operdtional needs can be deposited with reputabl¢ inStIlI0n5, provided that the risk ratings and limits agreed by the Board of Tmsiees are adhered to. Dcposils should always be 8pli( ben¥een UK based insiiwuons with different banking licensc8, to reduce the risk from instiDJtional fBilure. At the year-end thcre wag only one small investment rernaining to the value of£6.461 held with the NUSSL. The inve8tmenl performance of the Union's fimds is in line with the objectives set by the Tnjstees. RECRUITMENT POLICY At the Stydenty Union we feel it importani io ensuTe that we eonyistenily chall¢n8e our recruittnent process to mitiga1¢ the effects of potential di%¢rimination. As such we hold reeruiimeni policits tha¢ ensure the following.. Full and fair cort5ideration to applications for employm¢n¢ by the company made by disabled per¥ons, having regard ¢0 theLT particular aptitudes and abiliiies. For continuing the employmeni of, and for rearranging appropriate training for those who have become disabled persons during the period when they were employed by the Gompany To also give full and fair consideration of thosc employees with r¢gard to training. carttr development and promotion of disabled persons employed by the Company.
Trnstees, Report (Continued) for the year ended 31 July 2025 owEcrIvES FOR 2025126 We will continue the phase one elements (focus work slreams) of our 2022-2026 strategic plaL This wiu conlinue to shape and provide the basis for the fout key priorities and four key areas of work for 2025-26. The Board are currenily con$iderirtg extending the plan for 2 rther years to complete the work that has been plantLed and consider the impact of the Democracy and Governance review that will also lake place during 2025-26. The raphic below highlights the plan in more detsil hiips.'Ilwww.thc.%iudcntsunion.co.ukJ51rategic-pla Wo i ¢rithal part of stulenys lis. rbjrrnts To repr¢sent Ihe Voice of the hdl dI¥s1ty Of the student ¢omrniiiiity, pro¥idin&iiidependent ath'ce, ad¥ocacy, le a£knities and Dppyorbinthes in ordei to posibvely impact the skndeiit experiellGe at LIWE. Owstrthil¢ i 11-"I. JL-,J WellInE Ir oje Il staff te Or wwsespro¢ess¢s 4sle Italirts lorpNp data s stsms sipptIr¢preS1dB1ts to succee ¢81ient Ji¢dluri value$ Dur blhaviours We putsIL0nts fitsl ppoitve Empowering W$ chanE8 We are ¢s1¥0 and thverse A¢¢ountsbli CrBative and Fun We ¢tMItt9d to suslainabilty In addition w¢ will b¢ aimin¥ to complete all practicable Presideni Martifesto points and proactively .showing progre85 and achievement on the SU website so student% ¢an sce the aLhievemen(s and positive impact of our election officcr%. they can be found hiirl". vii.Ihe%lUilcni.4unii)ll.knO uk SUPPiLifi PlKsidtni io
Tru$t¢es' Report (Continued) for the year ended 31 July 2025 Siibscriptiolv The following subscriptions were paid in the year ended 31 July 2025.. National Union of Swdent5 £37.500 British Univetsity & Colleges Sports £14,983 tn Addition there are subscriptions by some of the 5POrts clubs io their relnI governing body. Custodlan Trll$tee RAG is a student led 50CLety with the aim of fvndrat8ing for a variety of local and national charitable cause8 whi19t providing students with a number of development opp)rniniii¢s. This includes ndraising itself as well 88 organigational and leaderthip roles. The financial trSactiOnS of RAG are kept separate from those of the Studeniy, Union throu8h the of unique coding and custody of the falls within the general securiry arransernent8 of the wider University. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ Trustees (who are a180 directors of UWE Students, Union for the PUTP95¢S of company lawl are responsibl¢ for prcparing the Annual Report of the TNste¢s and the financial siatcm¢nts in accordan¢¢ with applicable law 8Dd United Kingdom A¢¢ounting Statjdards (United Kingdom Generally Accepied Accounting Practice). Company law requirey the Trnsiees to prepare financial siatementy for each financial year which give a true and fair view of the Stale of affairs of th¢ charitable company and the group and of the incomin8 resources and Lpplicalion of r¢sources, including thc incorne and expenditure, of the charitable ¥roup foT thai period. tn preparing e8e fancial stalemtnls. ¢he Tru8tecs ure required io.. select suitable accounting polities and then apply them eonsistently; observe the meihody and principles in the Charities SORP 2019 IFRS102)- makeiudgments and e$timat¢$ that are reasonable and prudenL State whether applicable UK Accoun¢ing Standards have been followed. subjecr to any material dep8rwre8 diKIo8ed aTbd explained in the financial 5tatemeni¥,' and prepare the financial statements on ihe going ¢oncern basis unle58 it is inappropriate to pre%ume thai the charitable company will continue in busirAess. The Truyte¢s ar¢ responsible for keeping proper accounting records that discloqe with reasonable accuracy at any iitne the financial position of the charitsble company and enablc theTn to ensure thgt the financial 5taternents' comply with the Companit$ Act 2006. They are also responsible for safeguarding the asyeis of the charitable company and the group and hence for taking reasonAble 5tep8 for the prevention and detection of fraud artd other tregulariti¢s. So far as the Trustees are aware, Ih¢re is no relevant audit infom]aiion of which the Charity's auditor is unaware. The Trusiees have ea¢h taken all the sieps that they ought to have taken As Ttru8iees in order lo tnake themselve5 aware of any relevanr audit infomiation and to establish thai the Charity's auditor is aware of that information. The Trustees are respoDsible for the maintenan¢¢ and inie8rity of the corporate and fitwicial infonnation included on the charitable cornpany's website. Legislation the United Kingdom governing the preparation and dissemination of finan¢ial slaternenis may differ frotn le8151ation in other jurisdictions. AUDITOR Our auditor, Corrigan Accountants Limited. has indicated their willingness to contitiue in office and a resolution concerning their reappointment will be proposed a¢ th¢ Annual General Meetlli8.
