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← Worcester Students' Union

2025-07-31-accounts

REGISTERED CHARITY NUMBER: 1145192

Report of the Trustees and Consolidated Financial Statements for the Year Ended 31 July 2025

for

WORCESTER STUDENTS' UNION

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

WORCESTER STUDENTS’ UNION

Contents of the Financial Statements for the Year Ended 31 July 2025

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Report of the Trustees 1 to 23
Report of the Independent Auditors 24 to 26
Consolidated Statement of Financial Activities 27
Consolidated Balance Sheet 28
Charity Balance Sheet 29
Consolidated Cash Flow Statement 30
Notes to the Cash Flow Statement 31
Notes to the Financial Statements 32 to 44
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WORCESTER STUDENTS’ UNION

Report of the Trustees for the Year Ended 31 July 2025

The trustees present their report with the consolidated financial statements of the charity for the year ended 31 July 2025. 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 2024/25 academic year was another very busy and at times challenging one for Worcester Students’ Union (WSU). The cost-of-living crisis and financial pressures continued to have a significant effect on our operations and on staff retention. Despite these challenges, the year saw some excellent results, of which the staff and officer team can be extremely proud. We continue to strive for excellent satisfaction rates amongst our members and to consistently defy our size in terms of local impact and national reputation.

The following report provides insight into our key activities and outcomes in 2024/25, as well as into our ongoing challenges.

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 and the ongoing sustainability of the University, which does so much for its students.

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 2025

ACHIEVEMENTS AND PERFORMANCE

Achievements and Performance

AIMS AND ACTIVITIES

The Union exists to enhance the student experience and provide all c.9,000 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. 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 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.

The Union is currently working to deliver on its Strategic Framework 2023-28, outlined as follows:

Vision Statement:

Delivering excellence, uniting diversity, and enriching student lives

Mission Statement:

To support, represent, and empower our students

Our 5 Key Strategic Themes:

  1. Encouraging and supporting students to prioritise their wellbeing

  2. Understanding students’ financial realities and reflecting that in what we do

  3. Empowering students to have their say

  4. 4, Making sure our diverse student body is represented

  5. Building connected communities where students feel they belong

Our Values:

Being bold - we will try new things, be adaptable, and speak out when we need to. We will provide opportunities and activities that are worth students spending their time doing (if they're not, we won't do them!). We will create a great place for people to work, where they can see ideas become reality. Honest communication - we will be open about what we can and can't achieve and what we do and don't do. And we will tell students what we are doing and keep them updated. We will make it clear to our students what we offer and that we are there for all of them.

Keeping it simple - we will avoid having unnecessary bureaucracy or barriers to students getting involved with us.

Developing people - this is hugely important to us. We will shape experiences and develop everyone who is involved in the SU - students and staff alike - so they try new things and gain new skills.

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Report of the Trustees for the Year Ended 31 July 2025

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Representative - we will work very hard to ensure that all students at the University feel valued and represented by us.

Inclusive and Accessible - we will ensure that we think about our diverse student body in providing services, activities, and events. We will work to remove barriers and challenge ourselves not to make assumptions about students’ wants and needs.

The Union has KPIs to monitor performance and student satisfaction in relation to its strategic framework. These are grouped under the following areas:

The strategic themes are mapped against these areas and a total of 16 KPis are linked to them, with a range of measures, covering:

1. ENCOURAGING AND SUPPORT STUDENTS TO PRIORTISE THEIR WELLBEING

(i) We will be proactive in finding out what is worrying or concerning our students, without overburdening them

(ii) We will support students to access help and advice

(iii) We will facilitate extra-curricular opportunities that enhance students’ wellbeing

HELP AND ADVICE SERVICE

The Help and Advice service saw an increase in demand in 2024/5, with over 700 logged contacts, and over 600 student cases, a significant increase from the previous year.

Service headlines: - The service supported 624 student cases, with 444 cases coming from students who had not previously used the service.

The service increased levels of outreach throughout the year, including:

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Report of the Trustees for the Year Ended 31 July 2025

WORCESTER STUDENTS’ UNION

Aims for the service in 2025/26 include:

WELCOME DESK

Welcome Desk acts as the first point of contact for students at the SU. From September 2024 to the end of April 2025 it responded to 1,279 enquiries, with 984 face-to-face, 194 via email, and 101 via phone. The total number of queries saw a 50% decrease compared to 2023/24, resulting in Welcome Desk operating reduced opening hours in comparison to previous years, along with closing over the summer break.

SPORT AND SOCIETIES

Sport

The year ended with a total of 37 sports clubs and 1086 club memberships. 25 clubs were affiliated, meaning they had 12 or more members. 2 new clubs were formed during the course of the year; Taekwondo and Social Running Club.

BUCS (British Universities and Colleges) Competitions

Our final BUCS position was 61st out of 147 institutions, with a total of 560.5 points. The highest points contributors were Men's Indoor Cricket 1st (50pts), Women's Netball 1st (29pts), Women's Rugby 1st (29pts), Men's Basketball 1st (28pts), Men's Outdoor Cricket 1st (28pts) and Women's Futsal 1st (27pts).

Highlights and key results from the season included:

Other competitive sport

A number of clubs and student athletes saw further success in their chosen sports, including:

Societies

The year ended with a total of 38 societies and 677 society memberships.10 new societies were formed during the course of the year; African Caribbean Medicine Society, British Red Cross, Cocktail Society, Emergency Medicine Society, Garlic Bread Society, Global Health Society, Intercollegiate Prayer Fellowship, Islamic Society, Psychiatry Society, and Socialist Student Society.

Student Group Events

Clubs and Societies hosted a range of events throughout the year, including CPD events, collaborations, and fundraisers. Highlights included:

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Report of the Trustees for the Year Ended 31 July 2025

a number of other student groups.

Teamworc Points

20 clubs and societies achieved TeamWorc Points accreditation throughout the year, awarded to the student groups that go above and beyond for their members and the TeamWorc community:

Varsity 2025

Following feedback from students, the annual Varsity competition, which takes place against the University of Gloucestershire, saw the return of external venues and a slightly extended format. Fixtures were hosted across 4 days at Gloucester Oxstalls Sports Park, Cheltenham Rugby Club, Gloucester City FC, and the University of Worcester Arena. Sports taking part included American Football, Men's Badminton, Women's Badminton, Mixed Basketball, Dance, Men's Football, Women's Football, Women's Futsal, Men's Hockey, Women's Hockey, Netball, Men's Rugby, Women's Rugby, Tennis, Trampolining, Men's Volleyball, and Women's Volleyball.

