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2023-07-31-accounts

Registered number: 08126776 Charity number: 1148216

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 17
Independent Auditors' Report on the Financial Statements 18 - 21
Statement of Financial Activities 22
Balance Sheet 23 - 24
Statement of Cash Flows 25
Notes to the Financial Statements 26 - 43

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees

T Bangia, President Z Butt, President (Resigned 30 June 2023)

N Aggarwal, Sabbatical officer A Ahmed, External trustee D Airan, Sabbatical officer (appointed 1 July 2023)

N Asakzai, Sabbatical officer (appointed 1 July 2023)

D Bamrara, Sabbatical officer (resigned 21 February 2023)

R Bishop, External trustee (resigned 9 November 2023) P Dixit, Sabbatical officer (resigned 30 June 2023) Sarah Fuell, External trustee (appointed 9 November 2023) Z Gafoor, Student trustee (appointed 22 November 2022, resigned 30 June 2023) C Goldsmith, External trustee (appointed 9 November 2023)

M Jaffar, Sabbatical officer (appointed 1 July 2023) H Kaur, Student trustee (appointed 22 November 2022, resigned 30 June 2023) K Kayden, Student trustee (resigned 22 November 2022)

U Tahir, Student trustee (appointed 22 November 2022) Y Tanna, Sabbatical officer (appointed 1 July 2023) F Voicu, Student trustee (resigned 8 September 2022)

Company registered number

08126776

Charity registered number

1148216

Registered office

University of Westminster Students' Union 309 Regent Street London W1B 2HW

Company secretary

N Smith

Chief executive officer

M Wigg

Page 1

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Independent auditors

Goodman Jones LLP 29/30 Fitzroy Square London W1T6LQ

Bankers

Barclays Bank UK PLC 1 Churchill Place London E14 5HP

Page 2

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their Annual Report together with the audited financial statements of the Charity for the period 1 August 2022 to 31 July 2023. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives, activities and risk management

a. Objects

The objects of the Union are the advancement of education of students at the University of Westminster for the public benefit by:

b. Mission

At UWSU we believe that a strong Union that is truly student-led involves a two-way conversation and active engagement with our members, and therefore we jointly need to come together to improve our community, our collective student voice, and the highest level of student and staff wellbeing. Therefore, our mission statement as an organisation is clear:

“Our Wellbeing, Our Voice, Our Community”

c. Public Benefit

The Trustees consider this matter, in conjunction with the guidance contained in the Charity Commission's general guidance on public benefit. As a registered charity UWSU supports and works with circa 24,000 students who register to study at the University of Westminster and all of whom can directly benefit from the work of the Union. In planning our work, we test that the strategy and the primary goal of all our activities are linked to our core aims and, therefore, are for the direct benefit of our member students.

The Trustees confirm that they have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission regarding Public Benefit.

d. Vision

In pursuit of our mission we intend to deliver the following vision:

“We will be at the centre of our student community with highly engaged members”

Page 3

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Objectives, activities and risk management (continued)

e. Values

While delivering our vision we will always be guided by the following values in every interaction we have, every decision we make, and every plan that is developed to deliver our strategy:

f. Risk management process

The Trustee Board has examined the main strategic business and operational risks faced by the Union. A risk register has been established and is formally reviewed and updated at least quarterly. Where appropriate systems and procedures have been established to mitigate the risks that the Union faces, and these are periodically reviewed to ensure that they continue to meet the needs of the Union.

g. Key risks

The key risks that were identified for the 2022/2023 financial year were as follows:

Page 4

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Objectives, activities and risk management (continued)

h. Key risks continued

Page 5

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Achievements and performance

a. Strategic achievements of the Charity

The Union has made significant progress towards its desired strategic achievement over the last financial year as demonstrated in the current status of the Union's balanced scorecard displayed in the table below.

Additionally, the Union made good progress towards its operational priorities planned within the final year as outlined in the table below.

Finally, the table below outlines the completion status of the elected sabbatical officer manifesto commitments.

Page 6

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Achievements and performance (continued)

b. Main Highlights

Delivering participation in sports and societies at no financial costs to members and being the only Students’ Union within the UK to do so without the need to purchase kit or insurance to do so.

Delivering record levels of engagement leading to the Union moving into the top quartile of engagement within the UK and in doing so overcoming barriers associated with the cost-of-living crisis and high volume of commuter students at the University.

Winning multiple National Union of Students (NUS) awards, including best wellbeing strategy which included an innovative four-day working week during the summer period and further establishing our commitment and delivery on staff and student wellbeing.

Achieving a staff engagement score of 97% which has resulted in the Union being now 16% higher than the sector average and demonstrating our ongoing commitment to staff development and progression.