SURSIDIARY REPORTING The UWE Srudenls Union accounis r¢pon has been Preprd in accorda[e with the provisio] applicable to companies entitled to the Small Companies, exetnpiion. APPROVAL The Ttustee8' Report and Strate8ie report was approved on the 12th Novetnber 2025 alld siglled on their behalf by.. M Sheh7Ad Pre8ident of UWE Studenty, Uulo# 0111212025 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UWE STUDENTS, UNION Opinion We have audit¢d the fLtLancial statements of UWE Students, Union (the 'group') and its subsidiary UWESU Services Limited (the 'subsidiary') for the ycar ended 31 July 2025, which comprises a Consolidatcd Statement of Financial Activities, a Consolidated and Chartty Statemcnt of Financial Position, a Consolidated Cash Flow Statement and notes to the financial stateJnenls, in¢ludiThg significant accounting policics. The financial reporting fratncwork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The Financial Reporking SÈortdard applicable in the UK and RepubliL of Ireland (United Kingdom Generally Ac¢¢pled Accounting Practicc). In our opinion the financial stalem¢nts'. give a truc and fair view of the state of the group's and subsidiary's affairs as al 31 July 2025, and of the group's incoming resources and appli¢ation of resources, including its income and expenditure, for the year Ihcn ended,. have been properly prepared in accordance with United KgdOM Generally Aecepted Accounting Practice. and have been prepared in accordance with Ihe requiTemenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fLLrth¢r described in the auditor responsibilities for the audit of the financial statements section of our report. We ar¢ independ1 of the group and its subsidiary in ac¢ordance wilh the ethical rcquirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordance with Ih¢s¢ requirem¢n15. We believe that the audit evid¢nce we have obtained is sufficient and approprialc to provide a basis for our opinion. Concluslons relatlng to goln£ concern In auditing the financial statemenls, we have concludcd Ihat the trustccs, use of Ihe going con¢crn b88iS of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or Collectively, may cast significant doubt on the group and par¢nt charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to Boin8 concern are described in the relevant sections of this report. Other informatlon The other infomalion comprises Ihc inforniation included in the trustees, annual report, other than the financial 51alcments and our auditor's report thereon. The trustces are responsible for the othcr information. Our opinion on the financial statements does not cover the other infomtstion and, except to the extent othenvise explicitly staled in our report, w¢ do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infoTmation and, in doing so, consider whether the other inforn)ation is tnaterially inconsistent with the financial statements or our knowledgc obtained in thc course of the audit or othenvise aPar$ to be materially misstated. If we identily such material inconsistencies or apparent material misstatements. we ore rll1red to det¢nnine whether this giv&8 rise to a material misStalem¢nt in the financial statetnenls themselves. If, based on the work we havc perfonned. wc conclude that there is a material misstatement of this other infomialion, we are required lo report that faci. We have nothing lo report in this regard. 13
Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based oft the work undertaken in the course of Ihe audit-. the inforn]alion given in the trustees, report, which includes rhc directors, report prepad for the purposes of company law, for the financial year for which the financial statcments are prepared is consistent with the financial stalemenls,. and the directors, report includcd within the trustees, rewrt been prepared in accordance with applicable legal requirements. MAtters on whi¢h we Ire required to report by exceptlon In the lighi of the knowledge and understanding of the group and it's subsidiary and ils envirotunent obtain¢d in the course ofihe aLLdii. we have not identified material misstalemenls in the directors. report. We hav¢ nothing lo repori in respect of th¢ following matiers in relation to which the Companies Acl 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept by the parent charitable cornpany, or returns adequate for our audit have not been received from brancELCS not visited by us.. or the parent charitable company's financial statements are not in agreement with the accounting rccords and ruM$. or certain disclosures of trustees, remuneration specified by law ar¢ not made. or we have not received all th¢ inforniation and explanations we require for our audit. Resp0nslblllti of trustee$ As explain¢d more fully in Ihe irustees, responsibilities statement set Oui on page I I, the trustees {who are also ihe directors of rh¢ charitabl¢ company for Ilie purposes of company law) are responsibl¢ for the preparation of the financial slateinents and for being satisfied thai they give a Irue and fair view and for such internal ¢onirol as the trusle¢s delerniine is necessary to enable Ihe preparaiion olfinancial stalemenis thai arc free Irom material misstatement, whether due to fraud or error. In preparing the financial slalemenls, the Inisiee5 are responsible for assessing the group and ils subsidiary's abilily lo coniinue as a going concern, disclosing, as applicable, ma(lers related lo going concem and using the goii)g Loncern basis of accounting unless tli¢ Iruste¢s ¢iih¢r intend lo liquidate Ihc group or lo ceas¢ operaLions. or have no realistic aliernaiiv¢ but to do so. Auditor responsibllitles for the audlt