2024-07-31-accounts

xusYJn ÈnveKJpe Iu.. y4kiASt.JkSPm￿1-yAÈ￿tryIu￿￿4A Registered Company Number. 08155140 (England and Wales) Registered Charlty Number: 1148393 THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1111 11111 ¥AE12Hts CCWIPANIES H￿j$E

L#￿99n tnveioFe Iu.. ¥2ÈlA¥bÈ-Jt5PWI-¥AÈXSV￿Y1Uwb￿4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Page Referènce and Administrative InfonnalKJn Report of th& Trustees 3-13 Independent Auditor's Report on Ihe Finanryal Statements 14-16 Statement of Finarrial Actiwties 17 Comparative Statement of Financial ActNlties 18 8al2nee Sheet 19 Statement of Cash Flow5 and Notes 20-21 Notes to the Financial Statement5 22-35

L>JuJsvJn tnveiope iu. y1tlAybt-￿FO-4O4l-YA￿￿trOlLl￿fr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Adminislrative Inforniation Registered charity name.. Registered charity number= Company registration number. Universty of Gh)ucestershire Students. Union 1148393 08155140 Prlnclpal Address The Park Cheltenham Gloucestershire GL50 2RH The Board of Trustees The Directors of Univetsity of Gloucestershire Students. Union are its Tnjstees for the purposes of Charity law and throughout this report are collectively referred lo as Ihe Trustees. The Trustees are.- External Trustees Role Committee Appolnted 9 January 2018 Resigned 310ecemb8r 2023 Nikki Greenway AR,P Laura Batty Chair {from April 2024) A&R Chair (from April 2024) P.AR 18 February 2020 Shalinder Taneja 9 April 2024 Dr Daniel McDonald-Smith g April 2024 Jeremy Davies Chair (to April 2024) A&R Chair {to January 2024) P Chair 18 February 2020 Angela McNaught 3 November 2020 31 January 2024 Consulots Price 6 Awil 2021 Officer Trustees Paige ￿cher livities and Opportunilies Welfare and Diversty Acttvitles and Opportunities Education and Community EducatK)n and Community 1 July 2022 30 June 2024 Bobo18 fy'ibola 1 July 2023 Vanessa Garratt 1 July 2024 Kil Boulting-Hodge 1 July 2024 Isobel Williams 1 July 2023 30 June 2024 Studènt Trustees Tayo Titus Isoken Ekpenktriio Katy Owen AR 31 January 2023 10 December 2024 31 January 2023 29 February 2024 31 January 2024 Page | I

uocuswjn tnveiope iu.. y4t1AYbk-Jt1￿¥4l14/-yAt￿￿*I5l1bLP4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Clerk to Ihe Trustees Karen Hill Senlor Managemenl Team Josh Clare Louise Fensome Emma Boobyer Anna Wood Rebecca Fieldhouse CEO COO (from 4 September 2023) Head of Finance and Resources Ilo 16 April 2024) Interim Head of Finance and Resources {fr(wn 16 April 20241 Head of Marketing and Commercial Services llo 2 July 2024) Independent Auditors Cooper Parry Group Limited Cubo Birmingham 4t￿ Floor Two Chamberlain Squa Birmingham B3 3AX Bankers National Westrninster Bank plc 31 The Promenade Chellenh8m Gloucestershire GLSO 1LH Page 12

UOCU51gn trwwope ￿.. y£tlA¥UÈ-J¥trOh4041.¥AtyvtlVPiS16￿tr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their ret)ort y￿th the financial stalements of the charity for the year ended 31 July 2024. 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) leffecb've 1 January 20191. Objeclives and Activities Objectives The primary purpose of the Universty of GIoU￿tershIre Students. Union (Ihe Union. UOGSUI is th9 advancement of education of students al the University of Gloucestershire (UOGI for the PLJblic benefit by.. Promoting the interests and we￿3￿ of students al the University of Gloucestershire during their course of study and representing. svpporting and adwsing students,. Beir¢g the recc¥Jnised represenlats.ve channel belween students and the University of Gloucestershire and any other extemal bodies.. and Providing soeial, eultural. sporting and recreational activities and forums for discussion and debate for the personal development of its studenls. Our strategic plan The Union had a 3-year strategic plan which covered the period until 31st July 2024. This strategy is oullined below alongside the new strategy which was developed during 2024 to cover the period 2024-2027. Our outgoing strategy had three aims to address our charitatAe obiecls: Building Str￿ cx)mmunilies Shaping your academic lrfe Bringing about change And four enabliThJ elements". People Communicatwjn Space Money The Union also makes clear to members that we are a values led organisatitin and have staled these values as the following- Inclusive- we're an SU for everyone al UOG and well champion the rights of those with protected characteristics Democratic- being led by sludenls is what makes us special and it's incredibly important to us Sustainable- we know that deas1￿S we take have an effect in the world and want to make decisions that contribute positively Courageous- we'll take chances and try new things to make ￿ur experience at UOG the best it can be Studènt focussed- our members wll always be al the centre of Ouf decision making Honest- we'll teu the truth and be open ab(MJt (yJr priorities wlh our members and stakeholders Supportive- we'l have your back and challenge those vtho make decisions to be as sludenl fccussed as we are Page13

uocusign ￿n￿ope iu.. y£tlAYbt-JUP15ry4041.y￿yhtsvPIbffL￿￿4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Fun- being a part of UOGSU should be transformative but also excibng In the later part of the year the new strategy was developed which built on the foundalions sel by the prior two Strategies. When creating the 2024-27 we worked with members to refine our key acts"vib'es over the next three years as well as developing a refreshed mission stslement- University Lrfe.. Unk)cked. We further defined this.. 'Al UOGSU we unkxk opportunities. With us, unktk friendships and memories that will last a lrfelime. Unlock the power of your voice across the student trt)Jy: the power of an arna￿ng team. an imwrtanl cause. a shared celebration. UOGSU exists to help Stl￿entS unlock the doofs to a uniquely personal and memorable university life. With all the support and resources, you need to bring down the barriers wherever the￿re keeping you out, we help students lo oVe￿Orne their thalenges arKf have the kind of fun thal stay5 With them forever." As well as restating important values. the 2024-27 strategy set our three new. overarching aims". The core role ol the SU Oeveloping student communities Being a ¢rrt￿al partner Publlc Beneflt Statement The direction tsken by UOGSU has been set in consultation with the student tM)dy al the Universily of Gloucestershire and Ihe Truslees ensure the organisation is focused on its prtmary purpose of the advancement of the education of students at the University of Gloucestershire. The Board acts with due regard for the requirements under the Charities Act lo ensure its acliwlies meet its obligations wlh regard to public benefit. Activlties The Union provides a wide range of services and acltvilies for students. The majority operate with the involvement of student volunteers who are supported by members of the staff tearn. This 1ndL￿e$.. Re resenlalion and the Sludenl Voice UOGSU leads well-established Course Rep and Studentvoice Assistant (SVA) schemes which aims lo improve seryices for students and enhance their academic experience by representing the voices of the students to the Univetsily and other parkners. The Course Rep scheme has elected studenls on each course, al each level of study representing the views and interests of their peers. The SVA scheme has paid studenl roles that vth wth the Course Reps in particular schools of study to lake and collate local issues. Both schemes work closely wth both University staff and students to resolve issues, develop academic support and course conlenL To enhance the ability of the Student Voice team to gather and analyse sludenl data the Union utilised a two part tool called Voice 11 and Change 11 online systems which inlegrale with our existing systems more seamlessly and helpfully split out new idea suggestions from simple feedback. This enables Students to give feedbath using a simFde $￿tern which means inforrnation can be quickly shared with Reps and University partners. UOGSU has utilised feedback gained from these tools and Olher avenues to collecl thousands of contributions from members and ￿Ing about change in leaching and learning as well as the wider student experience. Page14

