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2023-07-31-accounts

REGISTERED CHARITY NUMBER: 1145192

Report of the Trustees and

Consolidated Financial Statements for the Year Ended 31 July 2023

for

WORCESTER STUDENTS' UNION

Knox Cropper LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

Contents of the Financial Statements for the Year Ended 31 July 2023 I

WORCESTER STUDENTS’ UNION

Page
Report of the Trustees 1 to 40
Report of the Independent Auditors 41 to 43
Consolidated Statement of Financial Activities 44
Consolidated Balance Sheet 45
Charity Balance Sheet 46
Cash Flow Statement 47
Notes to the Cash Flow Statement 48
NotestotheFinancialStatements 49 to 61

Report of the Trustees for the Year Ended 31 July 2023

WORCESTER STUDENTS UNION

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The trustees present their report with the consolidated financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The 2022/23 academic year was extremely busy for Worcester Students’ Union (WSU) and one that was defined by challenges in rising costs, staff turnover, and student engagement. It has been one of the most difficult years for some time as an organisation but was also marked by some real successes and things to be proud of. We continued efforts to re-engage students in our activities and opportunities following the lingering effects of the pandemic, and the outcomes were mixed; good engagement with the Hangar and student-led events but little spend by students when in our venue, good engagement in sports events but less so in our societies and Networks, and good engagement in academic representation, as well as in student consultation and our governance structures.

A key focus for the year was to consult students on what our focus should be for a new longer-term strategic framework. The key themes coming out of the student feedback will be touched upon later in this report in the section on our Future Plans. The Union is proud to have completed this important piece of work, despite an extensive operational plan to fulfil, staffing shortages throughout the year, and additional (at times unexpected) work required by external influences, including the regulatory body, such as (but not limited to) the TEF Student Submission and the APP Student Submission. The Union remains grateful for the continued support from the University's Board of Governors and Senior Executive team. We are very keen to continue the good relationship where there is mutual support and scrutiny, with the common goal of an excellent student experience.

Status and Administration

The Students’ Union is constituted in accordance with its constitution and is administered and managed by the Trustees. Following the Charities Act 2006 and the withdrawal of this exempt status for organisations with annual turnover exceeding £100,000, the Students' Union considered its options and was, subsequently, registered with the Charity Commission in December 2011, Charity No. 1145192.

The Executive Committee members are elected by the membership to take office in early June in the year in which they are elected and hold office for one year until the second week of the following June. Members can run for re-election for a second year on the same terms.

Charitable Objects

WSU seeks to enhance the student experience by providing representation, welfare services, social events and opportunities for student development within the Union and the wider community.

Its Objects under its Constitution are:

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Report of the Trustees for the Year Ended 31 July 2023

ACHIEVEMENT AND PERFORMANCE Achievements and Performance AIMS AND ACTIVITIES

The Union exists to enhance the student experience and provide all c.10,000 students of the University of Worcester with opportunities to make the most out of their time at University. It aims to achieve this through services offering advice and support, democracy and representation, societies and sport, volunteering, and through student-focussed entertainment and events. To provide these, the Union has established departments and consults with its student staff and members to continuously improve. Executive Officers of the Union sit on every major committee of the University and regularly meet local stakeholders to represent the interests of its members.

The Union will seek at all times to:

(i) ensure that the diversity of its membership is recognised and that equal access is available to all Members of whatever origin or orientation;

(ii) pursue its aims and objectives independent of any political party or religious group;

(iii) pursue equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society.

When reviewing our objectives and planning our activities, we have given due consideration to the Charity Commission's general and relevant supplementary guidance on public benefit. Our Constitution (revised in 2020, following a comprehensive governance review) has been structured to give the Board of Trustees reasonable authority to manage the affairs of the Union in a professional manner. The Board of Trustees will give the utmost consideration to the views of Members. Whilst consulting our members on what our focus should be for a new strategic framework for the organisation, the Union continued to work to the Vision and Values approved by the Board in 2015/16:

Our Vision Statement:

Representing and supporting students to develop and achieve.

Our Values:

Professional

We will conduct and present ourselves to our students and stakeholders in a professional manner, ensuring we have sound organisational processes and procedures, as well as internal expertise to support the student leadership.

Inspirational

We will lead by example and provide our students with inspiration to reach their full potential and try new things.

Accountable

We will ensure that our students and stakeholders know how we utilise our funds and make decisions through our democratic structure, and how they can get involved.

Student-centred

We will ensure that the services and events we deliver achieve high levels of student satisfaction and that students are integral to our continuous improvement.

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Positive

We will be positive about Worcester and what it can offer students, promoting how we can help and support them.

Entertaining

We will have fun and help students have great memories of their time at Worcester.

Our Operational Plan 2022/23, retained the following areas:

----- Start of picture text -----
* Student Engagement and Satisfaction
+ Representation and Networks
« Governance and Democracy
----- End of picture text -----

The Union continued to monitor its progress against its Key Performance Indicators (KPIs) below, established in 2017/18. These will also be updated as part of the organisation's new strategic framework.

  1. Satisfaction with the Students' Union for our members increases year on year - target of 80% across all relevant University, national, and Students’ Union surveys;

2, The percentage of the student body aware of the range of services run by the Students’ Union increases year on year; 3. The percentage of the student body filling out the Students' Union's 'Big Worc Survey’ increases year on year; 4. The percentage of the student body satisfied that we are representing them and providing them with a voice increases year on year;

5, The number of students voting in our Leadership Elections - target of 20%;

  1. The number of available positions in our governance structures are filled - target of at least 80%;

  2. The number of ideas submitted to the Students' Union increases year on year;

  3. The number of students accessing our advice and support service increases year on year;

  4. The number of welfare campaigns delivered by the Officers year on year that meet the SU's campaign objectives;

  5. The number of students who are members of a club or society increases year on year;

  6. The number of clubs and societies increases year on year - target of 50 clubs and 60 societies;

  7. The number of volunteering hours given by students increases year on year;

  8. The percentage of students saying that being involved in the Students' Union enhanced their employability increases year on year;

  9. Worcester sits in the top 50 in the BUCS (British Universities Colleges Sport) League;

  10. The number of students attending events in The Hangar increases year on year;

  11. The Students' Union achieves at least Silver Best Bar None accreditation each year;

  12. 17, The profitability of the Students' Union's commercial services increases year on year;

  13. The percentage of students feeling that Students' Union events had a positive impact on their student experience increases year on year.

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Report of the Trustees for the Year Ended 31 July 2023

The Union aims for excellent satisfaction rates amongst our members and to consistently defy its size in terms of local impact and national reputation. This report will cover the key areas of focus and development under separate headings. An annual Impact Report for the year will, also, be produced later in Semester 1 of 2023/24 and shared widely with the Union's members and stakeholders.

1. ACADEMIC REPRESENTATION

Throughout 2022/23, there was continued focus on ensuring that the Academic Representation (AR) System continued to engage with students and impact their academic experience. We are proud of some of the results of that focus. The Union continued to work closely with the University, through the joint Academic Representation Oversight Group (AROG) to deliver the scheme and monitor outcomes. Ultimately, it was a successful year with 429 reps recruited (87 more than in 2021/22) and 92% of them being trained (compared to 74% of all Reps in 2021/22 and 56% during the pandemic). Reps engaged well throughout the year, and we had some share their wins with us via Course Rep Journals. These included making changes to their cohort timetable and the module options available to students. A Course Rep in the College of Business, Psychology, and Sport drove forward the option to have English Literature as a major in second year, which was greatly appreciated by students and staff. Reps from Courses based on City Campus campaigned for better facilities and services to be offered on City Campus and several discussions resulted with senior University management, particularly, around upgrading the interior and facilities in Jenny Lind building. In the Institute of Education, a School Rep introduced a reward and recognition system as a way for students and staff to recognise the ‘little wow' moments that occur every day.

We had 24 out of 29 School Reps in position during the 2022-23 academic year, all of whom undertook training. They engaged fantastically in discussions at councils and forums. Five of the School Reps volunteered to read over the University's Teaching Excellence Framework (TEF) submission, and feedback their thoughts. We were really impressed with their dedication to the role and their hard work.

Despite repeat attempts to recruit, the following School Rep positions were vacant in 2022-23:

We continued to run Course and School Rep of the Month, with a photo opportunity for all celebrated Reps when they collected their certificate and badges, which were posted on social media. We had School Reps of the month from all schools and saw Course Reps of the Month from Healthcare Management and Leadership, English Literature, Computing, SENDI, Business Management, Criminology, Paramedic Science and Adult Nursing. We then had Course and School Reps of the Year presented at the annual Teamworc Awards.

This year we introduced a new Rep Rewards Scheme and completely revised the criteria for these rewards, adjusting for varying demands of different courses and including a broader spectrum of engagement factors. We widened the scope of engagement activities, with the criteria for Course Reps to partake in 6 (Bronze), 10 (Silver) or 14 (Gold) activities to achieve the relevant award and School Reps to partake in 8 (Bronze), 12 (Silver) or 16 (Gold) activities to achieve the relevant award. The flexibility of the new system seemed to appeal to students and make it more accessible to placement, partner, and commuter students. In total, 36 awards were given out to Reps (compared with 10 awards in 2022 and 2021):

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We held a celebration event at the end of year at which we handed out the above award certificates. The students seemed delighted to attend, have their photo taken, and enjoy some free pizza and it was a highlight of the year for our Vice President Education to be able to thank them for their efforts.

Rep Fora and Conference

Two Course Rep Forums took place (one in Semester 1 and one in Semester 2), covering: ~ Teaching Excellence Framework (TEF)

Two School Rep Forums took place (again, one in Semester 1 and one in Semester 2). Topics included: - Teaching Excellence Framework (TEF)

We held a Rep Conference on 20th January 2023, which 59 Reps registered to attend. Approximately 40 attended throughout the day, which is a big increase from last year's Repstival, and demonstrates that Reps are willing to engage in educational sessions. The feedback was overwhelmingly positive. We organised sessions aimed at enhancing the experience and skillsets of Reps with an opportunity to network between themselves and with external organisations such as NUS. We coordinated a diverse agenda with sessions run by internal staff and external organisations and individuals, covering:

The History of NUS session was particularly popular with students, having the highest turn out and with most students feeding back that they 'strongly agreed’ the session had enhanced their knowledge around NUS. The TEF Roundtable Feedback was also a highly successful session with students, with feedback across all areas for the session being overwhelmingly positive. For the Sustainability session 100% of students either agreed or strongly agreed that they would like to see more events/workshops on the topic, providing comments that the speakers were "great" and "very engaging". The sessions on Transphobia Awareness and Decolonising the Curriculum also shared the positive reception, with one student suggesting the Transphobia Awareness workshop should be "presented to staff, especially middle to upper management" while another student described the Decolonising the Curriculum workshop as "a very interesting presentation which encouraged conversation and discussion."

Rep Testimonials

We asked Reps what they had gained from their involvement with the AR system and we got some very heartening comments back, including:

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ig * ‘At first | was worried | lacked the confidence to apply for the course rep role, so I'm hugely grateful to my course mate who encouraged me to go for it. It's been a brilliant opportunity which has really developed my confidence and communication. It has helped me to meet new people and feel more involved with the course through taking forwards feedback from my course mates and working with staff towards positive change. It was lovely to work as a team with my fellow reps and feel like we are making a difference so that everyone's university experience could be the best it could be." * ‘Being the conduit between staff and students, feeding back student experience and Staff Student Liaison Committee meetings have been a chance to hone my listening and diplomacy skills.

Student Rep Demography

Equality, Diversity, and Inclusion is of huge importance to the Union, and we make a point of monitoring the demographic data of Reps each year to get a better understanding of the students involved in the system. Anonymised analysis provided by the Data Management Unit in November 2022 revealed that: ~ More School Reps were 'non-white' students compared with 2021/22 (one of our aims). There is still work to do to ensure this is the case for Course Reps (levels were similar to 2021/22).This term is used purely to reflect the University data received, not because we deem this to be the best terminology to use. - Course and School Reps are more likely to have a disability than the University population overall. - Both Course and School Reps had a higher proportion of LGBT students than is reflected in the general population at Worcester (and numbers of LGBT students engaged as School Reps increased from 2021/22). - School and Course Reps are more likely to have 'no religion’ or be Christian than have any other religion. - Reps who are mature students follow the overall proportion of mature students at the University - Course Reps are split equally between Levels 4 to 6, whereas School Reps are much more likely to be Level 6 students (half of all School Reps) or Level 5 students. - Course Reps and School Reps are evenly spread across quintiles 2-5 of POLAR 4 and less likely to be from quintile 0 and 1 (although more Course Reps proportionally are from quintile 1 than School Reps) - Course Reps are quite evenly spread amongst IMG groups 0-5, whereas School Reps are much more likely to be from IMD groups 2-5,

Satisfaction with the Academic Representation System

A key measure for us is, naturally, satisfaction with the Academic Representation (AR) system amongst the student body. We were pleased with the results from the key surveys that take place annually, helping us to understand students’ views on how their academic interests are represented by the Union. It is disappointing for us that that the surveys do not question students’ satisfaction with more aspects of the Union (in the main survey for the NSS, rather than in optional questions) but, in terms of AR, we can gather some useful information and identify areas where we need to address satisfaction rates and focus efforts in the coming years.

The National Student Survey (NSS) and University Course Experience Survey (CES) results for this academic year were as follows:

- National Student Survey (NSS):

Q25 How well does the Student's Union represent students' academic interests? Overall University: 75% (sector average 72%) Last year, Q26 and The students' union effectively represents my academic interests was asked and the Union's score was 62% (against a sector average of 53%)

The Union was positioned 37th out of 148 Unions nationally in the University's compiled NSS rankings (for Q2618th/149 in 2022, 19th/149 in 2021 and 2020, 36th/152 in 2019 and 61st/151 in 2018).

es

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= - Course Experience Survey (CES):: Q.5.3 - | know who my Course Rep is: Overall University: +4% (on 2021/22) to 84%

Q 5.4 - Course Reps represent the interests of students on my course effectively: Overall University: +14% to 80%

Q14 - (Changed question) How well does the Students' Union represent academic interests: (For reference, for the previous question of ‘Overall | am satisfied with the services provided by the Students' Union including advice, representation, societies, volunteering, entertainment and sport.' the overall University response came in at 69% satisfied).

1.2 TEF Student Written Submission

A rather unexpected and not insignificant piece of work this year was the Union's Submission for the TEF. We decided to submit via video with an associated transcript, rather than a written submission, and this was completed by the deadline in January 2023, despite having some staffing challenges at the time. As well as using existing data (from recent surveys and our internal intelligence and feedback log), we also gathered further evidence throughout Semester 1 through:

(i) A Speak Week (ii) A Course Rep survey in November which they took to their peers (iii) University Student Ambassadors supporting us to survey students

(iv) Utilising our student bodies, such as Welfare and Inclusion, TeamWorc, and Education Councils, as well as Student Council,

(v) Further focus groups

Areas of focus for us in the research and the ultimate submission were students’ views on the quality of: 1) Course content and delivery

2) Assessment feedback (and how helpful it was)

3) The learning environment (and how supportive it was - including resources, PAT support, peer work etc.)

We were pleased with our submission and with the engagement with the University during the process and we have reflected to the OfS what a substantial piece of work this was for Unions (and Universities) during an extremely busy period in the academic year, especially bearing in mind the timescales given. We have received no feedback to date on our submission.

1.3 Access and Participation Plan (APP) Student Submission

Another piece of unexpected work from the OfS this year came in the form of the APP Student Submission, which came somewhat at the eleventh hour from the regulator and required completion by early July (at a period when we were inducting new officers and most of our students had already left for the year). We were pleased, however to be more involved in the development of the APP with the University, which was a very positive exercise (including being invited to a round table discussion). We worked closely with the Director of Access and Inclusion to engage students as best we could at the time and with the timescales given. We were asked to consult students on their perspectives on:

(i) How confident students are that they will be appropriately involved in the delivery and evaluation of the APP (ii) Whether the University have identified the greatest risks to equality of opportunity in their EORR (iti) The credibility of the intervention strategies outlined by the University to address these risks to equality of opportunity.