of tbe financial stAlements Our objectives are io obiain rcasonable assurance about wheihcr the financial slalements as a whole are free from malcrial misslateinenl. whdher dlte lo fraud or error, and lo issue an auditor's r¢p)rt that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thai ati audit conducted in a¢cordaii¢e with ISAS IUKI will always detcct a material misstatemcnt when it exists. Mis5tat¢ments can arise from fraud or error and are considered material if, individually or in the aggrcgate, they could reasonably be expected lo influence ihe economic decisions of users (aken on the basis of thcse financial stalein¢nls. IegUlaritieS. including fraud. are instances of non-complianc¢ with laws and regulations. W¢ design procedures in line with our r¢sponsibililie5, outlined above. lo detecl material mi5Statements in respect of IegularItIeS, iiicluding fraud. The exienl to which our procedures are capable of detecting irregularilics. in¢ludin&, fraud is detailed below.. We obtained an understanding of the legal and regulaiory frameworks applicable to the Charitable company and the sectOT in which it operates. We obtained an undcrstanding of how the group is complying with those legal and regulatory frameworks by making cnquiries to rnanagement. Wherc applicable we corrobordted these enquiries through our review of the tninules of Board meeting5. Wc asscssed the susceptibility of the group's financial statemenis to material misstalcment, in¢ludillg how fraud might occur. Audit Procedures performed by the cngag¢ment team included.. identifying and assessing the dcsign elTectiv¢ness of controls manag¢ment has in place to prcvenl and deteci fraud. 14
understanding how those Charged with governance considered and addressed the polcntial for overTide of controls or other inappropriate inAucn¢e over the financial reporting proc&qs' assessing the extent of compliance with the r¢l¢vaut Laws and regulations perforniing analytical revi¢w procedures lo identify any unusual or unexpected relations]ups thai might indicate a risk of material misstatement due to fraud- performing audit work over the risk of management overyide of controls, including testing of journal entries and other adjustments for appropriatess, evaluation the business rationale of Signifint transactions outside the nom]al course of business and reviewing sigmificanl accounting estimates for bias. Because of the inher¢nt limitation8 of an audit, there 18 a risk that we will not delect all irregularities. including thosc leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more tha¢ compliance with a law or rcgulation is removed from the events and transactions reflected in the financial stalements, as we will be less likely to become aware of instances of non-compliancc. The risk is also greater regarding irregularities wcurring due lo Iraud rathcr than eJTor, as fraud involves Intention concealment, forgery, collusion, omission or misrcprc5entation. A fitrther description of our reswnsibililies is available on the FRC'S website at.. https..//www.frc.org.uk/audilorslaudil-assurance/audilor-s-responsibilitiesfor-the-audit-of-Ihe- fddescription-of_the-auditor % E2Tr/080Q/o995-responsibiliti¢s-foT. This description forms part of our auditor'$ report. Use of our report This report 1$ made solcly to the group and it's subsidiary's rncmbers, as a body, in accordance with Chapter 3 of Paff 16 of the Companies Act 2006. Our audit work has been undcrtaken so that we might state lo the charitablc company's m¢mbers those matters we are required to stste to them in an auditor's report atid for no other purpos¢. To thc fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as body, for our audit work. for ihis report, or for the opinions we have fonned. David Wrighi Bsc FCA (Senior Statutory Auditor) b'or and on behalf of Corrigan Accounianls Limited, Ststulory Auditor I st Floor 25 King Street Bristol BSI 4PB Dale . 11.11.15 15
UWE STUDENTS. IJNION Comiolidated Statement of Finan¢ial Actlvltle5 (Ine Income and Expenditure ae¢ounts) for the year ended 31 July 2025 Unrestricted Funds 2025 Restricted Funds 2025 Totsl Funds 2025 Total Funds 2024 lftcomefrom.. DoRatlonJ: Block grant Grant income Charltxble ¥JctlvltleJ: Freshers. student shops and bar8 Union 5crYices. 5pon8 and other activilies Other trading &etlTrlileJ: Nursery and other Iradtng Inve8tm¢nts 2,179,815 2.179,815 4.071,090 11,485 2.284,505 716,669 2,284,505 716,669 2.546,497 658,933 740.793 8,686 740,793 8,686 705,106 10,968 Total lll¢Dme 5,930.468 5,9311,408 ,(I04,079 Eypendifvwe on.. Ralslng fundi: Nurgery and oth¢r tradinK Grant expendi¢ure ChAr114ble aetlvltlej: Fre$her5, sdent shop8 and bars Union service8, Sports and other aeLivities 735,477 735,477 733,169 11,485 2,357.519 2,795,752 2,357.519 2,827,713 2.611.795 2,998,244 31,961 Tot41 Expendlture S,B8&748 S,920,71i9 OJ54,693 Net {¢xpendliureylneome 41,72 (31,961) 9,759 1.649,380 Fund balances brought forward 61 8,875 682,794 (966,592) FuDds B*lance 1131 July 16117 692,553 682,794 The notes ort pages 19 to J5 fonn part of these accounts. There are llo recognised gains or losse5 Other than thos¢ passittg throu¥h the Consolidaied Statement of Fin4ncial Activities. All tradin8 activities of the Union and its subsidiary 4re classed as continuing. Prior year comparative figures are shown in note 25. 16