L)ocusign tnv¢)pe iu.. Y¥￿1￿Yt$￿-jUtrt￿4￿.Wy￿￿$Utrul￿￿t4A THE UNIVERsrrY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Union also represents students in community partnerships and on issues which affect students. The Union takes an active role in developing community relab'ons Ihrough its involvement in the University Community Liaison groups established al each Universty site and bcrth Ihe Gk)ucester and Cheltenham Night-time economy groups. Officer cam Throughout the year student leaders delivered meanirwful Campaigns focussed on the priority of members. These three 'Priority Campaigns. are led by the Full Time Officers ￿th each taking on the responsibility for a central campaign. In 2023124 thè campaigns were: The Cost of Student Living vthich aimed to tackle the rising cost of student life. The campaign successfully.. o LaU￿hed the Activities Access Funded ￿ere financially challenged sludenls could apply to fund their participation in SU activities Worked wth catering to provide a discounted £2 goodie W of short date focJs and introduced a 'lKJhter on your k￿￿ke1. range of products Continued the work to delNer Cornmunity Cupboard5 across all UOG campuses Maintained methtsj of pawng sports team membership in Iwo parts which a third of students choose Aongside this. nat￿nal lobbw'ng on renter5 r?fomi. student working hours and university accommcrtlalion also formed an integral part of this campaign. Disabled Students.. Accessibility and Adjustrnents wthich aimed lo make unwersty lrfe more inclusive and accessible for members with a disability. The campaign delivered.. o Reasonable adjuslmenl plans for all students with a disdosed disability that is accessible on their student record making adjustrnents more likely to be implement Sunflower lanyards available for free in SU spaces which induded a support card of useful. UOG speufic inf¢)miation An article for WonkHE on how Sus can make adjustrnents to support neurodiverqenl officers We Belong which aimed to foster a sense of community for all students studying al UOG with a particular focus on inlernalional students and those from drfferent eultures. The campaign delivered.. o Welccrtne events wilh fcKKI fr(Kn different cultures at the stsrt of the academ￿ year "Let's Tak- CaSeV•￿rk surgeries wth various represenlatives of service areas across UOG The introduction of more intemational cuisines in the catering offer al all UOG siles An end of year, International Celebration which brought together hundreds of intemati¢)nal students Pagels

UOCU519n tnveK)PÈ IU.. ¥£&lAy>￿-)tk&4U4l-y￿twJ￿ulLYitr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNK)N REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Advice In 2021, we recognised that a number of UOG poliryes and prcKesses point students lo UOGSU for support, where il would be inappropriate lo have UOG colleagues supporting sludenl when the students May be in dispute with the organisation IUOGI they work for. What that meant in praelise was that the elected student officer team. whose primary fUn¢t￿n is to be an elected represenlalive rather than a caseworker. was expected to support students to understand complex regulations processes. We recognised Ihal the complexity and high-stskes nature of some aspect of Universty life, particularly in relation lo PSRBS and inlematsonal sludenl casework, was on the rise. This meant that year on year our officers were exFM)sed more and more to something they are less and less equipped to be able to deliver. Appreciation of the challenges around the need for independent advice led us to explore the development of an Advice Service funcb.on within the Union which is now in its second full year of operats'on. We sought funding SUPPK)rt frcn our partner institutitin to set up thts service. bul they were unable to assist al Ihal time. We were also exploring partnership opportunit￿$ with extem81 organisalions and were delighted lo receive interest in the project from The Bamwood Trust, a county wide charity and funder supporting those with disabilitiès and mental health challenges. GNen UOG has a signtficantly higher than average number of students dedaring a disability. this was a r￿l￿g and exciting partnership to pul in place. Funding for one year W8s received during the financial year 2021-22 and the Advisor role was in place from July 2022. In year one of the project, the offerwas almost exdusNelyfocussed on prov￿ling SUPFM)rt for students struggling with UOG academic processes, whilst also s￿nPOSt1ng students with other enquiries lo UOG provided services. Since the start of the project. the number and variety of ￿seload ha5 inueased with a focus on food poverty in 2024. On the success of the role. UOG provided part-funding towards the service in 2023-24 enable us to continue with this valuable work. and we also continue to seek out external funding to support the growth of this role into the future. rin and Student Develo ment The Union supported a variety of fundraising actNilies for chartties nominated by student groups. A significant proportion of students actively engage intemally within the Union as Liberation or Academic Representstives. on the committee of Clubs or Societies of as Ne￿Ork Leads. These students are supported lo gain skills whth add valuable experience to their fulure employability and personal interests. In lotal over 800 students volunleered in such roles during 2023-24. Clubs and Swelies With a chotce of over 60 clubs and societies in 2023-24. covefing a wide range of interests and activities. there were plenly of opportunities for sludenls to gel involved. Each club and society has a committee of sludenls who v￿unteer lo take on the organisalion of their group. Since the Co¥id-19 pandemic we are pleased to see 8 resurgence in the level of student lead a¢b"vily. Siudenl achievement is celebrated by the Union's Awards ceremonies. held annually, and this year we hosted a single SU Awards night for the firsl lime which brought together studenl sport and other student groups into one fantastic event. The SU Awards celebrates the achievements of many involved who develop through their engagement with souelies. volunteering. placements and employabilty activity. During the year BUCS leagues look place in a manner similar to prior years. UOGSU worked hard wilh UOG colleagues and other partners lo conlinue lo deliver a huge range of sports given our size. We were also thrilled to be able to deliver on site oui annual Varsity wth Worcester SU which look pLace across multiple days in both Gloucestershire and Woreesler. Page | 6

uocJJsign tnveiope Iu.. YkÈ1As￿￿-jt$tO4I>41-W￿¥utrIjIu￿P4N THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 inm nl The Unlons. aim from an entertainment and events perspective. serves to enhance the social, Cultural, and recreational 8$p￿t$ of a student s university experience. creating a well-rounded and enjoyable educationaljourney. During the academic year 23124, we were pleased to be able to deliver a wide dlverse variety of on-campus and off-campus events, whlch helped to connect Students to their communities. As part of the 2023124 Welcome fortnight. the Union prowded an impressive array of events. from Plant Sales to Quiz Nights, Drag Bingo events to Cocktail Masterelasses. providing a brilliant opportunity for our new students to selme into their universty exrerlen￿. make friends and establish themselves in their new enviionmenl. Welcomè Fayre was a success though it was delNered in challenging weather for the first time in many years. This did affect attendance though we still saw more than 2.000 attendees on the day engaging wrth a wide variety of external arKJ intemal slallhdders, and 50+ Clubs and Societies. The fayre also provided a key plalfomi to enhance SU engagement. enabling the new officers lo promote their campaigns and engage with students. As well as the opportunity for the UOGSU to sell UOGSU merchandise. bringing in signrficant revenue towards the stsrt of the financial year. Our SU Awards brought together over 150 students lo celebrate their achievement5 Ihroughoul the year. The Awards play a pivotal role in fostering a sense of unty and accomplishment within the student community and reflect our commitment lo nurturing a vibrant and supportive community that values and acknowledges every sludenys journey and unique contributions. The Union supported more than 70 events for Club5 and Societies within the union's dedutgd spaces, creating a safe and wèlcoming haven for students to explore their passions, interests. and talent5. other Students. Union Services The Union continued lo support key unrversity events for prospective students, ind￿Ing, Open Days, Offer Holder Days and Campus Visits. The Union oversees the operation of four on￿MpuS laundries. The Union is the sde provider of official UOG merchandise which is sold in our on-campus shops. The Union also facilitated several pop-up shops throughout the year. al key events. suth as Gr8duation. providing addiltonal opportunities for students lo buy branded clothing. Flnanclal Revlew The Union has main sources of income: In 2023-24 its totsl income was £863.680. Thi5 induded the Unrversty Block Grant for 2023-24 of £579,700 and £9,oc￿ for specific projects. It also generated £267.734 from its activ[t￿S for generating funds. The cost of providing our services. which are an essential part of the wider student experien￿, are greater than the level of block grant received. The Union remains reliant on Ihe ability of these income generating inilialives lo both provide services for students 8nd supwrt the work of other areas of activity- Post Covid-19 the level of self-eamed income, particulady from the night-time economy, has fallen sharply and continues to effect the levds incorne UOGSU is able lo genefate. Pagel 7

LxKuson ÈnveioFe Iu.. y2tfA￿￿¥￿HlS4I-¥A￿￿Utrorfu￿tr4 THE UNIVERsrrY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 SUSS Pension Liabilit The Union participates in the Students. Union Superannuation Scheme ('SUSS'I. which is a defined benefit scheme whose membership consists of employees of students. Un￿nS and related bodies throughout the country. The scheme is currently dosed lo new meM￿rS bul has a mixture of final salary and career average revalued eamings accruals for service prior to 1 $1 October 2011. The most recent Valualior) of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets representing 44% of the value of benefits that had accrued to members after allowng for expected future increases in earnings. The ijeficit on an ongoing funding basis amounted to £136.645,000 for the whole scheme but il is important to note thal this amount is collected through annual payments as part of the remaining 14 year payment plan and is not due for repayment all al once. SUSS member organisations pay an annual contribution lowards fijnding Ihe defiat. and UOGSU budgets for this annual figure as part of the Union's annual ￿dget cycle. The pa￿￿ent for Ihe 2023124 year was £33.492. Commercial Performance Since forming a partnership with Akuma. a dothirMJ supplier. we have been able to generate additional revenue from this souree in the form of a eash reward based on sales volumes of both on field kit and training wear. The branding has been well-received by students. gathering enlhusiaslic feedback. We continue lo work closely with a range of external partners for media sales and advertising, notability our relationship with Native and Crowd who handle the vast majority of our commercial partnerships. Commercial Challenges . We are slll facing simi18r challenges to those faced in prior years. Sludenl participation in events has, at limes. fallen short of our expectslions, possibly due to the ongoing challenges posed by the escalakn'ng cost of living. Many students are compelled to exercise greater financial caution. sometimes at the expense of their participation in social activitiès. Reserwes Policy The primary fun¢lic•n of the Union's reserves 1$ to make available cash in order to cope with any unexpected downturn in funding or additional calls on resources wilhoul ifflmediately curtailing activities. The Trustees current policy is that unrestricted funds nol committed or invesled in tangible fixed assets should be between 3 and 6 months of the resources expended by the Union as a whole. which equates to between £212.000 to £425.000. At this level, the Trustees feel Ihal Ihey would be able lo conlinue the current activities of Union in the event of a significant interruption lo the work of ihe organisation and ensure it is able lo meet its legal obligations. This thinking has been tested by Covid-19 at UOGSU and at many other charrties who found the period hallenging. The Trustees are reviewing the current Reserves Policy to ensure the level of reserves is appropriate for ils future needs and that a clear rational for holding a particular value is sel out. At 3111 July 2024, the lotal unrestricted general funds lexduding the designated pension prowsion fuThl 8nd designated volunteering fund) were £295.990 {2023.. £291.3001 and the unrestricted cash reserves. being lolal cash at bank and in hand of £356.194 less the amount relating to restricted funds of £44.554. amounted lo £311.640 (2023. £304.155). Affiliations In 2023124. the Union was affiliated to the following organisaiions". National Union of Students- £10.474 British Universities & Colleges Sports - £6.241 Page 18