Opening a brand-new social space for students at the Marylebone campus that was co-designed with students and delivered through a meaningful and impactful co- curriculum activity that features students’ art and design.

c. Our Wellbeing

UWSU advice service had an increase of 21% in the cases they helped students with. A total of 1,047 students engaged with our EDI-related events, stalls and training sessions. In our Rate My Group survey, 94% of student group or sports club members told us that being a member has had a positive impact on their wellbeing. Over half (54%) of our Term 2 Check-In respondents felt an increased sense of belonging due to being a member or a leader of a student group or sports club.

d. Our Voice

A policy from our NUS delegate was accepted and will have an impact at national level. We formed multiple Action Committees led by students on key issues including cost-of-living and period poverty. Our Officer Elections had 9.5% turnout with 35 unique candidates and all positions contested We had four Student Councils (with new bye-laws for this academic year). We ran four Voice Weeks to gather students’ thoughts on a range of important themes. We hosted two great academic rep events and three runs of Academic Rep Forums. Our Officers delivered our first-ever Community Gala to celebrate the diverse communities at Westminster.

e. Our Community

We had more than 3,000 students attending our Messy Monday’s club nights throughout the academic year. Our shop sold 4,000 meal deals at £3.49 each, offering great value for money amidst the cost-of-living crisis. We sold over 2,000 items of Westminster merchandise, such as lanyards, tote bags and reusable water bottles, and more than 900 items of Westminster clothing. We held 15 student-led events in our spaces. We launched free sports and societies to all students and reached over 10,000 memberships. More than 2,000 students participated in our Dragons Active offering. Our sports teams achieved 7 BUCS League wins/promotions (Volleyball, Basketball, Netball, Rugby, Football). 91% of those who attended our training sessions said they would participate in further employability skill development programmes provided by UWSU.

Page 7

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Financial review and future plans

a. Future Plans

The Union's priority over the next year in addition to the manifesto commitments of the elected sabbaticals officers will be to deliver the following strategic outcomes and has developed a strategic operational plan to achieve these priorities which will continually be monitored by the Board.

All students are supported to thrive, achieve their goals, and influence at Westminster

Underrepresented students will be able to organise and influence us, and the University, based on their needs. Our process and decision-making frameworks will help them achieve a liberated future by breaking down systemic obstacles and barriers. We will support students to create cultural, structural, and social change which challenges societal oppression. We will proactively support students at Westminster who face barriers to engagement, enabling them to thrive and feel settled as part of Westminster. Our academic advice and wellbeing outreach will provide outstanding support to students who are struggling, so they can thrive at Westminster.

We will know we have been successful in creating an inclusive and liberating environment when students who engage with our opportunities excel in their achievements at university.

Students have the resources, power, and skills to create and deliver change

Our student leadership and decision-making structures will enable pathways to meaningful change, with fair access to leadership. We will run a sector-leading peer support programme, enabling students to shape their university experience and foster a sense of belonging. Alongside students, we will play a key role in holding the University to account working in partnership to deliver a better experience for students now and in the future. We will provide more opportunities for students to voice their opinions and ensure that we are closing the feedback loop, empowering students to take action for themselves and their communities.

We will know we have successfully empowered our Westminster student community when at least 80% of key University key stakeholders can identify how our student feedback has enabled change to improve the university experience.

Students can build their own communities and take part in fun and impactful opportunities. These enhance their lives, on their course, and beyond

We offer a variety of opportunities for students throughout their journey to support a positive experience at Westminster. Student groups and academic communities will be the primary vehicle for student social engagement, maximising the spaces students feel most comfortable and able to be themselves. To support employability, we will be flexible and understand the needs and goals of students at Westminster, creating programmes that support these needs and goals. Our sporting programme will be sector-leading, centering an inclusive sports programme. Our students who take part in competitive sports will have the opportunity to reach their full potential with our support.

Our success will be measured by students feeling more confident in their wellbeing and employability skills. We aim for students to be able to identify how their engagement with our opportunities has impacted positively on their wellbeing and employability skills.

Page 8

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

b. Principle Sources of Funding

The principal source of funding was the block grant from the University of Westminster of £1,801,282 (2022: £1,519,800).

Total income was £4,782,829 (2022: £3,182,190) and expenditure was £3,978,326 (2022: £3,196,456).

Income from charitable activities £352,077 (2022: £294,756).

Benefits in kind received by the University were valued at £1,279,356 (2022: £1,018,000).

The Union received restricted grants totalling £1,375,962 (2022: £221,556).

This resulted in a net deficit on unrestricted reserves of £21,578 (2022: £110,867 surplus).

c. Remuneration

Staff salaries and rewards are set by the CEO. The salaries are set by benchmarking against other SU roles, allowing for a London weighting. The salaries are approved as part of the budget approval process.

In place of the Union holding its pay review consultation and process, we make a cost of living increase in line as that agreed between by the University for their staff team and provision made within the block grant settlement.

The CEO salary is decided upon by the Trustee Board and any changes (other than the standard cost of living rise applied to all staff salaries) are explicitly discussed and approved by the relevant subcommittee of the Trustee Board.

Page 9

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

d. Pensions

The Union runs a Stakeholder pension for its employees with NEST with an employer contribution of up to 6%. Employer contributions to the scheme totalled £48,475 (2022: £35,759).

The Union participates in the Students' Union Superannuation Scheme (SUSS) which is a defined benefit scheme whose membership consists of employers of Students’ Union 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.