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Report of the Trustees for the Year Ended 31 July 2023 a

We engaged a small group ofstudents in a discussion groupwith the Director ofAccess and Inclusion and gave
them pre and post reading.
The students were simply excellent - lucid, thoughtful, and impressive in their ideas
and perspectives and their contributions were reflected in a variety ofways in the final APP. We are very keen
that students continue to be involved in the monitoring and evaluation of the plan.
The student contributors,
also, expressed genuine gratitude for receiving paymentfrom the University for their timewith this piece ofwork.
They fed back that this enabled them to be more honest
in their contributions and that
it felt more
like
co-production rather than being asked to give their views on a voluntary basis (which they said can create less
confidence that theirviews and feedback will be genuinely taken on board).
2. STUDENT NETWORKS
Our Student Networks has their third year of operation and, unfortunately, we saw a decline once again in
memberships.
The year ended with total membership numbers of 144 (from 111 students), as compared with
243 last year and 275 in year 1 (2020/21). The only area of comparative (if slight) growth has been in the
number of postgraduates joining their Network.
-/+
No. of
No. of
difference
Numberof
Membership
Membership
between
Membership
Network
s 2022/23
s 2021/22
22/23 a d
s 2020/21
21/22
31 (was
BAME
Race Equality Network
2
8
-5
Network)
Commuter Students' Network
3
20
-17
18
Disabled Students’ Network
11
15
-4
17
International Students’ Network
13
21
-10
17;
LGBTQ+ Students’ Network
59
73
-14
73
Mature, Parents and Carers
Network
13
17
-4
37
Postgraduate Students' Network
10
7
3
8
Sustainability Network
11
25
-14
24
TheWidening Participation
Network
3
8
-5
14
Women's Network
21
49
-28
36
Total memberships
144
243
-99
275
We also had more difficulty this year in filling committee positions (an experience that was replicated in other
Unions who facilitate Networks). Following recruitment processes, 4 of the 10 Networks had all 3 core committee
positions filled, with the Race Equity, Commuters, Disabled Students', Widening Participation, Sustainability, and
Mature/Parents/Carers Networks all still having vacancies at the end of the year.
All groups were given extra
supportacrosstheyearfromtheSUteamtotryandrecruitmembersandfacilitateactivities.
EveryNetwork
had at least bi-weekly meetings with the SU to support them with action plans, and each held Open Meetings for
Students. The Union also supported many of them to produce promotional videos
to help boost their
memberships.
We remain determined to try and resolve the lowengagement in Networks and their committees and believe the
volunteer nature of the committee roles are putting students getting involved as they are time poor.
The
Networkshaveanimportantrepresentativefunction(aswellasbuildingsocialcommunities)andsoweare
moving to a system for 2023/24, where committee Chairs and Vice Chairs receive a bursary for their efforts, in a
similar way to School Reps.
We are hopeful that this will increase the impact the Networks can have on
facilitatingthestudentvoiceinarangeareas,

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Networks organised fabulous activities and events over the year (as well as supporting national awareness days, weeks, and months) including:

3. WELFARE AND INCLUSION COUNCIL

Together with representatives from faith and cultural student societies, the Networks come together to form the Welfare and Inclusion Council, one of the three sub-committee of Student Council. A total of 4 meetings were held across the year and, together, the group submitted 2 polices to Student Council:

One of the key benefits of the Welfare and Inclusion Council is that one group can bring an issue or policy motion, which are discussed and, often, policy proposals are then amended to reflect the intersectional nature of the issue in question following the sharing of wider experiences.

4, STUDENT COUNCIL

Student Council, the highest student body in our democratic structure, had a busy year and we filled 86% of the available positions (22 out of 26). Councillors struggled at times with their other commitments to attend meetings, however, so by the end of the year, 3 of the 4 meetings had reached quoracy.

Student Council had standing items on the agenda for each meeting as follows:

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Report of the Trustees for the Year Ended 31 July 2023 a ,

o Module withdrawal policy - to work with the University to create a transparent policy

5. EXECUTIVE COMMITTEE

Our Executive Committee, consisting of the 3 full time officers and supported by the Union's Senior Management Team, continued to meet consistently each month to discuss student ideas (submitted via the Ideas Forum), student issues, officer objectives, and key campaigns, and projects (including those in collaboration with University). They also approved 11 new societies and one new club throughout the year. Matters attended to over the course of the year by the Committee included:

Active Policies/Student Ideas (via Ideas Forum):

Officer Campaigns/Objectives/emerging student matters:

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Report of the Trustees

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* Closure of Bredon building

Other:

6. SOCIETIES AND CLUBS

6.1 SOCIETIES

Memberships

By May 2023, a total of 804 society memberships had been bought by 669 students. Of these, 55% were purchased through Reach (225) and Get Involved (215) and 16 societies had 50% or more of their memberships bought this way.

We finished the year with 33 societies, with 21 reaching the 12-member requirement for affiliation. We saw 12 new societies form, including British Sign Language, Board games, Chess, Allotment and Gardening, Criminology, Psychology, The Cosy Soc, Book Club, Film, Biomedical Science, and Music.

Events

Societies hosted a range of great events across the year. We saw CPD events organised by our academic Socs including:

Societies also engaged in fundraising, organising events like Knit N Knatter's Knit-a-thon, Psychology's W-Factor and the Uni Boob Teams Pen Y Fan Sponsored Hike with Cardiff's Uni Boob Team. Other highlights were the Nigerian Soc's Independence Day & 1st Anniversary Celebration, Spotlight and Loco's Halloween ‘Scarefest', Poetry and Anime & Manga's 'Nerds Night In', Dungeons & Dragons’ ‘Tavern Night' and Christian Union's weekend away trip.

Awards

We had four student groups longlisted for the National Society and Volunteering Awards, two of which have gone on to make the shortlists. Loco Show Co were longlisted for the Wellbeing Award for all the work they have done towards their team Wore Untied accreditation, Debate Soc were longlisted for the Opportunities for All Award for their work to make debate inclusive for students with hearing impairments and the Paramedic Society and RAG Team were both longlisted and went on to win the Collaboration Award, for the 24-hr CPR-a-thon, which was fantastic. Members of the societies went with staff from the SU to receive their award at a ceremony in Reading in May.

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WORCESTER STUDENTS' UNION

6.2 SPORT

Memberships

The year ended with a total of 38 sports clubs, of which 34 were affiliated (had 12 members or more) and 1200 memberships (1275 the previous year) from 1079 students (1139 last year). Important to note is that memberships bought through the University's Reach or Get Involved bursary schemes (Get Involved being for Level 4 students only as the Reach scheme is phased out) accounted for 67.5% (50% last year when it was solely Reach) of our overall memberships with 33 clubs having over 50% (and even 100%) of their memberships bought this way.

As a point of interest, BUCS (British Universities and Colleges Sport) conducted research during the year and spoke to 2,334 students and 80 staff members across 140 institutions, producing a report, ‘The impact of the cost-of-living situation on student engagement in higher education sport.’ The findings revealed a clear effect on engagement, with 65%of students saying the situation had had a negative impact on their ability to take part in sport and physical activity. Students with a disability and Black /Black British student were the most negatively impacted. Of those institutions questioned, 61% had put on more free recreational sport opportunities and 58% more free, organised active wellbeing opportunities. Of our 38 clubs, WorcHike, WorcSnow, eSports, and Yoga were unable to recruit a full committee to lead the clubs going into the 2023/24 academic year and so will be part of our 'Adopt a Club’ campaign in September 2023.

We ended the year, once again in 64th position in BUCS (out of 149 institutions) and 566 points. Wheelchair Basketball were brilliant all year and claimed the BUCS National Championship title with a convincing 90-36 win over Cardiff Met at BUCS Big Wednesday. We were even contacted by Newcastle to tell us how sporting the team was in victory.

There were league titles for Men's Rugby 1 in Midlands 3A and Women's Futsal 1 in Midlands 2A, who both went undefeated to secure promotion. Men's Basketball 1 defeated Strathclyde 75-71 and UCLan 112-69 in their Premier Promotion Playoff fixtures, securing North Premier status for 2023-24. The BUCS success continued into the Outdoor Cricket season, where Men's Cricket 1 went undefeated to claim the Midlands 3B title and earn promotion into Tier 2. UW Sport continued to support the Performance Teams throughout 2022-23, contributing to the aforementioned successes of Wheelchair Basketball, Men's Basketball 1, Men's Rugby 1 and Men's Cricket 1. Netball 1 and Women's Basketball 1 maintained their positions in Midlands 1A, while Women's Rugby 1 and Women's Cricket 1 both narrowly missed out on Premier Promotion Playoffs. Netball 2 endured a tough season but remained in Midlands 2A, while Men's Football 1, Women's Football 1 and Men's Basketball 2 unfortunately ended their seasons with relegation.

In addition to the BUCS leagues, we were represented at numerous BUCS events, sending student athletes to the Archery Regionals, Athletics Indoor & Outdoor Championships, Badminton Nationals, Cross County Championships, Equestrian Regionals, Fencing Regionals, Swimming Short Course Championships, Tennis Championships, Trampolining Championships, and Wheelchair Tennis Championships.

Events

We saw a range of events organised by sports clubs this year. Dance brought back their ‘Strictly’ event, with 5 couples battling for the Glitter Ball Trophy. They also took on Cheerleading in a charity football match which attracted a large crowd, raising over £320 for RAG. Both clubs ended the year with their annual summer showcase where friends and family came to The Hangar to watch their final year performances.

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Men's Cricket challenged Men's Rugby to a charity football match and raised money in November for Movember. Women's Cricket, our winners of Sports Club of the Year, hosted a Darts Night in The Hangar, and well as a 24-hour cricket challenge which got people trying cricket for the first time. Women's Hockey and Men's Hockey collaborated a lot over the year to put on various fundraising events including Bonkers Bingo in The Hangar and Ultimate Frisbee arranged tournaments throughout the year. Aerial Fitness led a campaign for BEAT Week which included a guest speaker, yoga, a mindful walk, and a crafternoon. They raised £443, as well as awareness of eating disorders. Archery ran their first competition with a range of people taking part, which was certified to be incorporated into the County of Worcester Clout Champs. The event required a lot of organisation and helped to raise funds for the running of their club.

Awards

We were very proud to have a nomination shortlisted for a BUCS Award this year:

Team of the Year - Wheelchair Basketball - the award 'celebrates the competitive achievement of a student team competing in a BUCS or FISU competition that has excelled, been unbeaten, broken records or otherwise achieved ground-breaking success within their sport’. Our Wheelchair Basketball squad lost out to another strong nomination on the night, but we were so proud that their fantastic season continued to be recognised on the national scene

Varsity 2023

We saw our annual Varsity against Gloucestershire back again, with 23 points on offer over 8 days of fixtures. TeamWorc went to battle against TeamGlos in American Football, Athletics, Badminton (Men's), Badminton (Women's), Basketball (Men's), Cheerleading (Pom), Cheerleading (Stunt), Cricket (Men's), Dance, Equestrian, Football (Women's), Futsal (Women's), Hockey (Men's), Hockey (Women's), Netball, Rugby (Men's), Rugby (Women's), Swimming, Tennis, Trampolining, Volleyball (Men's), and Volleyball (Women's).

Across the two weeks, we engaged over 600 athletes and 2500 spectators from both institutions. Highlights of an incredible week of events include a dominant 8-0 victory in Women's Football, a narrow 21-14 win in Women's Rugby, and Gloucester Day. A busy day at Oxstalls Sports Park saw8 fixtures take place, with historic victories in both our Men's and Women's Hockey, headlining a 6-2 score on the day for TeamWorc, This mean the score was tied at 9-9 heading into the flagship Worcester Arena Day.

Victories in Men's Basketball, Cheerleading (Pom), and Netball in the Arena clinched a 12-10 victory for TeamWorc in front of a jubilant crowd, with 2022-23 Vice President Student Activities Megan Lee lifting the trophy in front of the Worcester fans. In May, a weather-delayed Men's Cricket fixture was the opportunity to put the icing on the cake, but unfortunately TeamGlos took the point to conclude Varsity with a final score of 12-11. With so many close fixtures across multiple different sports, the Varsity title really could have gone either way, but the trophy will reside in Worcester until 2024.

6.3 TEAMWORC POINTS

The TeamWorc Points accreditation scheme had another successful year, rewarding sports clubs and societies that went the extra mile to deliver a great experience for their members and engage fully in the TeamWorc community. Clubs and societies were eligible to receive TeamWorc Points through different criteria, including volunteering, fundraising, and online engagement.

At the end of the year, sports clubs and societies with enough points were awarded TeamWorc Points accreditation at Bronze, Silver, or Gold level. In total, 12 received Bronze, 7 Silver, and 6 Gold:

Bronze: Sports - American Football, Archery, Lacrosse, Men's Cricket, Netball, and Women's Cricket

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Societies - Debate, Knit N Knatter, Nigerian, Spotlight, Mindfulness, and Psychology

Silver: Sports - Cheerleading, Dance, Women's Football, and Women's Hockey Societies - Education Enhancement, LOCO Show Co, and Uni Boob Team

Gold: Sports - Aerial Fitness and Men's Hockey

Societies - Anime & Manga, Biology, Paramedics, and Poetry

Successful clubs featured on the sports club & society board in the SU,had a photo shoot, and featured in social media takeovers.

6.4 SOCIETIES AND SPORTS ENGAGEMENT DEMOGRAPHICS

We receive anonymised data once a year from the University's Data Management Unit on the demographic data of those who engage with us in a variety of ways, including societies and sport. From this information, we know that we still have work to do in terms of engaging students who are black and brown, and those of who have a religion other than Christianity in societies and sport, as well as older students in sport. Societies and Sport have a higher proportion of students studying at Level 4 than any other level and there is a lower proportion of students from Polar groups 1-3 engaged in these groups. For sports clubs, there is a higher proportion of male students (+13% on female students) and we have seen a decline in the last couple of years, after a positive increase before the pandemic, in the number of females engaging in sport. Clubs and societies also have a higher proportion of home students and a lower proportion of international students than the University overall proportions.

The Union is acutely aware of this data and is determined to address it. A group formed at the instigation of the Union in Summer 2023, with colleagues from the International Experience and Sports departments at the University to work on how we can encourage more international students to engage in recreational and competitive sport. The Chief Executive of the Union is part of a group looking at the findings and recommendations from national research by the University of Wolverhampton commissioned by BUCS (British Universities and Colleges Sport) around Race Equity in Sport. She has also linked in with the founder of Nujum Sports, which supports the creation of Muslim Charters at sports clubs across the country, and engaging a more diverse group of students in sport and societies is a component of the Union's EDI action plan. 7. RAG (Raise and Give) By the end of the academic year, students had raised a total of £16,607, of which £6,544 went to the Union's nominated charity for the year (voted for by students), Worcestershire Animal Rescue Shelter (WARS). It was not an easy thing for students to fundraise this year due to the enduring cost of living but students still very much enjoyed collaborating and coming together to run events and activities for good causes. The total raised was certainly boosted by the generous donation of £3,752 from the Course Experience and National Student Survey, with £1 given by the University for every student response. This was very gratefully received.

Some notable student-led activities that took place to raise the funds included:

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8. TEAMWORC ACTION (Volunteering)

Engaging students in community volunteering remained fairly difficult, in line with recent years as students still face increasing demands on their time, as well as issues around the cost of living and choosing paid work as a necessity over volunteering. They still however, donated many hours as volunteers in student group committees, as Reps and in supporting local projects. A total of 6294 hours were logged over the year (from 1ST July to 30th June). This is almost 400 more hours than in the previous academic year and we are also aware that many students did not log the hours they gave, despite persistent encouragement from the Union. Students' time was broken down as follows: * 5436 hours as part of Club, Society, RAG, or Network Committees (86%) +697 hours as part of community projects (11%)

Across the year, we continued to engage with local organisations, namely Worcester Canal and River Trust, Sanctuary Housing, and the Dementia Café and students got involved in 6 canal cleans, Buddy Bingo event at the local Sanctuary Care Home (hosted by our Uni Boob Team), and a Dementia Café walk at Worcester Country Park.

9. WELCOME FESTIVAL

Following the success of our 2021 Welcome Week, our programme of events was expanded in 2022 and renamed Welcome Festival. Whilst the death of the Queen enforced some last-minute changes to the line-up, we were still able to provide new and returning students with a range of events and activities during their first two weeks at Worcester. Early starter and commuter events took place in Union Square in the week prior to Welcome Festival, with BBQs, ice cream, music, games, circus skills, and bhangra lessons all on offer for students arriving on campus ahead of the main Welcome Festival period. Once again, the Welcome Fair was held at City Campus and, following feedback from students and staff, was reduced from a two-day to a one-day event, With the support of the University and Boffy Arts and Events, City Campus was set-up with marquees and market stalls to host our clubs, societies, and Networks, along with key University services and commercial partners. Around 2,000 students attended the Fair and enjoyed a real festival atmosphere and true #TeamWorc welcome.