uo¢usign tftvdcpe iu". YdtlASbL-JiIF￿o41-yA￿￿￿￿Y16￿fr4h THE UNIVERsrri OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Funds Held as Custodian Trustee on Behalf of Others Clubs and The Union acts as custodian for the ftjnds of the students. various dubs and soclies. These monies are accounted for through the Union's accounting package and held in the Union's bank account. At the end of 2023-24, the Clubs and Societses had a balance of £44,554 remaining at year end. It is to be noted that the income and expenditure for dubs and societses varies annually depending upon actrwitses run by these student groups. Raise and Give FL4G The Union acts as Custodian for FIAG fundraising activities. These funds are not under the Union's management control and as such are not induded in the accounts. All fvnds raised are deposited in a separate bank account. Clubs and S(￿IetieS raise money for specrfic charities Ihfoughout the year. The dubs and societies give instructions lo pay beneficiaries. When societies or club committees have compleled thwr fijndraising they gwe instnjctions lo the Union to pay the beneficiaries. Fundraising Activities whe￿ fundr8ising is conducled by UOGSU members. UOGSU are aware of the importance of raFsing charitsble funds in accord8nce wth the Charities (Proteclion and Social Investment) Act 2016. included in section 13 of the Act and that our approach lo fundraising is aligned to those requirements. UOGSU is cornmitted to offering all its student members the opportunity lo take part in fundraising aclivrties during their studies. UOGSU aims to offer support for a range of dwerse activtties through involvement with RAG or other society or student group fundraising. UOGSU will ensure all fundraising activities undertaken by sludenls is accurately and propedy recorded. this will indude any complaints and how those complaints have been handled. ensuring that the approach lo fundraising is inclusive and that the organisations we work vthh are aligned to our own valves and goals. The approach is purely voluntary and participative. and UOGSU strongly discourages any approach that is deemed unreasonably intrusive or persistent or applies undue pressure to donors. There were no complaints received in respect of the Unions. fu￿1[al$ing activities al the time of signing these accounts. Structure. Governance and Management The UnNersity of Glou¢estershire Students. Union is an Ir￿)rporated company and is govemed by the Union's Memorandum of Articles. which wa5 adopted on 24th July 2010. The Articles govern what the Union can do and how il will be administered by the Board of Tnjstees on behalf of Ihe membership. The Board of Trustees oversees the strategic. financial and legal affairs of the Union.11 is chaired by an extemal Trustee and is comprised of up to 3 Full Time Officers, 4 Student Trustees and 5 External Trustees who bring their prof8ssional expertise to the Board. All Full Time Officer Trustees are elected by secret ballot lo seNe for a term of one year and may be relected to the post for a maximum further term of one year. Candidates for the positK)ns of Extefflal Trustees and Student Trustees are selected by the People and Resources Committee and their appointment recommended by the 8oard of Trustees. External Trustees remain in office for a term of up lo three years and can serve a maximum of Iwo lems which may either be consecutive or non-consecutive. Student Trustees remain in off￿e for up to one year and can seNe a second consecutive year. Page 19

U￿SIgn tnveioFe iu". ¥kt1A¥iSL-JtsPUry4U41-WyrytWlSlL￿tr4Atr THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Board has tsvo sub committees to deal with specific areas of business. These a￿. The Audit & Risk Committee.. reswnsible for ensuring that there is a framework for intemal controls and accountability- for examining and reviewng all systems and methods of control both financial and otherwise induding risk managemenl- and for ensuring the organisation is complwng wth all aspects of the law, relevant regulations and good practice. The People and Resources Committee= responsible for all policies. planning. scrulinising and reporting involving the human resources for the Board of Trustee's approval. Staffing in the organisatlon The stsff team in the Union is made up of a CEO. COO and two furlher Senior Managers. a group of managers and coordinator career stsff. This team is supwted by part-time student stsff to deliver the obj'ectives of the Union. Salary budgets are agreed by the Board of Tnjstees and any annual spine point rises are set followng benchmarking wrth other similar size Student UnKJns. reference to the JNCHES and the UOG proposed pay scale changes for the year. Although Ihe Board may wish to ali9n wlh UOG il is not lied lo using these percentages or application method and may choose lo set its own rates- on the basis of affordability. adminislralion of payroll factors and future growth. BenChMa￿l￿g with other Student Unions. or similar size charit18s. is usèd to determine key management personr￿1 pay and remuneration Training for Trustees The Union undertakes a skills audit to Inf(￿ the appoinlment of Exlemal Trustees when vaeancies arise and will continue to do so as requiod to ensure the Board t￿taInS a mix of skills and experience to support ils continued effectiveness. Trustees are PTovided with a variety of information upon their induction and are briefed on their legal obligations and the responsibilities of Trustees. Training is provided online. and supported by a Trustee guide containing all relevant information and the Trustees. Code of ConducL Officer and Student Trustees are provided with additional supwrt from both stsff members and outgoing officers to ensure a smooth transition period and lo supwrt the new trustees to understand and undertake their responsibilities. They also have on-going staff support. in the rde of our Governance and Adminislralion Coordinator to guide them through Board and Committee papers and to advise on areas such as conflicts of interest. Delegated Responsibilities The Board of Trustees delegates day-to4ay management of the c￿ganISation to the Chief Executive. who is responsible for.. implementing the wlicies and strategies of the organisation ensuring that the Union operates wthin budgets approved by the Trustees advising the Trustees in relat￿)n to policy. strategic planning. perfomance and finance The Chief Executive is further supF<)rted by the Management Committee comprising the Sabbattcal team. and Senior Managefs from the Union who take on reswnsibility for overseeing the execulton of the strategic plan and the day to day running of the Union. The Senior Management Team. made up of Senior Managers and the Chief Executive. ensure that staffing and other operational matters are given proper day to day oversight. Page | 10

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Relatlonship wlth the Unlverslty of Gloucestershire The Union has always had a relationship with the Universtty which is maintsined through regular meetings between the Vice Chancellorfs Office. Senior Managers IrC￿n both the UnM)n and University, and the Sabbatical Officers. The Universty is the owner of the premises used by the Unk)n for its Offi￿5. which are occupied on a rent free basis. The Union's Activities & Opportunities and Education & Cwimunty officers are members of the Universilvs Council and Academic Board. Representatives from the Vice Chancdlorfs office rneet regulady with staff from the Union's Senior Management team. act as Deputy Retuming officer for Union elect￿n$ and also as the University Board of Governors, independent 8rbiter for the Union's Complaints Procedure. Alongside the Memorandum ol Artth, the Union also OFerates ￿thin the StLKlents' UnM)n's Operating Agreement. This is approved and reviewed by the Union's Board of Trustees and University Council and issued in accordance with the Education Act 1994. Seth"on 22. This document outlines the relationship with and oversight of the Union. in parhcular relating lo the Union's constitutbon. membership, elections. affiliatM)ns, paid oflicers. finances. cyrations. estate requirement, comFAaints processes and notification requirements. Rlsk Management The Board of Trustees has overall responsibilty for ensuriThJ the majorstrategic. operat￿nal and business risks facing the organisalion are identffied and controls are in place. The Audit 8nd Risk Committee advise the Board of Trustees on the adequacy and effectiveness of the organisalion's Risk Policy. ils Risk Register (which is reviewed throughout the year through a scheduled cycle of meelingsl and the organisation's overall awareness of its Risk Management Framework and processes. The four main risks identified by the un￿)n CUrren￿Y are= Risk Area Reduction income generating activity Risk Descri ion Items purchased for resale or surplus generating events are not as profitable due to lifniled student sperMJing and changing demands Miti ation Actions Reduction of spending areas connected lo income generalion directly frc¥n membws. Increasing Ihe amount of venue generated from extemal rtnershi Monitoring of engagement with different seNice areas and continued development of aliernalive provision such as Advice to support differing student population in Reduction in engagement due to smaller student intake in key areas Due to the nalure of sludents being recruited lo UOG changing vAth more postgraduate. non-tradilional students. some a￿aS of SU activity are more targeted at urmlergraduate students leading to less engagement with some of our traditional ofler Increasingly UOGSU is receiving scam communications and attempts to make fraudulent paymenls Incorrect payments processed due lo increasing attempts at online fraud Increasing cost of sport outstripping possible income The continued use of University supp)rted 'phishing report, tools. increased training for frontline staff and a robust sign off system for purchased made In recent years there have been fewer students engaging with Com￿ti￿"ve. weekly sport whilst costs in this area continue lo rise sharply particularly in respect of transport Engaging with UOG partners encourage engagement in physical activtty. Monitor additional opportunities for k)w cost. lower commitment physical activil Page | 11