This scheme closed to future accrual on 30 September 2011. The last actuarial valuation was at the 30 June 2022 and showed SUSS to have a deficit of £136.6 million with an estimated plan to recover the deficit by May 2037. Such a Valuation is conducted every three years based upon assumptions agreed by the SUSS trustees and is used to set the contributions payable by the participating employers.

For accounting purposes, the SUSS is reported in accordance with the relevant accounting standard FRS 102, where we value our pension deficit based on the discounted future cash flows of payments under the agreed recovery plan.

At 31 July 2023 the Union's pension deficit was valued at £605,411 (2022: £589,200). The Union's annual payments into the scheme were £0 (2022: £0). This was due to the Union taking up the option of a three-year deficit payment in financial year 2020-2021.

It is important to note that the disclosure of a pension liability does not mean that the equivalent amount is already committed and is no longer available to the trustees to further the charity's objectives.

Our current obligations to the SUSS are through an agreed recovery plan and this has previously been funded out of on-going income and subject to any future changes in the recovery plan being unknown, pension contributions are expected to continue to be funded from cash generated through operations. As a result of this, the Trustees do not feel they need to designate any of their existing funds or reserves to meet future pension commitments.

Page 10

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

e. Reserves Policy

The accounting changes from implementing FRS102 relating to pensions have a significant impact on the balance sheet of the Union. Reserves will be assessed by reference to unrestricted funds excluding the designated pension deficit.

The reserves policy of UWSU explains to existing and potential funders, donors and other stakeholders why the charity is holding a particular number of reserves. A reserves policy should give confidence to stakeholders that the charity’s finances are being managed and can also provide an indicator of future funding needs.

The policy aims to maintain a level of unrestricted funds, not committed, or invested in tangible assets, which will enable the Union to ensure continuity of activity and have the ability to adjust, in a measured way, to any significant changes to resources. This will be achieved through the maintenance of reserves, the planned level of reserves, and the process of reserves monitoring.

A target reserve level of £360,000 is assessed as striking an appropriate balance between the need to spend income when it is received and maintaining operational integrity. This level of reserves ensures that the Union remains operational and functioning at a high level should the following most likely risks occur:

The Board of Trustees is aware that Union's unrestricted reserves of £391,115 deficit (2022: £369,537 deficit) are below the desired level of reserves of £360,000 to ensure the financial stability of the Union. Therefore, the Board plans to operate an annual small surplus budget to restore reserves until they are at the desired level. Excluding the long-term pension liability, the Union is pleased to report a positive reserves balances as displayed in the table below.

f. Financial Health

The Union managed to make an operational surplus through effective management, prudence and reliance on financial controls. This enabled the Union to return value for money on the block grant provided by the University of Westminster and also contributed towards our long-term objective to build healthy cash reserves.

The overall result as per the Statement of Financial Activity is a surplus of £804,503 (2022: £14,266 deficit).

This outcome has predominately been funded by the University, focusing on a number of key aspects of the organisation such as the improved provision of the student voice, opportunities, and welfare function, ensuring legal compliance and that the Union become financially sustainable.

The Union has not signed up to any voluntary codes of conduct regarding fundraising. It did not make use of any professional fundraisers in the year, nor has it received any complaints regrarding its fundraising activities. It makes use of existing safeguarding policies when raising funds.

Page 11

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management

a. Status

The University of Westminster Students’ Union is constituted under the Education Act 1994 and is a Company Limited by Guarantee and not having a Share Capital. The University of Westminster ("the University") takes such steps as are reasonably practicable to ensure that the Union operates fairly and democratically and is accountable for its finances.

b. Governing document

The Union is governed by its Articles of Association dated 29th April 2019 which are subject to the approval of the Board of Trustees and the Governing Body of the University of Westminster.

c. Members of the Union

Full members are defined as every student of the University of Westminster who have not opted out by notifying the University of Westminster or the Union of their wish to not be a member of the Union; and the Executive Officers of the Union.

Full members of the Union are entitled to access all services of the Union and run in elections of the Union, provided they adhere to the Members' Code of Conduct. The Company Law members are the members of the Board of Trustees as outlined in the Articles of Association. The liability of each Company Law Member is limited to £1, being the amount that each Company Law Member undertakes to contribute to the assets of the Union in the event of its being wound up while they are a Company Law Member or within one year after they cease to be a Company Law Member.

Page 12

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

d. Board of Trustees

The Union's Board of Trustees has the ultimate responsibility for directing the affairs of the Union to ensure it is solvent, well-governed, and run following its Articles, applicable laws and regulations.

The Board is responsible for approving annual budgets and ensuring effective use of resources. The Board also approves the strategic direction of the organisation and monitors progress against organisational priorities and associated plans.

Besides, the Board considers core strategic and business risks which are consolidated into the risk register which is reviewed at least quarterly. Mitigation strategies are in place to minimise the impact of risk to the organisation and include the implementation of policies and procedures relating to financial management and health and safety. All policies and procedures are periodically reviewed to ensure they are compliant and meet the needs of the organisation.