The Wednesday of Welcome Festival saw our Colour Run, raising money for our RAG Charity of the Year, Worcestershire Animal Rescue Shelter (WARS). The course was extended, with more paint throwing stations, ‘super soakers', and a longer route around St John's campus, with a total of 96 students taking part.

The Hangar hosted a range of events throughout Welcome Festival, including the Welcome Party, Disco Binglow, Quiz Night, Worcester Wednesday, Live Music, and Karaoke Night.

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REFRESHERS

Throughout Refreshers, we hosted a series of mini Club, Society, and Network Fairs in The Hangar to help struggling student groups to increase their visibility and recruit more members. The Friday then saw the return of the Rep Conference, hosted in The Hive. A number of Reps attended the Conference, with sessions on employability, diversity and sustainability.

10. CELEBRATION WEEK

Teamworc Awards

Our Celebration Week events took place in May and were, sadly, on a smaller scale than in recent years, due to budgetary constraints. Following on from student feedback from the Teamworc Awards in 2022, we decided to host the Teamworc Awards as a smaller event in The Hangar and limit it to those who were nominated for awards (from Clubs, Societies, Networks, RAG, and Academic Reps). We then planned to host a much larger End of Year Summer Ball, following requests for students, which any student could attend, widening the access to all to an end of year celebration and not limiting it to those students who were already engaged with us in some way. We were excited to be arranging a Summer Ball (like other institutions) for the first time.

As the year progressed, however, and the rising costs the organisation was facing, alongside the financial pressures facing students, the Summer Ball was deemed not financially viable, even it was a sell-out event. We would have been unable to break even due to the costs of hosting the event (off site) and because we were limited in how high we could set ticket prices, in order to enable students to attend. We made efforts to mitigate the costs and seek funding support but these were unsuccessful. This resulted in us cancelling the Ball and reimbursing ticket sales, which then led to student disappointment with the smaller scale of the Teamworc Awards, which still went ahead as planned, as they had been unable to attend either.

The Teamworc Awards night had a lovely atmosphere despite less students being able to attend, and it was a lovely way to mark the efforts and achievements of our members in a range of different areas. A full list of winners can be found here https://www.worcsu.com/whatson/celebrationweek/teamworcawards/

Students' Choice Awards

Nominations for the Students’ Choice Awards opened in January 2023, and closed in mid-March. In total, 635 students engaged in the nominations process, compared to 689 nominations the year before. A full list of winners can be found at https://www.worcsu.com/whatson/celebrationweek/scas/ and they were celebrated, along with all others shortlisted, in an afternoon event in the Hangar in May.

ADVICE SUPPORT AND WELLBEING

11.1 HELP AND ADVICE SERVICE

Following 2021/22's record case numbers, the Help & Advice Service once again saw an increase in cases during 2022/23, May 2023 was the busiest month ever seen with 55 new student cases opened. This was followed closely by June's 52 cases, highlighting an ongoing, increased student awareness and need of this source of support.

The service has retained best practice learnt throughout the pandemic and whilst face to face appointments are the most common way of students accessing the service, they continue to appreciate the option to attend meetings virtually and we continue to operate flexibly now offering telephone appointments.

The Help and Advice team has changed throughout the academic year resulting in the service being covered by only one member of the team at points, which is likely to have affected capacity, appointment availability, and

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appointment turnaround times. The service was back to operating with two advisors by July 2023.

Key headlines from the Service from 1st September 2022 until 31st August 2023:

Referrals

Campaigns

Think Before You Ink- Our annual multimedia campaign ‘Don't Rent Yet (Think Before You Ink)’ launched in October and was featured in WonkHE. Promotional campaign materials were supplemented by the Housing Fair, which ran on 17th January, in collaboration with University Accommodation Services and saw 200 students meet 40 accredited landlords. As a result of this campaign the H&A Housing webpages have received over 1500 page views and the service's contract checking service has also seen a significant increase in the number of students coming for checks.

Safe Sex Express- this is the scheme we run under Worcester's NHS Integrated Sexual Health service and allows us to provide free condoms to students. This year our safe sex express webpages received over 1200 page views, and we gave out 5107 condoms to students.

Period Dignity- amended from the period 'poverty' campaign of the previous year as it was felt period dignity better reflected the aim of the campaign, promoting respect, education, and equality. Towards the end of the year, the Union partnered with a sustainable feminine hygiene company, ‘Hey Girls', to distribute sustainable, quality, free products to both students and the wider community. We have become a community partner meaning anyone who is struggling to access period products can drop into the SU and collect packages of products no questions asked. This year we have given out 75 packs of Pads/Liners and 75 packets of tampons.

Plans for Help & Advice Service in 2023-24:

The team will work towards some key goals for 2023/24, to elevate the quality and accessibility of our service:

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12. WELCOME DESK

Our Welcome Desk is staffed by students and exists to ensure a friendly and accessible first encounter for students and visitors to the Union. From early September until May, we responded to 3,394 enquiries through the desk, up by 1,000 on 2021/22. Of our total contacts, 70% were in person, 23% via email, and 7% from telephone calls. Major events such as student arrivals, Varsity and Elections tended to see spikes in footfall:

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Month In Person Visitors Telephone Calls Emails
September 369 14 97
October 416 47 101
November 141 11 28
December 108 15 53
January 276 30 90
February 317 25 149
March 584 30 164
April 104 32 77
May 60 20 36
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The most common type of queries were general (information about the University,where to find things, who to contact, services available, and directions), followed by club and society enquiries, club and society product sales (memberships and event tickets), and advice and support.

13. EQUALITY, DIVERSITY AND INCLUSION (EDI)

The Union is very proud of the continued efforts it has been making in respect of EDI, which we consider to be fundamental to our role and operations. Our internal EDI Working Group, chaired by the President (established last academic year), met monthly and had representation from across the organisation, as well as linking in with the Union's Welfare and Inclusion Council. The group monitored progress against a comprehensive action plan and some outcomes were as follows (which were summarised in an annual report and published here https://www.worcsu.com/yourunion/aboutwsu/equalityanddiversity/ ).

Training and development, education, and information:

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Membership Services: - Increased the accessibility of our Help and Advice service in terms of appointment times and locations, ensuring more promotion of the reasonable adjustments available to clients, and making plain English commitments.

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Going forward, we are committed to:

Living and delivering on our ED! Policy will be an intrinsic part our new longer-term strategic framework, and will be reflected in our themes, aims, visions, values, and KPIs.

14, LOCAL AND NATIONAL DEMOCRACY AND POLITICS

14.1 UNION LEADERSHIP ELECTIONS

The Union's Leadership Elections took place in March and saw 7 students stand for the 3 positions, with the President post uncontested (and the candidate running for a second term in office). We were delighted to have the highest number of nominations through our ‘Recommend a Friend’ scheme, whereby students could be recommended by others as a potential candidate. This year we received 73 (in comparison to 60 last year) and many conversations took place with those recommended as a result. Many of them were first or second years who decided not to stand this year but seemed very keen to do so in future years.

A total of 3,100 votes were cast by 1,101 individual voters, representing 12% of the student population (the sector average is between 10 and 15%). This was a reduction on the percentage of students voting in 2022 (20%) and we believe a week of terrible weather did, sadly, play a part. We also less candidates standing, one of whom was out on placement. We were delighted to see a candidate from a professional course and have reflected on their experience and how we can work to ensure our elections evolve to be as accessible and equitable as possible for these students.

The elections had a great, positive atmosphere, with staff going out and talking to many, many students and learning about their experiences and raising awareness of the Union and its services and structure. The following candidates were successfully elected as the Union's Executive for 2023/24:

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SU President - Al Linforth Vice President Education - Gemma Allcott Vice President Student Activities - Meg Lee

The Union continued working to increase the diversity of the elections, exploring ways to raise their profile and visibility, particularly within under. underrepresented groups. Our primary aim with this work is to ultimately improve our election candidate diversity as well as our voter diversity, making the union feel inclusive and reflective of our membership. We recognise this is a long-term goal and we would be looking to build on this work every year, with groundwork laid this year. Actions we took this year included:

14,2 ALL STUDENT MEETING

We held our annual All Student Meeting in February, providing a review of Union activities during the 2021-22 academic year, an update on our priorities for the current year. Sadly, we only had 14 students attend and so did not reach quoracy but those who attended were highly engaged and asked questions or made suggestions around: * The possibility of an open forum with the VC and more information about / contact with the leadership team of the University, such as Heads of School and PVCs. This was fed back to the senior management team and actioned through 'Pizza with the PVC' and we were also reassured of plans to develop more noticeboards across the campuses displaying senior staff and explaining their roles, * An end of year sports event for students not in BUCS teams - we delivered this in May in our inaugural Home Varsity event * The Spelling and Grammar policy of the Office for Students and how this disadvantages some students. * Employability support for students.

14.3 ENGAGEMENT WITH LOCAL AND NATIONAL POLITICS

The Officers met with Robin Walker MP in November 2022, to discuss their concerns around the lack of financial support for students. Mr Walker agreed to write a letter to the Chancellor prior to the budget debate advocating for tailored financial support for students as a result. He also took their concerns to the APPG for Students Inquiry into the cost-of-living crisis on students, which the Union also fed into, of which he was a member. The Officers asked to meet Mr Walker again after the APPG report was published but this request was declined due to 'the high number of requests’ for meetings being received at that time at the Constituency Office. They subsequently arranged a meeting with Labour Party Parliamentary Candidate for Worcester, Tom Collins, in May

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to raise a range of issues affecting students, including the cost of living.

The Union and Officers also contributed to the following over the year:

15. MARKETING AND COMMUNICATION

Throughout the year, the Union continued to communicate to students across a range of platforms, including social media, physical and digital displays, direct email, and face-to-face promotion.

Social Media

Following a general decrease in engagement during the 2021-22 academic year, social media began to see Following a general decrease in engagement during the 2021-22 academic year, social media began to see
more positive results during 2022-23. Overall, there was an increase
in engagement		 on SU Facebook and
Instagram, as well as The Hangar Facebook and Instagram, The SU also launched a TikTok channel to ensure
the Union continues to utilise the platforms most used by our members and to help showcase the student
experience. Despite these positives, TeamWorc Facebook and Twitter continued to decrease in the number of
followers along with declining engagement with content. As a result, TeamWorc Facebook and Twitter have
been discontinued ahead of the 2023-24 academic year, allowing for increased and more focused content on the
platforms most used by our students. Followers across out platforms were as follows:
2021-22
2022-23
Increase/decrease
SU Facebook
8,900
9,000
+100
Hangar Facebook
1,400
1,500
+100
TeamWore Facebook
2,800
2,800		 0
SU Instagram
3,800
4,500
+700
Hangar Instagram
1,600
1,800
+200
Twitter
7,200
7,100
-100
TikTok
n/a
700
+700

Insights Consultation

One of the major marketing campaigns during the year was to promote the Insights survey; our consultation for our new longer-term strategic framework. The overarching theme of the promotional campaign was 'Tell Us How You Really Feel’, encouraging students to provide honest feedback on their experiences at the University and SU. The campaign was prominent across all social media platforms for the first six weeks of semester two, with further promotion via targeted emails, and physical and digital displays. There were also significant levels of in-person outreach to promote the main survey and accompanying creative pop-ups. Over 900 responses were received from students, providing feedback on a wide range of experiences and concerns. Much of this feedback came from in-person promotion and direct conversations with students, highlighting the need to increase this aspect of marketing outreach.

16. STUDENT EMPLOYABILTY AND DEVELOPMENT

The Union continued to invest time into training students for various roles, as well as to directly employ students as Assistants for Graphic Design, Welcome Desk, Bar, and Security. Numbers attending training for student roles were as follows:

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The Union continues to support students through the job application process, with bespoke on-line guides on how to complete application forms, as well as a ‘Guide to Interviews and the World of Work. The ‘Work with Us page of our website page the guide is hosted on received over 2,206 views across the year. We also make a point of providing feedback following all unsuccessful applications and interviews. Over the year, we received 51 applications for student staff roles.

17. THE HANGAR

Whilst the 2022/23 trading year was not affected by COVID the impact of bar closures in the previous two years had a material effect on students wanting to drink at the Hangar Bar. Welcome Week started well and engagement with students was high but spend per head from the start was below previous years, a trend witnessed across other Student Unions and public bars in general. Popular events during the Welcome Festival period included Binglow, Film Nights, Karaoke, Quiz and many cultural and educational events. Students were electing to enjoy the entertainment but were spending less.

Throughout the year the venue hosted numerous large events, including the Winter Ball, Celebration Week, along with the largest ever number of student-takeover nights. The student nights were popular and provided an opportunity for student groups to raise much needed funds for their own club or society as well as various charities and the student chosen RAG charity of the year, WARS. Student led functions are actively encouraged and help develop students’ ability to organise events, budget, market them, and set realistic goals and expectations. Many of the events held were very successful for student engagement, even if bar takings were low. The overall evening attendance for the year was in excess of 12,000.

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Report of the Trustees for the Year Ended 31 July 2023 ii Overall, the bar takings from drink sales were £139.1k, compared to £175.7k in 2021/22 and £110.4k in 2020/21 (a year significantly affected by Covid). This represented a 21% reduction in prior year sales and below the budget set for the year. During the Welcome Festival and semester 1, although sales were down it was only by a few percentage points, but semester 2 was severely impacted by the cost of living crisis with a focus more on getting by and purchasing food rather than the consumption of drink (even non-alcoholic sales were down on prior year). With lower student attendance at events at weekends the venue staff made a fresh attempt at securing external bookings, and it is pleasing to note the revenue from external hire is on the increase and was £1.5k ahead of prior year. The annual school prom event was a huge success and showcases the University to local students.

During 2022/23 the Hangar venue was been adapted to encourage more students to utilise the space during the day. The addition of 2 dartboards (including 1 set for wheelchair users), a table tennis table, an additional pool table and X-Box console encouraged a more diverse range of students to use the space to relax and unwind between lectures. The additional TV screens acquired last year has allowed more visual events to be shown, as well as improving the use of electronic quizzes at student events and on the regular Quiz Tuesday.

Takings throughout the week are now more evenly spread. Karaoke on a Friday and Quiz on Tuesday remain the 2 most popular nights but students seem to be enjoying the quieter nights as well and whilst takings are down on every night the differential between a Monday and Friday is much decreased.

We remain limited in terms of our ability to innovate and extend our offer due to the space we occupy and the University's catering contract with Chartwells. We continue to discuss our challenges with the University at quarterly finance meetings. As a place for students to meet and enjoy themselves, the Hangar has had a very successful year but this has not been reflected in wet sales. We have catered to the changing student demographic as best we can and we remain buoyed by levels of student engagement.

We once again achieved Gold in Best Bar None and, this year, also received 2 awards. One was for Community and Enrichment for our tea dance, repair café, Go Green Week, Community Cupboard, Breakfast Club, and using the building as a warm hub during winter. The other was a Policy and Procedure Award for our pronouns, health and safety, EDI, and zero tolerance policies/procedures and how we train our staff in these.

18. SUSTAINABILITY

The Union achieved Very Good in the Green Impact Students Union (GISU) accreditation scheme following our 2023 submission, which is the second highest accreditation we can obtain. Over the year, we worked with students, the University's Sustainability Team and internally to achieve the following:

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Gardening Society was founded this year and saw relatively good engagement. * Supporting our student groups to complete a Sustainability Checklist, which encourages committees and members to think about (and act on) how the operations of their groups could be better for the environment. These checklists resulted in groups sharing transport to events, holding meetings online, reusing materials, and using materials that are better for the environment (e.g. aerial fitness began using natural rosin when performing).

We also created a new page on our website this year detailing our credential around ESG (Environmental, Social, Governance), which can be found here https://www.worcsu.com/yourunion/aboutwsu/esg/. We point to this, as well as our section on EDI, in all our vacancy advertisements.

19. STAFF DEVELOPMENT

Staff learning, development, and wellbeing is very important to the Union. We continued to hold fortnightly team meetings (chaired by different members of the team) to aid teamwork and communication, as well as staff morning breakfasts as a more informal, relaxed group activity, We also introduced a new staff newsletter (to help keep student staff informed of what was going on in the Union), arranged activities out of the office, and down time when major national or international events were taking place, such as the World Cup.

