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2022-07-31-accounts

Registered number: 08158543 Charity number: 1148594

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 July 2022

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 11
Independent Auditors' Report on the Financial Statements 12 - 15
Statement of Financial Activities 16
Balance Sheet 17 - 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 37

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the Year Ended 31 July 2022

Trustees

Stella Webb, President/ Sabbatical Trustee (resigned 6 June 2022) Mae Kelly, President/Sabbatical Trustee (appointed 6 June 2022) Alessio Di Vito, Officer/Sabbatical Trustee (resigned 6 June 2022) Gloria Beyi, Officer/Sabbatical Trustee (resigned 6 June 2022) Paul Hutchings, Officer/Sabbatical Trustee (appointed 6 June 2022) Lewis Dixon, Officer/Sabbatical Trustee (appointed 6 June 2022) Kevin Dickie, External Trustee Anthony Coad, External Trustee Andrea Miller, External Trustee

Graham Woods, Student Trustee (appointed 26 January 2022, resigned 19 April 2022) Wladimir Albuja, Student Trustee (appointed 26 January 2022)

Company registered number

08158543

Charity registered number

1148594

Registered office

WLSU St Mary's Road Ealing W5 5RF

Company secretary

Tye McMahon

Chief executive officer

Tye McMahon

Independent auditors

Goodman Jones LLP Chartered Accountants 29/30 Fitzroy Square London W1T 6LQ

Bankers

Barclays Bank Plc 53 The Broadway Ealing W5 5JS

Page 1

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT For the Year Ended 31 July 2022

The Trustees present their Annual Report together with the audited financial statements of the Charity for the period from 1 August 2021 to 31 July 2022. 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 and activities

a. Policies and objectives

The objects of the Union are the advancement of education of Students at The University of West London for the public benefit by:

3) providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

b. Main activities undertaken to further the Charity's purposes for the public benefit

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.

Page 2

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Achievements and performance

a. Review of activities

2021-2022 was a year that saw the return of large in person events and the end of restrictions due to the novel corona virus COVID-19. UWLSU rebounded strongly with high engagement and an increase of 5 points in the organisations NSS score rising to 75% and placing UWLSU first for satisfaction among comparable organisations in the UK. The resurgence of COVID-19 in the winter months, however, decreased footfall on campus and reduced revenues in commercial outlets.

UWLSU engaged over 64% of students over the course of the academic year, engaging a total of, and maintained 100% coverage for all students who were seeking independent advice.

UWLSU exceeded 8 targets and achieved a further 9 in the year 2021-2022 and achieved all financial KPls.

Key Performance Indicator Target Current Year-end
Result		 Commentary
E1: 60% students engaged in SU
activity		 60% 64% This has now been exceeded despite
the increase in the student
population.
Exceeded
S1: Top 3 SU by satisfaction with NSS
Q26		 Top 3 1st UWLSU ranked first in the UK for
student satisfaction for comparable
institutions.
Exceeded
R2: Achieve 50% engagement
in SU-led extracurricular
activity		 50% 51% This KPI has been exceeded.
Exceeded
WP1: 90% enrolling students
engaged in Welcome Project Activity		 90% 95% After both welcome periods this has
been exceeded.
Exceeded
WP2: Engage 1000 students in
Freshers’ Social Programme		 1000 694 Students did not return to social
events in the numbers expected
during21/22.
Not
achieved
WP3: 90% of students engage in the
Big Conversation		 90% >95% Over 95% of physically enrolling
students completed the big
conversation.
Exceeded
SV1: 75% of student views
collected during their study		 75% 63% Increases in student numbers has
meant that this KPI was not met
despite a high number of views being
collected.
Not
Achieved
SV4: 80% of issues identified by the
Student Voice tracker successfully
resolved		 80% 89% Issues were resolved at a higher rate
than the end of year target.
Exceeded
AO1: 100% students who seek advice
from UWLSU receive it		 100% 100% Achieved No students have been turned away
from the advice service.
C1: Engage 1000 students in digital
community activity		 1000 575 Not This KPI will be adjusted for next year
as the cost of data extraction is too
high.
achieved