To these ends, the Board of Trustees may veto overturn or return to the originating body for reconsideration the decision of any Union Officer, committee, meeting or employees which would either prejudice the legal, financial or charitable objectives of the Union or affect the Trustees ability to discharge any of their responsibilities referred to in the Union's articles.

Trustees receive regular reports from the Chief Executive Officer, the Executive Committee, the Finance, Audit and Risk Subcommittee, The Appointment and Human Resources Subcommittee, and any other relevant minutes or papers.

The Board of Trustees is chaired by the elected President of the Union (Sabbatical Trustee) and is made up of the following persons as specified in the Articles:

The current arrangements for the remuneration and terms of trustees are as follows:

e. Induction and Training of Trustees

When becoming trustees, all trustees undergo a predefined induction program which is supplemented with relevant training for their role. Further training is offered during their trusteeship.

Page 13

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

f. Charity Governance Code

The Union is best placed to achieve its ambitions if it has effective governance, the right leadership structures, and skilled and capable staff and trustees. Good governance also supports the Union’s compliance with relevant legislation and regulation and promotes a culture where everything works towards fulfilling the Charity’s vision.

The Charity Governance Code has been developed by a steering group, with the help of over 200 charities, and is endorsed and recommended by the Charities Commission. The Code aims to help charities and their trustees develop high standards of governance and is intended as a practical tool to help trustees achieve this, and as a tool for continuous improvement towards the highest standards.

The Board is committed to alignment to the code and enhancing its performance against the Code on an annual basis.

g. Governance meetings

Annual Members Meeting

The Union holds an annual Student Members’ meeting once in each academic year which shall be called and held in accordance with the Bye-Laws. The annual Student Members’ meeting shall be held at such time and place as the Trustees shall think suitable to allow the maximum number of Student Members to attend. For the avoidance of doubt, this meeting shall not be a general meeting of the Union for the purposes of the Companies Act.

The Annual Members' Meeting provides an opportunity for the members and partners of the Union to receive copies of the Union's accounts, review information about the Union's activities for the past year, and ask any questions about the direction of the Union for the future.

Union Council

The purpose of the Union Council meetings is to act as a forum for student members to come together to discuss matters of student representation, policy positions and make decisions as outlined in the bylaws of the Union. The Council is open to all full members of the Union but has a quorum specified within the bylaws.

Executive Committee

The Executive Committee is a regular meeting of the Executive Officers (Sabbatical Trustees) outside of Board meetings and is recognised formal sub-committee of the Board. The purpose and governance arrangements of the Executive Committee are specified within the bylaws.

Page 14

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

h. Scheme of Delegation

Appointments, Remuneration and Human Resources Sub-Committee

The appointments, remuneration and human resources sub-committee acts as a formally recognised subcommittee of the Board which aims to provide scrutiny and monitoring of all aspects of employment legalisation and effective human resources governance and practices to aid the development of the Charity. Its purpose is to ensure sufficient discussion and monitoring for the Trustees to undertake their human resources responsibility and governance oversight.

Also, the committee aims to provide scrutiny and monitoring of all aspects of the health and safety at work act and other relevant of health and safety legalisation. Its purpose is to ensure sufficient discussion and monitoring for the Trustees to undertake their health and safety responsibility and governance oversight.

Finally, the sub-committee appoints the Student Trustees and External Trustees in accordance with Articles 33 and 35 of the Articles ensuring that the Board of Trustees as a whole has the range and balance of skills and experiences necessary for good and effective governance and set the remuneration for the Sabbatical Trustees.

Finance, Audit and Risk Subcommittee

The finance, audit and risk sub-committee acts as a formally recognised sub-committee of the Board which aims to provide financial scrutiny and decision making on matters relating to the financial management of the Charity. Its purpose is to ensure sufficient discussion and monitoring for the Trustees to undertake their financial management responsibility and governance oversight.

Also, the committee considers the major risks to the Union and actions that can be taken to reduce the likeness and impact of such risks though regular monitoring of the Union's risk register.

Finally, the committee considers the annual financial audit alongside any internal or external compliance or best practice audits and in doing so provides recommendations to the Board of Trustees.

Student Engagement Subcommittee

The student engagement sub-committee acts as a formally recognised sub-committee of the Board which aims to have specific oversight of the delivery of Public Benefit for Westminster Students and the mechanisms by which those students can take part in their Union.

Also, the committee considers progress towards the Unions engagement strategy, has oversight of the democratic functions of the Union and monitors the work and achievements of the elected sabbaticals to ensure the needs of the membership are delivered.

Finally, the committee recommends and reviews sabbatical officer accountability processes for suitability alongside monitoring officer performance against objectives and agreed responsibilities, and recommend suggestions for improvement, in line with agreed accountability processes.

Senior Leadership Team

The senior leadership team committee acts as a formally recognised sub-committee of the Board which aims to provide scrutiny and monitoring of the operational delivery of the strategic plan, the operational plan, delivery of the Board's priorities and facilitate the day-to-day management of the Charity. Its purpose is to ensure sufficient discussion and monitoring for the Charity to function and continually develop and improve its performance.