ug￿lS19Th tn¥eiope iu.. y£tlAY0ÈW￿wl-y￿t￿Wtr0l￿tr4A THE UNNERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The major risks have been reviewed as part of regular Risk Register reviews that consider whether the current eststAished systems or p￿eSseS are sufficient lo mitigate the risk5. If the risks require fvrther controls at the poinl of review. addi1￿)nal or amended S￿lemS1 processes are identified and implemented to further manage the risks. In last years audited accounts we identffied the followiro risk areas.. Falling member engagement with key areas of UOGSU activity University restructuring negative impact UOGSU financial posth.on UOGSU services or Su-like ServI￿S delivered by alternative provider Reduction in income generath.ng activty Incorrect payrnents processed due to increasing attempts at online fraud Reduced access to sporting facilities in Gloucester We continue to monitor these risks careful 8s part of our risk register where these items are not rèferenced in the above table. The UnDn has a range of policies and procedures to ensure the Healih and Safety of slaff, volunteers. participants and visitors. These are periodically reviewed to ensu￿ they remain fit for purpose and performance is monitored by the Audit & Risk Committee. Buslness Contlnulty The Union has created a business continuity plan and submits this annually to the University of Glouceslershire. The Union is covered by the University of Gloucestershire's Major Inadent Plan as $0 much of the SU hardware and infrastructure is run in conjunction vthh University systems and procedures. Going concem The Trustees considered seveial factors when fomiing their condusion as to whether the use of the going concern basis is appropriate when preparing these financial statements. These factors have included the review of key risks and uncertainlie5 in the context of the Union's operations, and a review of the financial forecast to January 2026. Havin9 regard lo these. the Trustees believe il is appropriate lo adopt the going concern basis of accovnling in preparing the financial staternenls. Future Performance and Outlook As we look forward lo 2024125 and beyond there is a lol to look forward to not least the implementstion of the new 2024-27 slralegy with its renev•ed focus on community building and ensurin9 sludenl voice is central to decision making at UOG. Each year we unlock hundreds of possibilities for our members Ihrough which they can develop and shape their lulure- believe the new strategy makes dear that commitment. Aongside our new strategy we are also thkiro ahead to the opening of City Campus al the University of Glouceslershire.and Ihe opportunity the SU space in the uly centre of Gloucester represents for our members. Increasingly more students are studying in Gloucester. and the SU has plans to examine where we should deploy our resources most effectively. The cost of living continues to play a big part in how studen15 are able to engage wth UOGSU with many of our members having to undertake signrficanl paid employment during their time al university. Our Advice Service remains as an important resource for students who may face challenges during their time at UOG and we have worked to forge positive links with other local organisalion who can provide SUPPDrt on financial matters beyond what UQG is able lo offer directly. We are also exploring how we can collaborate wth other local Sus lo develop low commitment. low-cost opportunitses for students to parts"cipate in student sport as interest in this appears strong. Page | 12

ucLusign kTh¥dope Iu". ¥2klA*-JI$PW•I-YAt￿wto{￿k THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustees, Responsibilities The Trustees {who are also the directors of the University of Gloucestershire Sludents. Union for the purposes of cornpany lawl are responsible for preparing the Report of the Trustees and the financial statements in aeeordance with applicable law and Unrted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice), including Finanoal ReporbThJ Standard 102"The Financial Reporting Standard 8ppIic8ble in the UK and Republic of Ireland.. Company law requires the Trustees lo prepare financia statements for each year which give a tnje and faif view of the stste of affairs of the charitable company and of the incoming resources and appI￿allOn of resources, induding income and expenditure. of the charitsble company for that period. In weparing those ftnancial statements, the Trustees are required lo.. Select suitable accounting pclicies and then apply them consistenlly., Observe the methods and prinuples in the Charity SORP {FRS1021: Make judgements and estimates that are reasonable and prudent. Prepare the finaneial statements on a going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate actounting records which disclose with reasonable accuracy al any lime the finanual position of the Charitable company and to enable them lo ensure that the financial stslements comply with the Companies Act 2¢)06. They are also responsible for safeguarding the assets of the charitable company and henee for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Truslees are aware.. There is no relevant audit information of which the charitable compan￿S auditors are unaware,. and The Trustees have taken all steps that they ought to have tsken lo make themselves aware of any relevant audit informalion and to establish that the auditors are aware of that infomiation. This report has been wepared in accordance with the special provi%iong of Part 15 of the Companies Act 2006 relating to srnall companies. Approved by order of the board of Trustees on 28 January 2025 and signed on its behalf by. Kit Boulting-Hodge Education and Community Officer Page | 13

INDEPENDENT AUDITOR'S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE UNIVERsrfY OF GLOUCESTERSHIRE STUDENTS. UNION FOR THE YEAR ENDED 31 JULY 2024 Opinion We have audited the fin8nci81 statements of The University of GIoU￿$te[shIre Students, Union {the 'charilable company) for the year eThYed 31 July 2024 which comprise the Ststement of Financial Actsvities, the Balance Sheet, the Statement of Cash Flows and notes to the financial slalements, including a summary of significant accounting policies. The financial ieporting 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 applieable in the UK and Republic of Ireland. {Untted Kingdom Generally Accepted Accounting Practice). In our OFMnion, the financial statements: give a true and fair wew of the SL￿& of the charitable companys affairs as al 31 July 2024 and of its incoming resources and application of resources. including its income and expenditure for the year then ended: have been propedy prepared in accordance with United Kingd¢)m Generally Aecepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities SORP. Basis for oplnion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditor'5 re5pon5ibililies for the audit of the financial sl8temenls section of our report. We are independent of the charitable company in accordance with the elhical requirements relevant to our audit of the financial statemenls in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilits.es in accordance with these requirements. Wè believe that the audit eviderKe we have obtained i% sufftienl and appropriate to provide a basis for our opinion. Conclusions related Io going concern In auditing the financial ststemenls. we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condrtions that. individually or colleelively. fflay cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the dreclors with respect to going concem are described in the relevant sectk)ns of this report. other infomiation The other informalw)n comprises the infomiation included in the Report of the Truslees, olher than the financial stslemenls and our auditor's report thereon. The Trustees are ￿spOnSIble for the other infomation contained within the annual report. Our opinion on the financTral ststemenls does not cover the other information and, except lo the extent otherwise expliutly slated in our repori. we do nol express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent wrth the financial statements or our knovAedge obtained in the course of the audit or otherwse appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misstslement of this other information. we are required to rekX)rt that fact. We have nothing to report in this regard. Page | 14