Page 3

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Achievements and performance (continued)

C2: Maintain 60% open rate on
UWLSU emails		 60% open
rate
62%		 The end of year open rate
exceeded the years target.
Exceeded
CS3: Maintain 90% staff
engagement in NUS Staff
engagement survey		 90% 96% Satisfaction exceeded the target
by 7 percentage points.
Exceeded
CM1: Report profit in Commercial
Services		 Report
Profit		 - Commercial services did not
break even due to factors such
as reduced campus attendance
and unexpected equipment
failure.
Not
achieved
CM2: 90% of customers rate
service as very good or excellent		 90% 95% Achieved Satisfaction with commercial
servicesremainedhigh.

CM3: 100% of internal audits
completed		 100% 100% All audits have been completed.
Achieved
F1: Staff costs ratio of under 50% 50% 50% This KPI has been achieved.
Achieved
F2: Reserve levels maintained at
a minimum of 3 months operating
expenses		 3 months
operating
expense		 3 months
operating
expense		 This has been achieved.
Achieved
F3: Achieve a clean external audit Achieve Achieved Achieved Clean audit has been achieved.
F4: Achieve a surplus of at least
£20k		 >£20k £28k The projected surplus rose to
£28k exceeding the target.
Exceeded
QB1: Best Bar None Gold Gold Following the NUS inspection
Freddie’s was awarded Best Bar
None Gold
Achieved
QB2: Green Impact Very
Good		 Good Results for Green Impact are
pending.
Achieved
QB3: Food Safety Rating 5* 5* Following an inspection in Q4 all
UWLSU’s food outlets received a
5*rating.
Achieved

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have considered the future plans for the Charity and it is deemed that the Charity can meet its commitments and liabilities and can continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

The Trustee Board confirms that the Union has sufficient funds to meet all its obligations. The Union's Block Grant for 2022/23 has been confirmed at £1,681,000 block grant, £467,000 of special projects income and £745,416 for the serviced premises. The Union's activities for 2022/23 are expected to generate a surplus.

Page 4

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

b.�Financial review

The Union's gross income was £3,100,521 (2021: £2,560,549) during the year. This included an annual block� grant from the University of £1,472,000 (2021: £1,233,000) , a special projects grant from the university of £280,000 (2021: £216,996) , an estimated value of the space granted and other services provided by them of £730,800 (2021: ££730,801) , and income from income-generating activities, including investment income and� other income, totalling £473,460 (2021: £159,733) .

The total expenditure of £3,071,221 (2021: £2,540,628) was spent on student-facing services and incomegenerating activities, leaving us with a surplus of £29,300 (2021: £19,921) for the year. This has increased our� reserves to £856,948 (2021: £827,648) . The Union's expenditure included affiliation fees to the National Union� of Students totalling £36,825 (2021: £31,264) for the year.

Further, the Union will engage in monthly financial planning and detailed reforecasting exercises including� identifying potential risks and opportunities relating to income and costs of activities.

Finally, the Union continues to maintain a strong reserves position, no long-term debts, and will monitor cash� flow on a weekly and monthly basis to ensure liquidity. There is no material uncertainty and the Union have the� resources to continue in operation for the foreseeable future hence the accounts have been prepared on a� going concern basis.

The Union makes no use of professional fundraisers, has not entered into any voluntary codes of conduct� regarding fundraising activities, and has received no complaints regarding its fundraising activities during the� year.

c.�Reserves policy

The Trustees have determined to maintain an average of unions’ 3 months operating expenses as a minimum� reserve level to ensure there are sufficient reserves to cover unexpected eventualities and to resource planned� capital expenditure. The total reserves (the Charity's Funds) at 31 July 2022 stood at £856,948 (2021: £827,648) where £230,246 (2021: £282,651) are represented by fixed assets and the rest by net current assets.

Structure, governance and management

a.�Constitution

West London Students’ Union is a charitable company limited by guarantee, incorporated on 26 July 2012, and� registered as a charity on 16 August 2012, Charity number 1148594.

The company was established under a Memorandum of Association which established the objects and powers� of the charitable company and is governed under its Articles of Association. In the event of the company being� wound up members are required to contribute an amount not exceeding £1.