Student staff were all inducted into their roles and had places on the Union's Staff Consultative Forum and Health and Safety Committee. Several student staff received recognition throughout the year for great work (through an on-line nomination process) and received a letter and shopping voucher. In Semester 2, 5 members of core staff received reward and recognition from the Senior Management Team for excellent work and contributions, and across the year, staff regularly thanked and praised each other on email, WhatsApp and Teams for good work, teamwork, and support. Examples of great teamwork over the year were Welcome Week, Elections, Varsity, and Celebration Week. The Staff Consultative Forum had a refresh and new members, as well as a new process for liaising with the Senior Management Team. Union staff and Officers undertook learning and development over the year, as well as being encouraged to get involved in projects outside of their immediate area of work to widen their knowledge and develop new skills. Courses and learning undertaken included and attended courses over the year which included Diversity & Inclusion, Health & Safety, GDPR, Information Security Awareness, Disability Awareness, First Aid. Mental Health First Aid, ‘Understanding and Disrupting Antisemitism in SUs, UJS (Union of Jewish Students) Antisemitism Training and Recruitment and Selection. As well as these, staff and Officers attended many of the annual conferences and events, including Strategic Conversation, Membership Services Conference, SOS-UK (Students Organising for Sustainability) Sustainability Summit, SU Digital, BUCS Conference, NUS Conference, The NUS Trade Show, and Lead and Change.

Core staff had their Personal Performance Appraisals held and objectives set, which fed into the Union's operational plan. All members of the team have at least one objectives around continuing professional development.

19.1 EMPLOYEE PULSE SURVEY 2022

In 2021 and 2022, the Union we commissioned NUS and Agenda Consulting to conduct the Employee Engagement Survey (EES) with our core and student staff team. The operational plans for 2021/22 and 2022/23 then included areas where staff felt there was room for improvement. Actions and initiatives that have come as a direct result of these surveys include commissioning an independent Pay and Reward Review (leading to a new pay framework and principles), reviewing and clarifying non-salary staff benefits and rewards, revising the Staff Consultative Forum, buying in Staff Savvy as a more central HR function, reviewing our recruitment and induction processes, creating a new staff newsletter, and more staff ‘down time/days'’.

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Most organisations and Unions who take part in the EES conduct it once every two years and so this year we
conducted a short, internal ‘pulse’ survey to the team to check progress on areas wherewe identified for more
development and improvement in the 2022 survey.
The surveys were different for student staff and core staff
and specific questions were selected from the previous EES to coverthe areas of:		 Most organisations and Unions who take part in the EES conduct it once every two years and so this year we
conducted a short, internal ‘pulse’ survey to the team to check progress on areas wherewe identified for more
development and improvement in the 2022 survey.
The surveys were different for student staff and core staff
and specific questions were selected from the previous EES to coverthe areas of:
Student staff
(8 questions in total		 Core staff
(12 questions in total
-
Getting a sense ofpersonal
achievementthrough the work		 -
Receivingthanksand reward forgood
work done
-
Receiving thanksand feedback for good
workdone
-
Being kept informed ofwhat is		 -
Staffwellbeing and work life balance
-
Teamwork and co-operation between
departments
happening elsewhere in the
organisation		 -
Staff kindness and respecttowards
each other
-
The organisation sharing information
and enabling open and honest
communication		 -
Encouraging innovation
-
Attracting and retaining adiverse
workforce
-
Sharing good practice and enabling
learning and development
-
Creating
a compelling vision for the
organisation
In total, 6 student staff (out of 19) and 12 (out of 19) core staff filled in the survey.
Overall, the results were
positiveandanimprovementonthescoresintheseareasin2022.

For student staff, all of them agreed or strongly agreed that they got a sense of personal achievement through work, received thanks and feedback for good work done, and that the organisation practiced open, honest communication and shares information. They either agreed or neither agreed or disagreed that they were kept informed of what is happening elsewhere in the organisation and so this is something we will be working on in 2023/24,

In the core staff survey, improvements (some marked) were seen in the following areas (staff agreeing/strongly agreeing): * | receive a good service from other departments in the Union * Colleagues trust and respect each other

Responses agreement the same in the following:

And, finally, agreement decreased in these areas: * | am able to achieve a good work life balance (reduced by 5%) * The organisation encourages me to learn and develop my potential Some of the free text comments provided included:

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Going forward, we will work with the Staff Consultative Forum on what staff think reward and recognition should look like, what they consider to be learning and development, and how we can improve our communication to our student staff. We are very keen that, as we don't have a large budget for formal training courses, we ensure that staff feel developed and upskilled from being an employee. The vast majority of staff who leave the organisation move on to more senior or skilled roles so we are confident that we foster professional learning but it is important to us that our employees recognise and feel this. The new strategic framework, which has been in development throughout 2022/23, will also be able to provide more clarity in terms of a compelling vision for the organisation.

20. OVERALL PERFORMANCE AND STUDENT SATISFACTION

With regards to the Union's 18 Key Performance Indicators (KPIs) set in 2017/18 (and up for review as parr of the longer-term strategic planning that is underway), the following was seen: 0 improvements were seen in 7 areas,

o performance remained the same (or was not comparable) in 4 areas 0 performance declined in 7 areas

0 performance declined in 7 areas 0 performance declined in 7 areas 0 performance declined in 7 areas
o (NB some KPIs saw both an increase
KPI),
'		 and a decline within them, depending on the range ofmeasures for that
o 4 KPls were no longer measurable in 2022/23 in the way they had been previously. This was mainly due to
their being previously measured by responses in our annual Big Worc Survey which did not take place in 2023.
This was due to our insight work taking priority and notwishing to 'over-survey' students).
Performance Nolonger
measurable
No. KPI upon
2021/22		 Performance
down on 2021/22		 orstayed the
same		 Comments
Satisfaction with the
Students’ Union for
ourmembers Performance up in
increases yearon CES Q14 and up in
year - target of80% NSS Q25++Big Worc
across the board Survey not run in
2023
1 *
The percentage ofthe
student body aware of
the range ofservices
run by the SU
2 increases yearon
year Big WorcSurvey not
. runin2023

o 4 KPls were no longer measurable in 2022/23 in the way they had been previously. This was mainly due to their being previously measured by responses in our annual Big Worc Survey which did not take place in 2023. This was due to our insight work taking priority and not wishing to 'over-survey' students).

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WORCESTER STUDENTS' UNION WORCESTER STUDENTS' UNION
Report of the Trustees
forthe Year Ended 31 July 2023
i a es
The percentage ofthe
student body filling in
our Big Survey
3 increasesyearon
year		 . BigWoreSurveynot
run in 2023
The percentage ofthe
student body satisfied
thatwe are
representing them and
providing them with a		 Performance up in
CESQ5.3 by4%and
Q 5,4 by 14%13% in
NSSQ25 (different
voice increases year question}++BigWorc
on year Survey not run in
2023
4 .
The number of
students voting in our
Leadership Elections - 40% decrease on
5 target of20% of
membership
The number of		 . 2022 (and 12% of
population -20% in
2022)
available positions in
our governance 86% ofStudent
6 structures are filled -
target ofat least80%		 ‘ Council (SC) positions
filled (100% in
2021/22)
The number ofideas
submitted to the SU
7 increasesyearon
year
The number of		 . 16ideas (26 in
2021/22)
students accessing 2% increase in
ouradvice and numbers ofcases,
support service individual students,
increases year on and 9% increase in
year contacts
8 a
The numberof welfare Safe sex express -
campaigns delivered
by Officersyear on		 engagement
increased
year that meet the significantly, as did
SU's campaign
objectives		 housing-related and
cost-of-living
9 . campaigns.
The numberof
studentswho are Sports and societyand
members ofan SU Network members
club or society decreased
increases year on
10 year .

40% decrease on 2022 (and 12% of population - 20% in 2022) 86% of Student Council (SC) positions filled2021/22)(100% in 2021/22)16 ideas (26 in 2% increase in numbers of cases, individual students, and 9% increase in contacts

Safe sex express - engagement increased significantly, as did housing-related and cost-of-living campaigns. Sports and societyand Network members decreased

9

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Report of the Trustees for the Year Ended 31 July 2023

Sen nee ee ee The number of clubs and societies increases year on year - target of 60 societies and 50 clubs

1

Number of . volunteering hours given by students increases year on year ” The percentage of students saying that being involved with the SU enhanced their employability increases year on 13 year Worcester sils in the 14 topLeague 50 in the BUCS . The number of students attending events in the Hangar increases year on 15 year : The SU achieves at least Silver Best Bar None accreditation 16 each year . The profitability of SU commercial services and contracts increases year on year a7 .

'

.

ee

Both up (Clubs by 1, Socs by 4) More hours logged but by more students

Big Wore Survey not run in 2023++++ 64th out of 149 institutions with 566 points (61st in 2022 Recorded attendees down 360 on 2021/22++Big Worc Survey not run in 2023

Retained Gold BBN and received 2 commendations for policies and procedures and communityinvolvement

Overall revenue down

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i

The percentage of students feeling that SU events had a positive impact on their student experience increases year on year 48 Big Wore Survey not TOTAL (NB some . run in 2023 KPIs performed both up and down within their individual measures) 7(10 in 2021/22) 7(10 in 2024/22) 4(6 in 2021/22)

20.1 NSS

Q25 How well does the Student's Union represent students' academic interests?

Overall University: 75% (sector average 72%)

Last year, Q26 and The students’ union effectively represents my academic interests was asked and the Union's score was 62% (against a sector average of 53%)

The Union, unfortunately, saw scores go down in all B2 optional questions and will be taken into account in our longer-term and resource planning: B.2.1. The Students’ Union (Association or Guild) had had a positive impact on my sense of belonging to the university or college= 33% (40% in 2021/22) B.2. 2. The Students’ Union (Association or Guild) has had a positive impact on the local community = 34% (45% in 2021/22) B.2.3. The Students’ Union (Association or Guild) has helped me develop useful life skills = 25% (33% in 2020/21)

The Union was positioned 37th out of 148 Unions nationally in the University's compiled NSS rankings (for Q2618th/149 in 2022, 19th/149 in 2021 and 2020, 36th/152 in 2019 and 61st/151 in 2018).

20.2 Course Experience Survey (CES):

Q.5.3 - | know who my Course Rep is: Overall University: +4% (on 2021/22) to 84%

Q 5.4 - Course Reps represent the interests of students on my course effectively: Overall University: +14% to 80%

Qi14 - (Changed question) How well does the Students’ Union represent academic interests: (For reference, for the previous question of ‘Overall | am satisfied with the services provided by the Students’ Union including advice, representation, societies, volunteering, entertainment and sport.’ the overall University response came in at 69% satisfied).

SS

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In terms of these surveys, as already mentioned in section 2, it remains frustrating that they no longer question students on their satisfaction with more aspects of the Union - in the main survey for the NSS, rather than in optional questions. The changing questions, also, make comparisons more difficult year on year. We feel the optional questions in the NSS need rephrasing to elicit more helpful information, and their optional nature give them a sense of lower importance or relevance. The surveys do, however, enable us to gather some useful information in relation to academic representation and identify areas where we need improve satisfaction rates and focus efforts going forward. Again, as mentioned in the report already, we did not run our annual Big Wore Survey in 2023, due to our insight work and not wishing to overburden students but we will create a new regular survey to seek views, test progress against our strategic plans, and ensure continuous service development.

FINANCIAL REVIEW

Financial position

Income from all sources totalled £991,083 (2022: £1,028,790). Total expenditure of £1,053,966 (2022: £1,004,864) on all the students’ services we provide, which left a deficit for the year of £62,883 (2022 surplus £23,925).

A new deficit funding agreement came into effect just after the year end in respect of the Student Union Superannuation Scheme. This has resulted in an actuarial loss on the scheme in the year of £55,752 (2022: nil). Once this is taken into account, the net reduction in funds this year was £118,635 (2022: increase in funds of £23,925).

The General Fund balance at the year end stood at £214,292 (2022: £298,228),

Restricted funds, which represent monies raised by the Union's various clubs and societies were £197,039 (2022: £189,244).

Reserves policy

The primary aim of the policy is to ensure that sufficient reserves are in place to provide funds for investment in the Union and its activities, thus enhancing the experience of students at this University. With a secure base of reserves, the Trustees of WSU will be exercising their duty to oversee the finances of the organisation in a prudent and proper manner and to minimise risks to the organisation's viability.

The level of reserves needed at any one time was reviewed again in-year by the Trustee Board and was agreed to be sufficient and realistic at 3 months operating costs (as defined by the annual budgeted organisational expenditure), known as the ‘operating reserve’. Reserves in excess of the required reserves are held as ‘free reserves' or ‘designated reserves’, in accordance with the Trustee Board. If reserves fall below 3 months' operating costs for more than 6 months, the Trustees should ask the management to formulate a recovery plan to be submitted to Trustee Board for approval. If there are surplus funds available above the minimum level, the Committee should plan to utilise these within three years.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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FUTURE PLANS

As mentioned, during 2022/23, we undertook widespread consultation as part of the planning for a new longer-term strategic framework, through which revised core aims, mission, values and KPIs will be set. The Union commissioned the Insight Manager from Queen Mary's Students’ Union in a consultancy capacity to ensure a robust but affordable process, The insight outreach work resulted in 493 responses from students to the main insights survey and a further 323 responses to a series of pop-up consultations and emoji check-ins. Students were purposefully not asked about the Students’ Union in particular or isolation but about their whole University experience.

From the data and feedback received from students, which was deemed statistically robust, 5 overarching strategic challenges were pulled out by the consultant:

The Union now needs to ensure that it focuses its attention in these areas to reflect what students have told us. In consultation in 2021/22, with students involved in a range of fora, as well as through the Union's Big Wore Survey, we asked what areas they wanted us to prioritise going forward. A total of 378 students ranked theirs in the following order:

This will also be factored into our strategic planning process.

Operationally, some of the immediate priorities of the 2023/24 officer and staff team are:

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Report of the Trustees for the Year Ended 31 July 2023 Meee ee ee eC ee ee eee * Supporting and promoting the learning of British Sign Language by University students and staff. * Ensuring students in under-represented groups feel heard by us and that we facilitate positive change for them. * Increase the number of and engagement in general interest and academic societies. * Rewarding students who volunteer as part of committees and supporting them to understand how this experience translates into the workplace, « Revive the #NeverOK Consent campaign. * Encouraging student groups to collaborate together to increase a sense of community and belonging to #Teamwore.

eee

FUTURE FUNDING

We will work with the University annually to negotiate on our annual block grant, This is to ensure we continue to maximise our impact and are able to maintain our services in the current financial environment where costs continue to rise or remain high, as well as to develop as an organisation to meet the needs of our increasingly diverse student body. We aim to reach out to more and more of our members and make them feel the Union is relevant to them, whilst minimising financial risk to the Union and ensuring we are future proof and maintain healthy reserves. We will continue to allocate as much resource as possible to student-facing services and representation and to work hard behind the scenes to review contracts and reduce costs wherever possible. We feel strongly that there is a need to strategically review the Union's funding, space, operations, and facilities on St John's campus and elsewhere to maintain and build on student satisfaction levels and to support the University's aims around recruitment, retention, and progression.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

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WORCESTER STUDENTS' UNION

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity constitution

The University of Worcester Students’ Union (hereafter referred to as 'WSU' or ‘the Union’) falls under the definition of a "Students' Union" in section 20(1) of the Education Act 1994, and has charitable status. The University of Worcester (hereafter referred to as the University) exercises its duty under the Education Act 1994 to take such steps as are reasonably practicable to secure that the Union operates in a fair and democratic manner and is accountable for its finances.

Since becoming a registered charity, WSU has a dedicated Board of Trustees, consisting of up to three full time officers, up to four student trustees, and up to three external trustees. The Student and Lay Trustees are selected on the basis of their appropriateness, experience and expertise by a simple majority vote of an Appointments Panel. Appointments of student trustees need to be ratified by a majority vote of Student Council. The Board of Trustees has overall responsibility for the good governance and financial stability of the Union and has been responsible for passing policies and procedures to bring the Union up to date with changing legal requirements. The Union is a democratic organisation, with the ultimate decision making power being its membership through Student Council, which is the sovereign body. Student Council agrees the Policy of the Union, discusses wider and national issues that affect students at Worcester, guides strategic campaigns, represents the voice of students, and makes, appeals and amends the Bye-Laws, jointly with Trustees. Student Council continued to hold the officers accountable for their actions this year through a number of virtual meeting and 2 out of four were quorate (meaning some votes then needed to be conducted over email post meeting). Officers are elected into position by cross campus secret ballot, for a one-year term of office to an Executive Committee. The Executive Committee oversee the day to day student-centered activities of the Union and are accountable to Student Council. All Executive Officers should receive an induction and training into their legal and administrative responsibilities, with an on-going programme of development during their term of office. The Executive Committee Members are able to run for re-election for a second year on the same terms.