UWE STUDETrITS' UNION Consolldated & Charity Sta¢emeDt of FID4neiAI Posltlon u at 31 July 2025 Group 2025 Group 2024 Cbanty 2025 Charity 2024 Flxed A55ets Propety, Plant & Equipment tnvestmenL8 320,579 6,461 402,008 6,461 320,579 6,402 402,008 6,462 12 Tot#1 Fixed Amets 327,040 408.469 327,041 408.470 CurreDt Asstts Illventories Debtors Cath at bank and in hund 13 14 95,054 437.268 534,529 82,437 293,424 394,141 10,513 422.845 255,316 9.550 287.918 237.957 Total Current AMet8 1,066.851 770,002 688,674 535,425 Credltors: Amounts fallin8 due within one year 15 {701,338) 1495,677) {323,162) 1261,101) Net Current AS•¢t(L10b1]1de) 365,513 274.325 365,512 274,324 Net Aisets1lLlabilltlI 692 553 682 794 692.SS3 682 794 Cxplt¥41 and RMerve8 :: Unrestricted funds G¢nerhl fund5 16 298.544 288,196 298,544 288,196 Desi8nated funds 16 362,051 330,679 362,051 330,679 Restricted fjjnds 17 31,958 63,919 31,958 63,919 Total FuDds 18 692 553 682 794 692,553 682 794 Th¢ notes on pages 19 to 35 forni pan of thcse accounts. These fthan¢ial 8tatements have been prepared in accordance with the special provision5 of Part 15 of the CornpaT]ies A¢t 2006 relatin8 to small charitable companies and were approved by the Tnte¢S on 12 November 2025 and are 5Lgned on their behalf by-. M Shehzad PresideDt of UWE StudeDts' Unlon Company Registration Number 07675253 /IZ/tS 17
UWE STUDENTS, UNION Consolldated Stitement of Casb Flows as 4t 31 July 21125 Group 202S Group 2024 £'ooo £'o( CA8hlgener4ted by operatlng •¢tiviti 24 84 {94) Cash nowi from Inve5tiDg aetivitles Interes¢ income Purchase of tangible fixed assets Return of inveslments 49 89 Csh provlded In Inveltlng actlvlties 58 100 CAsb tlows from flnancing attlvitles Repaymeni of borTowin8 CA8h u$ed In fln4nclng Aedvltles Incr¢&se in ca8h and cash equivalents in the year Cash and cash equivalents at the beginning of the yeAr 394 388 Total Casb And cajh equlv¥41ent$ at the ¢nd of the yer 535 394 The notes on pages 19 to 35 fom) part of these accounts. Charity law prohibiL% tlie use of net Gash flows on 4ny restricted fund to offsei Thel cash ouiflows on any fund Outside of ils own PUTPOSCS, except on sp¢cial authoriiy. In praciice, this rcstriction lias noi hgd any eff¢¢i on cash flows for Ihe year. 18
UWE STUDET4TS' UNION Notes to the FlnAncial Statemen¢8 for the year ended 31 July 2025 BASIS OF PREPARATION The firtancial.$tstements have been prepared on th¢ historical cost basis 8Thd in accordance with Accountin8 and Reporting by Charities.. Statemeni of R¢wmmended Practice applicable io clwi"tie5 prcparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecuve l January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. Grollp Flnanclal StateJnertt8 The financial ststem¢nts consolidate the results of the charity and its wholly owned subsidiary UWESU S¢rvices Limited on a Isne by line basis. A separate Ststement of Financial A¢livi¢ies and irtcome aThJ expenditure accouni, for the charity are nol presented because the Charity has taken advantage of (he exemptions afforded by gection 408 of th¢ Companies Acl 2006 and paragraph 397 of th¢ SORP. The unconsolidated surplus for the year of the charity was £9.759 {23124.. Surplus £1.649,386). Income The Block GrAni from the University of the West of England is dealt with on a financial yev basi8. Other income 18 includ¢d in the SOFA account on a receivables basis where there 14 reasonable probability of receipt. The Union rec¢ive5 grants which are reco8nised as incoming resources in the Statement of FinonciAI Actsvitie¥ on a reeeivable basis wh¢n th¢y meet the three recognition criteria 8et out in the SORP. Expendltur¢ Costs of g¢n¢rating fimds are th08¢ ¢Q$t$ incurred in attracting voluntary income, and those incurred in tradiryg activitics that raise fithd$ includin¥ lillbiliiies where there is a rea80nable probable of the expendiwre Charitabl¢ J¢tlVLties include both the direct costs and 5UPPOrt ¢o$ts Telating to those activities. Goveman¢e costs include those incurred in the govern8n¢e of th¢ charity and its a58ets. Support costs, being indirect staff and overhead costs, are apportioned on a usage basis across each area. Stat¢mtllt of Cash Flo The ¢h8rity has taken advaniage of th¢ exernption available under FRSI02 Sec¢ion 1.12lb) in not preparing charity only statement of cash flows. Stoek8 All gtocks are slated at the lower of cosi and net r¢alisable value. Net re8li8able value is based on eStiMad selling price less the estimated ¢0¥( of disposal. Inve5tmeDts Investments are slated in the balancc sheet at cost. The only balance remaining is the £6,461 NUSSL inv¢stmell(. Tangible flxed assets Fixed a55ets are statcd at cost le accumulated depreciation. Tangible fixed a&sets with a cost below £2.500 are not capitalised. Depreciatiot) 15 pmided at the following annual raies in tsrder to Wri the ¢08t of assets off over their estimated useful lives'.- Fixtures and fittings Equipment Alterations to pr¢mises 10 / 330/0 of cost 20 / 330/0 of cost 100/0- 20/0 of cosr 19
UWE STUDENTS, UNION Notes to the Financial StatemeDts for the year ended 31 July 2025 (ContlDued) PensAon costs UWE Students. Union participates in the SttLdents' Union Superannuation Scheme. adefjned benefil scheme which is extemally funded and contracted out of the Stat¢ Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable bein deiemiincd by the trustces on the advice of the acllw. The Scheme operates as a pooled arrangetnent. with contributions paid at a ceniially agTeed rate. The 2013 valuation recommended a Tllonthly contribu(ion requiremeni by each panicipating employer expressed in monetary iemLS iniended lo clear the ongoing funding d¢ficit. As a consequence under FRS 102, Ihe Union had re¢ognised a liability in the balance sheet equal to the net present value I'npv'l of future deficit r¢duction payments. These payments are discounied io the present value using the rnarket yicld on high quality corporate bonds. As ai 31" July 2025 UWESU has paid off rhe liabiliiy in 6Jll via the Section 75 