Following some intense competition, the final Varsity score ended 12-5 to Worcester, for our third Varsity win a row.

Varsity continues to be an incredibly popular event with a diverse range of Worcester students, with over 1,000 tickets sold throughout the entire competition. Over the course of the event, we also engaged over 500 competitors across both institutions, with fixtures played in a very competitive but friendly spirit.

The success of Varsity depends on strong collaboration with the Students’ Union team at the University of Gloucestershire, and the positive relationship between our institutions has ensured the continued success of the competition. We are also grateful to the University colleagues, particularly those in the Arena, Sport, and Estates and Facilities, for their support in enabling us to host fixtures on campus and to ensure an entertaining event for all involved.

Raise and Give (RAG) and Volunteering

Despite the ongoing financial pressures they are facing, our students raised £9,594.85 for RAG throughout the year. Of this total, £3,602.09 went to the SU's nominated charity of the year, Acorns Children’s Hospice. Some of the student-led fundraising events, and the recipients of their fundraising, throughout the year included:

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Over the year, a total of 7,492.5 volunteering hours were recorded by students. Of these, 4,330.25 hours were recorded by club, society, and network committee members, 334.5 hours by course reps, and 30.5 hours by SU Crew volunteers. A total of 2,784.25 hours were logged by students volunteering with community projects, for organisations including:

SAFETY AND WELLBEING IN THE HANGAR

The Hangar team of core and student staff work very hard to exceed our responsibilities as a venue used by students, staff, and members of the local community. Every year The Hangar renews its Best Bar None (BBN) accreditation, as part of our membership of the NUS Charity purchasing consortium. BBN is a national scheme that recognises and rewards responsible and safe premises that prioritise customer experience and wellbeing and contribute positively to the night-time economy.

This year, despite a number of changes to the BBN scheme, as well as the departure of the Bar and Events Manager, the team were successful in achieving Best Bar None Gold for the 8th consecutive year.

The commercial performance in the bar showed a marked decline in sales compared to 2023/24. Overall bar revenue was £93.8k compared to £132.5k in 2023/24. Drink sales showed a decline to £76.5k compared to £106.4k. Sales were relatively on par during Welcome Week but began a gradual decline thereafter, semester 2 witnessed a continual decline despite efforts to reinvigorate customer spending. Tuesday and Wednesday were the popular nights although spend throughout the week is now much more consistent. The Tuesday night quiz remains popular for attendance but by the nature of the event is not one where students spend very much. Friday nights showed the biggest overall reduction, with more students either going home for the weekend or drinking in Halls.

Whilst the fall in sales is quite considerable the level of engagement has shown a sharp increase, with more student led events than in any previous year, 94 student led events were hosted during the year. Many nights the Hangar is full with students just enjoying watching sport/films but primarily participating in Pool, Table Tennis, Darts and Board Games. Contactless pool tables have been introduced with fewer students carrying cash, the darts and table tennis remain free to use. Students have identified that the lack of food provision in the Hangar is a factor in them not drinking during the evening.

During the year there was a noticeable increase in International Students using the facilities as it became recognised as a safe place to be and perhaps not the "Student Bar” previously envisaged by them.

The increasing focus on external events has seen numerous private bookings for parties, engagements, weddings, the usual high school prom and a new Primary School Graduation party. We are also now the nominated bar for a local football team for post game drinks, an income stream we hope to increase. We have also hosted a number of Northern Soul nights as well as a veterans army reunion, also generating revenue for the University accommodation team. A National Police basketball tournament was held at the University but despite our best efforts the teams used accommodation and hospitality off-site.

Daytime events have also proven popular with students, with external organisation renting space to showcase their products, or just giving advice on safety and wellbeing. The Hangar has also been used to host Go Green Week, a Food Festival, Christmas Fayre, numerous International Events, Repair Cafes and RAG events such as the CPRathon that also gained attention from the local press and a visit from a TV celebrity.

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With revenue declining the focus remained on cost saving, this included reducing core staff costs within the bar and a £14k year on year saving within student staff costs. Following a review of sales by the hour, by day, reduced opening hours were introduced to save on some costs whilst remaining conscious of the student experience. The introduction of the Loyalty Card was popular with the students and provided us with a means of collecting data from students, and a way of rewarding students for supporting the SU bar.

The installation of more, newer and bigger, more energy efficient TV screens has improved the opportunities to show sport and host film nights. The screens were provided free of charge following negotiations, and now generate a small revenue stream on top for us. We have tried to create a "sport bar" feel upstairs with the pool and darts, with the downstairs more of a relaxed vibe, however due to numbers we may need to swap these around.

We remain limited in terms of our ability to innovate and extend our offer due to the space we occupy and other factors such as the University's catering contract. 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 had a successful year but this was not been reflected in wet sales. We have catered to the changing student demographic as best we can and we remain encouraged by levels of student engagement.

Our continued involvement with the NUS License Trade+ programme will be a consideration for 2025/26. With lower sales we are unable to justify carrying the range and volume of products required. If we become ineligible for volume discounts we may gain better pricing from local suppliers.

We continue to maintain sponsorship contracts with Tramps Nightclub and Dominoes as key partners, although these are lower than pre-Covid levels. Our media pack offers competitive rates to advertisers (which don't breach our existing contracts).

2. UNDERSTANDING STUDENTS’ FINANCIAL REALITIES AND REFLECTING THAT IN WHAT WE DO

Key aims underneath this:

(i) We will keep the cost to students of getting involved with our activities and services to a minimum wherever and however we can

(ii) We will support students in their efforts towards employability and make it clear how getting involved with the SU develops them as people and as leaders

(iii) We will work with the University to ensure value for money across their services and facilities

COST OF LIVING SUPPORT

Supporting students through the ongoing cost-of-living crisis continues to be a major priority for the SU. The Community Cupboard scheme saw high demand throughout the year, needing to be restocked on a daily basis. Donations to the Cupboard totalled £2,721.85, more than twice the total in the previous academic year, with a peak in use and donations during the months February to May.

Breakfast with the SU was launched at the beginning of the academic year in collaboration with the University. Breakfasts provided students with a free, healthy breakfast and provided an opportunity for direct engagement with students. Breakfasts were held on a weekly basis throughout the academic year, with 1,000 students attending.

The Safe Sex Express continued to provide students with free contraceptives, along with important information about sexual health and safe sex. The sexual health and Safe Sex Express webpages were accessed 1,060 times throughout the academic year, with 2,484 condoms and information packs sent out to students.