The Union employs non-student professional staff to ensure effective management and delivery of its many activities and services and to implement the policy decisions made through the democratic process. There is delegated authority, through the Chief Executive Officer, for operational decision-making and accountability within the various areas of the Union, in accordance with agreed structures.The Chief Executive is accountable to the Board of Trustees.

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Report of the Trustees for the Year Ended 31 July 2023

WORCESTER STUDENTS' UNION

eee STRUCTURE, GOVERNANCE AND MANAGEMENT RELATIONSHIP WITH THE UNIVERSITY OF WORCESTER The Union receives a Block Grant from the University and occupies buildings owned by the University, which also pays for utilities. This support is intrinsic to the relationship between the University and Union. Although the Union seeks to supplement and diversify its income through commercial and trading activities where possible, it continues to be dependent on the support of the University. The Union believes this that this support is an integral part of the University structure and strategic plans and of utmost value to the overall student experience.

The Union believes it has continued to demonstrate its value and impact in facilitating opportunities and communities for students, providing students with a voice, and continuously improving the experience at Worcester. The Union remains grateful to the University for their ongoing support and looks forward to continued collaboration as it works to support its diverse membership, ensuring students can create positive, ensuring memories of their time at University.

CHARITY GOVERNANCE CODE

The Union is committed to the seven principles outlined in the Code as follows:

1. Organisational Purpose

The Union continues to have strong organisational purpose and to work to its charitable objectives, laid out in its Constitution. As mentioned above, the Union worked to an operational plan for the year, with the previous, longer-term, strategic planning period coming to an end in July 2021. Significant work was undertaken over the year, however, to consult the Union's membership on what the focus should be for a new longer-term strategic framework for the organisation and this is now in development. In the 2017/18 academic year, the Union developed 18 KPIs against which it continues to measure and benchmark its development and performance. These KPIs will, also, be revisited during the current strategic planning process.

2. Leadership

The Board of Trustees works with the Chief Executive and senior management in the organisation to agree a clear strategic direction and to ensure that the organisational values are reflected and demonstrated in its work.

3. Integrity

Trustees of the organisation are expected to follow the Nolan Principles of Public Life and receive training on this, They are also expected to maintain the independence of the Union and to ensure it works to its charitable aims at all times.

4. Decision-making risk and control

The Board maintains strong oversight of the organisation, delegated where appropriate to sub-committees with defined terms of reference. Key procedures and policies of the Union, as well as organisational performance and legal compliance are reviewed on a regular basis. The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error (see risk management section below for more detail)..

5. Board effectiveness

The structure and composition of the Board, as well as recruitment to it, ensure an appropriate balance of skills, knowledge and student representation. A Skills and Experience Matrix has been created to support this process. Trustees receive training upon their appointment and an induction to the Union and their role. The Board and its Sub-Committees meet regularly to receive information and reports and to have full and frank discussions of important issues. The Chief Executive also maintains email communication with the Board between meetings on important matters, as well as meets with the Chair and Deputy Chair at least once between full Board meetings to discuss current management priorities.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

6. Diversity

The Board values diversity in all its forms and is committed to reaching out to under-represented groups when recruiting Trustees to ensure they are reflective of the membership of the Union and of society. As with staff recruitment, the Union looks to external support and expertise when recruiting Lay Trustees, where this is affordable When recruiting Student Trustees from its membership, the Union will do its utmost to target promotion amongst cohorts of students which are typically under-represented. Monitoring of diversity of Board membership is undertaken alongside similar monitoring of diversity amongst staff.

7. Openness and accountability

Building trust to secure the confidence of our members and stakeholders is a key part of how the Union operates. Student Council receives updates on the work on the Board and vice versa. The Board also ensures that the Union's membership is kept informed of progress and performance through annual meetings (All Student Meetings), as well as accessible information published on the Union's website, including summary minutes of full Board meetings. A Register of Declarations of Interest for Trustees is also maintained and reviewed regularly.

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STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board of Trustees reviews the risk factors that could affect the strategic, operational and business interests of the Union. Considering the possible risks, the Board has put in place a risk register with attendant checks and balances to ensure compliance with health and safety, employment law and financial competency. The Union also maintains its own annual Statement of Legal Compliance, which is reviewed at by the Board at the same time each year as the risk register. The register was reviewed during the academic year and areas deemed to be of heightened risk, as we emerged from the pandemic, are listed below, with associated actions to try and mitigate or annual. It is worth noting that the number of heightened risk areas increased from 2 in 2021/22 to 6 this year. - That the continued success of the Union is vested in a small number of individuals who are highly exposed and that there is no succession plan for key and senior staff: The Chief Executive is continuing work to develop the Senior Management Team and share responsibilities, where possible and appropriate, to expose senior members of staff to different areas of the organisation's operations. Senior manager posts have a 3 months' notice period. A new organisational structure was developed in 2022/23, to include a new Director role in Membership and Representation. The number of Academic and Welfare Advisors in post was increased to 2 in August 2022, as well as the number of core staff in the Marketing and Communications team (to replace sessional, student staff). Key areas, such as Finance have operational guides to enable continuity of practice. Communication is maintained with the University Executive regarding any notable staff absences, particularly of senior staff. Interim, short-term external management support was secured from NUS due to senior manager vacancies/turnover/illness in the first half of the year. - The Union receives a cut in its annual block grant from the University as a result of low student recruitment (particularly in light of current inflationary rises to general costs and salaries): The block grant increased for the academic year 2021/22 but remained the same for 2022/23. The University has recruitment strategies in place (at the time of updating the risk register, this appeared mainly around healthcare and education), as well as around retention and progression. The Union has been advised to expect no increase in the block grant for 2023/24. The Union continues to implement cost saving measures where it can and look into alternative income streams that are appropriate and that do not breach existing sponsorship contracts but this remains very challenging. The Union occupies a University building, in which the University's caterers run outlets. The Union meets on a quarterly basis with the PVC(Students) and PVC (Finance and Resources).

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STRUCTURE, GOVERNANCE AND MANAGEMENT - The Union suffers a significant fall in income through a lack of sponsorship contracts (also heightened risk in 2021/22): Monthly meetings are held with key sponsorship partners, including Tramps and Dominoes. The contract with principle decreased during pandemic and increased for 2022/23 but remained half that of pre pandemic levels. Contract with Dominos remains stable and at previous levels. Contracts are renegotiated in a timely manner by Union management and the Trustee Board and University kept informed of any concerns around renewal or a reduction of income from any agreement. Opportunities sought for additional income (as per risks above) where possible and advice / best practice sought from the sector. - The Union and its staff are adversely affected by negative developments with pension provideris, namely SUSS (also heightened risk in 2021/22): Communication has been maintained with SUSS Trustees, and NUS. AGMs attended, and questions posed regarding projections for the scheme. Advice regularly sought from Auditors and the University is being kept abreast of developments. Successive valuations suggest that the annual cost for Unions will continue to rise at a steady rate. Latest AGM confirmed continuingly low levels of funding for the scheme (less than 50%) and the move to a fiduciary management model with Schroders. The recovery period for the scheme is likely to be extended further to 2037. Option for 3 year up front payment remains but appears to demonstrate questionable value. Next valuation is due September 2023. - That staff morale and retention are negatively affected by perceived low pay, reward, and advancement opportunities within the Student's Union structure. Particularly in the context of the ‘Great Resignation’ post Covid, increasing expectations by employees, and the cost-of-living crisis (including current inflationary increases on wages): The Trustee Board are consulted on strategic issues relating to staff pay and reward, including annual cost of living rises, increments that go beyond individual pay scales, and organisational change. An external pay and reward review was commissioned in 2021/22 to provide a new organisational pay policy and framework to increase transparency and understanding of roles (implemented in Summer 2022). Annual salary benchmarking exercise takes place with comparable roles in region and similar sectors. Work is ongoing with the Board to continuously review and reflect upon non-pay benefits for staff. Staff are informed of the additional benefits of working for the SU aside from pay, including training and development, life insurance (whilst in service), EAP, Edenred discount childcare vouchers, and other discount vouchers. Core staff all have an annual objective related to training and development within their personal appraisal. An organisational restructure took place in 2022/23, due to a need to address management resource in student engagement. This incorporated promotion of an existing member of staff.

Pay policy for senior staff

The level of remuneration agreed for senior members of staff for the academic year, was based on benchmarking with equivalent position in other Unions nationally, with an external pay and reward review for the Union conducted over several months in 2022, by Atkinson HR Limited, whilst taking into consideration the size and turnover of the Union, as well as the location of the institution and the size of the Union's membership. A benchmarking exercise was also undertaken using Croner Group data in April 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 1145192

Principal address Henwick Grove Worcester Worcestershire WR2 6AJ

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Trustees

A.Linforthappointed June 2022 M.Leeended term of office June 2023 G.Allcottended term of office June 2023 S.Jamesappointed June 2023 |. Priceappointed June 2023 M. Osborne - appointed October 2021 D.Dudleyended term of office June 2023 M.Payneappointed March 2022 E, Boddiceappointed October 2022 R. Williams - appointed October 2019, commenced second term in office October 2022 M. Jolley - commenced second term of office July 2019, term extended for a year in July 2022, ended term of office June 2023 M.Brittain - appointed Oct 2018, commenced second term of office October 2021 E. Burkeappointed May 2023

Auditors Knox Cropper LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed, They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Report of the Trustees for the Year Ended 31 July 2023

nnn

Approved by order of the board of trustees on 3 October 2023 and signed on its behalf by:

Trustee

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Opinion

We have audited the financial statements of Worcester Students’ Union (the ‘charity') for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www. frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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ai

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Knox Cropper LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

3 October 2023

Page 43

WORCESTER STUDENTS' UNION

Consolidated Statement of Financial Activities for the Year Ended 31 July 2023

i7"

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|E|g| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|2|606,910|-|606,910|604,950| |Charitable|activities|5| |Student|activities|-|163,293|163,293|173,866| |Bar|126,699|-|126,699|156,379| |Other|trading|activities|3|91,027|-|91,027|93,397| |Investment|income|4|3,154|-|3,154|197| |Total|827,790|163,293|991,083|1,028,789| |EXPENDITURE|ON| |Raising|funds|6|106,775|-|106,775|81,099| |Charitable|activities|7| |Representation|108,074|-|108,074|103,973| |Advice|and welfare|67,665|-|67,665|62,565| |Student|activities|318,733|165,498|474,231|465,474| |Bar|272,042|-|272,042|266,455| |Affiliations|25,179|-|25,179|25,298| |Total|898,468|155,498|1,053,966|1,004,864| |NET|INCOME/(EXPENDITURE)|(70,678)|7,795|(62,883)|23,925| |Other|recognised|gains/(losses)| |Actuarial|gains/(losses)|on|defined|benefit| |schemes|(55,752)|-|(55,752)|:| |Net|movement|in|funds|(126,430)|7,795|(118,635)|23,925| |RECONCILIATION|OF|FUNDS| |Total|funds|brought forward|(70,496)|189,244|118,748|94,823| |TOTAL FUNDS CARRIED|FORWARD|(196,926)|197,039|113|118,748|

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The notes form part of these financial statements

Page 44

WORCESTER STUDENTS’ UNION

Consolidated Balance Sheet 31 July 2023

2023 2022
Unrestricted
funds		 Restricted
funds		 Total
funds		 Total
funds
Notes E £ £ £
FIXED ASSETS
Tangible assets 12 11,485 - 11,485 14,383
CURRENTASSETS
Stocks
Debtors
Cash at bank and in hand		 14
15		 6,537
19,582
217,257		 -
-
197,039		 6,537
19,582
414,296		 8,623
3,361
497,306
243,376 197,039 440,415 509,290
CREDITORS
Amounts falling due within oneyear 16 (40,570) + (40,570) (36,202)
NETCURRENTASSETS 202,806 197,039 399,845 473,088
TOTAL ASSETS LESS CURRENT
LIABILITIES 214,291 197,039 411,330 487,471
PROVISIONSFOR LIABILITIES 17 (411,218) - (411,218) (368,724)
NETASSETS (196,927) 197,039 112 118,747
FUNDS 18
Unrestricted funds
Restricted funds		 (196,927)
197,039		 (70,497)
189,244
TOTALFUNDS 112 118,747

TOTAL FUNDS

The financial statements were approved by the Board of Trustees and authorised for issue on 3 October 2023 and were signed on its behalf by:

----- Start of picture text -----
Trustee5:
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The notes form part of these financial statements

aeee

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WORCESTER STUDENTS' UNION

Charity Balance Sheet

31 July 2023

2023 2022
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets
Investments		 12
13		 11,485
1		 -
-		 11,485
1		 14,383
1
11,486 . 11,486 14,384
CURRENT ASSETS
Stocks 14 6,537 “ 6,537 8,623
Debtors 15 19,582 - 19,582 3,361
Cash atbank and in hand 217,257 197,039 414,296 497,306
243,376 197,039 440,415 509,290
CREDITORS
Amounts falling due within one year 16 (40,570) - (40,570) (36,202)
NET CURRENTASSETS 202,806 197,039 399,845 473,088
TOTAL ASSETS LESS CURRENT
LIABILITIES 214,292 197,039 411,331 487,472
PROVISIONS FOR LIABILITIES 17 (411,218) + (411,218) (368,724)
NETASSETS (196,926) 197,039 113 118,748
FUNDS 18
Unrestricted funds (196,926) (70,496)
Restricted funds 197,039 189,244
TOTALFUNDS 113 118,748

The financial statements were approved by the Board of Trustees and authorised for issue on 3 October 2023 and were signed on its behalf by:

Trustee

The notes form part of these financial statements

Page 46

WORCESTER STUDENTS' UNION

Consolidated Cash Flow Statement for the Year Ended 31 July 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|1|(83,508)|26,625| |Net|cash|(used|in)/provided|by|operating|activities|(83,508)|26,625| |Cash|flows|from|investing|activities| |Purchase|of|tangible|fixed|assets|(2,656)|(2,118)| |Interest|received|3,154|197| |Net|cash|provided|by/(used|in)|investing|activities|498|(1,921)| |Change|in|cash|and|cash|equivalents| |in|the|reporting|period|(83,010)|24,704| |Cash|and|cash|equivalents|at|the| |beginning|of the|reporting|period|497,306|472,602| |Cash|and|cash|equivalents|at|the|end| |of the|reporting|period|414,296|497,306|

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The notes form part of these financial statements

Page 47

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 July 2023

ee ee

WORCESTER STUDENTS’ UNION

A RECONCILIATION OF NET(EXPENDITURE)/INCOMETO NET RECONCILIATION OF NET(EXPENDITURE)/INCOMETO NET CASH FLOW FROM OPERATING FLOW FROM OPERATING
ACTIVITIES
2023 2022
£ £
Net (expenditure)/income forthe reporting period (as perthe
Statement of Financial Activities)
Adjustments for:		 (62,883) 23,925
Depreciation charges
Interest received
SUSS Pension deficitmovements
Decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 5,554
(3,154)
(13,258)
2,086
(16,221)
4,368		 4,718
(197)
(11,351)
738
9,542
(750)
Netcash (used in)/provided byoperations (83,508) 26,625
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.22 Cash flow At 31.7.23
£ £ £
Net cash
Cash at bank and in hand 497,306 (83,010) 414,296
497,306 (83,010) 414,296
Total 497,306 (83,010) 414,296

i

The notes form part of these financial statements

Page 48

Notes to the Financial Statements for the Year Ended 31 July 2023 SS ee aaa ee

WORCESTER STUDENTS' UNION

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Allocation and apportionment of support costs

The bases on which support costs have been allocated is set out in note 8 of the accounts.

Tangible fixed assets

There is no set de minimis level for the capitalisation of tangible fixed assets and each case is dealt with on an individual basis.