The Union is devoted to promoting the education, interests and welfare of its Members (students at the� University of West London) . It is the recognised independent representative body of students at the University.

b.�Methods of appointment or election of Trustees

The directors of the company are also charity trustees for the purposes of charity law. The Students’ Union� elects the Officer (Sabbatical) Trustees and the Student Trustees whilst the External Trustees are appointed by� the Trustee Board.

Page 5

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Structure, governance and management (continued)

c. Policies adopted for the induction and training of Trustees

The Union aims to have a high performing Board and views induction and training as central to that. All new Trustees receive an induction to the Union which is delivered by Union staff, and an induction to trusteeship. Key information is provided to Trustees which includes accounts, the strategic plan, and an organisational diagram. Trustee knowledge and skills are evaluated at regular intervals and training is designed around the specific needs of individuals and the Board as a whole. Through our membership of the National Union of Students, Trustees have access to expert advice and guidance, conferences, and training.

d. Pay policy for key management personnel

The Articles of Association make clear the circumstances under which Trustees can be paid. This is limited to the payment of reasonable expenses and the remuneration of Sabbatical Trustees who are remunerated under contracts of employment with the Union. The Trustee Board set pay levels for Sabbatical Trustees and when doing so pay diligent attention to conflict of interest rules. This means that Sabbatical Trustees are not able to vote on any resolution related to their remuneration. Pay levels for Sabbatical Trustees aim to cover reasonable living costs for the duration of their time in the role. Three key benchmarks are used to inform the decision which are a) other London Sabbatical Trustee pay levels, b) the cost of living in London, and c) the average graduate salary of a University of West London student.

Pay for senior staff aims to be fair, competitive, and affordable for the Union. To ensure that pay is set fairly, transparently, and that it is set in direct relation to the needs of the organisation, the Union adopts a Job Evaluation Scheme Policy and process. Senior staff roles are evaluated by an independently trained panel based on the job description and the person specification. The Trustees set pay levels and evaluation criteria on an annual basis.

Page 6

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Structure, governance and management (continued)

e. Organisation structure and decision making

The Union is democratically controlled by its members through the annual election of a team of student and periodic appointment of non-student representatives who together form the Union’s Trustee Board.

The membership of the Trustee Board is as follows and all are elected in accordance with the Articles:

The Board of Trustees are responsible for the management and administration of the Union including the governance and strategy of the Union and the overall legal, financial, and staffing responsibilities of the Union.

The Trustee Board delegates the day-to-day management of the Students’ Union to the Chief Executive. The Chief Executive manages the Union by implementing the policies and strategy adopted within a budget approved by the Trustees.

Officer Trustees

Up to three Officer Trustees are elected by secret ballot by the members of the Union at an election held in accordance with the Byelaws. The post the Officer Trustees are elected to are also set out in the Byelaws. The Officer Trustees remain in office for a term of one year and may be re-elected for a maximum further term of one year by the Members of the Union but for the avoidance of doubt, an Officer Trustee’s terms of office may be either consecutive or non-consecutive and the maximum total term that can be served as an Officer Trustee is twenty four months. Each Officer Trustee must be a Student or an Officer Trustee at the time of his or her election. An Officer Trustee becomes a Member of the Union on commencement of his or her appointment or re-appointment as an Officer Trustee. Such membership ceases when they cease to be an Officer Trustee.

There is one Officer Trustee who is required to be a member of the University Board of Governors.

Student Trustees

Up to two Student Trustees are appointed by advertising positions and a sub-committee of Trustee Board interviews and recommends appointment. The Student Trustees remain in office for a term of two years but may be shorter to fit in with term times and start/end dates of students’ courses. A Student Trustee is entitled to serve a maximum term of two consecutive years. Each Student Trustee must be a student at the time of his or her election and must remain a student throughout the duration of their term in office.

External Trustees and Alumni Trustee

Up to two External Trustees and one Alumni Trustee shall be appointed by the Trustee Board. External Trustees and Alumni Trustees remain in office for a term of up to four years commencing from the date of their appointment. External Trustees and Alumni Trustees may serve for a maximum of two terms which may either be consecutive or non-consecutive.