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Hangar - BENCHMARKING, PRICES, LOYALTY CARDS

The Hangar continues to strive to offer affordable drink prices to students, with a change in demographic of students, including many students who do not drink alcohol for a myriad of reasons, the venue has also sourced a wider range of non-alcoholic drinks. Whilst the bar remains the only commercial outlet for the Students Union, its primary purpose remains to provide a safe and welcoming environment for students to relax, be that between lectures or at night.

As an incentive for students the Hangar introduced a loyalty programme, nearly 600 students signed up to the scheme which allowed them to collect points and convert these into money off vouchers throughout the year, as well as giving them early access to events and previews of upcoming promotions. The loyalty card points collected amounted to student savings of £1,002.

To remain competitive the Hangar staff regularly benchmark prices against local venues within the vicinity of campus and the city generally. Whilst we will not be able to compete with Wetherspoons pricing, we do offer fair priced drinks within a safe and secure environment.

STUDENT EMPLOYABILTY AND DEVELOPMENT

The SU continued to invest time into training students for various committee and representative roles:

The Students’ Union continued to employ student staff in key roles in The Hangar, Welcome Desk, and marketing team. A total of 22 student staff members worked 4,950 hours over the course of the year, earning £57,600.

The SU continued its support of students looking to get into the world of work during and after their studies. An Employability Week was hosted in semester two in collaboration with the University, featuring sessions on creating CVs, demystifying Linkedin, and general advice on careers and employability. We also updated and expanded our Employability Guide, giving students all the details they need on boosting their skills and how these can be transferred to a professional environment.

3. EMPOWERING STUDENTS TO HAVE THEIR SAY

Key aims:

(i) We will support students to engage in things that affect them and wider society

(iil) We will go out to where students are and not wait for them to come to us, being present and listening to their experiences

(iii) We will emphasise our independence from the University, ensuring we challenge them based on our students' feedback and experiences, whilst continually demonstrating to students how and where we will represent them.

FEEDBACK AND INTELLIGENCE

The SU continued to proactively gather intelligence from students about their university experience, collecting feedback across all its services, activities, and interactions. Our internal feedback and intelligence group met regularly, with their work showing the following:

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As a result of feedback received the SU:

ACADEMIC REPRESENTATION

The Union continued to work closely with the University, through the joint Academic Representation Oversight Group (AROG), to deliver an effective academic representation system. There were high levels of engagement from reps throughout the year, with the SU focusing on enhancing their training, boosting engagement, and strengthening communication channels.

Highlights for the 2024/25 academic year included:

~ 32 Reps achieved gold, silver, or bronze accreditation

Throughout the year, reps raised a number of issues and discussion points, including:

Satisfaction with the Academic Representation System

A key measure for the Union is student satisfaction with the academic representation system. This is measured through two annual surveys, the National Student Survey (NSS) completed by level 6 students and the Course Experience Survey completed by level 4 and 5 students. Results and levels of satisfaction were as follows:

National Student Survey:

How well does the Student's Union represent students’ academic interests? Overall University: 78.3% (compared to 76.5% in 2024 and 75% in 2023)

Course Experience Survey (CES):

Overall satisfaction with Academic Representation System 86.77% (compared to 85% in 2024)

| know who my course rep is? 85.6% (+2% compared to last year)

How well do course reps represent the interest of students on your course? 82.4% (-3% compared to last year, primarily Sport & Exercise Science and Institute of Education)

How well does the Students’ Union represent students’ academic interests? 87.3% (+3% compared to last year)

How satisfied are you with the Students’ Union? 90.60% (+4% compared to last year)

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STUDENT COUNCIL

Our Student Council, made up of the Full-Time Officers and key student representatives had another busy year providing a voice for students.

Standing agenda items for the Council included:

Key discussions throughout the year included:

SUB COUNCILS OF STUDENT COUNCIL

Education Council

Education Council serves as a forum for Department Reps, Academic Society Chairs, the Vice President Education, and the SU President to collaborate, discuss, debate, and address issues affecting the students they represent.

Discussions at Education Council throughout the year included:

Student Activities Council

Student Activities Council provides a platform for feedback from affiliated societies and sports clubs. It provides a voice for these groups within the SU structure, as well as give these student groups the ability to input on how they are run.

Discussions at Student Activities Council throughout the year included:

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Welfare and Inclusion Council

Welfare and Inclusion Council is made up of the SU President and 7 Network Chairs, with faith and cultural society Chairs invited but not able to vote. Its purpose is to drive debate, consider issues, form policy, and create a space for collaboration on the Union's representative work on welfare, inclusion, equity, and sustainable development.

Discussions at Welfare and Inciusion Council throughout the year included: - The barriers to getting involved with the SU Leadership Elections - Accessibility of The Hangar and SU spaces

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ACHIEVEMENTS AND PERFORMANCE

EXECUTIVE COMMITTEE

Our Executive Committee, consisting of the 3 full time officers and supported by the Union's Senior Management Team, continued to meet each month to monitor the Officers’ objectives/campaigns and progress against active SU Policies, as well as to discuss student ideas (submitted via the Ideas Forum), student issues, and key projects (including those in collaboration with University). They also approved 12 new societies throughout the year. Matters attended to over the course of the year by the Committee included:

Active Policies/Student Ideas (via Ideas Forum):

« Gender Neutral Toilets

Other emerging student matters included:

« Placement issues for students, including lack of transport provision

LEADERSHIP ELECTIONS

The Leadership Elections took place in the final week of February, with 6 candidates standing for the 3 positions; 3 for SU President, 2 for Vice President Education, and 1 for Vice President Student Activities.

The Leadership Elections took place in the final week of February, with 6 candidate standing for the 3 positions; 3 for SU President, 2 for Vice President Education, and 1 for Vice President Student Activities. Candidate welfare and diversity remained a key priority for the elections, ensuring a sense of belonging and empowerment among students, as well as creating more equitable and representative governance within the Union.

In total, 2,944 votes were cast by 1,047 individual voters, representing 12.4% of the student population, and broadly in line with the sector average. The following candidates were successfully elected for the 2025/6 academic year:

SU President - Ronke Akintan Vice President Education - Katie Costis Vice President Student Activities - Olayemi Ogunleye

ALL STUDENT MEETING

The annual All Student Meeting was held in March, with the agenda including a review of the Union's strategic framework, review of accounts for 2023/4, review of affiliations for 2023/24, key updates from Officers, Q&A session, and an update on the University strategy delivered by the University Provost, Ann Jordan.

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ACHIEVEMENTS AND PERFORMANCE

25 students attended, meaning the meeting was not quorate, but valuable feedback was received on subjects including society retention and affiliation, University catering, social spaces away from the St John's campus, and the use of artificial intelligence.