Lb)uJsvJn ktweiope iu.. ¥dtlAYbt-JUtrO4¥4l-¥AÈ￿tl1-tylkn￿tr4A INDEPENDENT AUDITOR'S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION FOR THE YEAR ENDED 31 JULY 2024 Opinions on other matters prè$tribed by the Companies Act 2006 In our opinion, based on the work undertaken in the cnurse of the audit" the information given in the Trustees. Re￿￿ for Ihe financial year for which the financial statements are prepared is consistent with the financial ststemenls. and the Trustees. Report has been prepared in accordanee V￿th applicable legal requirements. Matters on which we are ￿qUIred to report by ex¢eption In the I￿h1 of the knol￿edge and understanding of charitsble company and its environment obtsined in the course of the audit, we have not identrfied material misstatement in the Report of the Trustees. We have nothing to report in respect of the fomowing matters in relation to whi¢h the Companies Act 2006 requires us lo report lo you if. in our opinion: adequate and sufficient accounting records have not been kept by the Parent Charilable Company, or relums adequate for our audit have not been received from branches not visited by us,. or the Charitable Ctsmpanls financi81 slatements are not in agreement wth the aeeounling records and relums- or certain disclosu￿$ of directors. reMUnera￿n specified by law are not made", or we have not received all Ihe information and explanations we requife for our audil., or the Trustees were not enlrfed to prepare the financkgl stslemenls in accordan￿ with the small companies, regime and tske advantage of the small CoMpan￿s. exemption from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more ￿llY in the Statement of Trustees. responsibilities, Ihe Trustees (who are als0 the direetors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view. and for such internal control as the directors determine is necessary to enable the preparatjon of financsal sL8tements Ihal are free from material misslalement, whether due to fraud or error. In preparing the financial statements. the d￿eCtorS are resFx)nsible for assessing the charitable companls ability lo continue as a going concem. disclosing, as applicable, matters related tr) going concem and using the going concern basis of accounting unless the Trustees either intend lo liquidale the charitable company or lo cease operations. OT have no realistic allemalive but to do so. Auditof s responsibilities for the audit of the financial statements Our objectives are lo oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error. and to issue an audilor's 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 IUKI wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consmaered material tl. individually or in the aggregate. they could reasonably be expected lo influence the economic de¢isions of users tsken on the basis of Ihese financial ststements. Irregularilies. including fraud. are instances of non-compliance with laws and regulatK)ns. We design procedures in line with our res￿n￿bIlItIes. oullined above. lo delect material misstatements in respect of irregularities. including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our assessment focused on key lavts and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misslatemerrt. Page | 15

Do¢usiyn EnvdoFe10.. 92E7A96E48FIA8474AE9QOF87CXF4AF INDEPENDENT AUDITOR'S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION FOR THE YEAR ENDED 31 JULY 2024 These key laws and regulations included but were not limrted to compliance wrth the Cornpanies Act 2006. Charities Act 2011, tsxation legislatton, data protectK)n. anti-bribery and employrnenl legislation. We are not responsible for tKeventing irregularilies. includir¥J fraud. Our approach lo detecting irregularities. including fraud. included. bul was not limited to. the following.. obtaining an understsnding of the Se9al and regulatory framework applicable ID the Charilable Company and how the Charilable Company 8re complying wtth that framework. including agreement of financial statement discbsures to underlyTrng documentation and other evidence". obtaining an understanding of the Charitable Company's contr(A environment and how the Charitable Company have applied relevant control procedures, through discussions management and by performing walklhrough testing over key areas.. obtaining an understsnding of the Chartlable Cornpany s risk assessment process. including the risk of fraud- reviewing meeling minutes of those charged wilh govemance throughout the year,. and performing audit testing to address the risk of management overrKle ol controls, ir￿lUding testing journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregulariknes arising from traud are inherently more difficult lo delect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we wll rts)t detect all irregularibes, including those leading to a material misstatement in the financial slatemenls or non-compliance with regulation. This risk increases the mre that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalements, as we will be less likely to become aware of instances of non<ompliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as traud involves intentional concealmenL forgery. ￿lIuS￿)n. omission or misrepresentati(￿. A further description of our responsibililies for the audit of the financial ststemenls is located al Ihe Financial Reporting Couneil's I"FRC's"}website at.. h s.'lkn.frc.or .uklaudilorsres nsibiliti"es. This description fomis part of our auditorfs report. Use of our report This report is made solely to the charitable company's members. as a LM)dy. in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stsle to the charitsble company's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent perm￿ed by law. we do not accept or assume responsibilrty to anyone other than the charitsble company and the charitsble company's members. for our audit work, for this report. or for the opinions we have formed. Slmon Atkins FCA- SeDior Statutory Auditor for and on behalf of.. COOPER PARRY GROUP LIMITED Stalulory Auditors Cubo Birmingham Two Chamberlain Square Birmingham B3 3AX 10 March 2025 Page116

uo¢u$Y4n tnv4ope Iu: ¥4¥KAs*t￿￿tr￿O4l-YA&1PuVP￿lby￿￿4M THE UNIVERsiff OF GLOUCESTERSHIRE STUDENTS, UNION STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2024 Unrestrieted Restricted 2024 Funds Funds Funds 2023 Funds Notes INCOME FROM Donations and legacies 588.7C(I 588,71)0 548,690 Charitable activllles Marketing Entertainments Student activities Miscellaneous commissions Other trading activities Investment incom8 Total 773 23.132 109.854 13.380 86.354 773 23,132 144,095 13,380 86.354 195 37,067 139,446 8,545 82.587 34,241 829.439 34,241 863,680 820.540 EXPENDITURE ON Raising funds 22.074 22,074 33.848 Charltable actlvltles Marketing Entertainments Student actiwlies Miscdlaneous (￿MissIOnS 215.349 71.945 492.650 10,312 215.349 71.945 529,899 10.312 174,067 67,393 568.261 10.781 37,249 Total 812.330 37.249 849.579 854,350 Movement in pension provision 28,651 NET {EXPENDITUREI I INCOME 17.109 (3.0081 14.101 15,1591 Transfers be￿een funds 21 Net movement in funds 17.109 (3.008} 14.101 15.1 $91 RECONCILIATION OF FUNDS Total funds brought forward 21 {158.920) 47.562 1111,3581 (106,1991 TOTAL FUNDS CARRIED FORWARD 21 (141,8111 44.554 197.257) (111.358) The Statement of Financial Acknvilies indudes all gains aThJ losses recojnised in the year. The notes on pages 22 10 35 fomi part of these financial statements. Page | 17

uorwsign tnveiope Iv.. Y£kiAYt5k￿UPNO4l-￿￿￿tru1￿F￿A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION STATEMENT OF FINANCIAL ACTMTIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2023 Unrestricted Restricted 2023 Funds Funds Funds 2022 Funds Notes INCOME FROM Donations and legacies 548.690 548.69) 528.000 Charitsble a¢tivities Opportunities and volunteering Marketing Entertainments Student activities Miscellaneous commissions Other trading activities Investrnenl income 195 37.067 139,446 8,545 82.587 4.010 37.067 91.301 8.545 82.587 4.010 5S.926 162,061 6,866 85.937 166 48.145 Total 772.395 48.14S 820.S40 838,956 EXPENDITURE ON Raising funds 33,848 33.848 44.232 Charltable activities Opportunities and volunleering Marketing Entertainments Studenl activities Miscellaneous commissions 174.067 67,393 511.228 10.781 174,067 67,393 568,261 10.781 157,435 102.759 464,922 2,525 57.033 Total 797.317 57,033 854,350 771,873 Movement in pension provisi 23 28.651 28.651 NET IEXPENDITURE) I INCOME 3.729 {8,888) {5.159) 67,083 Transfers between funds Nel movement in funds 3,729 {8,888) {5.159} 67.083 RECONCILIATION OF FUNDS Total funds brought f¢Jrward 1162,649) 56,450 {106.199} (173.282) TOTAL FUNDS CARRIED FORWARD 22 1158.920) 47.562 (111.3S8) (106.199) The Statement of Financial Activities indudes all gains and losses re￿gnised in the year. The noles on pages 22 10 35 form part of these fIna￿jaI statements. Page118

uocusign tnveiope iu.. ¥ItIA￿E-tsÈjtl￿l4I-￿w￿I5l6￿￿4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION BALANCE SHEET COMPANY NUMBER 08155140 AT 31 JULY 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 13 14 14,529 60 27.352 60 14.589 27.412 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 1S 16 5.776 30.960 356.194 8,162 20,298 351,717 392,930 380.177 CREDITORS Amounts f811ing due within year 17 (62.2791 164.031) NET CURRENT ASSErs 330,651 316,146 TOTAL ASSETS LESS CURRENT UABIUTIES 345.240 343.558 PROVISIONS FOR LIABILITIES 18 1442.497) {454.9161 NET LIABILITIES 197.257) {111.3581 FUNDS Unrestricted funds: General fund Designated - Volunteering Designated - Pension liabilty 21 21 21 295,990 291,300 4,696 4,696 1442.497> 1454.916) 1141.811) 1158.920) Restrlcted fund: Sports Clubs and Societies Enterprises 21 21 42,672 1.882 45,680 1.882 44,554 47.562 TOTAL FUNDS 197.257) 1111,358) These financial statements have been prepared in accordance th the special provisions of Part 15 of the Companies Act 2006 relating lo small charitable companies. The financial slalements We￿ approved by the Board of Trustees on 28 January 2025 a￿1 were signed on ils behalf by.. Laura Batty- Chalr of Trnstees The notes on page$ 22 to 35 fom part of these financial stalements. Page | 19

uocusign Envelope Iu.. ¥£ÈlAi•5È￿UPrAmI-YA￿1WJtrt$l￿fr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flow5 from operating activities: Net cash provided by opèrating activities 12.769) 1,262 Cash flows Irom Investin9 activities: Purchase of tangible fixed assets Interest received (17,742) 4.010 7.246 Net cash used in investing activities 7.246 (13.733) Change in cash and cash equivalents in the year 4.477 112,470} Cash and Cash equivalents at the beginning of the year 351,717 364.187 Cash and cash equivalents at the end of the year 356,194 351,717 The notes on pages 22 10 35 form part of these financial ststements Page | 20

uosusigD knvewe Iu.. ylÈlA*5t-J¥P¥-4¥41-¥Aky-WPty¢L￿￿4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 RECONCILIATION OF NET INCOME I (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income I lexpendlture) for the reporting period las per the statement of financial activities) 14.101 {5,159) Adjustmonts for: Depreciation charges Interest received SUSS pension cost {less contributions paid} Fair value movement in SUSS pension liability Ilncrease) I decrease in stocks Ilncrease) l Decrease in debtors (Decrease) l increase in er￿jrt0rS 12,823 9.390 {7.246) 14.010> (12,419) (12,758} (28,651 } 17,572 10,755 14.123 2.386 {10,662) 11.7521 Net cash provided by l (used by} operating activities 12.7691 1.262 The notes on pages 22 10 35 fomi part of these finanoal slatements Page | 21