Operational Management and Staffing

The Union employs a Chief Executive officer (CEO) who has the delegated responsibility for the day to day running of the organisation. The CEO sits on the Board of Trustees but has no voting rights.

Page 15

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

Three senior managers report to the CEO to aid such delegated responsibilities:

i. Role and Contribution of Volunteers

The Union benefits from the contribution of many volunteers who fulfil key unpaid roles in the organisation including but not limited to external and student trustees, student officers, course and faculty representatives. The Union works to implement best practice concerning induction, training and ongoing support with is outlined within the volunteer's management policy.

Related Parties

University of Westminster

The Education Act 1994 requires that the financial affairs of the Union are properly conducted and that appropriate arrangements should exist for the approval of the Union budget and the monitoring of its expenditure by the Board of Governors. The relationship between the University and the Union is outlined within the Act and is further enhanced by a jointly signed Memorandum of Understanding and jointly signed underpinning service level agreements.

The Union receives an annual block grant from the University of £1,801,282 (2022: £1,519,800) alongside benefits in kind (exclusive spaces at various central and greater London locations, utilities, maintenance and upkeep, information technology hardware, software, networking and hosting, and payroll provision.)

The value of the benefits outlined above are contained within the financial statements and are currently valued at £1,279,365 (2022: £1,018,000).

The Union is dependent on the University's financial and non-financial support. The Union has no reason to believe this support or equivalent support will be withdrawn in the foreseeable future.

The Quintin Hogg Trust

The Quintin Hogg Trust was set up in memory of Quintin Hogg, founder of the Regent Street Polytechnic – the predecessor institution to the University of Westminster. Each year, the Quintin Hogg Trust makes a significant contribution to the University to support the advancement of education for all our students.

As part of the process, the Union receives a grant for a minimum of one project or activities per financial year and in the current financial year the Union received grants totalling £1,322,874 (2022: £220,056).

The National Union of Students

The Union is an affiliated member of the National Union of Students (NUS) and paid a membership contribution of £29,235 in the current financial year (2022: £34,519).

British Universities & Colleges Sport

The Union is an affiliated member of the British University and Colleges Sport (BUCS) and paid a membership affiliation fee of £4,449 in the current financial year (2022: £4,169). The fee enables the Union's sporting teams to compete on University leagues and competitions.

Page 16

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Goodman Jones LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees and signed on their behalf by:

................................................ T Bangia President

Date: 25-04-24

Page 17

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF WESTMINSTER STUDENTS' UNION

Opinion

We have audited the financial statements of University of Westminster Students' Union (the 'charitable company') for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 18

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF WESTMINSTER STUDENTS' UNION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 19

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF WESTMINSTER STUDENTS' UNION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an Auditors' Report 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.

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:

Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. Also, 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 Auditors' Report.

Page 20

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF WESTMINSTER STUDENTS' UNION (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company'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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants, Statutory Auditors 29/30 Fitzroy Square London W1T 6LQ Date: 29-04-24

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 21

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
Investments
6
Other incoming resources
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net (expenditure)/income
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
3,101,846
298,989
4,600
1,432
-
3,406,867
3,551,300
3,551,300
(144,433)
122,855
(21,578)
(369,537)
(21,578)
(391,115)		 Restricted
funds
2023
£
1,322,874
53,088
-
-
-
1,375,962
427,026
427,026
948,936
(122,855)
826,081
949,897
826,081
1,775,978		 Total
funds
2023
£
4,424,720
352,077
4,600
1,432
-
4,782,829
3,978,326
3,978,326
804,503
-
804,503
580,360
804,503
1,384,863		 Total
funds
2022
£
2,776,112
294,756
7,812
58
103,452
3,182,190
3,196,456
3,196,456
(14,266)
-
(14,266)
594,626
(14,266)
580,360

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 26 to 43 form part of these financial statements.

Page 22

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee) REGISTERED NUMBER: 08126776

BALANCE SHEET AS AT 31 JULY 2023

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
Defined benefit pension scheme liability
22
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
General funds
16
Total unrestricted funds
16
Total funds		 41,056
565,533
212,521
819,110
(312,171)
(391,115)		 2023
£
1,483,335
1,483,335
506,939
1,990,274
1,990,274
(605,411)
1,384,863
1,775,978
(391,115)
1,384,863		 38,459
147,783
232,136
418,378
(272,517)
(369,537)		 2022
£
1,023,699
1,023,699
145,861
1,169,560
1,169,560
(589,200)
580,360
949,897
(369,537)
580,360

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

Page 23

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee) REGISTERED NUMBER: 08126776

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

T Bangia President

Date: 25-04-24

The notes on pages 26 to 43 form part of these financial statements.

Page 24

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023		 2022
£
(25,363)
(56,042)
(56,042)
(81,405)
313,541
232,136
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 26 to 43 form part of these financial statements		 2023
£
594,938
(614,553)
(614,553)
(19,615)
232,136
212,521

Page 25

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

University of Westminster Students' Union is a charitable company registered in England and Wales. The registered office is 309 Regent Street, London, W1B 2HW. The objects of the Charity are set out in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

University of Westminster Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements have been prepared in Sterling, the functional currency of the Charity, and amounts have been rounded to the nearest £.