4. MAKING SURE OUR DIVERSE BODY IS REPRESENTED

Key aims:

(i) We will understand and learn about the diversity of our students so we can support and represent them (ii) We will ensure Equity, Diversity, and Inclusion (EDI) is central to all we do, working to an informed action plan each year and keeping our members updated

(iii) We will deliver activities and events that are accessible and that appeal to different students

STUDENT NETWORKS

The Union continued to support 7 student-led Networks throughout the year; Commuter Students’ Network, Disabled Students’ Network, International Students' Network, LGBTQ+ Students' Network, Mature Parents and Carers Network, Race Equality Network, Women's Network.

There were a total of 48 Network members, with a total of 11 committee positions filled, with the Commuter Students’ Network and the Mature Parents and Carers Network not filling any committee positions.

Networks continued to represent students through a number of activities and campaigns throughout the year, including:

EQUALITY, DIVERSITY AND INCLUSION (EDI)

The Union remains committed equality of opportunity and promoting a positive and inclusive culture. The Union's internal EDI Working Group meets on a monthly basis and links into the Welfare and Inclusion Council. The group worked towards a comprehensive action plan throughout the year, resulting in a number of actions and achievements:

The Hangar

The Hangar hosted a diverse range of cultural and religious events and celebrations throughout the year, working closely with the Officer team, University and increasingly the International Team to deliver these.

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ACHIEVEMENTS AND PERFORMANCE

As well as events held within our own venue the popularity of events has increased such that we had to use an external venue to accommodate everybody wanting to attend. The Holi event in March was held in the local nightclub for our students. We continued to host Diwali, Onam Festival, Nigerian Independence, Chinese New Year, a well as many events during Black History Month, and a discussion forum for the GRTBS communities.

In addition to the growing number of cultural events the Hangar is also home to many student and network led events, with more events than ever hosted by students to either raise awareness or to raise funds for their clubs or society, or more commonly for a local charity. It is particularly heartwarming to see how much charity fundraising is still undertaken by students, despite many relying on foodbanks and our own community cupboard to be able to feed themselves.

5. BUILDING CONNECTED COMMUNITIES WHERE STUDENTS FEEL THEY BELONG

Key aims:

(i) We will be highly visible to our student body and be a ‘home from home' through physical and online spaces

(ii) We will help and enable students to build communities that benefit them and their University experience (iii) We will provide environments for students to have positive interactions with each other and learn new things

INDUCTION TALKS

The Students’ Union delivered more September induction talks than ever before, with 50 inductions taking place compared to 46 in the previous year. Induction talks were delivered to all Schools and across all levels of study.

School No. induction Talks
Institute ofArts and Humanities 6
Institute of Education 8
School of Health and Wellbeing 11
Medical School 1
School of Nursing and Midwifery 6
School of Science and the Environment 8
School ofSport and Exercise Science 7
Worcester Business School 3
TOTAL 50

WELCOME FESTIVAL

Working alongside teams at the University, the SU delivered a full program of Welcome Festival events for new and returning students. Daytime events on the arrivals weekend included the Big Worcester Welcome, a board game café at City Campus, and speed friending in The Hangar. The Welcome Fair, held on the Wednesday, took place at the University Arena and was a huge success with over 2,500 attending. The Hangar also hosted a wide range of evening events throughout Welcome Festival, with approximately 1,000 students attending. The week started with the Welcome Party, with lots of new faces and a full venue all night long. The fun continued throughout the week with events including the Welcome Party, Disco Binglow, Quiz Night, Worcester Wednesday, and Musical Bingo.

TEAMWORC AWARDS

The TeamWorc Awards are an opportunity for the SU to celebrate the achievements of societies, clubs, Networks, volunteers, reps, and individual students. The Awards took place in The Hangar in mid-May, with 150 students and VIPs from the University in attendance, and following winners presented with their awards: - Athlete of the Year - Jack Long

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ACHIEVEMENTS AND PERFORMANCE - Changemaker for Student Experience - Ben Hooper - Changemaker for Sustainability - Lewis Brannan - Charity Fundraising Student Group of the Year - Paramedic Society - Collaboration Award - Poetry, Book Club, and Allotment and Gardening - Course Rep of the Year - Mia Atherden - Department Rep - Katie Cobain (Medicine) - Event of the Year - 24-hour CPR Training Marathon (Paramedic Society) - Outstanding Contribution to the Community - Amy Shadbolt - Network Campaign of the Year - Race Equality Week (Race Equality Network) Network of the Year - Women's Network

MARKETING AND COMMUNICATION

Throughout 2024-25, 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.

Significant levels of promotion were given to three of the SU's major events during the year; Welcome Festival, the Leadership Elections, and Varsity, with high levels of engagement both online and in-person. Along with regular, ongoing promotion (including a weekly email to the student body) of SU services, campaigns, and events, several campaigns sawa particular focus. These included the Community Cupboard and cost-of-living support, Help & Advice, Refreshers and Give it a Go Week, and the Insights survey in May.

Marketing and social media content for The Hangar saw promotion of major events such as Welcome Festival, Refreshers, and a variety of student-led events. There was also continued promotion of the weekly line-up, newly introduced products and drinks, non-alcoholic offerings, value for money and The Hangar's position as one of the cheapest venues in Worcester.

Website

Website use and engagement has remained at levels consistent with previous years. There are significant increases in both use and engagement at notable times during the academic year; Welcome Festival, the Leadership Elections, and club and society elections. The Sports & Societies and Help & Advice pages remain the most accessed areas of the website across the year. September, October, and March are the busiest months, with between 61,000 and 71,000 pages views by between 8,000 and 8,500 users. The total number of page views over the year was 449,510 by 64,537 users.

SUSTAINABILITY

Despite having limited resources to dedicate to sustainability, the SU collaborated with the University and students to:

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ACHIEVEMENTS AND PERFORMANCE STAFF DEVELOPMENT

Staff learning, development, and wellbeing remains very important to the Union. We continued to hold regular team meetings, always chaired by a different member of the team to help develop their chairing skills, to aid teamwork and communication. All staff also participate in strategy setting workshops and operational plan reviews to ensure they all "own" what we are trying to achieve. Staff activities include a number of breakfast get togethers as well as team events such as bowling, crazy golf and rounders.

Student staff were all inducted into their roles and have 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).