LKKusign tnveiope IL>.. YdtlA*S<-JlI￿H¥41-yAt￿bVt￿¢￿￿tr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1. LEGAL STATUS OF THE CHARfTY The University of Gloucestershirp StLKlents' Union is a charitsble company limited by guarantee domiciled in England and Wales. registralKJn number 08155140. The registered office is The Park, Chellenham. Gloucestershire. GL50 2RH. 2. ACCOUNTING POLICIES Basis of preparlng the financial statements The financial slalemenls of the chaiilable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities-. Statement of Recommended Practice applicable to chartties preparing their accounts in accordance with the Financial Reporting Standard appliCa￿e in the UK and the Republic of Ireland IFRS 102) leffeclive 1 January 2019)., Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Ihe Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are tnduded al Ma￿et value. The presentalitinal cU￿encY of tsse finan￿al stslemenls is £ slerting. Going concern The Union is dÈpÈndent on the continued financial SUPW￿ of the University of Gloucestershire and the Trvslees believe that further support will be made available. On this basis the Trustees consider it appropriate to prepare the financial statements on the going eoncem basis. The Tnjstees when rewewng the financial position of the Union. note that the unrestricted cash reserves amounted lo £311,640 before factoring in the SUSS pension prowsion and designated volunteering fund. The pension liability is a long temi liabilrty. not payable in one lump sum but wth a payment plan over 14 years and these annual sums are faelored into exh yearfs budget. Incorne The Union receives block grants from the University and these are eredited to the financial statements in respect of Ihe period lo wh￿h each grant relates. The amount of block grant is tyreed year on year and the Union has no contraclual entiilement lo this. Olher revenue income is recognised in the statement of financial activities when the conditions of enlillemenl, probability and measurement are meL The Union acts as a banker for certain S￿rts dubs and societps. depostts are controlled by the Trustees, as sports clubs and societies can only spend the funds wth the aulhorisalion of an appropriate officer. Consequently, conlributions from sports dubs and society members deposited with the Union are recognised as income in Ihe slalement of financial activilies on a receivabk basis. Donated facilities are recognised as income when the charity has conlrol over the item, any conditions associated with the item have been rnel. the receipt of economic benefrt fri)m us by the charity of the item is probable and economic benefit can be measured reliably. The Union receives donated resources fr￿￿ the University of Gloucestershire in the form of office accommodation on the campus. As the value of these resources cannot currently be measured reliably and fully quantified due to the bespoke nature of the building and ulilisalion of il by the Union. the income and expenditure rellecting these donated resources has not been recognised in the ststement of financial aclivilies. Page | 22

u¢)rusign iu.. ydtiA¥•SÈ-itstrU404f-YkX$VtrOiL￿fr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 2. ACCOUNTING POUCIES- ¢onlinued Expendlture Liabilities are recc•Jnised as expenditure as soon as there is a legal or constructive oNigation committing the charity to that expenditure, il is probable that a transfer of economic benefit will be required in settlemgnt and the amount of the obligation can be measured reliably. Expenditu￿ is dassrfied under headings that aggregate all costs ￿lated lo that category. Expenditu￿ on raising funds indude both the direct and suprM costs inc#Jrred for non-charitable trading activities. Charitable activities expenditure includes both the direct costs and support costs incurred in the delivery of its aclivib.es and services for its benef￿lar1eS. Support costs. being indirect staff. overheads and govemance costs. are apportioned on a usage basis. proportDnal lo the lolal costs of each activity undertaken. The Union is partially exempt for VAT purposes and expenditure is sh¢)5￿ gross of the irrecoverable proportion of VAT where applicable. Tanglble flxed assets Assets costing more than £500 are eapitalised as tangible fixed assets and are carried at cost. net of depreciation and any provision for impaimient. Depreciation is provided on all tangible fixe(l assets at rates estimated lo write each asset down to ils eslimated residual value evenly over the expected useful life, as follows= Green fund equipment General equipment Computer equipment Radio equipment Motor vehicles over 3 to 10 ￿arS over 3 to 10 years over 3 years over 3 to 10 years over S years Nel book values are regularfy reviewed by the Trustees and any appropriate adjustrnenls are made to carrying values. Stocks Stocks are valued at the lower of cost arml net realisable value. Cost is computed on a first in first out basis. Net realisable value ts based on estimated selling price ￿ the estimated cost of disposal. Debtors Trade and other debtors are rewiised at the setdement amount due. Prepayments are valued at the amoLtnl prepaid. Cash at bank and in hand Cash al bank and cash in hand includes cash and short temi highly liquid investments with a short malurily of three months or less from the dale of acquisibon or opening of the dewsil or similar amount. Page | 23

uocusiyn ÈnveK)PÈ iu.. ¥dÈlA¥tit-JbtHb4r.YAt￿Utr01￿￿fr4N THE UNIVERSI￿ OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (¢ontlnued) FOR THE YEAR ENDED 31 JULY 2024 2. ACCOUNTING POLICIES- continued Creditors Creditors are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo settle the obligation ean be measured or estimated reliably. Creditots are nonnally recc#Jnised al their settlement amount. Financial instruments The charity only has financial a￿ts and financial lia￿"l1t1eS of a kind that qualrfy as basie financial inslrumenls. Basie financial instruments are iniknally recognised at transaction value and subsequently measured at their settlemenl value. Taxation The ¢harily is exempt from eorporalion tax on its tharilable aelivilies. The charity is exempl from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 lo Ihe extent that these are applied lo its charitable objeels. Fund accountlng General funds are available al the drscretion of Trustees in furtherance of the general objectives of The Union. Designated funds are general fvnds that have been set aside by the Trustees for specifie purposes. Reslricled funds are raised and administered by The Un￿n for speciftc purposes, such as Sports Club and Socielies accounts aThJ exlemally funded ring-fenced projecls. Custodian funds are entrusted lo The Union for safekeeping but are not under management conlrol. Such custodian actniilies are disclosed in the Trustees Report, but as they are not managed by The Union they are not included in the accounts. Further explanalion of the nature and purpose of each fuThJ is included in the notes to the financial slatemenls. Pension costs and other post-retirement ￿nefits The Union participated in the Students. Union Superannuation Scheme, a defined benefit scheme which is externally funded and conlracled out of Ihe Stste Second Pension. The fund is valued at least every three years by a Profess￿nallY qualtfied independent actuarywth the rates of contribution payable being determined bylhe Trustees c>n the advice of the actuary. The scheme operates as a FX)oled arrangement, with contributions paid at a centrally agreed rate. As a consequence. no share of the underlwng assets and liabilities can be direcuy aliributed lo the Union. The liability of the future payments has been eslimaled using net present value calculaDons and induded on the balance sheet. Further information can be fouThl in note 23 to the financial statements. From 1 August 2014. the Union has been providing stsff with a pensKsn scheme under ils aulo-enrolment duties as an employer. The Scheme is provided through NEST and both staff and the union pay into this fund with amounts Calculated on the pensionable earnings for each aelive scheme member. Critical accounting estimates and areas of judgement The Union makes eslimales and assumpbons 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 carfwng amounts of assets and liabilities wthin the next f￿anCial year are discussed bek)w. Page | 24