proce8S. The Union also porticipates in both & NEST (Governmeni standard lld for those that don't opt out of the nlA s¢heme) and a NUSPS pension forthose wishing tak¢ advantage of the Unions currently offered 8chern¢. T8xAtlon The charity is ex¢mpt from on incom¢ and gains fallin8 within section 505 of the Taxes Act 1988 or section 252 of the Tayation of Char8eable Gains Aei 1992 to th¢ extent that these are Applied to its charitable objects. Oper#tlnE lell #greementi Rental8 applicable to operating leases where substantially All of the benefi18 and risks of ownership remain with the le58or are charged against surpluses on a Straight-line basi¥ over the period of the leaqc. FuDd Ae¢ountln8 Unrestricted Funds represent unspent income which May be us¢d for any activity. DesÈgnaled Fund¥ are yel aside by the Union to be spent on $pecific projects and 4reas. Restricted Funds raised and administered by the Union are for specifjc purposes, 8uch as Clubs and Societies. Golng Concern In considering the 80ing concern ba$i.¥, Ihe Tn2¥¢ees eousider ihe company retains su1cl¢nI working Copital to coniinuc Irading for thc next 12 monihs based on evid¢nce of long iemi posiiive cash nows and slyble commercÈal lrnde. Reserves are coniinuing 10 increase with less funds in a rc$lricied capacity. We are also moniioring and reviewing Nursery occupancy and policy on attend4nce to ensure prudcnt labour p14nning iven the ongoing funding changes in the Sector. The company cash flow fore¢asiin¥ will be consisl¢ntly completed for a minimum of & 12 month period amd will remdin under monthly review. The board therefore feel it appropriate to prepare the accounts on a going concern basi5. Financlal In$irument$ Ay the charity only has basic fancIsI Instruments it ha8 ¢le¢ted to apply the provi.8ions of Section I I 'Basic Financial Insinmient8' of FRS 102, to all of its finartcial instruments. Financial in51Tuments are recognised whell the charity becomes party to the contTacDJal provisions of the instrument. 20
UWE STUDENTS, UNIOTrI Note5 to tbe Flnanclal Statements lor the year ended 31 July 2025 (Contlnued) Financial assets and liabilities are offset, with the net amounts pr¢8¢nted in the flnaneial statemenrs, when there is a legally ellforceable nght to set off the recognised amounts and there is an intention to settle on a net basis or to Teali5e the asset and settle the liability simulthneously. Basic Financial A$set8 Basic fUlC1al assets. which include trade and other Teceivables and cash and bat)k balances, are initially measured at transaction pri¢¢ including transaction ¢08¢ 8nd are subsequently carried at amortised cost usll th¢ effective inlere81 method unless thc arrangement constitutes a financing t[alactIOn, where the flnanciai as8¢t is measured at the pre5enl valu¢ of the fijwre rec¢ipts discounted at a rnarkei rate of intcresL. Imp4imeDt ol tlnantlal aJJet$ Financial a&8¢ts are Assessed for indi¢aÈors of impaimient at each reponing cnd date. Financial &syets are impaired where there 18 objective evidence that, as a result of one or more evenL8 that Q¢CUTr¢d after the initial recogni(ion of the fthancial assel, the estimated future cash flowshave been affected. If an a85¢t 1$ impaired, the impairrneni loss is ihe difference beNeen th¢ carying amount and the present value of the esiimated cash flows di$¢ounted at the ass¢t'5 Original eff¢¢tive irtteresi rate. Th¢ impaimient 1088 is reco8rtised in the SOFA. If there 1$ a decrease in th¢ imp4irrnent Ios8 arising from an event o¢¢urring after the impaitment was recognised, the imp&irn]ent 15 r¢v¢r.%ed. The reversal is such that the ¢UTr¢nt carrying amouni does noi exceed what the carrying amount would have been, had the impainnent no¢ prcviously been recognised. The imp?iJmenL reversal i¥ recognised in the SOFA. De-RecoRnltlon of flnintlal Amets Financial asseis are derecognised only when the corttractual rights to the cash flows frorn the asset expire or are ¥ettled. or when the company transfers the fmancial asset and substantially all the risk5 and rewards of ownership io another enlity, or if some significant risks and rewwd% of ownership are relained bul control of the assct has iransfe¢d to another parry that is able to sell the ass¢¢ in its eniirety to an unrelated third party. FIDAnelal Llabllltlej Financial liabilities are classified according to the 8ubstance of the contractual arrangments ertred into. Bae fln#nclal liabllltlts Ba8LC fjnaneial liabilities, includiJJg trade and oth¢T payables, are initially r¢co8nised at transaction price. De•Re£ognltlon of flnanclal llabllltles Financial liabilities are derecognised when. and only when, the charitics contrdcttlal obligatio$ are discharged, cancelled or they expire. Cash ind ¢8sh equlvaleTrts Cash and cash equivalents includes cash and short t¢rrn highly liquid invcstrncnts with B short rnaturity period. 21
UWE STUDENTS. UNION Notes to the Finaoclal Statements f•r tht year ellded 31 July 2025 (Continued) Other trading actlvitles 2025 2024 Nursery Other Tr8dlD8 665,433 75.360 626,930 78,170 740.793 705.106 3. ChArltable A¢tlvliles- Fresher4 Student Shop8 and BAr8 2025 21124 Fr¢sber$ R¢t811 Food & Bever8e 77,579 1,437,392 769,534 78.314 1,772,946 695,237 2,284 505 2 546,497 4. Ch{¢1ble A¢tlrftles- UnloTh Strvlcei, Sports and Other Actlvltlfi 2025 2024 Sports & Other Artlyltles Uolon Servlee$ 644,210 72,459 624,269 34,664 716669 658,933 5. Anly81$ of exp¢ndlture- Actlvltles for Funds 2025 2(124 Lyursery Other Tradlng 735.477 733.169 735,477 733,169 22