Union staff and Officers undertook learning and development over the year, as well as being encouraged to get invoived in projects outside of their immediate area of work to widen their knowledge and develop new skills. Courses and learning undertaken over the year included Diversity & Inclusion, Health & Safety, GDPR, Information Security Awareness, Disability Awareness, First Aid. Neurodiversity training, Gypsy, Roma, Traveller, Showman and Boater Training, Race Awareness training. As well as these, staff and Officers attended many of the annual conferences and events, including NUS Strategic Exchange, 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 (PPA) held and objectives set, which fed into the Union's operational plan. Staff also have a Personal Development Plan that sits alongside their PPA and alll follow a 121 template that was implemented in year to ensure they monitored progress against objectives, recorded successes and challenges, and actions from each 121.

The year has been a challenge but we have continued to update and develop policies and procedures based on legislation changes and best practice obtained from attending both external workshops and sharing information with other SUs.

OVERALL PERFORMANCE AND STUDENT SATISFACTION

National Student Survey (NSS):

Q25 How well does the Student's Union represent students‘ academic interests? Overall University: 78.3% (sector average 76.2%, our score in 2024 was 76.5%)

The Union is positioned 38th out of 147 Unions nationally in the Universities’ compiled NSS rankings (37th/147 in 2024 and for Q25 - 37th/148 in 2023, and for the previous Q26 - 18th/149 in 2022, 19th/149 in 2021 and 2020, 36th/152 in 2019 and 61st/151 in 2018).

The Union scores improved in all B2 optional questions (which traditionally score much lower than the compulsory questions):

B2 - Students' Union - Overail score 40.7% (37.3% in 2024) We do not get sector averages for these questions.

Page 16

WORCESTER STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2025

ACHIEVEMENTS AND PERFORMANCE WSU Insights Survey

In May, the SU surveyed students on how they feel we are doing against our strategic framework, receiving a total of 251 responses. Key results from the survey included:

Some very pleasing free text comments included:

We also asked students what they would like us to see from us in the future to be the best SU and had several free-text responses, that can be summarised as students wanting:

The Union will work to address this as it develops its operational plan for 2024/25.

FINANCIAL REVIEW

Financial position

Income from all sources totalled £984,241 (2024: £1,011,070). Total expenditure of £992,474 (2024: £1,039,232) on all the students’ services we provide, which left a deficit for the year of £8,223 (2024: deficit £28,162).

The General Fund balance at the year end stood at £141,986 (2024: £159,210).

Restricted funds, which represent monies raised by the Union's various clubs and societies were £208,244 (2024: £210,950).

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 remain at 3 months’ operating costs (as defined by the annual budgeted organisational expenditure), known as the ‘operating reserve’. The Board is acutely aware that if the Block Grant does not increase the SU will fall below the required levels levels in 2025/26 for 3-4 months in the Summer of 2026. However, if the requested increase in Block Grant is provided the SU would hope to trade within its limits. The Union's reserves policy states that action needs to be taken if this is the case for more than 6 months, at which point the Trustees should ask the management to formulate a recovery plan for the Board's approval. The Union has also communicated this to the University.

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WORCESTER STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2025

FINANCIAL REVIEW

As mentioned throughout this report, the senior management are highly sensitive to the financial situation facing the Union and already have a number of cost-saving measures and regular contract negotiations in place. Staff positions are reviewed routinely when a member of the team leaves the organisation and, in the current circumstances, particular emphasis is placed on whether the remaining team could realistically consume any extra work, if staffing levels decline any further then a recruitment drive will be required, at this stage we will look at job requirements and recruiting the skill set required, not necessarily a replacement role.

Reserves in excess of the required reserves are held as ‘free reserves' or ‘designated reserves’, in accordance with the Trustee Board. 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.

FUTURE PLANS

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 can maintain our services in a 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. A key promise in our new strategic framework is to be visible and relevant to more and more of our members; to be proactive and not wait for them to come to us. This requires significant outreach work and creativity from what is a very small team (now only 13 core staff), whilst doing what we can to minimise financial risk, ensure we are future proof, and maintain healthy reserves. With an increasing number of campuses, including developments at Riverside, the Outreach programme is taking up a large percentage of staff time, often in return of little student interaction.

We will continue to allocate as much resource as possible to student-facing services and representation and to work hard behind the scenes to maximise the benefit of all contracts and reduce costs wherever possible. We feel strongly that there is a need to strategically review the Union's funding, space, and facilities on St John's campus and other campuses (especially City Campus), to build on good student satisfaction levels and to support the University's aims around recruitment, retention, and progression. When we surveyed our members in May 2024, they told us that we are not visible enough outside off St Jonns campus - we are doing our best to address this within our current team and resources.

The Hangar space is starting to show signs of wear and tear and is not only in need of some upgrading it also needs to be repurposed. With the change in student behaviours, and a shift to "competitive socialising", we need to make some amendments to the facilities on offer. With an ever-increasing number of students attending the University with accessibility limitations the upstairs bar is a considerable drawback (especially with an unreliable lift), and this has been raised in the EDI and Student Councils.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

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.

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WORCESTER STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 four lay trustees. The Student and Lay Trustees are selected based on their appropriateness, experience, and expertise by a simple majority vote of an Appointments Panel. The Board of Trustees has overall responsibility for the good governance and financial stability of the Union.

The Union is a democratic organisation. Student Council agrees the Policy of the Union, discusses wider and national issues that affect students at Worcester, 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 meetings.

Three Full Time Officers are elected into position by cross-campus secret ballot, for a one-year term of office and they become the Union's Executive Committee. The Executive Committee oversee the day-to-day student-centred activities of the Union and are accountable to Student Council. All Executive Officers receive an induction and training into their legal and administrative responsibilities, with an on-going programme of development during their term of office. The Full Time Officers can run for re-election for a second year on the same terms. The Union employs core, 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, 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.

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. The Union also receives IT Services from the University through an Operating Model. 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 significant 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, enduring 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. The Union implemented a new 5-year Strategic Framework in Autumn 2023, following extensive consultation with students and staff during 2022/23. A new vision, mission, values, enablers, and organisational KPls are part of the framework, alongside 5 key strategic themes which will underpin the work of the Union.

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.

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WORCESTER STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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, ensures 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 on important issues. The Chief Executive also maintains email communication with the Board between meetings on salient matters, as well as meets with the Chair and Deputy Chair between full Board meetings to discuss any management priorities.

6. Diversity

The Board values diversity in ail 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 general 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.