L)OCU51gn envelope iu.. y2tlAYbÈ-JLItHO41-¥AtY-YVtrOib￿tr￿A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS leontinued) FOR THE YEAR ENDED 31 JULY 2024 2. ACCOUNTING POLICIES- continued Critical accounting eslimales and areas of judgernent- continued The present value of the SUSS pension liabilty under the recovery plan Ir￿tigated by the Trustees of the pension scheme in 2014 depends on a number of factors using a variety of assumptions including estimates of future increases in def￿1t contributions payable and the dI￿unt rate. Any changes in these assumptions will impact the carrying value of the pension liabilty. The Un￿n occupies ils premises on a rent-free basis from the University of Glol￿esterShlre. Due to the bespoke nature of the premises and the occupation and utilisation of it by the Union. no reliable valuation of this donated accommi)dation from the University has historically been a￿e to be determined and as such, no ineome and expendrture reflecting the donated accommodation has been recognised in the financial slatemenls. The Tnjslees ￿COgnise that this current treatment does not aeeurately refleet the use of resources by the un￿n. As the Union will be transitioning to new accommodation spaces al the UniVersit￿S Gloucester campus during the 2024125 year, induding the new City Centre Campus set lo open later in 2025. the Trustees will be requesting a formal valuation of the renl-free accommodation resources from the University over the coming year. which will then be reflected in the Union's financial statements tor the year ending 31 July 2025. 3. DONATIONS AND LEGACIES 2024 2023 Grants 588,700 548,690 Grants r￿1ved. included in the above. are as follows: University of Gloucestershire annual block grant University of Gloucestershire grant for Advisor and Community events role University of Gloucestershire grant for Ihe welfare campaign Gloucester Council grant for the welfare campaign 579,700 9,000 545,700 1.990 1.000 4. OTHER TRADING ACTIVITIES 2024 2023 Advertising income Ticket sales and miscellaneous income 48.345 38.009 49.399 33,188 86.354 82,587 5. INVESTMENT INCOME 2024 2023 Deposit account interest 7,246 4.010 Page | 25

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 6. INCOME FROM CHARITABLE ACTMTIES 2024 2023 Marketing Entertainments Students. activities Miscellaneous commissions 773 23.132 144.095 13.380 195 37.067 139.446 8.545 181.380 185.253 7. RAISING FUNDS Other trading activities 2024 2023 Clothing and olher cost of sales SupFth costs 12,943 9.131 22,522 11,326 22.074 33.848 8. CHARITABLE ACTIVITIES COSTS Dlrect Support costs costs 2024 Total 2023 Total Maiketing Entertainments Student activities Miscellaneous comrni55ions 126.273 89.076 42,185 29,760 310,710 219.189 4.266 215.349 71.945 529.899 10.312 174.067 67,393 568.261 10.781 485.214 342.291 827.505 820.502 9. SUPPORT COSTS Manage ment costs Govern •ance costs 2024 Total 2023 Total Marketing Entertainments Student activities Miscdlaneous eommission 54.744 18.290 134.711 2,622 34.332 11.470 84.478 89.076 29.760 219.189 4.266 58.240 22.548 190.126 3.607 210.367 131.924 342.291 274.S21 The allocation of Costs between management cosls and govemance costs are based on a pro-rala allocation based on Ihe total costs of each respeclNe aclivily. Page126

uctusrgn trwdcpe IU.. ¥2ÈfA¥lJt-JUPWl•yAtYthWtrOiL￿P4Atr THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 10. NET EXPENDrruRE Net expendtture is stated after charging.. 2024 2023 Auditor's remuneralion for audit services Auditors, remuneration for audit services- wior year ￿￿T0vIsion Auditors. remuneration for other servi Depreciation Finance cost of pension scheme Stocks recognised as an expense 11.000 1,400 2,500 12,823 21.073 19.565 9,500 2,000 9,390 19.138 34.993 11. TRUSTEES. REMUNERATION ANO BENEFITS External Trustees Exlemal Trustees are voluntary posrtiors and receive no remuneration for their work as a trustee. Offl¢er Trustees During the year and in accordan￿ wth The Union's wverning document. five Officer Trustees received remuneration of £25,593 (five Off￿er Trustees in 2023-. £21.6471 per annum Ipro-raled for change in appointments) in respect of quall￿-ng services for the representation, CaMpa￿ning ancl support work they undertake. as distinct from their Trustee responsibilities. The total remuneralk)n (covering salary and employer pension and National Insurance contribubons} for these offurs amounted to £76.779 (2023.. £73.4291. Officers are paid at the pre-agreed level - deuded upon and voted at the Board of Trustees meeting prior to OffI￿r change over each year. offi￿rS that are re-running for posts are not pemiitted to take part in the pay level discussion or vote. No Trustees held a pa￿ position 81 the Union during 202312412023.. no Trustees held a paid position). In 2023 one trustee held a paid position as Student Subjecl Cc#)rdinator prior lo beginning the role of Sabbatical Officer and was paid £1,039 during this period. there was no equivalent payment made in the current year. Student Trustees Student Trustees may be paid in the 4-weekly payroll for work unconnecled with their Trustee responsibililies. It is paid on the basis ol hours worked at the pre-agreed houdy rate for that activity and contracts for work are signed. Students often apply to be Trustees following invdvement with the Union through working as a receplionisl, tsking part in volunteering or projects etc. Trustses, expenses Trustees are reirnbursed oulryof-pocket expenses in respect of travel and subsistence expenditure incurred in performing their duties as Tmslees. During the year 3 Trustees daimed expenses for £130 relating lo travel and subsistence expenses in relation to their F)silion as an Officer 12023.. £303 expenses claimed). Page | 27

vw$ign &n¥eiope Iv. ¥2ElA¥*iÈ-JtStrO-W4I-Y￿4sU￿tslL￿P4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS {¢ontinuedl FOR THE YEAR ENDED 31 JULY 2024 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs other pensbjn costs 446,468 33.096 11,468 415.698 10.386 11,008 491.032 437,092 Staff numbers The average monthly number of employees during Ihe year was as follow5: 2024 No. 2023 No. Permanent staff Student staff 18 12 16 18 34 Hlgher paid staff No empkjyees received emoluments in excess of £60.(KIO during the year (2023.. None}. Key management remuneration Total remuneralion. representing salaries and employeT5' pensions and National Insurance contributions. for key management personnel for the year was £171.42412023= £128,873}. We ensure our senior manager salaries are kept in line wth other students. unions as well as local charitable organisations to ensure we Can attract and retain staff. A pay and reward project took place all Union staff in 2021122 which included benchmarking ol senby posit￿ns. amendment came into effed from August 2022. Page | 28

uocusign tnvaope iu". YktKAYtst￿￿o4o4i-yA￿￿Po1u￿tr4A THE UNIVERSITY OF GLOUCESTERSHIRE STLIDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 13. TANGIBLE FIXED ASSETS Green fund General Motor Radio Computer equipment equlpmenl Vehicles equipment equipment Total$ COST At 1 August 2023 Additions Disposals 18.148 22.540 16.682 14.672 33,691 105.733 11.570) 11.449) 17,2751 {10.294) Al 31 July 2024 16.578 21.091 16.682 14.672 26.416 95,439 DEPRECIATION At 1 August 2023 Charge for year Elimination on disposal 14.399 19.865 1.906 {1.4481 13.066 3.336 13.029 696 18.022 78.381 6.079 12.823 17.276} 110,294) (1.570) Al 31 July 2024 13,635 20,323 16,402 13,725 16,825 80,910 NET BOOK VALUE At 31 July 2024 2.943 947 9,591 14,529 At 31 July 2023 3.749 2.675 3.616 1.643 15.669 27.352 14. FIXED ASSET INVESTMENTS 2024 2023 Other investments 60 Fixed asset inveslments relale to 60 'A' shares of £1 held in NUS Services Limited. There were no investment assets outside the UK. 15. STOCKS 2024 2023 Goods for resale 5.776 8.162 Page | 29

ucvJ$ign tnveiope Iu.. ¥￿￿¢A￿t￿￿k￿1-¥A￿*UV￿UIw4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors PrepayTnents and accrued income 17,936 3,400 9.624 9.772 3.400 7.126 30,960 20,298 17. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other creditors Accruals and deferred ncome 18.344 9.092 3,536 31.307 10.791 8,618 3.537 41.085 62,279 64.031 18. PROVISIONS FOR LIA8IUTIES 2024 2023 Multi-employer defmed benefit pension scheme liability {note 23) 442.497 454.916 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds 2024 Funds 2023 Funds Fixed assets Investments Current assets Current liabilities Provision for liabilrties 14.529 60 348.376 (62.2791 {442.497) 14.529 27.352 60 60 392.930 380,177 162,2791 164.0311 {442.4971 (454,916) 44.554 1141.8111 44,554 (97.2571 {111,3581 Page | 30