UWE STUDENTS, UNION Notes to tbe Fln#Dclal Statements for the year ended 31 July 2024 {Colltlnued) Anlysls of expendlture Charltable A¢tivitles- Fresheri, Student Shop$ 8nd Blry 2025 2024 Freshers Retail Food & Beverage 99,579 1,537,189 700,750 112,720 1,795,505 703,570 2.357.519 2,611.795 AllAIyS of expendlture on Cbarltable Actlvitiu- Unlon Services, Sp•rtS And Other A¢tlvlde8 2025 2(124 Sportj & Other Actlvltle• UDloll Servlces Governon¢e Pert8lon LIAblllty AdJutment 1,284.345 1,454,592 88,776 1,279,174 3,659,014 108,511 (2,036,970) 2.827.713 3 009 729 Expendlture Dlreet Staff Support 202S TotAI 2024 Total Usage Ch4rliAble Clubs. Soci¢ti¢s & Networks 120010) Sdent R¢p & Offlcerg (7 /01 Advice Centre (40/01 Campu5 Support {3 /0) Comtnunicatitsns {5 /.} Commerctal Nursery(12/) Commercial tIvitIeS (44•/n} Govern&Dce Iif/**l) Overheads recharged (611/•) PeDsions deflelumovement (- 811.418 220.298 34.494 54.228 97.953 169,770 394,986 107,660 44,465 164,936 303.157 57,381 57,381 57,381 57,381 1,284,345 672.664 199,535 156.074 320,269 1,279,174 446,480 219,614 186,335 345,454 93,926 1,346.876 73.718 {339,9911 509,467 802,448 15.058 446.041 132,084 208,194 735,477 2,357,518 88,776 106,050 733,169 2.611.795 108,511 2.46l,131 (2,036.970) 2392919 2 654 829 5 920,709 6.354,093 Governance costs are thos¢ Èncurred for Compliallce with constitiOnal and story requirernents. guch the allnual audit, professional fees and election costs. 23
UWE STUDENTS, UTr410N Notes to the Fln#Dcial Stat¢tnents for the year ended 31 July 2025 (Contlnued) The support Costs w¢re looked ai C a detailed basis. Wh¢re individual costs could be alloca¢¢d to specifi¢ areas they were. Oihenvise ¢os15 were allocaied by compariqon 10 cither salarie& rton-salary ¢xpendire or a combination L)f ihe two. depaiding on which m¢thod gave the most reasonable allocation. Comparative figutts are below.. Dlreet Staff Usa8e Support 2024 Total 2(123 Charlff&ble Clubs, Societies & Networks {20 /.) Student Rep & Offic¢r5 {7/) Advi¢¢ Centre {4Q/ol Campus Support (30101 Conununications1SO/vl Commereiol Nursery {120/ol Commercial activitie51440/•1 GoverTr#n¢e11 /•) Overheads re¢harged {6•/•) Penslons del]eltlmovem¢nt (- 833,236 141,750 54,332 74,753 117,075 254.877 244.066 104,618 50.919 167.715 191.061 60,664 60,664 60.663 60,664 1,279,174 446,480 219.614 186,335 345.454 ,215,486 423.173 218,239 158,260 311,254 96,117 1,616.885 97,346 2,076,117 501.707 771,500 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 (2,036,970) {2,036,9701 (99,217) 3 070,641 2 491.581 792471 6354 693 6.055 623 Staff Costs The number of Staff employ¢d by the Ltnion amount¢d to.. 2025 No. 2024 Permanent Staff Student Stff 81 85 79 92 166 171 The full titnc equivalent number of staff employed by the UtiioTh amounted to.. 2112S No. 2024 Iyo. Permanent Stff Student Staff 69 18 66 16 87 82 24
UWE STUDENTS. UNION Notes to the Financial Sttttements for the year ended 31 July 2025 (Continued) The costs ofthe abovc werc.. 2025 2024 Wages & SAlarl Social securlty Ptn51on eo8ts 2.327,721 194,605 128,096 2,186,062 160,763 134.381 2.650,422 2.481.206 10. Trugtees, Remynerxdon And ExpenJe8 The SU President and ea¢h of the four Vic¢-Pr¢5ideni& been remun¢r&trd by way of ¢olltraci for the year a5 authorised by the Union's 8overning docum¢nt for the repr&%cntation, campaigning and 5uppon work they undertake as distinct from their Trustee responsibilities. This work includes voicing 8ttJdent opinion with th¢ institUllOD and local community, dcf¢nding and exiending the rights of 5tudcnts through peiitions, discussions with MPS. organi$ing and supporting student volunteers and setvic¢ provision for them. The total salary and NI ¢08ts for the sabbat1¢41 officers amOUnd to £147,804 (23124.. £138,363). The breakdown is below. Ther¢ were other able TnLitee ben¢fits in the fomi of VISA reimbwsements for the year iot4llin8 £1,960 123124- £980). Travel expenses of £2,423 (23124.. £3.1331 wer¢ pjid out to the Trusiees. 25
UWE STUDENTS, UNION Notes to the FIDanci*l Ststemeots for th¢ year ended 31 July 2025 (Continued) 2025 Payroll Expenses 2024 Pen51on Peniion TotAi Plyroll ExpeDse% Total thel Ekaette az Abdul Kareem 26,087 25,9(M) 22,974 067 292 75 1,704 1,285 876 28,458 27,477 23,925 Olure .nuel Kolawole hna Sing adiza Hossain byna Gardezi Ihammad Habib iar Abbasi Ihan)mad Ad Zarif 26,888 I,101 27,989 27.937 25.741 2,407 2,427 2,427 2.463 290 571 1,798 30,025 26,312 2,407 2,585 2.967 3,003 30,093 30,262 26.670 29,903 356 594 78 294 30.449 30,483 26.747 32,135 158 540 540 Shehzad BT¢ntnall 3,189 3,239 27,521 3,239 Iliam Marsh Redwood Bolt tal8 176,141 2.423 178,563 138.363 3,133 5,663 147,159 In 24125 there wffe a total of 5 twsiees who re¢¢ived reimbursed expense$ {8 in 23124). Th¢r¢ were £nil waived expenses during the course of ihe year.123124.. £nil) 26
UWE STUDENTS, UNION Notes to the FiD4neial Statemen1$ for the ye#r ended 31 July 2025 (CoDtIlled) 11. Property, Plant & Equlpment Flxture$ Flttln89 Group and Charlty Cost Al l August 2024 Additions 2.590,491 48,861 At 31 July 2025 2,639 352 Depreclatlon At l August 2024 Charge for the yC4r 2.188,483 130,290 At 31 July 2025 2 318 773 et Book VAlue At 31 July 2025 320.579 At 31 July 2024 402,008 12. Invefjtn)ents At 31 July 2025 the Union held an inve8¢rn¢ni in the followin8 company which is incorporaled in the United Kingdom: Nam¢ ofcompany Company Number Main Trading Activity Equity Held UWESU Servxces Limited 07917777 Cotnmercial aetiviiies of th¢ Union IOOQ/y A summary of th¢ 5ub8idi8ry's results for thc year end¢d 31 July 2025 and the balance sheet position at 31 July 2025 is shown below. Group Sbares i Sub8idlary Deposits Total At Cost At l August 2024 Additions Digposals 6,461 6,461 At 31 July 2025 6,461 27