The policy with respect to impairment reviews of fixed assets is that reviews will be carried out if events indicate that the carrying value of any fixed asset may not be recoverable. Impairment losses are recognised in the SOFA.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

10 to 30% per annum straight line and 20% reducing Retail fixtures and fittings - balance Administration fixtures & fittings - 20% per annum reducing balance 10 to 20% per annum straight line and 20% reducing Improvements to premises - balance

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

eee

  1. ACCOUNTING POLICIES - continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The Union participates in the Students' Union Superannuation Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary.

The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106,697,000 with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,645,000

The 2022 valuation recommended a monthly contribution requirement by each participating Union intended to clear the ongoing funding deficit ending in 2037, increasing by 5% each year.

The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union.

Under FRS 102, where a scheme participates in a multi-employer defined benefit pension scheme that is in deficit and the employer has entered into an agreement to fund the deficit the entity shall recognise a liability for the contributions payable that arise from the agreement. As the agreement runs until 2037, a discount rate of 3.8% has been applied in determining the net present value of the contributions made in the period.

The union also contributes to the Aegon Pension Scheme. The annual contributions payable are charged to the income and expenditure account.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

"=...

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WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

eee

2; DONATIONS AND LEGACIES
2023 2022
Grants
Other grants		 £
600,000
6,910		 £
600,000
4,950
606,910 604,950
Grants received, included in the above, are as follows:
2023 2022
University ofWorcester £
600,000		 £
600,000
3. OTHER TRADING ACTIVITIES
2023 2022
Marketing
Other
NUS Extra
Commissions receivable
Varsity income
Events income		 £
60,750
705
229
5,321
16,843
7,179		 £
58,425
26
1,020
3,245
16,809
13,873
91,027 93,397
4. INVESTMENT INCOME
2023 2022
£ £
Depositaccountinterest 3,154 197

=" Page 51 continued...

WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

ee

5, INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Student Activity Activity £ £
Membership
Bar		 Student activities
Bar		 163,293
126,699		 173,866
156,379
289,992 330,245
.
6. RAISING FUNDS
Raising donations and legacies
2023 2022
£ E
Staffcosts
Telephone		 90,913
-		 68,909
158
Postage and stationery
Marketing costs		 -
13,920		 (100)
12,132
104,833 81,099
Other trading activities
2023 2022
£ £
Purchases 1,255 -
Bad debts 687 -
1,942 -
Aggregateamounts 106,775 81,099

Een

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

eee

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
Representation
Advice and welfare
Student activities
Bar
Affiliations		 £
-
49,652
348,142
163,963
25,179		 £
108,074
18,013
126,089
108,079
-		 £
108,074
67,665
474,231
272,042
25,179
586,936 360,255 947,191
8. SUPPORT COSTS
Governance
Management costs Totals
Representation
Advice and welfare
Student activities
Bar		 £
70,664
11,777
82,440
70,665		 £
37,410
6,236
43,649
37,414		 £
108,074
18,013
126,089
108,079
235,546 124,709 360,255
Activity Basis of allocation
Management Based on estimated usage of resources
Governancecosts Basedonestimatedusageofresources

9, TRUSTEES’ REMUNERATION AND BENEFITS

2023 2022
£ £
Trustees' salaries 63,306 61,680
Trustees’ social security 4,864 4,649
$8170 66,329

Each of the Executive Committee's sabbatical officers received remuneration as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities.

Trustees’ expenses

2023 2022
£ E
Trustees' expenses 570 314

eS

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

ee

10. STAFF COSTS

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|£| |Wagés|and|salaries|567,740|522,793| |Social|security|costs|40,147|34,605| |Other|pension|costs|31,019|32,866| |SE S05|50204|

----- End of picture text -----

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |Full|time|21|18| |Students|-|Semester|only|15|22| |36|40|

----- End of picture text -----

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |The|number|of employees|whose employee|benefits|(excluding|employer|pension|costs)| |exceeded|£60,000|was:| |2023|2022| |£60,001|-|£70,000|1|—_| |ee|||———————|

----- End of picture text -----

The key management personnel of the charity during the year ended 31 July 2023 comprised of the Chief Executive, Director of Finance, Director of Representation and Membership Services and the Venue and Events Manager.

The total amount paid, including Employers National Insurance and Pension, to the Key Management Personnel forthe year ended 31July 2023 was £181,477.

eee

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

eee

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |11.|COMPARATIVES|FOR THE|CONSOLIDATED|STATEMENT|OF FINANCIAL ACTIVITIES| |Unrestricted|Restricted|Total| |funds|funds|funds| |INCOME|AND|ENDOWMENTS|FROM|£|£|£| |Donations|and|legacies|604,950|-|604,950| |Charitable|activities| |Student|activities|-|173,866|173,866| |Bar|156,379|-|156,379| |Other|trading|activities|93,397|-|93,397| |Investment|income|197|-|197| |Total|854,923|173,866|1,028,789| |EXPENDITURE|ON| |Raising|funds|81,099|-|81,099| |Charitable|activities| |Representation|103,973|-|103,973| |Advice and|welfare|62,565|-|62,565| |Student|activities|309,356|156,118|465|474| |Bar|266,455|-|266,455| |Affiliations|25,298|-|25,298| |Total|848|746|156,118|1,004|864| |NET INCOME|6,177|17,748|23,925| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|(76,673)|171,496|94,823| |TOTAL|FUNDS CARRIED FORWARD|(70,496)|189,244|118,748|

----- End of picture text -----

eee

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WORCESTER STUDENTS’ UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

ig

12. TANGIBLE FIXED ASSETS
Fixtures
Groupand Charity and
fittings
£
COST
At 1 August 2022
Additions		 909,621
2,656
At 31 July 2023 912,277
DEPRECIATION
At 1 August 2022
Charge for year		 895,238
5,554
At31 July 2023 900,792
NET BOOK VALUE
At 31 July 2023 11,485
At 31 July 2022 14,383
13. FIXED ASSET INVESTMENTS
Unlisted
Charity investments
£
MARKET VALUE
At 1 August 2022 and 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At31July2022 1

There were no investment assets outside the UK.

"eng

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

WORCESTER STUDENTS' UNION

sg

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |14.|STOCKS| |Group|and|Charity|2023|2022| |E|£| |Stocks|6,537|8,623| |15.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |Group and|Charity|2023|2022| |£|£| |Trade|debtors|17,883|1,694| |Other debtors|1,699|1,667| |19,582|3,361| |16.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE|YEAR|

----- End of picture text -----

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Charity| |2023|2023|2023|2022| |Trade|creditors|14,665|7,398|14,665|7,398| |Taxation|and|social|security|12,051|10,504|12,051|9,304| |Other|creditors|13,854|18,300|13,854|18,300| |Inter|company|-|-|-|1,200| |40,570|36,202|40,570|36,202| |Tk:|PROVISIONS|FOR|LIABILITIES| |2023|2022| |£|£| |Provisions|411,218|368,724|

----- End of picture text -----

The above provision relates to the deficit funding contributions the Union is required to make to SUSS (see notes 1 and 19).

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |18.|MOVEMENT|IN|FUNDS| |Group|and|Charity|Net|Transfers| |movement|between|At| |At|1.8.22|in|funds|funds|31.7.23| |£|£|£|E| |Unrestricted|funds| |General|fund|298,228|(56,666)|(27,270)|214,292| |Pension|deficit|(368,724)|(69,764)|27,270|(411,218)| |Restricted|funds|(70,496)|(126,430)|-|(196,926)| |Clubs|and|societies|189,244|7,795|-|197,039| |TOTAL|FUNDS|118,748|(1 18,635)|-|113| |Page|57|continued...|

----- End of picture text -----

WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 34 July 2023

18. MOVEMENT IN FUNDS- continued

Net movement in funds, included in the above are as follows:

Group and Charity Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 827,790 (884,456) - (56,666)
Pension deficit : (14,012) (55,752) (69,764)
827,790 (898,468) (55,752) (126,430)
Restricted funds
Clubs and societies 163,293 (155,498) - 7,795
TOTAL FUNDS 991,083 (1,053,966) (55,752) (118,635)
Comparatives formovement in funds
Net Transfers
Group and Charity movement between At
At 1.8.21 in funds funds 31.7.22
£ £ £ £
Unrestricted funds
General fund 303,402 20,620 (25,794) 298,228
Pension deficit (380,075) (14,443) 25,794 (368,724)
(76,673) 6,177 - (70,496)
Restricted funds
Clubs and societies 171,496 17,748 - 189,244
TOTALFUNDS 94,823 23,925 - 118,748

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WORCESTER STUDENTS' UNION

18. MOVEMENT IN FUNDS- continued

Comparative net movement in funds, included in the above are as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|and|Charity|Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General|fund|854,923|(834,303)|20,620| |Pension|deficit|-|(14,443)|(14,443)| |Restricted|funds|854,923|(848,746)|6,177| |Clubs|and|societies|173,866|(156,118)|17,748| |TOTAL FUNDS|1,028,789|(1,004,864)|23,925|

----- End of picture text -----

A current year 12 months and prior year 12 months combined position is as follows:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Net|Transfers| |Group and|Charity|movement|between|At| |At|1.8.21|in|funds|funds|31.7.23| |£|£|£|£| |Unrestricted|funds| |General fund|303,402|(36,046)|(53,064)|214,292| |Pension|deficit|(380,075)|(84,207)|53,064|(411,218)| |(76,673)|(120,253)|*|(196,926)| |Restricted|funds| |Clubs|and|societies|171,496|25,543|.|197,039| |TOTAL|FUNDS|94,823|(94,71|0)|:|113|

----- End of picture text -----

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continued...

Notes to the Financial Statements - continued for the Year Ended 34 July 2023

  1. EMPLOYEE BENEFIT OBLIGATIONS

WORCESTER STUDENTS' UNION

i

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

----- Start of picture text -----
Group and Charity Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 1,682,713 (1,718,759) - (36,046)
Pension deficit - (28,455) (55,752) (84,207)
Restricted funds 1,682,713 (1,747,214) (55,752) (120,253)
Clubs and societies 337,159 (311,616) - 25,543
TOTAL FUNDS FUNDS 2,019,872 (2,058,830) (55,752) (94,710)
----- End of picture text -----

TOTAL FUNDS FUNDS

Clubs and societies - these funds represent income from the various student clubs and societies which is specifically to be spent on the fund or society to which it relates.

The Union participates in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106,697,000 with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,645,000.

The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The following assumptions applied at 30 June 2022:-

The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit by 1 May 2037 and will increase by at least 5% each year.

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Notes to the Financial Statements - continued for the Year Ended 31 July 2023

WORCESTER STUDENTS' UNION

eee

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme of £5,038 pa. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme's levy to the Pension Protection Fund.

The liability provided for in respect of the SUSS pension deficit amounted increased to £411,218 (2022: £368,724) at 31 July 2023(see note 17).

The Union also has members in the Aegon Pension Scheme which is a defined contribution scheme.

The total contributions due to the Schemes by the Union in respect of eligible employees for the year ended 31 July 2023 are disclosed in the staff costs note.

  1. RELATED PARTY DISCLOSURES

The union is in receipt of a recurrent grant from the parent body to cover salaries and overheads, The amount received for the year ended 31 July 2023 was £600,000 (2022: £600,000).

At the year end the total due to the union from the University of Worcester was £100 (2022: Nil).

  1. ULTIMATE CONTROLLING PARTY

The union is controlled by the executive committee which is subject to democratic election by the voting membership of the union. The ultimate control of the union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the union.

This page does not form part of the statutory financial statements

eeess

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WORCESTER STUDENTS. UNION Consolidated Statement of Financlal Activities for the Year Ended 31 July 2023 2023 Total funds 2022 Total fvnds Unreslri¢led fLtnds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 606,910 606.910 604,950 Charitable activities Sludenl activities Bar 163,293 163.293 128,699 173,866 158,379 126,699 Other trading activities Investsnent income 91,027 91,027 93,397 197 Total 827 790 163 293 991083 1,026,789 EXPENDITURE ON Raising funds 106,775 106,776 81.099 Charltable activities Representation Advice and weKare Student activities Bar Affiliations 108,074 67,665 318,733 272,042 25.179 108,074 67,665 474,231 272,042 25.179 103,973 62,565 465,474 266,455 25,298 166.498 Total 898 488 155,498 1.053.966 1,004,864 NET INCOMEIIEXPENOITUREI Other recognised gainsl{lossesl Acluaiial gainslllossesl on defined beneff( schemes 170.678} 7,79S (62.8831 23,925 6S.7521 Net movement In funds (126,4301 7,795 1118.6351 23,925 RECONCILIATION OF FUNDS Total funds brought forward 170.496) 189,244 118,748 94.823 TOTAL FUNDS CARRIED FORWARD 196 9261 197.039 113 118748 The notes fom part of these financial stslements Page 44

WORCESTER STUDENTS, UNION Consolidated Balance Sheet 31 July 2023 2023 Total funds 2022 Total funds UnreStr￿ted lund8 Reslricled funds Notes FIXED ASSETS Tangible assets 12 11,485 14 383 CURRENT ASSETS Stocks Debtors Cash 81 bank and in hand 14 15 6,537 19.582 217,257 6.537 19.5B2 414.296 8.623 3.361 497,306 197,039 243.376 197,039 440,415 509.290 CREDITORS Amounts falling due within one year 16 140,570) 140.570} 138,2021 NET CURRENT ASSETS 202 806 197039 399,845 473 088 TOTAL ASSETS LESS CURRENT LIABILITIES 214.291 197,039 411,330 487.471 PROVISIONS FOR LIABILITIES 17 (411.2181 411.218} 1368,7241 NET AssErs 196,9271 197.039 112 118,747 FUNDS Unreslricled funds Reslricled funds 18 {196,9271 197.039 170,4971 189.244 TOTAL FUNDS 112 118747 The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on 3 Octo￿r 2023 and were signed on its behalf by.. Tnjslee The notes form part of these financial slalements Page 45

WORCESTER STUDENTS. UNION Charlty Balance Sheet 31 July 2023 2023 Totol funds 2022 Total funds Unreslricled funds Reslricled funds Notes FIXED ASSETS Tangible assets Investrnenls 12 13 11,485 11,485 14,383 11,486 11.486 14,384 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 14 15 6,537 19,582 217,257 6,537 19,5B2 414,296 8,623 3,361 497,306 197,039 243.376 197.039 440,415 509,290 CREDITORS Amounts falling due within one year 16 {40,5701 (40,5701 136,2021 NET CURRENT ASs￿s 202 806 197,039 399,845 473,088 TOTAL ASSETS LESS CURRENT LIABILITIES 214,292 197,039 411,331 487,472 PROVISIONS FOR LIABILITIES 17 1411,2181 411,2181 1368,724 NET ASSETS 196 926) 197 039 113 118.748 FUNDS Unrestricted funds Reslricled funds 18 (196,9261 197,039 170,4961 189,244 TOTAL FUNDS 113 118.748 The financial slalemenls were approved by the Board of Trustees and 8Uthorised for issue on 3 October 2023 and were signed on ils behalf by.. Trustee The notes fom part of these financial stalemerits Page 46

WORCESTER STUDENTS, UNION Consolidated Cash Flow Siatement for the Year Ended 31 July 2023 2023 2022 Notes Cash flows from operating activitigs Cash generated from operations 83,5081 26,625 Nel Cash (used inllprovided by operating activities 83 5081 Cash flows from invgstlng activities Purchase of tangible fixed assets Interest received 12,6561 3.154 {2,1181 197 Net cash provided byllused inl investing activities 498 Change in cash and cash equivalents in the reportlng perlod Cash and cash equivalents at the beglnnlng of the roportlng perlod 183.0101 24,704 497,306 472,602 Cash and cash equlvalents at tho end of the reporting period 414.296 497 308 The notes fom part of these financial stslemenls Page 47

WORCESTER STUDENTS. UNION Notes to the Consolidated Cash Flow Statement for the Year Endgd 31 July 2023 RECONCILIATION OF NET IEXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net lexpgndlturelllncome for the reportlnu period las per the Statement of Financlal Actlvltie81 Adjustments for- Oeprecialion charges Interest received SUSS Pension deficit movements Decrease in stocks {Increaselldecrease in debtors Increaselldecreasel in creditors 162,8831 23.925 5.$54 13,1541 113,2581 2,086 116,2211 4,368 4,718 11971 111,3511 738 9,542 Not oash {used Inllprovided by oporatlons 83,5081 26,625 ANALYSIS OF CHANGES IN NET FUNDS Al 1.8.22 Cash flow At 31.7.23 Net cash Cash al bank and in hand 497 306 83.0101 414,296 497,306 83,0101 414296 Total 497.306 83 0101 414 296 The notes fom part of these fin8t)cial slalements Page 48

WORCESTER STUDENTS. UNION Notes to the Financlal Statements for the Y&ar Ended 31 July 2023 ACCOUNTING POLICIES Basls of preparlng the financial statements The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'A¢counling and Reporting by Charities.. Slalemenl of Recommended P¥aclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and Ihe Charities Act 2011. The financial slalemenls have been prepared under the historical cast convention, with the exception of investments which are included al market value. Income All income is recognised in the Slalemenl of Financial Acliviliès On￿ the charity has entillemenl lo the funds, il is probable that the income will be re￿ived and the amount can be measured reliably. Other income is recognised in the period in which il is receivable and lo the extent the goods have been provided or on completion of the Service. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure. il is probable that a transfer ol economic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expenditure is aecounled for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. ere c051s cannot be directly attributed lo particular headings they have been allocated to activities on a basis consislenl with the Ltse of resources. Fundraising costs are those incurred in seeking voluntary Contributions and do not include the costs of disseminating information in support of the charitable aclivilies. Support CO818 are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with conslitulional and slalulory requirements. Allocation and apportionment of support costs The bases on which support costs have been allocated is set out in note 8 of the occounls. Tangible flxod assets There is no sel de minimis level for the c8pilali$alion of tangible fixed assets and each case is dealt with on an individual basis. The policy with respect lo impairment reviews of fixed assets is that reviews will be carried out if events indicate that the carrying value of any fixed asset may not be recoverable. Impairment losses are recogrsised in the SOFA. Tangible fixed assets are slated al cost less depreciation. Depreciation is provided al ral&s calculated lo write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. 10 to 30'A per annum 8tralght Ilne and 20QA reduclng balance 20 /0 per annum reduclng balance 10 to 20'h por annum stralght liné and 20°A reduclng balance Retail fixtures and fittings Administration fixlurss & fittings- Improvements lo premises- Page 49 continued...