u￿usIgn knvwope iv: ¥dtIA¥*È-Jt4flHI541-￿gLtt￿ls1¥￿tr4 THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS Itonlinuedl FOR THE YEAR ENDED 31 JULY 2024 20. COMPARATIVE ANALYSIS OF ASSETS BETWEEN FUNDS Unreslricted Restricted Funds Funds 2023 Funds 2022 Funds Fixed assets Investments Currenl assets Current liabilities Provision lia￿litIeS 27.352 27.352 19,000 60 380,177 420.974 (64.0311 (49.908) 1454.916) 1496,3251 332.615 {64.0311 {454.9161 47.562 {158,920) 47.562 1111.35811106.1991 21. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1.8.23 At 31.7.24 Unrestricled funds General fund Designated - Volunteering Designated ~ Pension liability 291.300 4.696 (454.9161 4.690 295,990 4,696 1442.497) 12,419 {158,920) 17,109 (141.8111 Restrlcted funds Sports Clubs and Societies Enterprises 45.680 1.882 13.008) 42,672 1,882 TOTAL FUNDS {97.257) {111.358) 14.101 Nel movement in funds. induded in the above are as follov•S: Incoming Tesource$ Resources expended Gains and lo$ses Movement in funds Unrestricted funds General fund Des¢gnaled- Pension liability 829,439 (824.749) 12.419 4.690 12,419 829.439 (812.330) 17,109 Restricted funds Sports Clubs and Societies 34.241 (37.249) {3.C()8) TOTAL FUNDS 863.680 1849,579) 14,101 Page | 31

ucxusign knvwoK lu: ¥ktlA5t-JtSktWl-¥AtXSU￿IJff￿￿P4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 21. MOVEMENT IN FUNDS- Continued The Sports Clubs and the Societies Funds are the aggregate fund balances for all spoits clubs and all societies respectively. These funds can only be expended by the elected committee of the club or So￿ety for the benefit of that club or ￿)Ciety or in accordance with the club or society aims. 22. COMPARATIVE MOVEMENT IN FUNDS Transfers between funds movement in funds At 1.8.22 At 31.7.23 Unrestricted funds General fund Designated- VolLJnteering Designated- Pension liability 328,980 4,696 {496.325) (37.680) 291,300 4,696 (454,916) 41.409 (162,649) 3.729 {158.9201 Restricted funds Sports Clubs and Societies Enterprises {8.888) 45,680 1.882 1.882 TOTAL FUNDS 1111.358> (106.199) 15.159) Nel movement in funds. indLKled in the al)ove are a5 follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Designated- pension liability 772.395 {810.075) 12,758 137.6801 41.409 28.651 772.395 1797.317) 28,651 3,729 Restricled funds Sports Clubs and Societies 48.145 157.033) 18,8881 TOTAL FUNDS 820,540 1854.350) 28.651 15.159) Page | 32

cu$YJn tnw(we Iu.. w4t1A¥lJt￿￿mty1l-YAÈwtr¥l&￿P4Atr THE UNIVERsifY OF GLOUCESTERSHIRE STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (conlinued) FOR THE YEAR ENDED 31 JULY 2024 23. PENSION COMMITMENTS The Union participates in the Students, Unitin Superannuation Scheme I'SUSS,), which is a defined benefil scheme whose membership consists of emF4oyees of students. unions and related b￿￿leS throughout the country. Beneffts in respect of service up to 30 September 2003 are accrued on a 'final sala￿, basis. wrth benefits in respect of seNice from 1 October 2003 accruing on a Career Average Revalued Eamings (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 rnarket value of the Scheme's assets was £106,697.000 with these assets representing 440A of the value of benefits that had accrued to members after allowing for expected future increases in eamings. The deficit on an ongoing funding basis amounted lo £136.645.Crf)O. The assumptsons which have the most significant effect upon the results of the varial￿n are those relating to the rale of return on investments and the rates of increase in salaries and pensiorts. The total tontributions paid into the scheme by the Union in respect of eligible employees for the year ended 31 July 2024 amounted lo £33,492 {2023= £31.8961 including funding deficit contrrbutions of £33,49212023_' £31.896). The SUSS pension liabilityof £442.497 is greaterthan the Union's totsl assets less liabilities of £345.240. but il is important to note that this amount is collected through annual payTnents as part of the remaining 14 year payment plan and is not due for repayment all al once. The payment for the 202&24 year was £33,492. The Union budgets for the annual payment as part of the annual budget cycle. The deficit contributions below are increasing by S°A over the tem. The Trustees are aware of the issue and are proactively monitoring the srtuation on a routine basis. The Union is attending SUSS meetings lo keep informed of any updates relating to the pension fund. The Unh)n is also in contact and dialogue with the University of Gloucestershi￿ regardng the pension liability and Ihey are aware of our risk mitigation plans. Deficit Contributions From 1 August 2024 10 1 May 2037= minimum of £35.165 per annum {annual payment from 1 November 2024 which will increase al 50 each year>- Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligatior). The amount reccMJnised ts the nel present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rale detailed in these disclosures. The unwinding of the discount rate is recc¥Jnised as a finance cost. Assumptions 31 July 2024 % per annum 31 July 2023 % per annum Discount factor 5.0% The discount rates shown above are the equivalent single discount rates which. when used lo discount the future recovery plan wnlribulions due. would give the same results as using a full AA corporate bond yield curve lo disrx)unt the same recovery plan contributions. Page | 33

urKusion tnveK)pe iu.. ¥dtIAYbt-JiS>iWf-￿¥&tyutrofLyir￿ THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENOED 31 JULY 2024 23. PENSION COMMITMENTS- Continued Reconciliation of openlng and Closing provisions 31 July 2024 Provisron at start of period Unwinding of the discount factor (interest expense} Deficit contributions paid Remeasuremenls- impact of any change in assumptions Remeasuremenls- amendments lo the repa￿nent period Provision al end of ￿11 454.916 21,073 133,492) 442,497 Statement of Flnanclal Actlvftles impact 31 July 2024 Interest expense Remeasurements- impact of any char4Je in assumptions Remeasurements - amendments to the repayment period Contributions paid in respect of future semce Costsl Ilncome) recognised in income aThJ expenditure account 21,073 NEST Pension Scheme The Union also contributed to a defined Contribution pensKJn scheme in the year.. The NEST Pension Scheme. The assets of this scheme are held separately from those of the Union in independently administered funds. The pension charge represents eontritrMJtions payable by the Union to the scheme and amounted to £11,46812023.' £11,008). which indudes both the NEST pension figure £10,705 plus the levy relating lo the SUSS scheme of £763. At the year end. £1.847 {2023.' £1.946) of pension contributions weie outstanding and induded within other creditors. 23. CAPITAL COMMITMENTS There were no capital commitments at the baLgnce sheet dale (2023: £Nil). 24. RELATED PARTY TRANSACTIONS The University of Gloueester5hire is deemed to be related due to the fact that President and Education Officers of the Students. Union are members of the Council which is the goveming body of ihe University of Glouceslershire. During the year. the Union received a block grant from the University of Gloucestershire of £579.700 12023.. £545,700}. plus monies for additional eonditi.onal funding of £9.000 {2023.. £1,990). During the year. the Union also recharged the Universty of Gloucestershire £56.089 for the cost of events, other services and sales {2023'. £44,554) and purchased goods and services from the University of Gbucestershire lotalling £1.763 12023. £11,0311- Page | 34

uooJsign ￿n¥e￿pe Iu.. ¥dÈlA*I&-JtSPWI-yAtSLtyVtr8iL￿tr4A THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 23. RELATED PARTY TRANSACTIONS_ Continued As al the balance sheet date arnounts owed to ￿ Universty of Gh)uceslershire included within creditors tolalled £NIl 12023= £290} and amounts owed from the University of Gloucestershire included within debtors lotalled £9.250 {2023'. £517). The Union occupies ils p￿MiseS on a rent-free basis from the University of GloU￿stershIfe. Due lo the bespoke nature of the Pfemises and the occupation and ulilisation of it by the Union, no reliable valuation of this donated accommodation from the University has historically been alje lo be determined and as such, no income and expenditure reflecting the donated accommodalDn has been recognised in the financial statements". The Trustees recognise that this eurrenl treatment does not accurately reflect the use of resources by the Union. As Ihe Union wll be Iran51tK)ning to new accommodation spaces at the University's Gloucestei campus during the 2024125 year, including the new City Centre Campus sel to open later in 2025, the Trustees will be requesting a formal valuation of the renl-free accommod8tion resources from the University over the comirvJ year, which will then be reflected in the Union's financial statements for the year ending 31 July 2025. 24. ULTIMATE CONTROLUNG PARTY Ultimate control of the Union rests with its members. The members of the Union are each and every sludenl of the University of Gloucestershire who has not opted out by notifying the University of Gloucestershire Students. Union of hi5 or her wish not to be a Member of the Union: and the Officer Trustees of the Union. 25. MEMBERS, LIABILITY Each member of the charitable company undertakes to contribute lo the assets of Ihe company in the event of il being wound up while helshe is a member. or wrthin one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts 2nd liabilities contracted before helshe ceases lo be a member. Page135