2.2 Going concern

As at the balance sheet date, the Charity has net assets of £1,384,863 (2022: £580,360) after recognising a pension deficit liability of £605,411 (2022: £589,200) on a multi-employer pension scheme. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources and has received assurances from the University that financial support through the block grant and other financial support will continue to be available to enable it to continue in operational existence for the foreseeable future. The Trustees have considered the future plans of the Charity and it is deemed that the Charity can meet its commitments and liabilities. The Charity made no use of Government financial support schemes during the year. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3 Company status

The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocate to the appropriate fund.

Page 26

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.5 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grant income is recognised when the above criteria are met, together with any performance conditions addition to the grant. The annual subvention grant from the University of Westminster is recognised in the academic period to which it relates, subject to any attached KPIs being met.

Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliabily.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income from charitable activities 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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 27

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a straight line basis.

Depreciation is provided on the following bases:

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

Page 28

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

University of Westminster Students' 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 accruals. 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 atrributed to University of Westminster Students' Union.

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 2013 valuation recommended a monthly contribution requirement by each participating employer expressed in monetary terms intended to clear the ongoing funding deficit. As a consequence, under FRS 102, the University of Westminster has recognised a liability on the balance sheet equal to the net present value (NPV) of future deficit reduction payments. These payments discounted to the present value using the mark yield on high quality corporate bonds.

The Union now operates a defined contributions pension scheme and the pension charge represents the amounts payable by the Union to the fund in respect of the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Page 29

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Pension deficit contribution

The Charity has entered into a commitment to provide deficit funding to the Students' Union Superannuation Pension Scheme, of which it is contributing employer. Under FRS102, the fair value of the commitment is recognised. The calculation of the fair value of the commitment is subject to an assumption of the discount rate. The discount rate is determined by the reference to market yields at the reporting date on high quality corporate bonds.

4. Income from donations and legacies

Grants
University subvention
Grant of serviced accomodation
Other grants
Other restricted grants
Total 2022		 Unrestricted
funds
2023
£
1,801,282
1,279,356
21,208
-
3,101,846
2,554,556		 Restricted
funds
2023
£
-
-
-
1,322,874
1,322,874
221,556		 Total
funds
2023
£
1,801,282
1,279,356
21,208
1,322,874
4,424,720
2,776,112		 Total
funds
2022
£
1,519,800
1,018,000
16,756
221,556
2,776,112

Page 30

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5. Income from charitable activities

Bar, shop and events
Clubs and societies
Total 2022		 Unrestricted
funds
2023
£
287,566
11,423
298,989
271,349		 Restricted
funds
2023
£
-
53,088
53,088
23,407		 Total
funds
2023
£
287,566
64,511
352,077
294,756		 Total
funds
2022
£
251,343
43,413
294,756
6.
Investment income
Investment income
Total 2022
7.
Other incoming resources
Pension discount interest
Total 2022		 Unrestricted
funds
2023
£
1,432
58
Unrestricted
funds
2023
£
-
103,452		 Total
funds
2023
£
1,432
58
Total
funds
2023
£
-
103,452		 Total
funds
2022
£
58
Total
funds
2022
£
103,452

Page 31

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Student Enterprise
Student Lifestyle
Student Wellbeing
Student Voice
Total 2022		 Unrestricted
funds
2023
£
858,357
636,092
1,110,260
946,591
3,551,300
2,933,825		 Restricted
funds
2023
£
30,537
203,641
155,390
37,458
427,026
262,631		 Total
2023
£
888,894
839,733
1,265,650
984,049
3,978,326
3,196,456		 Total
2022
£
736,826
602,918
1,008,747
847,965
3,196,456

9. Analysis of expenditure by activities

Student Enterprise
Student Lifestyle
Student Wellbeing
Student Voice
Total 2022		 Activities
undertaken
directly
2023
£
369,891
476,494
830,900
646,570
2,323,855
1,854,288		 Support
costs
2023
£
519,003
363,239
434,750
337,479
1,654,471
1,342,168		 Total
funds
2023
£
888,894
839,733
1,265,650
984,049
3,978,326
3,196,456		 Total
funds
2022
£
736,826
602,918
1,008,747
847,965
3,196,456

Page 32

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Serviced
premises
Insurance
Printing, postage
and stationary
Computer and
telephone costs
Bank charges
and commissions
Sundry
Legal and
professional
Travelling and
subsistence
Audit fee
Other staff costs
Repairs and
maintenance
Security
Total 2022		 Student
Enterprise
2023
£
154,917
319,839
-
-
11,183
10,669
-
5,914
-
-
-
609
15,872
519,003
401,549		 Student
Lifestyle
2023
£
-
319,839
-
-
-
-
-
19,024
24,376
-
-
-
-
363,239
263,495		 Student
Wellbeing
2023
£
-
319,839
26,818
-
17,216
-
(7,893)
52,767
6,482
8,500
11,021
-
-
434,750
398,518		 Student
Voice
2023
£
-
319,839
-
-
-
-
-
17,640
-
-
-
-
-
337,479
278,606		 Total
funds
2023
£
154,917
1,279,356
26,818
-
28,399
10,669
(7,893)
95,345
30,858
8,500
11,021
609
15,872
1,654,471
1,342,168		 Total
funds
2022
£
143,709
1,018,000
25,733
27
37,129
13,670
-
48,707
16,241
8,500
25,808
(9,951)
14,595
1,342,168