WORCESTER STUDENTS. UNION Notes to the Financlal Statements - continu?d for the Year Ended 31 July 2023 ACCOUNTING POLICIES- contlnu&d Stocks Stocks are valued al the lower of cost and nel realisable value. after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from lax on its charitable acts'vities. Fund accounting Unreslricled funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Restricted funds ean only be used for path'cular reslricled purposes w¢thin the 0￿ecIS of the charity. Reslrielions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanats'on of the nature and purpose of each fund is included in the notes lo the financial s18lernenls. Pension cost8 and other post-retirement b&n•fits The Union participates in the Students. Union Superannuation Scheme ISUSSI, a defined benefit scheme which is externally funded and contracted out of the Slate Second Pension. The fund is valued al least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The most recent valuation of the Scheme was carried out as al 30 June 2022 and showed that the market value of the Scheme's assets was £106.697,000 with these assets representing 44% of the value of benefits that had accrued lo members after allowing for expected future increases in eamings. The deficit on an ongoing funding basis amounled lo £136.645,000 The 2022 valuation recommended a monthly contribution requirement by each participating Union intended to clear the ongoing funding deficit ending in 2037, increasing by 5Yo each year. The scheme operates as a pooled arrangement, with contributions paid al a centrally agreed rate. As consequence, no share of the underlying assets and liabilities can be directly attributed lo the Union. Under FRS 102, where a scheme participates in a mulli-employer defined benefit pension scheme that is in deficit and the employer has entered into an agreemènt lo fund the def￿11 the entity shall recognise a liability for the contributions payable that arise from the agreement. As the agreement runs until 2037, discount rale of 3.8% has been applied in determining the nel present value of the contributions made in the period. The union also conlribules lo the Aegon PensDn Scheme. The annual contributions payable are charged lo the incomè and expenditure acwunl. Going concern After making appTopriate enquiries, the Irvstees have a reasonable expeclallon thai the charity has adequate resources tcs continue in operat￿nal existence for the foreseeable future. For this ￿880M they continue lo adopt the going concern b851s in preparing the financial slalemenls. Page 50 ontinued..

WORCESTER STUDENTS. UNION Notos to the Flnancial Statements . Continued for the Year Ended 31 July 2023 DONATIONS AND LEGACIES 2023 2022 Grants Other grants 600,000 6,910 600,000 4.950 606 910 604,950 Grants received, included in the above, are as follows.. 2023 2022 University of Worcester 600,000 600.000 OTHER TRADING ACTIVITIES 2023 2022 Marketing Other NUS Extra Commissions receivablo Varsity income Events income 80,750 705 229 5,321 16,843 7.179 58,425 25 1.020 3,245 16,809 91,027 93.397 INVESTMENT INCOME 2023 2022 Deposit account Inte￿81 3.154 197 Page 51 continued...

WORCESTER STUDENTS. UNION Notes to the Flnanclal Statements - continued for the Year Ended 31 July 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Sludenl AclThiity Membership Bar Student actThiilies Bar 163.293 126 699 173,866 156,379 289 992 33Q.245 RAISING FUNDS Ralslng donation¥ and legacle$ 2023 2022 Staff costs Telephone Postsgo and stsb'onery Marketing costs 90,913 68,909 158 11001 12,132 104.833 Other trading activitlgs 2023 2022 Purchases Bad debts 1.255 687 Aggregate amounts 106,775 81.099 Page 52 continued..

WORCESTER STUDENTS, UNION Notes to the Financial Ststernents - Continued for the Year Ended 31 July 2023 CHARITABLE ACTIVITIES COSTS Support costs (see note 81 Direct Cos18 Totals Representation Advice and weware Sludenl activities Bar Affiliations 108,074 18,013 126,089 108.079 108,074 67,665 474,231 272.042 49,652 348,142 163,963 586 936 380 255 947 191 SUPPORT COSTS Governance costs Management Totals Representation Acfvice and weKare Sludenl activities Bar 70.664 11.777 82,440 37,410 6,236 43.649 37.414 108.074 18,013 126.089 108,079 235,546 124,709 360,255 Activity Management Governance costs Basis of allocation Based on estimated usage of resources Based on estimated usage of resources TRUSTEES. REMUNERATION AND BENEFITS 2Q23 2022 Trustees, salaries Trustees, social security 63,306 4,864 61,680 4.649 6B,170 66.329 Each of the Executive Commillee's sabbatical Officers received remuneration as 8ulhorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. Trustee8' expenses 2023 2022 Trustees, expenses 570 311 Page 53 continued...

WORCESTER STUDENTS. UNION Notes to the Financial Statements . Continued for the Year Ended 31 July 2023 10. STAFF COSTS 2023 2022 Wages and salaries Social seeurity costs Olher pension costs 567,740 40,147 522.793 34.605 32,866 638,906 590.264 The average monthly number of employees during the year was as follows.. 2023 2022 Full lime SILtdenls - Semester only 21 15 18 22 36 40 The number of employees whose employee benefits lexeluding employer pension costs} exceeded £60,000 was.. 2023 2022 £60.001- £70,OtX) The key rnana9emenl personnel of the charity during the year ended 31 July 2023 comprised of the Chief Executive, Director of Finance, Direcloi of Representation and Membership Services 8nd the Venue and Events Manager. The lolal amount paSd. including Employers National Insurance and Pension, lo the Key Management Personnel for the year ended 31July 2023 was £181,477. Page 54 continued...

WORCESTER STUDENTS, UNION Notes to the Financial Statement8- continu&d for the Year Ended 31 July 2023 COMPARATIVES FOR THE CONSOLIDA TED STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Reslricled funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 604.950 604,950 Charitable activities Student adivilies Bar 173.866 173,866 156,379 1 S6.379 Other trading aclNilres Investment income 93,397 197 93,397 197 Total 854,923 173.866 1.028,789 EXPENDITURE ON Raising fund5 81,099 81,099 Charltable activitles Representation Advice and weLlare Student activities Bar Aftilialions 103,973 62,565 309,356 266,455 25,298 103.973 62.565 465,474 266,455 25,298 156,718 Total 848.746 1%,118 1,004,864 NET INCOME 6,177 17,748 23.925 RECONCILIATION OF FUNDS Total funds brought forward 176,6731 171,496 94.823 TOTAL FUNDS CARRIED FORWARD 70 4961 189 244 118,748 Page 55 onlinued.

WORCESTER STUDENTS, UNION Notes to the Financial Statements- continued for the Ygar Ended 31 July 2023 12. TANGIBLE FIXED ASSETS Fixtures and fittings Group and Charlty COST Al 1 August 2022 Additions 909,621 2,6S6 At 31 July 2023 912,277 DEPRECIATION Al 1 August 2022 Charge for year 895.238 5.554 Ai 31 July 2023 900 792 NET 800K VALUE Al 31 July 2023 Al 31 July 2022 14,383 13. FIXED ASSET INVESTMENTS Unlisted investments Charity MARKET VALUE Al 1 August 2022 and 31 July 2023 NET BOOK VALUE A131 July 2023 Al 31 Juty 2022 There were no investment assets outside the UK. Page 56 onlinued...

WORCESTER STUDENTS. UNION Notes to the Financial Statements - continued for the Year Endgd 31 July 2023 14. STOCKS Group and Charity 2023 2022 Stocks 6,537 8,623 15. DEBTORS.. Af4lOUNTS FALLING DUE WITHIN ONE YEAR Group and Charity 2023 2022 Trade debtors Other debtors 17,883 1,694 3.361 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Charlty 2023 2023 2023 2022 Trade creditors Taxation and social security Other creditors Inter company 14.665 12,051 13,864 7,398 10,504 18,300 14,665 12,051 13.854 7.398 9,304 18,300 1,200 36,202 40.570 36.202 17. PROVISIONS FOR LIABILITIES 2023 2022 Provisions 411,218 368,724 The above Pfovision relate5 to the deficit funding contributions the Union is required lo make to SUSS Isee notes 1 and 191. 18. MOVEMENT IN FUNDS Group and Charity Net movement in funds Transfers between funds Al 31.7.23 Al 1.8.22 Unrestrlcted funds General fund Pension delicil 298,228 368.7241 156,6661 69.7641 127.270) 214,292 4112181 170.496) 1126.4301 1196.9261 R•stricted funds Clubs and societies 189.244 7.795 197,039 TOTAL FUNDS 118.748 118.6351 113 Page 57 continued...

WORCESTER STUDENTS. UNION Notes to thg Financial Statements - continued for th* Year Ended 31 July 2023 18. MOVEMENT IN FUNDS- ¢ontlnued Nel movement in funds, included in the above are as follows". Group and Charlty Incoming re$oLtrces Resources expended Gains and bsses Movement in funds Unr¢$tricted funds General fund Pension deficit 827,790 1884.4581 14.0121 156,6661 69,7641 S5.7S21 827.790 1898,4681 (55,752) 1126.4301 Restrlcted fund8 Clubs and s￿letIeS 163,293 1155,4981 7.795 TOTAL FUNDS 991 083 1053 9661 ComparatiVÈ8 for movèment In fund8 Net movement in funds Translers beNveen funds Group and Charity At 31.7.22 Al 1.8.21 Unrestrl¢t¢d funds General fund Pension deficit 303,402 {380.075 20,620 14.4431 125.7941 25,794 298,228 1368,7241 (76,6731 6.177 170,4961 Restricted funds Clubs and societies 171,496 17,748 189.244 TOTAL FUNDS 94,823 23,925 118.748 Page 58 continued...

WORCESTER STUDENTS, UNION Notes to the Financial Ststements - continued for the Year Ended 31 July 2023 18. MOVEMENT IN FUNDS- ¢ontinued Comparative nel movement in funds, included in the ab¢ve are as follows.. Group and Charity Incoming resou¥ces Resources expended Movement in funds Unrostricted funds General fund Pension deficit 854,923 1834.3031 14.4431 20,820 14.4431 854,923 1848,7461 6,177 Restrlcted fund8 Clubs and socie118S 173,866 (156,118) 17,748 TOTAL FUNDS 1,028,789 1,004,864} 23.925 A current year 12 months and prior year 12 months combined position 13 as follows.. Net movernent in funds Transfers be￿een funds Group and Charlty At 31.7.23 Al 1.8.21 Unrestricted funds General fund Pension deficit 303,402 380.0751 136.0461 84.2071 153,064} 53,064 214,292 411,2181 176,6731 1120,253} 1196,9261 Rostri¢ted funds Clubs and societies 171,496 25,543 197.039 TOTAL FUNDS 113 Page 59 continued..

WORCESTER STUDENTS, UNION Notes to the Financlal Statements - oontlnued for the Year Ended 31 July 2023 18. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined nel movement in tunds. included in the above are as follows-. Group and Charlty Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Pension deficf( 1.682,713 {1,718.7591 28.4551 136,0461 1.682,713 11,747,214) Restricted funds Clubs and societies {55.7521 1120,2531 337,159 1311,6161 25,543 TOTAL FUNDS 2.019,872 ￿2 058 8301 55,752 Clubs and societies- these funds represent income from the various sludenl Clubs and societies which Is specifically to be spent on the fund or society lo which Tt relates. 19. EMPLOYEE BENEFIT OBLIGATIONS The Union participates in the Students, Union SuperannUal￿n Scheme, which is a defined benefit scheme whose membership consists of employees DI students, unions and related bodies throughoLJI the country. Benefits in respect of seNice up lo 30 September 2003 a￿ accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 aecruing on a Career Average Revalued Earnings ICAREI basi8. Wth effect from 30 September 2011 the Scheme closed lo future accrual. The most recent valuation of the Scheme was carried out as 8130 June 2022 and showed that the market value of the Scheme's assets was £106.697.000 with these assets representing 44% of the value of benefits that had accrued lo members after allowing lor expocled future increases in earnings. The deficit on an ongoing funding basis amounted lo £136,645,000. The assumptions which have the most 8ignrficanl effect upon the results of the valuation are those rel81ing to the rale of return on investments and the rates of increase in salaries and penslons. The following assumptions applied at 30 June 2022'.- Dlscount rate: Bank of England gllt curve + 1.5'A pa, linearly changing over a term 0113 years to gilts curvo + 0.2591• pa. Pen$lon Incroase8- A model of ea¢h Increase. allowing for Insurers, relative pri¢ing of different caps and collars.. The 2022 Valuation recommended a monthly wnlribution requirement by each Participating Employer expressed in monetary terms intended lo Clear the ongoing funding defial by 1 May 2037 and will increase by al least 5% each year. Page 60 continued..

WORCESTER STUDENTS, UNION Notes to the Financial Statemen1$ - continued for the Year Ended 31 July 2023 19, EMPLOYEE BENEFIT OBLIGATIONS- eontlnued These contributions 81so include an allowance for cost of the ongoing adminislralive and operational expenses of running Ihe Scheme of £5,038 pa. Surpluses or deficits which arise al futu￿ valuations will also impact on the Union's future contribution commitment. In addition lo Ihg above conlribulions. the Union also pays ils share of the Scheme's levy lo the Pension Protection Fund. The liability provKied for in respect of the SUSS pension deficit amounted increased to £411,21812022'. £368,724} al 31 July 202318ee note 171. The Union also has members in the Aegon Pension Scheme which is a defined contribution scheme. The lolal contributions due lo the Schemes by the Union in respect of eligible employees for the year ended 31 July 2023 are disclosed in the staff costs note. 20. RELATED PARTY DISCLOSURES The union is in receipt of a recuTrent grant from the parent b￿lY to cover salaries and overheads. The amount received for the year ended 31 July 2023 was £600,00012022'. £600.0001. Al the year end the lolal due lo the union from the Unwersity of Woicesler wes £10012022.. Nill. ULTIMATE CONTROLLING PARTY 21. The union is controlled by the executive eommittee which is subject lo democratic election by the voting membership of the union. The ultimate control of the union is vested under the conslilulion in the membership in General meeting. As such no single person or entity controls the Un￿n. This page does not fomi part of the stslulory financial statements Page61

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Worcester Students’ Union Audit Findings Report Year Ended 31[st] July 2023

Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

The Board of Trustees

Worcester Students’ Union

22[nd] September 2023

Dear Trustees

Audit findings for the year ended 31[st] July 2023

This Audit Findings Report highlights the significant findings arising from the audit and sets out the key matters which we are required to formally report to those charged with governance in accordance with International Standard on Auditing (UK) 260.