Policy Making

Policy can be set by the leadership team, and by the Trustees, with a Referendum, at an Annual Members Meeting or at a General Meeting.

Page 7

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Structure, governance and management (continued)

The Officer Trustees work alongside the permanent Union staff to implement and carry out the strategy and policies set by the Trustee Board. The permanent staff team is managed by the Chief Executive, who is directly accountable to the Trustee Board, through the President, for the Union’s performance. The Chief Executive works closely with the Officer Trustees to advise them in relation to policy, strategy, and budget.

Staff Structure

The Chief Executive is the head of the staff team and there are three directorates under them: Operations; Membership; Finance. There are three senior managers who oversee each Directorate. Within each Directorate are a series of Departments that are each managed by a Manager.

The overview of the staff structure is:

Head of Membership

Head of Operations

Head of Finance

f. Related party relationships

The University of West London is the parent institution of the Union. The Union received a revenue block grant from the University of West London of £1,472,000 (2021: £1,233,000) and a grant for special projects of £280,000 (2021: £216,996) in 2021/22. In addition to this, the University provided £730,800 (2021: £730,801) for serviced accommodation. The University of West London is the main funder of the Students’ Union and provides the Union with a block grant which is agreed on an annual basis. The Students’ Union funds around 20% of annual activity from income generating services including events, media sales, sponsorship, a bar, a coffee shop, and a sports centre.

g. Risk management

The Trustee board are responsible for the Union’s risk management. The senior management team have delegated authority for identifying and reporting on the risks facing the organisation to the Trustees as they arise in relation to items of business at the Board. In addition, the senior management team provide information on risk to enable Trustees to undertake an annual review. The Trustee Board examines the Union’s major strategic, business and operational risks on an annual basis. The Trustees confirm that systems have been established to enable regular reporting which allows them to take the necessary steps to mitigate any risks.

Page 8

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Plans for future periods

2022 Strategy and Business Plan

Mission statement

To exceed in our engagement activities & representation of all UWL students, achieve our annual targets and strategic objectives; and deliver services, programmes and activities that result in an evidence-based and sustainable impact on the student experience.

Our behaviours

Inclusive

We aim to remove barriers that can prevent engagement or participation in UWLSU activity We consider the implications of our work on the differing groups we work with We seek our different ideas and perspectives from our diverse range of stakeholders

Informed

We listen to members and stakeholders to understand how to best deliver what matters to them We share our knowledge and learn from others to continually improve our work We evidence our work using research, legislation, and best practice to maximise our impact

Collaborative

We build strong relationship within our teams, and with members, UWL staff, higher education sector and community partners

We respect the views of others and respectfully address behaviours that conflict with our values We take responsibility for our own actions and share our success with others

Courageous

We try new things and learn from our mistakes

We are innovative and creative in the design and delivery of our work

We are not afraid to move into spaces not traditionally associated with a students’ union

Integrity

We operate transparently and are accountable to our members We represent all students equally and act in their best interests We are reliable, honest and ethical, and treat people fairly and equitably

Determined

We lead through excellence and produce quality, evidenced based, results driven work We are highly performing, highly engaged and value and invest in learning

Page 9

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2022

Plans for future periods (continued)

Our objectives and associated KPls for 2022-23 are as follows:

Community and Belonging
CB1 Achieve 90% student satisfaction with C&B Services
CB2 Achieve 30% representative engagement win C&B activity
CB3 Restore student leader and volunteer numbers to 250
Partnership
PA1 1500 students engaged in day 2 activities
PA2 Achieve 25% outreach call pickup rate
PA3 Achieve 35% partnership engagement in the Union run extracurricular activity
Student Voice
SV1 75% student views collected
SV2 Achieve 70% active engagement with course representatives
Advice and Outreach
AO1 100% students who seek advice from UWLSU receive it
AO2 80% of students reporting that they are satisfied with the advice they received from
UWLSU Advice
AO3 Have a UWLSU presence at 100% of Relevant meetings and events such as Academic
integrity meetings, ARRC and international student w/g.
Communications
C1 Increase followers across our social media platforms by 20%
C2 Maintain email open rate at 60%
C3 Generate £5k in marketing and merchandise sales
Central Services
P1 95% of staff objectives achieved
P2 15% of staff objectives exceeded
P3 Maintain 90% staff engagement in NUS Staff engagement survey
Commercial Services
CM1 Report profit in Commercial Services
CM2 90% of customers rates service as very good or excellent
CM3 100% of internal Audits completed
Finance
F1 Staff costs ratio of 50%
F2 3 months of operating expenses maintained as reserve levels
F3 Achieve a clean external audit
F4 Maintain a surplus of £20k
Quality Benchmarking
QB1 Achieve Best Bar None Gold accreditation
QB2 Achieve Green Impact Good accreditation
QB3 Achieve a 5* food safety rating

Page 10

WEST LONtK)N STUDENTS. UNION (A Company Umltod by Guarantee) TRUSTEES. REPORT ICONTINUED) For th• Yèar End8d 31 July 2022 ststemont of Trustees, re•ponslblHti The Tnjstees (who are also the directors of the Charity for the purposes of company lawl ara r8sponsibl8 for eparing the TfUStees' Re￿t arKJ the finanual statements in accordance with applicabl8 law and United KiwJom Accounting StaThJards (Unrted Krydom G8neraHy Accepted Acl￿ntIng Practicol. Company law requires the Trustees Io Fxepare financial slalements for each financial year. Under company law, th8 Trustees musl not approve the financial slalements unless they are satisfied that they give a tru8 and fair Vl8w of the state of affairs of the Charity and of its incA)ming resources and application of resources, inc￿ding its income and expeThJiture. lor that per￿d. In prepariw tr￿se financial statem8ntS. the Trustees are required to: select suitable accounting pc*ci8s and Ihen apF4y them consistently. observe the meihods and principles of the Charit￿5 SORP IFRS 1021: make judgements and accounting estimates that are reasonable and prudent stste whether ap[￿'¢able UK Accountin9 Standards (FRS 102) have been followed. subJe¢l to any material departures disclosed and explained in the financial statemenls: wepare the financial stslements on the going concem basis unless rt 15 inappropriate to presume that the Charity wil continue in business. The Trustees we responsible for keeping adequate accthnting re¢ords that are suffioenl to show and explaSn the Charitys transactions and disclose with reasonable aceuraey at any time the financial position of the Charity )d enable them to ensure that the financial stslements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonabl8 steps for the prevention and detection of fraud and other iffe9ularibes. Dlsclosurè of InfoTmation to audltors Each of the persons are Trustees at Ihe time ￿ this Twslees, Report is approved has confimied that.. so lar as that Trustee is awa￿. there 1$ no ￿Vant audit infornation of which the chariWs auditor5 are unaware, and that TNslee has taken all Ihe steps thal ought to have been taken as a Trustee in order to be aware of any relevant 8￿j11 ￿lOr￿atiOn and to establish that Ihe charitys auditors are aware of that rfomiation. Audltors The auditors, Goodman Jones LLP. have indicated their wllingness trj continue in office. The designated Trustees will PTOF¥)se a motion reapwinling the auditors at a meeting of the Trustae$. Approved by order of the Membe￿ 01 the board of Trustees and stgned ¢Jn their behaw ty. Ma• K8 President Date29111121 Page 11

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST LONDON STUDENTS' UNION

Opinion

We have audited the financial statements of West London Students' Union (the 'charitable company') for the year ended 31 July 2022 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 12

WEST LONDON STUDENTS' UNION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST LONDON 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 13

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST LONDON 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 company and industry, we identified that the principal risks of noncompliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance 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. 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 14

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST LONDON 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 29/30 Fitzroy Square London W1T 6LQ