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WORCESTER STUDENTS’ UNION

Report of the Trustees for the Year Ended 31 July 2025

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, are listed below, with associated actions to try and mitigate or annul. The number of heightened risk areas has reduced to 5 in 2024/25 (2023/24 it was 6). - That the Union does not achieve an increase in in block grant received from the University but continues to rely heavily on its own commercial income: The block Grant has remained static since 2021/22. The Union has a strong ongoing relationship with the University and regularly reports on impact but a static block grant and increased costs, particularly in relation to human resources, is placing significant strain on the organisation's finances. Quarterly finance meetings with the Pro Vice Chancellor Finance and Resources continue, where accounts and budgets are discussed, as well as challenges and developments. The Union is currently operating strict spending policies, saving costs where it can, and is seeking appropriate alternative income streams that do not breach existing sponsorship contracts, but this remains very challenging.

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WORCESTER STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

No new risks were identified during the year.

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

Trustees

M. Brittain - appointed October 2018, ended term of office February 2025

W. Galloway - appointed February 2025

O. Ogunleye - appointed June 2025

Auditors

Knox Cropper LLP

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

Page 22

WORCESTER STUDENTS’ UNION

Report of the Trustees for the Year Ended 31 July 2025

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).

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 and The Charity (Accounts and Reports) Regulations 2008. 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.

Approved by order of the board of trustees on sebe(2z 7

and signed on its behalf by:

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----- Start of picture text -----
Orreterrecce
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Page 23

Report of the Independent Auditors to the Trustees of Worcester Students’ Union

Opinion

We have audited the consolidated financial statements of Worcester Students’ Union (the 'charity') for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity 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).

In our opinion the financial statements:

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.

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:

Page 24

Report of the Independent Auditors to the Trustees of Worcester Students’ Union

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:

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: * The Group is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to correctly account for restricted funds is of key significance.

« We gained an understanding of how the Group complied with its legal and regulatory framework, including the requirement to properly account for restricted funds through discussions with management and a review of the documented policies, procedures and controls.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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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Report of the independent Auditors to the Trustees of Worcester Students’ Union

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.

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

Date: _A8 January 2026

Page 26

WORCESTER STUDENTS' UNION

Consolidated Statement of Financial Activities for the Year Ended 31 July 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|2|607,150|-|607,150|607,300| |Charitable|activities|5| |Student|activities|-|199,208|199,208|180,788| |Bar|93,835|-|93,835|132,452| |Other|trading|activities|3|76,697|-|76,697|83,042| |Investment|income|4|7,351|-|7,351|7,488| |Total|785,033|199,208|984,241|1,011,070| |EXPENDITURE|ON| |Raising|funds|6|84,601|-|84,601|96,439| |Charitable|activities|7| |Representation|112,999|-|112,999|106,442| |Advice|and|welfare|81,701|-|81,701|83,215| |Student|activities|260,729|201,914|462,643|459,224| |Bar|222,732|-|222,732|265,954| |Affiliations|27,798|-|27,798|27,958| |Total|790,560|201,914|992.474|1,039,232| |NET|INCOME/(EXPENDITURE)|(5,527)|(2,706)|(8,233)|(28,162)| |Other|recognised|gains/(losses)| |Actuarial|gains|on|defined|benefit|schemes|-|-|-|30,785| |Net|movement|in|funds|(5,527)|(2,706)|(8,233)|2,623| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|(208,214)|210,950|2,736|113| |TOTAL FUNDS CARRIED|FORWARD|(213,741)|208,244|(5,497)|2,736|

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WORCESTER STUDENTS' UNION

Consolidated Balance Sheet 31 July 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|12|1,284|-|1,284|5,710| |CURRENT|ASSETS| |Stocks|14|3,188|-|3,188|5,350| |Debtors|15|15,471|-|15,471|29,513| |Cash|at|bank|and|in|hand|507,305|208,244|715,549|361,745| |525,964|208,244|734,208|396,608| |CREDITORS| |Amounts|falling|due|within|one|year|16|(385,262)|-|(385,262)|(32,158)| |NET CURRENT ASSETS|140,702|208,244|348,946|364,450| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|141,986|208,244|350,230|370,160| |PROVISIONS|FOR|LIABILITIES|17|(355,727)|-|(355,727)|(367,424)| |NET ASSETS/(LIABILITIES)|(213,741)|208,244|(5,497)|2,736| |FUNDS|18| |Unrestricted|funds|(213,741)|(208,214)| |Restricted|funds|208,244|210,950| |TOTAL FUNDS|(5,497)|2,736|

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The financial statements were approved by the Board of Trustees and authorised for issue on wn k@ (VO (2-5... and were signed on its behalf by:

— > ane on enn

The notes form part of these financial statements

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WORCESTER STUDENTS’ UNION

Charity Balance Sheet 31 July 2025

2025 2024
Unrestricted
funds		 Restricted
funds		 Total
funds		 Total
funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 12 1,284 - 1,284 5,710
Investments 13 1 - 1 1
1,285 - 1,285 5,711
CURRENT ASSETS
Stocks 14 3,188 - 3,188 5,350
Debtors 15 15,471 - 15,471 29,513
Cash at bank and in hand §07,305 208,244 715,549 361,745
525,964 208,244 734,208 396,608
CREDITORS
Amounts falling due within one year 16 (385,263) - (385,263) (32,159)
NETCURRENTASSETS 140,701 208,244 348,945 364,449
TOTAL ASSETS LESS CURRENT
LIABILITIES 141,986 208,244 350,230 370,160
PROVISIONS FOR LIABILITIES 17 (355,727) - (355,727) (367,424)
NETASSETS((LIABILITIES) (213,741) 208,244 (5,497) 2,736
FUNDS 18
Unrestricted funds (213,741) (208,214)
Restricted funds 208,244 210,950
TOTALFUNDS (5,497) 2,736

The financial statements were approved by the Board of Trustees and authorised for issue on wi S@ANO(B............ and were signed on its behalf by:

AD UTVEUETTINN Be

The notes form part of these financial statements

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WORCESTER STUDENTS’ UNION

Consolidated Cash Flow Statement for the Year Ended 31 July 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|1|346,453|(60,039)| |Net|cash|provided|by/(used|in)|operating|activities|346,453|(60,039)| |Cash|flows|from|investing|activities| |Interest|received|7,351|7,488| |Net|cash|provided|by|investing|activities|7,351|7,488| |Change|in|cash|and|cash|equivalents| |in|the|reporting|period|353,804|(52,551)| |Cash|and|cash|equivalents|at the| |beginning|of the|reporting|period|361,745|414,296| |Cash|and|cash|equivalents|at the|end| |of the|reporting|period|715,549|361,745|

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The notes form part of these financial statements