Charlty Shares Subsldiary Deposlts Total At Cost Ai l August 2024 AddiiioD¥ Disposals 6.461 6.462 At 31 July 2025 6.461 2025 2024 UWESU Servlces Ltd- Protlt losj •ccounl Turnover Expenditure 2,359.865 (2.357,518) 2,624,667 {2,611,795) Net Profit Distribuiion UWE SU 2,346 12,3461 {12,872) R¢tained profit8 brought fotward Retained profits catried forward UWESU Servl¢¢J Ltd- Balance sheet Current a&scts Curreni liabilitiey 444,138 {444,lJ7) 313,346 (313,3451 C&lled up share capital Profit and loss account 13. Invellt•rles Group ChArlty 2025 2024 2(125 2025 Goods for own use co(3 lor resale 10,513 84,541 9,550 72,887 10,513 9,550 95.054 82.437 10.513 9.550 28
UWE STUDETrITS' UNION Nthtes to the Fillancial Statements for tbe year ended 31 July 2025 (CoDtlnued) 14. Debtors Group 2025 Ch*rity 2024 2025 21124 Trade and Sundry debtors Prepayment# and aeerued income SS and other taxes Amount due from subsidi4ry 31,7CX) 405,568 40,663 252.761 8,962 355,692 13,852 201.761 58,191 72,305 437,268 293.424 422,845 287.918 15. Credltors: knounts fauing due within one year Group 2025 Cbmrlty 2024 2023 2024 TrAde eredltors Socl¥41 security #nd otb¢r t8xei Other eredltory Aeeru411 and deferred Income 102.114 387,132 37,218 174,874 63,850 217,817 32,873 181,137 97,582 52,481 23,019 150,080 58,295 49,069 14,106 139,631 701,338 495,677 323.162 261 101 16. UnreslTlet¢d Funds 2024 Income Expendlture Tranjfers 202S Gener Fund$ 288,196 4,761,818 (4,804,296) 52,826 298.544 D¥si8nAted FMMds.' Halley Nur%ery C8pltsl Reserve PeDslon Llablllty Club4 $0¢'s & NetTrvorks Total Deslgnated Fllnd$ 16,000 200,000 665.433 (596,6071 (52,826) 32,000 200,Th)0 114.679 330.679 503,217 1.168,650 -(487,845).... 11,084.451) (52,826) 130,051 362.051 Ttst#l Unrestrlcted Fundj 618,875 5.930.468 5,888,748) 660,595 The Designated Funds of £362.05] (?3124.. £330.6791 are For the replacement of exi$iing capital items and toward the Cosi of prtsviding futL2re faciliiies, Ihe %eparaiLon of surpluses generated by the Clubs, Societie5 and Network5 and th¢ separation vf the Flalley Nursery funds. 29
UWE STUDENTS UN10Tr4 Notes to the FiD8n£il Statements for tILe yelr ended 31 July 2f12 {Contlnued) In addithon, by agreement beiween the Union 8nd the University the dire¢1 funding generdied from or required for Ihe running of the Halley Nursery have been assigned a separdte designated fund. The balance is writien back down 10 £32,000 each year. This year the Nuryry made a pre-management re¢harg¢ surplus of £62.040. We have therefore decided io build the balance back up to £16,000 as at 3 IS July 2025 with the inteniion building baok up to £32,000 in 24125. Finally, surpluses generated by Clubs. Societies and Networks are set 88Lde by the Union sp¢nt specifically in these area8. Comparative figures to 23124 are below- 2023 Income Exp¢ndliure TrAn$fers 2024 6,922,123 (5,027,735) (1,979,142) 288.196 CeDeral Fund• 372,950 Desi8nuied Fwids.. Halley NllNery Capital Re$erv¢ Penslon Lliblllty Club$, Soc's & 105,463 Iyetworkx Totsl DeslKnated Funds (1.435,422) 627,352 {586.715) (24,637) 16,000 200,000 200,000 (1,740,885) {262,894} 2,003,779 454,004 1,081.956 -1445,388)..-. 11,294,997) 114,679 330,679 1,979,142 Tot*1 Unrejtrieted Fund$ 8,004 079 6 322 732 618 875 1.062 472 17. RtrIcted Fundi 2024 lThcome Exptndliure Trinsferi 2025 (31,9611 31.958 CApItAI Grant 63,919 31,961 The Resiricied Funds 01-£31.958 123124.. £63,919) Telaie io donations and incorne raised for Specific pff)iects and S 8uch are held pending fuiUT¢ spending. Th¢ Capital Grant is a contribution toward% the fil Out of lh¢ new SU building and will be writien off over the life of the assets (10 years). Comparative figures to 23124 are below- 2023 ExpeDdliure Tranrfer$ 2024 Jncom¢ Capital Grant 95,880 (31,961} 63,919 63.919 95.880 31,9611 30
UWE STUDENTS, UNION Not to the FlnaRei81 Statements for the year ended 31 July 2025 (Continued) 18. ADalysis of Net Assetj between FndS Group Fund balances 4t 31 July 2025 Represented by: Tangible fix &ysets Investhients Current 888ets Cutyent liabilities Long tern] liabiliti¢s Restricted Deslgnated General fundj fund Total 31,958 288,621 6,462 355,589 320,579 6.462 1,066.851 (701 J39) 711,262 (701,339) TotAI net wets 31,958 362051 692,553 Charlty bAl4neeJ ot 31 July 2025 Represented by: Tangible red assets Investments Cuttent as8et8 Current liabilitics Long terni Itabilitie$ R¢strict¢d D¢s18nat¢d General fitnd fimds Total 31,958 288.621 6,462 355,589 320,579 6,462 688,675 (323.163) 333,086 (323,163) TDt*l net AS8et8 31.958 362.051 298,544 692 553 Comparative figure$ to 23124 are in Note 26. 19. Net Income/exp¢ndlture for the year Is arrived at af char8ing'. 2025 2024 Depreelatlon Operatlng lease eharge$- plant & machinery 130.290 209,077 Audltor'$ remuneratlon: Fees payable to the Ch•rlty audltor for the audlt of the tlllanclal ststements 4nd eonsolidatlon Ftes payable to the Charity #uditOT And its
Moclates for oiheT servlees:
13.750 13,750 4,000 4,000 31