Date: 20-12-22

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

Page 15

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the Year Ended 31 July 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income and endowments
Expenditure on:
Charitable activities
9
Total expenditure
Net income/(expenditure)
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
2,627,061
458,034
14,268
1,158
-
3,100,521
2,988,955
2,988,955
111,566
140,139
251,705
374,997
251,705
626,702		 Designated
funds
2022
£
-
-
-
-
-
-
82,266
82,266
(82,266)
(140,139)
(222,405)
452,651
(222,405)
230,246		 Total
funds
2022
£
2,627,061
458,034
14,268
1,158
-
3,100,521
3,071,221
3,071,221
29,300
-
29,300
827,648
29,300
856,948		 Total
funds
2021
£
2,400,816
132,105
3,039
2,568
22,021
2,560,549
2,540,628
2,540,628
19,921
-
19,921
807,727
19,921
827,648

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

The notes on pages 20 to 37 form part of these financial statements.

Page 16

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee) Registered number: 08158543

BALANCE SHEET As at 31 July 2022

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Designated funds
19
Unrestricted funds
19
Total funds		 13,465
903,526
191,678
1,108,669
(481,967)		 2022
£
230,246
230,246
626,702
856,948
856,948
230,246
626,702
856,948		 11,737
362,178
394,913
768,828
(223,831)		 2021
£
282,651
282,651
544,997
827,648
827,648
452,651
374,997
827,648

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.

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.

Page 17

WEST LONDON STUDEKfs' UNION (A Company Limited by Guarantso) BALANCE SHEEf ICONTIIUED As at 31 July 2022 The financial statements were approved arKI authcrfi￿ issup by the Twstegs and signed on their behalf by.. Mae Keify President Date: 9111122 The notes on pages 20 to 37 fonn wt of Ihese financial statements. Pa9e 18

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS For the Year Ended 31 July 2022

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 20 to 37 form part of these financial statements		 2022
£
(173,374)
(29,861)
(29,861)
(203,235)
394,913
191,678		 2021
£
147,026
(5,050)
(5,050)
141,976
252,937
394,913

Page 19

WEST LONDON STUDENTS' UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

1. General information

West London Students' Union is a charitable company registered in England and Wales. The registered office is West London Students' Union, St Mary's Road, London, W5 5RF.

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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

West London 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.

These financial statements are presented in sterling, the functional currency of the Charity, and rounded to the nearest £.

2.2 Company status

The Charity is a company limited by guarantee. 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.

2.3 Going concern

After making appropriate enquiries, including assessing ongoing support from the University, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered that the Charity can meet its commitments and liabilities and can continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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.

Page 20

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

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.

Voluntary income includes grants and donations and is recognised in full on the basis of entitlement. Grant income is recognised once the above criteria have been met, together with any performance conditions attached to the grant. Grant income received is deferred only when the Charity has yet to fulfil the performance conditions. Subvention income represent the block grant received from the University of West London (UWL) in respect of the corresponding academic year.

Income from charitable activities includes providing goods and services to members. The income is recognised in full on the basis of entitlement and is stated after discount and VAT where applicable.

Income from fundraising includes hire of facilities, marketing and sponsorship. The income is recognised on the accruals basis.

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 reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it 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 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 21

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

2. Accounting policies (continued)

2.7 Expenditure (continued)

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

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided on the following bases:

Freehold property - 50 years on cost
Fixtures and fittings - 25% on cost
Office equipment - 25% on cost
Computer equipment - 25% on cost
Disco equipment and lighting - 25% on cost

2.9 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities incorporating income and expenditure account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

2.10 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.

2.11 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.

2.12 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.

Page 22

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

2. Accounting policies (continued)

2.13 Liabilities and provisions

Liabilities 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.

2.14 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.

2.15 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.16 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

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. Trustees have not identified any 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.

Page 23

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

4. Income from donations and legacies

Subvention grant
Special projects grant
Other grants
Donated serviced premises
External grants
Total 2021		 Unrestricted
funds
2022
£
1,472,000
280,000
127,739
730,800
16,522
2,627,061
2,325,292		 Restricted
funds
2022
£
-
-
-
-
-
-
75,524		 Total
funds
2022
£
1,472,000
280,000
127,739
730,800
16,522
2,627,061
2,400,816		 Total
funds
2021
£
1,233,000
216,996
138,495
730,801
81,524
2,400,816

Within External Grants are grants received from the Government under the Coronavirus Job Retention Scheme. These total £nil (2021: £75,524).