Page 33

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Costs of defined benefit pension schemes		 2023
£
1,347,294
123,480
48,475
16,211
1,535,460		 2022
£
1,077,909
96,644
35,759
-
1,210,312

The average number of persons employed by the Charity during the year was as follows:

Full time
Students - term time only		 2023
No.
39
30
69		 2022
No.
29
27
56

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

2023 2022
No. No.
In the band £70,001 - £80,000 1 1

The total amount paid in respect of key management personnel, including employers NIC and pension contributions, was £261,792 (2022: £243,209).

Page 34

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. Trustees' remuneration and expenses

Under the provisions made in the Charity's Constitution, sabbatical officers are paid as authorised, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc and also organising and supporting volunteers and service provision for them. During the year, the following sabbatical trustees received renumeration in respect of their employment contract with the Charity:

2023 2022
£ £
N Aggarwal Remuneration 26,700 3,538
T Bangia Remuneration 26,700 3,538
P Dixit Remuneration 24,523 3,538
Z Butt Remuneration 22,551 -
M Jaffar Remuneration 3,176 -
O Ponsford Remuneration - 22,932
N Asakzai Remuneration 3,176 -
F Zein Remuneration - 23,127
A Abrar Remuneration - 23,566
S Azir Remuneration - 23,614
Z Butt Remuneration - 25,506
D Bamrara Remuneration 16,766 3,538
D Airan Remuneration 3,176 -

During the year, two Trustees received reimbursement of expenses amounting to £1,096 (2022: two Trustees £785).

Page 35

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. Tangible fixed assets

Building
improvements
£
Cost or valuation
At 1 August 2022
1,176,082
Additions
614,553
At 31 July 2023
1,790,635
Depreciation
At 1 August 2022
233,324
Charge for the year
117,608
At 31 July 2023
350,932
Net book value
At 31 July 2023
1,439,703
At 31 July 2022
942,758
13.
Stocks
Stock
14.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Bar fixtures
and fittings
£
15,908
-
15,908
10,911
3,182
14,093
1,815
4,997		 Motor
vehicles
£
9,161
-
9,161
9,161
-
9,161
-
-		 Other
equipment
£
131,917
-
131,917
55,973
34,127
90,100
41,817
75,944
2023
£
41,056		 Total
£
1,333,068
614,553
1,947,621
309,369
154,917
464,286
1,483,335
1,023,699
2022
£
38,459
2023
£
169,830
18
395,685		 2022
£
39,295
4,207
104,281
565,533 147,783

Page 36

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and deferred income		 2023
£
227,966
5,286
78,919
312,171		 2022
£
107,991
112,754
51,772
272,517

Page 37

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Statement of funds

Statement of funds - current year

Balance at 1
August 2022
£
Unrestricted funds
General funds
219,663
Pension deficit
(589,200)
(369,537)
Restricted funds
UW
25,720
QHT - The Hideaway
306,947
QHT - Cavendish hub
587,994
QHT - Other
21,238
QHT - Sports Participation /
EAP
-
QHT - Equality, Diversity &
Inclusion
-
QHT - Sports Facilities and
Support Fund
-
QHT - Student Partnership &
Enhanced Learning Spaces
-
QHT - Dragons Branding
-
QHT - Fit For The Future
-
Clubs and Societies
7,998
949,897
Total funds
580,360		 Income
£
3,406,867
-
3,406,867
-
-
-
-
21,106
119,685
125,000
939,133
25,000
92,950
53,088
1,375,962
4,782,829		 Expenditure
£
(3,535,088)
(16,212)
(3,551,300)
-
-
-
-
(24,579)
(118,416)
(124,996)
(5,837)
(23,231)
(92,950)
(37,017)
(427,026)
(3,978,326)		 Transfers
in/out
£
Balance at
31 July 2023
£
122,855
214,297
-
(605,412)
122,855
(391,115)
-
25,720
(48,253)
258,694
(69,355)
518,639
(5,247)
15,991
-
(3,473)
-
1,269
-
4
-
933,296
-
1,769
-
-
-
24,069
(122,855)
1,775,978
-
1,384,863

Page 38

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General funds
Pension deficit
Restricted funds
UW
QHT - The Hideaway
QHT - Cavendish hub
QHT - Other
QHT - Fit For The Future
Total funds		 Balance at
1 August
2021
£
212,248
(692,652)
(480,404)
25,720
355,200
657,349
29,308
7,453
1,075,030
594,626		 Income
£
2,833,775
103,452
2,937,227
1,500
-
-
220,056
23,407
244,963
3,182,190		 Expenditure
£
(2,933,825)
-
(2,933,825)
(1,500)
-
-
(222,879)
(38,252)
(262,631)
(3,196,456)		 Transfers
in/out
£
107,465
-
107,465
-
(48,253)
(69,355)
(5,247)
15,390
(107,465)
-		 Balance at
31 July 2022
£
219,663
(589,200)
(369,537)
25,720
306,947
587,994
21,238
7,998
949,897
580,360

Restricted funds comprise the following:

Clubs and societies fund represents amounts raised by the clubs and societies of the Union for their own use.