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WORCESTER STUDENTS’ UNION

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 July 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |1.|RECONCILIATION|OF|NET|EXPENDITURE|TO|NET|CASH|FLOW|FROM|OPERATING| |ACTIVITIES| |2025|2024| |£|£| |Net|expenditure|for the|reporting|period|(as|per|the|Statement| |of|Financial|Activities)|(8,233)|(28,162)| |Adjustments|for:| |Depreciation|charges|4,426|5,775| |Interest|received|(7,351)|(7,488)| |SUSS|Pension|deficit|movements|(11,697)|(13,009)| |Decrease|in|stocks|2,162|1,187| |Decrease/(increase)|in|debtors|14,042|(9,931)| |Increase/(decrease)|in|creditors|353,104|(8,411)| |Net cash|provided|by/(used|in)|operations|346,453|(60,039)|

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|||||||||| |---|---|---|---|---|---|---|---|---| |2.|ANALYSIS|OF|CHANGES|IN|NET|FUNDS| |At|1.8.24|Cash|flow|At|31.7.25| |£|£|£| |Net|cash| |Cash|at|bank|and|in|hand|361,745|353,804|715,549| |361,745|353,804|715,549| |Total|361,745|353,804|715,549|

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The notes form part of these financial statements

Page 31

WORCESTER STUDENTS’ UNION

Notes to the Financial Statements for the Year Ended 31 July 2025

  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:

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

Improvements to premises -

Stocks

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

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WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

  1. ACCOUNTING POLICIES - continued

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 5% 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 2025

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
2025 2024
£ £
Grants 600,000 600,000
Other grants 7,150 7,300
607,150 607,300
Grants received, included in the above, are as follows:
2025 2024
£ £
University ofWorcester 600,000 600,000
3. OTHER TRADING ACTIVITIES
2025 2024
£ £
Marketing 54,091 62,350
Other 2,742 119
Commissions receivable 4,104 4,368
Varsity income 12,731 9,731
Events income 3,029 6,474
76,697 83,042
4. INVESTMENT INCOME
2025 2024
£ £
Deposit account interest 7,351 7,488
5. INCOME FROM CHARITABLE ACTIVITIES
2025 2024
Activity £ £
Student Activity
Membership
Bar		 Student activities
Bar		 199,208
93,835		 180,788
132,452
293,043 313,240

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Notes to the Financial Statements - continued for the Year Ended 31 July 2025

WORCESTER STUDENTS’ UNION

6. RAISING FUNDS
Raising donations and legacies
2025 2024
£ £
Staff costs 71,037 85,083
Marketing costs 13,564 11,599
84,601 96,682
Other trading activities
2025 2024
£ £
Purchases - 44
Bad debts __-: _(287)
_ _(243)
Aggregate amounts 84,601 96,439
7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£ £ £
Representation - 112,999 112,999
Advice and welfare 62,870 18,831 81,701
Student activities 330,810 131,833 462,643
Bar 109,734 112,998 222,732
Affiliations 27,798 - 27,798
531,212 376,661 907,873
8. SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Representation 84,007 28,992 112,999
Advice and welfare 13,998 4,833 18,331
Student activities 98,003 33,830 131,833
Bar 84,001 28,997 112,998
280,009 96,652 376,661

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WORCESTER STUDENTS’ UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

8. SUPPORT COSTS- continued

Activity Basis of allocation Management Based on estimated usage of resources Governance costs Based on estimated usage of resources

Support costs, included in the above, are as follows:

Advice
and Student
Representation welfare activities
£ £ £
Wages 59,280 9,880 69,159
Social security 3,072 512 3,585
Pensions 8,049 1,341 9,390
Insurance 4,825 804 5,629
Postage and stationery 124 20 143
Travel expenses 410 68 478
Consultancy costs 189 31 220
Conferences and training 1,677 279 1,956
Computer costs 4,822 803 5,624
Legal and professional 97 16 114
Miscellaneous cost 463 77 539
Bank charges §72 95 666
Recruitment 268 45 314
Depreciation of tangible assets 159 27 186
Trustees' remuneration etc 22,169 3,695 25,866
Auditors' remuneration 3,090 515 3,605
Sundries 35 6 42
Accountancy and legal fees 476 79 556
Conferences and training 582 97 679
Institute reps honorariums 1,844 308 2,153
Campaign costs 796 133 929
112,999 18,831 131,833
2025 2024
Bar Total
activities		 Total
activities
£ £ £
Wages §9,279 197,598 158,854
Social security 3,073 10,242 10,870
Pensions 8,048 26,828 22,567
Insurance 4,825 16,083 10,209
Postage and stationery 123 410 502
Travel expenses 409 1,365 2,630
Consultancy costs 188 628 1,075
Carriedforward 75,945 253,154 206,707

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WORCESTER STUDENTS’ UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

8. SUPPORT COSTS - continued

8. SUPPORT COSTS - continued
2025 2024
Bar Total
activities		 Total
activities
£ £ £
Brought forward 75,945 253,154 206,707
Conferences and training 1,676 5,588 4,403
Computer costs 4,821 16,070 9,671
Legal and professional 98 325 7,173
Miscellaneous cost 462 1,541 1,618
Bank charges 571 1,904 1,863
Recruitment 269 896 395
Market Research - - 695
Depreciation oftangible assets 159 531 531
Trustees’ remuneration etc 22,171 73,901 64,514
Wages - - 33,046
Social security - - 2,867
Pensions - - 818
Auditors’ remuneration 3,090 10,300 11,750
Sundries 36 119 95
Accountancy and legal fees 476 1,587 :
Conferences and training 582 1,940 5,589
Institute reps honorariums 1,845 6,150 1,500
Campaign costs 797 2,655 1,223
Travel and subsistence : - _354
112,998 376,661 354,812
9. TRUSTEES' REMUNERATION AND BENEFITS
2025 2024
£ £
Trustees’ salaries 70,424 60,221
Trustees’ social security 3,477 4,293
73,901 64,514

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

There were no trustees’ expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

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Notes to the Financial Statements - continued for the Year Ended 31 July 2025

WORCESTER STUDENTS’ UNION

10. STAFF COSTS

STAFF COSTS
2025 2024
£ £
Wages and salaries 526,321 575,058
Social security costs 34,941 41,842
Other pension costs 34,589 32,191
595,851 649,091

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

2025 2024
Full time 19 17
Parttime 2 16
Students - Semester only 15 :
36 33
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2025 2024
£60,001-£70,000 1 :

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

The key management personnel of the charity during the year ended 31 July 2025 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 for the year ended 31 July 2025 was £198,644 (2024: £217,018).