As you will appreciate, our audit procedures are designed primarily to enable us to form an opinion on the accounts as a whole. Our procedures include such tests of the accounting records and internal control systems as are, in our opinion, necessary for audit purposes. Consequently, whilst our procedures may identify certain weaknesses which may exist, the audit procedures in themselves should not be relied upon to reveal all the weaknesses which may exist in the system.

This report has been prepared for your sole use and we assume no responsibility to any other party in respect of its contents. The report should not be disclosed to any third party without our prior written consent.

This report is not exhaustive and deals with only the more significant matters which came to our attention during the audit. Other matters of lesser significance have been discussed with the relevant staff during the course of our audit work.

In conclusion we would like to take this opportunity of expressing our appreciation to all your staff, particularly Rob, for his assistance and co-operation during the course of our audit. If you have any queries on any of the points in this letter, please do not hesitate to contact us.

Yours Sincerely

Knox Cropper LLP

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Contents

Audit Overview Pages 3-4
Materiality and Audit Adjustments Page 5-6
Key Audit Risks and Conclusions Pages 7-8
Internal Control Observations and Recommendations Pages 9-10
Emerging Issues Pages 11-13
Letter of Representation Pages 14-16
Commentary on the Financial Statements Pages 17-19

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

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Audit Overview
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General

The purpose of our audit is to gather sufficient evidence to allow us to conclude that the transactions and balances disclosed in the accounts are unlikely to be materially misstated, to establish that disclosures reflected in the accounts comply with the requirements of legislation and relevant accounting standards, to assess whether the accounting policies adopted are appropriate and consistently applied and to assess whether judgements exercised and estimates made in the preparation of the accounts are fair and reasonable.

Audit Report

We confirm that we have completed the audit to our satisfaction and intend to issue an unqualified audit opinion on the Financial Statements. This means that we have no material reservations over the figures or information disclosed in the financial statements.

The wording of our audit report is in accordance with the standard text for unqualified audit reports prescribed by the Financial Reporting Council. Our report also includes a section which is specific to this audit setting out our response to the risk of material misstatement in respect of irregularities arising from non-compliance with laws and regulations, including fraud.

Estimates and Judgments

The estimates and judgments made by management affecting the financial statements are the SUSS pension deficit provision, depreciation, accruals and prepayments.

We have concluded that management have exercised judgments and calculated estimates in a fair and reasonable way.

Accounting Policies and Disclosures

The accounting policies which have been adopted in the financial statements are in accordance with Generally Accepted Accounting Practice and are, in all material respects, appropriate to the organisation’s operations and in compliance with FRS 102 and the Charity SORP 2019.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Adequate consideration was given to the potential impact of changes in legislation and accounting standards which arose during the year. No significant changes arose during the current year which affected the financial statements and therefore the form and content of the accounts are consistent with the preceding year.

Professional Ethics and Independence

We confirm our compliance with the Ethical Standard issued by the Financial Reporting Council.

We confirm that we have not carried out any non-audit work which could impair our independence and there are no other matters in relation to our audit engagement which we consider should be brought to your attention.

Other Audit Matters

In accordance with UK auditing standards, we confirm the following matters in relation to our audit of the financial statements:

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Materiality and Audit Adjustments

Materiality

Materiality is used both to plan the nature and extent of audit testing and to evaluate the effect of misstatement. In accordance with ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to include details in this report of all unadjusted errors which are below materiality unless they are clearly trivial. Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these.

Omissions or misstatements are regarded as material if they would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement.

Our assessment of materiality the year ended 31[st] July 2023 was calculated as follows:

£ Explanation
Overall Materialityfor the Financial Statements 15,347 Accounts materiallymisstated where total errors exceed this value
Performance Materiality 11,510 Workperformed to capture individual errors at this level.
TrivialityLevel 767 Unadjusted errors above this level are reported.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Audit Adjustments

There were no material adjustments made to the financial statements arising from our audit work.

The following misstatements, which are above our triviality level, have not been corrected in the financial statements by management because they are not individually or cumulatively material.

they are not individually or cumulatively material.
Description of unadjusted error Debit Credit
Missing prepayments £ £
Balance sheet – Prepayments 6,469
SOFA – Various items(Mainlysoftware and insurance costs) 6,469

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Key Audit Risks and Conclusions

The following schedule sets out the key risks which we identified as part of our audit planning. It sets out our approach to ensuring that these risks did not give rise to any material misstatement in the financial statements and our audit findings.

Risk Audit Approach Audit Findings

Income received by the Charity could be We will review the underlying This was tested as part of our income subject to restrictions and therefore documentation supporting income to testing. Appears to be fairly stated in the income may need to be treated as ascertain whether restrictions apply, and if accounts. restricted income. applicable, review expenditure from these funds to ascertain whether the imposed restrictions are being adhered to.

substantive testing on a sample of employees, including checking contracts of employment.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

4 VAT

Risk that VAT has been incorrectly During our income and expenditure testing accounted for. we will perform substantive tests, which will include checking the accuracy and the treatment of the VAT recorded.

We did not find any issues during our audit work. However, we have included a point in the internal control matters section below recommending that a VAT review is considered.

5 SUSS Pension deficit provision

The assumptions and calculations used may Check the calculations and assumptions be inappropriate and may cause a material used for the pension deficit provision. misstatement.

The assumptions used for the SUSS pension deficit calculation are appropriate and the calculation performed has been agreed. The SUSS pension deficit liability appears to be fairly stated in the accounts.

6 Management Override of Controls

This represents a key risk for all We checked that controls were applied organisations and we are required to consistently throughout the year and specifically check to ensure that there is no reviewed a sample of journal adjustments evidence of management override during to ensure they are valid. the year.

We did not find any instances where management had overridden controls. However, there are some areas where controls could be improved. We have included these in the Internal Control Observations and Recommendations section below.

Identification of all related party We reviewed and assessed the controls in This was tested as part of our income and transactions conducted throughout the place to identify and disclose related party expenditure testing. We requested that year. transactions and looked out for related related party declaration forms were party transactions during our review of the completed by all trustees and senior accounting records. management. No issues noted were noted.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Internal Control Observations and Recommendations

We are required to report to you, in writing, significant deficiencies in the internal controls and the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all deficiencies in the system and, as a result, the matters reported may not be the only ones which exist.

We have categorised the internal control deficiencies using a colour-scale rating system. The key to which is as follows:

Control weakness is not significant but we recommend that it be addressed to comply with good practice Control weakness is serious and needs to be addressed Control weakness is of critical importance and needs to be addressed as a priority

Matters Brought Forward from the Previous Year

Risk Observation Recommendation Management Response Rating 1 VAT Review Last year We did not find any issues in relation to VAT Given the complex nature of VAT within during our audit and the Union appears to the charity sector, we recommend that be adhering to its current methodology. the Union considers having a VAT However, the Union has not had a VAT review undertaken. review for a few years. VAT in the charity sector is complex and any changes to the Current year Union’s activities or changes in VAT This point is still valid for the current regulations could impact on the VAT year. We understand that the University compliance of the Union. undertook a review of the VAT of the Union a couple of years ago and concluded that the irrecoverable VAT

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

was under the de-minimis limit. However, this should be calculated and confirmed every quarter when the VAT return is submitted.

Matters Arising in the Current Year

Risk Observation Recommendation Management Response Rating We are pleased to report that the accounting records were well maintained. No significant weaknesses were identified during the audit.

Internal controls were generally appropriate for the size of organisation and our compliance testing indicated that they were operating effectively in practice.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Emerging Issues

Charities Act 2022

The Charities Act 2022, which makes a number of amendments to the Charities Act 2011, became law on 24 February 2022. However, the provisions of the Act are being implemented in a phased way, over a period of 18 months, so that the Charity Commission has sufficient time to update its guidance. A key point to note is that the Act does not impose any additional obligations on charity trustees. Instead, it simplifies the administrative steps which trustees are required to take when making certain decisions. Full details of the Act can be found at: htps://www.knoxcropper.com/artcles/charites-act-2022/

All provisions in the Act are expected to be implemented by the autumn of 2023 with the exception of those relating to ex-gratia payments which are subject to further consideration by the Charity Commission.

Charity Commission Guidance on Internal Controls

In April 2023, the Charity Commission issued updated guidance on internal controls, which is set out in its CC8 document. The restructured guidance is now more concise and it covers issues that were not in existence or widely relevant to the sector when first drafted. New sections cover the use of mobile payments systems, such as Apple Pay, and the receipt of donations in the form of cryptoassets, such as cryptocurrency and NFTs. Existing advice on more traditional risks, including the risks relating to fundraising and public collections, making payments to related parties, and operating internationally has been updated and there is a new section on accepting hospitality. The guidance also includes an updated checklist which facilitates a periodic review of the adequacy of internal controls.

Charity Commission Annual Return 2023

Following a consultation in 2022, the annual return for 2023 contains a number of additional questions. Some of the information required will come directly from the statutory accounts but some charities may have to compile additional data which may be time consuming. The updated Annual Return (AR23) will apply to charities’ financial years ending on or after 1 January 2023 and the additional information required depends in some cases on the size and nature of the charity. New information required includes:

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Audit Findings Report for the year ended 31st July 2023

In total there are 10 additional compulsory questions for all charities and up to 13 extra in total, depending on the nature of the charity.

Risk of Cyber Crime

In January 2023, the National Cyber Security Centre (NCSC) released a new report detailing the risks from cyber-crime to charities. The purpose of the report is to help charities understand current cyber security threats, including the extent to which the sector is being affected, and set out where charities can go for help. Following a recent survey, the Charity Commission reported that one in eight charities had experienced cybercrime in the previous 12 months. The NCSC report can be found at: htps://www.ncsc.gov.uk/collecton/charity/cyber-threat-report-uk-charitysector

Investment guidance

Following the high court judgment on the Butler-Sloss case, the Charity Commission has confirmed that charities can continue to rely on the legal position in its published guidance, set out in CC14, when making investment decisions. The new judgment confirms that, in accordance with their responsibility to act in the best interests of the charity, trustees have the power to implement an ethical investment policy and to exclude certain investments based on non-financial considerations when making financial investment decisions.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Fundraising disclosure

All charities which are required by law to have an audit are required to include details of their fundraising practices in their Annual Report. The Fundraising Regulator has published new research and updated guidance to encourage better compliance with these reporting requirements. The updated guidance emphasises the need for charities to include sufficient detail to meet the statutory requirements and can be found here: The Charities (Protection and Social Investment) Act 2016: an analysis of compliance with fundraising reporting as of July 2022 | Fundraising Regulator

Claiming gift aid on waivers

HMRC has updated its tax guidance for charities to clarify the rules on claiming Gift Aid when a right to receive either a refund or a loan repayment is waived. Where the charity holds a record of the waiver and meets all other Gift Aid rules, HMRC has clarified that the waiver will be eligible for Gift Aid.

Proposed changes to Financial Reporting

The Charity SORP and Financial Reporting Standard 102 (FRS 102), on which the SORP is based, are both in the process of being updated, with changes expected to be implemented for accounting periods beginning on or after 1 January 2025. A consultation document, setting out proposed changes to FRS 102, was issued in December 2022. The proposed changes reflect changes which have been made to International Financial Reporting Standards and include:

The update to the Charity SORP is following the same timetable as it is required to incorporate all the changes made to FRS 102. However, it is also likely to implement a number of additional changes, reflecting feedback from a wide range of stakeholders. Changes are likely to include: a) a requirement for larger charities to include sustainability reporting in their Annual Report

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Letter of Representation

International auditing standards require us to obtain, from the trustees, a number of specific representations and also confirmation of any other material representation given to us during the course of our audit which forms part of our audit evidence. The representations should be made on the basis of enquiries of management and staff with relevant knowledge and expertise.

The following is the full list of representations which we will require to be formally provided to us in a letter, signed on behalf of the trustees, prior to signing our audit report.

Confirmation of Responsibilities

  1. We have fulfilled our responsibilities as trustees under the Companies Act 2006/Charities Act 2011 (“the Act”) for preparing financial statements which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charity SORP).

  2. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.

  3. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:

  4. so far as each Trustee is aware, there is no relevant audit information of which you as auditors are unaware; and

  5. each Trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.

Estimates and Judgments

  1. We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102.

  2. We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Post Balance Sheet Events and Commitments

  1. We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements.

  2. We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements.

  3. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.

Related Parties

  1. We confirm that we are aware of the definition of a related party as set out in FRS102 and the charity SORP.

  2. We confirm that we have disclosed to you all related parties and related party transactions relevant to the charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act.

  3. We confirm that the charity has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements.

Laws, Regulations and Contractual Agreements

  1. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its operations, non-compliance with which could affect the financial statements.

  2. The charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance.

Internal Control and Fraud

  1. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year.

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Audit Findings Report for the year ended 31st July 2023

  1. We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others.

Going Concern

  1. We confirm that, having considered financial projections which reflect the charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the charity’s financial statements should be prepared on the going concern basis.

Uncorrected Misstatements

  1. We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Commentary on the Financial Statements

GENERAL

The consolidated accounts have been drawn up on the basis of generally accepted accounting principles (Charities SORP 2019 - FRS 102) and relevant legislation. The accounts consist of:

STATEMENT OF FINANCIAL ACTIVITIES

Net movement in total funds for the year showed a deficit of £118,635 in comparison to a surplus of £23,925 last year.

Total Income decreased slightly from £1,029k to £1,023k. The decrease in income is the result of the following:

  1. Income from Student Activities increased from £174k last year to £195k this year. This income represents funds raised by the various clubs and societies of the Union. These funds can only be spent for the benefit of the club or society it was raised for, consequently, this income is restricted income.

  2. Income from the bar decreased from £156 to £127k.

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Worcester Students’ Union

Audit Findings Report for the year ended 31st July 2023

  1. Donations and legacies income (£607k) and other trading activities income (£91k) are in line with the previous year. The grant received from the University this year was the same as the previous year (£600k). Other trading activities income includes Advertising income and Varsity income, which are both similar to last year. There is also Events income this year of £7k, which has decreased slightly.

  2. Investment income has increased from £197 to £3,154, which is bank interest.

Expenditure for the year increased from £1,005k to £1,086k. The main reasons for the increase are explained below:

  1. Student activities costs increased from £465k to £506k. This is made up of restricted expenditure (from the clubs and societies self-raised funds) and unrestricted expenditure (expenditure by the Union). Restricted expenditure increased from £156k to £187.5k and unrestricted expenditure increased from £309k to £318.5k.

  2. Bar expenditure has increased slightly from £266k to £272k.

  3. Included within expenditure are wages, which have increased this year from £590k to £647k.

  4. All other expenditure was broadly in line with the previous year.

The Student Union Superannuation Pension Scheme (SUSS) liability has increased this year as a result of an increase in the term for the deficit funding payments. This has increased the liability by £56k. The discount rate used stayed at 3.8%.

As a result of the above, the total unrestricted reserves at the disposition of the Charity have decreased by £126k. Unrestricted reserves, therefore, are now in deficit by £197k. Restricted reserves increased by £8k to £197k.

CONSOLIDATED BALANCE SHEET

Net book value of fixed assets has decreased from £14k to £11k. There was £2.5k of additions and no disposals during the year. The depreciation charge for the year was £5.5k.

Net current assets, the principal balance sheet measure of short to medium term solvency, has decreased from £473k to £400k. There is a sound margin of solvency with unrestricted cash and bank balances alone being sufficient to cover Creditors by a factor of 5.4:1 .

The stock figure of £7k relates to stocks held by the bar. This is a similar value to last year.

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Worcester Students’ Union Audit Findings Report for the year ended 31st July 2023

Debtors have increased from £3k to £20k. The increase relates to trade debtors.

Cash and bank balances have decreased from £497k to £414k. £404k of this was held in the Union’s deposit account. The balance represents the current account and various floats held by the bar or in the safe.

Creditors have increased slightly to £40k from £36k. Other creditors have decreased from £20k to £14k. This figure mainly relates to accruals of £11k. Trade creditors have increased to £15k from £7k. The balance is made up of Tax and social security of £12k, which has increased slightly compared to last year.

Provisions for liabilities’ represents the calculated deficit funding contributions the Union must make in respect of the SUSS scheme. This has increased from £369k to £411k. The increase represents the unwinding of the discount, of £14k, and the actuarial loss of £56k, which are offset against the contributions made to SUSS of £27k.

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