UWE STUDENTS, UNIOIY Noie5 10 the FIDancial St2temenlS lor the year ended 31 July 2025 (CoDtiDued) 20. Pen51ons UWE SLud¢nts' Union participates in the Students, Union SuperannualioD Scheme. which i5 a defined benefit herne whose membership consists of¢mployees of siudenis Unions and Telated bodies throughoui (he coun. Benefits in respeci of servi¢e up 10 30 September ?003 are ac¢rucd ort a "final salary" basis, with benefits in T¢spect of service from l Octob¢r 2003 a¢cn)ing on a Career Average Revalued Earnin8s (CARE) basis. Wilh effeci from 30 September 201 I the Schcme c105ed to fllre a¢enJ. The most rent vduation of the Schem¢ was Carried out as ai 30th Jun¢ 2022 and showed that the marker value of the Scheme's assets Was £137,000,000 with these as'iets repre$crtiing S l°/0 of the value of ben¢fiis Ih#i had a¢crncd to members after allowing for ¢XF1ed future iti¢reases in earnings. Th¢ delicit on an ongoing fimding b%3 amounLed to £134,000.WO. The assurnptiODS which knve the most si8nifLcani effect upon th¢ results of the valu4tion are th08¢ relating to the rale of return on investmentg and the rat¢$ of increage in salaries and pensions. In th¢ financial year 23124 UWE Siudents Union aciioned the Se¢iion 75 procesB to pay off kll li&biliiies ossociated with this Scheme and the bslance sheei liability therefore is now £nil. 21. Rel)Ited Party Tr#DsAcdoni a) During ihe yeAr. the Union received £2,120,000 (23124.. £2,020,000) grani funding from The University of lh¢ Wesi of England. There was also a £135,530123124.. £135,530) paym¢ni in r¢sp¢ci of rent plus £129,600 (23124.. £129,600) in respec¢ of Sports Hall charges. During thc y¢ar, the Union m¥de 8&l¢s to Tkne University of the West of England of £258,849 (23124.. £302,038). At the year ettd the Union was owed £11,976 (23124.. £2.596). During th¢ yeor, the Union PUTchased seNico from The University of the Wesi of Enslond of £820.501 {23124.. £491.703). Ai th¢ y¢ar end the Union owed The University of ihe West of Engnd £nil123124.. £AiI). Withjn thc fir519 tnonths of the 2025126 trading yeara payment of £2.346 will be paid frorn UWESU Services to ihe UWE Siud¢rt(s Union passing all trading profits with Ihe excepiion of £1 in 8c¢ord8A¢e with the group policy. Thue way a150 a mmageTneni recharge of £208,194 (23124.. £223.410) paid across ¢0 the parent ompany. The year end balanc¢ afier the 2024125 year end transfers between the Union and ILS ¥ubsidi¥ry was £58.191 (23124.. £72,305) in favour of the parent company. 32
UWE STUDENTS. UNION Nott5 to ihe Flnanci41 Statements for the year ended 31 July 2D25 (Continued) bl Key management personnel.. Olur¢ Kolawole Samu¢l- President- Ternj ended June 25 Lubyn4 Gardezi- Vice Pre5idctLt Community & Welfare- CommeAeed terni Jun¢ 24 KIL&diza Hossain- Vicc President Education- Commenced temi June 24 Umar Abbasi- VP Societies & CornDJunication- Commenced iemi June 24 Mubammad Habib - VP Sports- Temi ended June 25 Anya Brentnall- VP Sports- Terni commenced June 25 Muhammad Asad Shehzad- Presid¢nt- Temi commenced June 25 Les Redwood- Trugtee Sarah Bolt- Trustee William Marsh- Trustee- Tenn Cornmenced June 25 Ashish Sawhn¢y- Trusttt- Tcrni Commenced June 25 Sasirindu Ham8ngoda- Trnstee- Tenn CoTnTnenced O¢tober 24 Amrutha Kotin¢hintala- Tru5te¢- T¢m Commencd July 24 and ended November 25 Tim Benford- CEO Michael Blades- Finance Manag¢r The total r¢muneration of all of the above for the 24125 year was £290,508. (23124.. £291,267) 22. Ultlmate ControlllDg Party The controlling party of the Union are the Trus¢$ by virNe of their position under the Articles of A580Ci&tion. 23. Company Llmlted by Gu4r*ntee The Directors of the Company ar¢ liSd on Page 3 the limit of their guarjnttt is £1. 24. Recon¢lllAtlon of net movement In funds to c#¥h flow from oper&tlng aetlvltl¢$ Group 2025 Group 2024 £'ooo £'ooo Nel movement in funds 1,638 Add back depreciAtion charg¢ Deduct interest income 8hown in inve8tin8 a¢tivitie5 {IncreasellDecrease in s¢ock {lrtcrea5cIIDecre8se in dcbiors (IncreasellDecrease in creditors 130 209 {9) 16) 173 {206) 21 (1,957) Net £4sh used In operadng gCtivltle8 84 94 33
UWE STUDENTS, UP410 Notes to the Financial StatemeDts for the year ended 31 July 2025 (Continued) 25. Comparative f11 23124 SOFA Ullre8tricted Fuuds R¢strict¢d Fundi Totsl Funds 2024 Totsl Funds 2023 2024 2024 Incom¢fvm.' Donatlonfj: Blo¢k grant Grant income Charltable aetÉvldeJ: Freshers. 5tudeDt shops knd bary Union scrvices, sports and oth¢r activities Other tradlng aetlvltieg: Nursery and other rrading Investment 4.071,090 11,485 4,071,090 11,485 1,930,000 48.036 2,540,497 658,93J 2,546,497 658.933 2.787.IH3 676.505 705,106 10.968 705,106 10.968 622,449 4.344 Total ljjcome 8,004.079 8,(104,Q79 6,O6&377 Ewndilure on.. R*l$lng funds: NuTsery and other trading Grant exp¢nditure Ch8rlt•blt aetlvltlu: Fresher5, Stud¢nt shop5 And bars Union servi¢e5, 8POrts and other activities 733,169 11,485 733,169 11,485 720,698 2,611,795 2,966,283 2,611,795 2,998,244 2,683,839 2,651,086 31,961 Total Expendlture 6.322,732 6J54,693 6,055,623 LY¢t {expendltureylnc•m¢ 1.681,347 {31,1) 1,649J86 12,754 Fund balances brought forward 16117 ji.062,472j 95,880 j966,592j j979,346j Fllnds Bal4nee at 31 July 16117 618075 682.794 j906,592i 34
UWE STUDENTS. UNION Note5 to the Finnci4l Statements for the year ended 31 July 2025 (Continued 26. Compar•t5v¢ 23124 Funds movements Group Fund balance5 at 31 July 2024 Represented by: Restrlcl Design8ted Fund Gener] fundg funds Tot41 Tangibl¢ red assets Invesmients 63.919 338,089 402.008 6,462 595,151 (320,827) 6,462 324,217 Current ossets CU¢llt li&biliiieq Long teml li&bilities 270,934 (320,827) Tot*1 net A8t$ 63.919 330 679 288.196 682,794 Charity Fund b&lan¢eg At JI July 2024 Represented by: Re8tricted nds De8ignated Fund General funds Total Tgngible fixed u8ets Inves¢m¢nt5 63,919 338.089 402,008 6,462 288,920 114,596) 6,462 324,217 Current asscL4 Current liabili¢ie¥ Lon8 lem) liabiliti¢3 (35297) (14,596) Total net a$t5 330.679 288,196 682 794 27. Analy815 of ¢bangeJ In Det debt At 31107124 Cagb flows Otber non-¢a¥h chaDges At 31107125 Cash at bal and in hand Debi due within one year tkbt due after more than one year 394,141 293.424 140,388 143,844 534.529 437,268 687.565 284 232 971,797 At 01108123 Cash flows Other non-CAsh changes At 31107n4 Cash at and in twid Debt due within one year Debt due afier more than one year 388,244 155,257 11,740,885) .197.384) 5,898 138,167 2.036 970 2,181035 394.141 293,424 296,085} ?96.085 687.565 35