  1. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 607,300 - 607,300
Charitable activities
Student activities - 180,788 180,788
Bar 132,452 - 132,452
Othertrading activities 83,042 - 83,042
Investment income 7,488 - 7,488
Total 830,282 180,788 1,011,070
EXPENDITURE ON
Raising funds 96,439 - 96,439
Charitable activities
Representation 106,442 - 106,442
Adviceandwelfare 83,215 - 83,215

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Notes to the Financial Statements - continued for the Year Ended 31 July 2025

WORCESTER STUDENTS’ UNION

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES - COMPARATIVES FOR THE CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES - COMPARATIVES FOR THE CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES - COMPARATIVES FOR THE CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES -
continued
Unrestricted Restricted Total
funds funds funds
£ £ £
Student activities 292,347 166,877 459,224
Bar
Affiliations		 265,954
27,958		 -
-		 265,954
27,958
Total 872,355 166,877 1,039,232
NETINCOME/(EXPENDITURE) (42,073) 13,911 (28,162)
Other recognised gains/(losses)
Actuarial gains on defined benefit
schemes 30,785 - 30,785
Net movement in funds (11,288) 13,911 2,623
RECONCILIATION OF FUNDS
Total funds brought forward (196,926) 197,039 113
TOTAL FUNDS CARRIEDFORWARD (208,214) 210,950 2,736
12. TANGIBLE FIXED ASSETS
Fixtures
Group and Charity and
fittings
£
COST
At 1 August 2024 and 31 July 2025 912,277
DEPRECIATION
At 1 August 2024 906,567
Charge for year 4,426
At 31 July 2025 910,993
NET BOOK VALUE
At 31 July 2025 1,284
At31July2024 5,710

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WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued Notes to the Financial Statements - continued
forthe theYear Ended 31 July 2025
13. FIXEDASSET INVESTMENTS
Unlisted
Charity investments
£
MARKET VALUE
At 1 August 2024 and 31 July 2025 1
NET BOOK VALUE
At 31 July 2025 1
At 31 July2024 1
There were no investment assets outside the UK.
14. STOCKS
Group and Charity 2025 2024
£ £
Stocks 3,188 5,350
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR YEAR
Group and Charity 2025 2024
£ £
Trade debtors 4,164 11,477
Other debtors 1,699 1,699
VAT 72 961
Prepayments and accrued income 9,536 15,376
15,471 29,513
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Charity
2025 2024 2025 2024
Trade creditors 11,391 7,728 11,391 7,728
Taxation and social security 9,773 9,798 9,773 9,798
Other creditors 364,098 14,632 364,098 14,632
Inter company : - 1 1
385,262 32,158 385,263 32,159

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WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

17. PROVISIONS FOR LIABILITIES

Group and Charity

Provisions

==> picture [96 x 32] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |2025|2024| |£|£| |355,727|367,424|

----- 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).

18. MOVEMENT IN FUNDS

==> picture [424 x 345] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|and|Charity|Net|Transfers| |movement|between|At| |At|1.8.24|in|funds|funds|31.7.25| |£|£|£|£| |Unrestricted|funds| |General|fund|159,210|12,836|(30,060)|141,986| |Pension|deficit|(367,424)|(18,363)|30,060|(355,727)| |(208,214)|(5,527)|-|(213,741)| |Restricted|funds| |Clubs|and|societies|210,950|(2,706)|-|208,244| |TOTAL|FUNDS|2,736|(8,233)|-|(5,497)| |Net|movement|in|funds,|included|in|the|above|are|as|follows:| |Group|and|Charity|Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General|fund|785,033|(772,197)|12,836| |Pension|deficit|-|(18,363)|(18,363)| |785,033|(790,560)|(5,527)| |Restricted|funds| |Clubs|and|societies|199,208|(201,914)|(2,706)| |TOTAL FUNDS|984,241|(992,474)|(8,233)|

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

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Notes to the Financial Statements - continued for the Year Ended 31 July 2025

WORCESTER STUDENTS' UNION

18. MOVEMENT IN FUNDS - continued Comparatives for movement in funds

Group and Charity Net Transfers
movement between At
At 1.8.23 in funds funds 31.7.24
£ £ £ £
Unrestricted funds
General fund 214,292 (26,447) (28,635) 159,210
Pension deficit (411,218) 15,159 28,635 (367,424)
(196,926) (11,288) - (208,214)
Restricted funds
Clubs and societies 197,039 13,911 - 210,950
TOTAL FUNDS 113 2,623 - 2,736
Comparative 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 830,282 (856,729) - (26,447)
Pension deficit - (15,626) 30,785 15,159
830,282 (872,355) 30,785 (11,288)
Restricted funds
Clubs and societies 180,788 (166,877) - 13,911
TOTALFUNDS 1,011,070 (1,039,232) 30,785 2,623
A current year 12 months and prioryear 12 months combined A current year 12 months and prioryear 12 months combined position is as follows: position is as follows:
Group and Charity Net
movement		 Transfers
between		 At
At 1.8.23 in funds funds 31.7.25
£ £ £ £
Unrestricted funds
General fund 214,292 (13,611) (58,695) 141,986
Pension deficit (411,218) (3,204) 58,695 (355,727)
(196,926) (16,815) - (213,741)
Restricted funds
Clubs and societies 197,039 11,205 - 208,244
TOTALFUNDS 113 (5,610) - (6,497)

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WORCESTER STUDENTS’ UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

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:

Group and Charity Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 1,615,315 (1,628,926) - (13,611)
Pension deficit - (33,989) 30,785 (3,204)
1,615,315 (1,662,915) 30,785 (16,815)
Restricted funds
Clubs and societies 379,996 (368,791) - 11,205
TOTALFUNDS 1,995,311 (2,031,706) 30,785 (5,610)

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.

  1. EMPLOYEE BENEFIT OBLIGATIONS

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:-

¢ Discount rate: Bank of England gilt curve + 1.5% pa, linearly changing over a term of 13 years to gilts curve + 0.25% pa. * Pension increases: A model of each increase, allowing for insurers’ relative pricing of different caps and collars..

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.

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 decreased to £355,727 (2024: £367,424) at 31 July 2025( see note 17). The liability figures have been produced using a discount rate of 5% (2024: 5%).

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WORCESTER STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

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 2025 are disclosed in the staff costs note.

20. RELATED PARTY DISCLOSURES

The union is in receipt of a recurrent grant from the University of Worcester to cover salaries and overheads. The amount received for the year ended 31 July 2025 was £600,000 (2024: £600,000).

At the year end the total due to the Union from the University of Worcester was £Nil (2024: £9,125).

At the year end the total due to the University of Worcester from the Union was £Nil (2024: 4,227).

21. 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.

Page 44