QHT funding relates to grant income from the Quintin Hogg Trust towards the cost of specific student activities or projects. Capital development projects are for Media Hub, The Hideaway, Cavendish Hub, Sports hall refurbishment of the basketball hoops, and for Enhanced Learning Spaces and Learning Platform. The capital development projects expenditure does not show on the Statement of Financial Activities, but on the balance sheet as fixed assets, whereas the grant received shows as restricted income. Included within restricted reserves is £1,445,263 (2022: £909,027) of capital funds, which will be released over the life of the assets. This can be seen in the analysis of net assets between funds (note 17).

UW - University of Westminster funding for specific projects, inlcuding a Santander grant to provide laptops who were not able to access IT services.

Page 39

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
38,072
Current assets
488,395
Creditors due within one year
(312,171)
Provisions for liabilities and charges
(605,411)
Total
(391,115)		 Restricted
funds
2023
£
1,445,263
330,715
-
-
1,775,978		 Total
funds
2023
£
1,483,335
819,110
(312,171)
(605,411)
1,384,863

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2022
£
114,672
377,508
(272,517)
(589,200)
(369,537)		 Restricted
funds
2022
£
909,027
40,870
-
-
949,897		 Total
funds
2022
£
1,023,699
418,378
(272,517)
(589,200)
580,360

Page 40

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
19.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
20.
Analysis of changes in net debt
At 1 August
2022
£
Cash at bank and in hand
232,136
232,136		 2023
£
804,503
154,917
(2,597)
(417,750)
55,865
594,938
2023
£
212,521
212,521
Cash flows
£
(19,615)
(19,615)		 2022
£
(14,266)
143,709
(13,972)
(68,415)
(72,419)
(25,363)
2022
£
232,136
232,136
At 31 July
2023
£
212,521
212,521

21. Contingent assets

The University has agreed in principle to meet future deficit payments in regard to the Union's defined benefit pension scheme liability through the annual block subject, subject to confirmation of the annual block grants and the University having sufficient available funds.

Page 41

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

22. Pension commitments

The Charity 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 accruals.

The most recent Valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of the Scheme's assets was £119.1m with these assets representing 46% 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 £260.0m.

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 2019 valuation recommended a monthly contribution requirement by each participating employer expressed in monetary terms intended to clear the ongoing funding deficit over a period in excess of 16 years and will increase by 20% from 1 October 2021 and by a further 5% in each subsequent year. These rates will apply with effect from 1 October 2021 and contributions due from October 2023 onwards will be reviewed following the next actuarial valuation. Contributions up to October 2021 are based on the 2016 valuation and subject to annual 5% increases. Surpluses or deficits which arise at future valuations will also impact on the Charity'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.

In accordance with FRS102, the net present value of the future contributions required over 15 years to clear the funding deficit is £605,411 (2022: £589,200). In calculating this net present value, monthly payments from November 2023 with annual increases of 5% have been made and a discount rate of 4.8% representing the yield available on AA rated 15 year corporate bonds has then been applied.

The total contributions paid into the scheme by the Union in respect of eligible employees for the year ended 31 July 2023 amounted to £0 (2022: £0).

NEST

Following the closure of the SUSS scheme to future accrual on 30 September 2011, the Union operates a defined contribution pension scheme for the benefit of certain employees based on a matched rate of 3%-6%. The assets of the scheme are administered in a fund independent from those of the Union.

The total contribution payable into the scheme by the Charity in respect of eligible employees for the year ended 31 July 2023 amounted to £48,475 (2022: £35,789).

23. Operating lease commitments

At 31 July 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2023 2022
£ £
Not later than 1 year - 1,324

Page 42

(A Company Limited by Guarantee)

UNIVERSITY OF WESTMINSTER STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

24. Related party transactions

The controlling party of the Charity is the Board of Trustees.

Subvention income is received from the University of Westminster. The income reported for the year ending 31 July 2023 amounted to £1,801,282 (2022: £1,519,800). In addition, the Charity was also in receipt of £65,585 (2022: £10,572) additional income from the University. Donated serviced premises of £1,279,356 (2022: £1,018,000) were provided by the University during the year. The University also provides a payroll service for the Union. The Trustee Board is of the opinion that this assistance is not an influencing factor with regard to the formation of the Charity's policy setting.

The Charity was owed £160,275 (2022: £125) by the University at the balance sheet date. At the balance sheet date, the Charity owed £127,789 (2022: £486) to the University.

Page 43