5. Income from charitable activities

Licensed Bar and Coffee Shop
Entertainment Programme
Merchandise
Sports and Societies
Total 2021		 Unrestricted
funds
2022
£
315,556
14,546
12,858
115,074
458,034
132,105		 Total
funds
2022
£
315,556
14,546
12,858
115,074
458,034
132,105		 Total
funds
2021
£
82,654
-
6,199
43,252
132,105

Page 24

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

6. Income from other trading activities

Income from fundraising events

Marketing and sponsorship
Total 2021
Investment income
Investment income
Total 2021
Other incoming resources
Other income
Total 2021		 Unrestricted
funds
2022
£
14,268
3,039
Unrestricted
funds
2022
£
1,158
2,568
Unrestricted
funds
2022
£
-
22,021		 Total
funds
2022
£
14,268
3,039
Total
funds
2022
£
1,158
2,568
Total
funds
2022
£
-
22,021		 Total
funds
2021
£
3,039
Total
funds
2021
£
2,568
Total
funds
2021
£
22,021

7. Investment income

8. Other incoming resources

Page 25

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

9. Analysis of expenditure on charitable activities

Summary by fund type

Licensed Bar and Coffee Shop
Entertainment Programme
Merchandise
Student Activites
Student Comms & Reception
Representation
Other Staff Salaries & Costs
Total 2021		 Unrestricted
funds
2022
£
357,740
73,777
7,149
530,413
241,702
414,673
1,363,501
2,988,955
2,379,849		 Restricted
funds
2022
£
-
-
-
-
-
-
-
-
75,524		 Designated
funds
2022
£
5,437
-
-
1,279
1,495
-
74,055
82,266
85,255		 Total
2022
£
363,177
73,777
7,149
531,692
243,197
414,673
1,437,556
3,071,221
2,540,628		 Total
2021
£
143,881
35,077
4,329
457,657
201,683
374,163
1,323,838
2,540,628

10. Analysis of expenditure on charitable activities by fund type

Direct costs
Support costs
Total 2021		 Unrestricted
funds
2022
£
2,087,847
901,108
(2,988,955)
2,379,854		 Restricted
funds
2022
£
-
-
-
75,524		 Designated
funds
2022
£
8,211
74,055
(82,266)
85,250		 Total
funds
2022
£
2,096,058
975,163
(3,071,221)
2,540,628		 Total
funds
2021
£
1,566,421
974,207
(2,540,628)

Page 26

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

11. Analysis of expenditure by activities

Licensed Bar and Coffee Shop
Entertainment Programme
Merchandise
Student Activites
Student Comms & Reception
Representation
Other Staff Salaries & Costs
Total 2021		 Activities
undertaken
directly
2022
£
363,177
73,777
7,149
531,692
243,197
377,848
499,218
2,096,058
1,578,397		 Support
costs
2022
£
-
-
-
-
-
36,825
938,338
975,163
962,231		 Total
funds
2022
£
363,177
73,777
7,149
531,692
243,197
414,673
1,437,556
3,071,221
2,540,628		 Total
funds
2021
£
143,881
35,077
4,329
457,657
201,683
374,163
1,323,838
2,540,628

Page 27

WEST LONDON STUDENTS' UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Representation
2022
£
Sabbatical trustees' salaries
-
Depreciation
-
Serviced premises
-
Insurance
-
Printing, postage and stationery
-
Computer costs
-
Bank charges and commission
-
Sundry
-
NUS affliations
36,825
Legal and professional
-
Travelling and subsistence
-
Audit fee
-
Recruitment costs
-
Bad debts
-
36,825
Total 2021
31,264		 Other staff
salaries &
costs
2022
£
72,638
74,055
730,800
15,788
828
9,080
1,771
624
-
7,320
7,465
10,200
8,489
(720)
938,338
930,967		 Total
funds
2022
£
72,638
74,055
730,800
15,788
828
9,080
1,771
624
36,825
7,320
7,465
10,200
8,489
(720)
975,163
962,231		 Total
funds
2021
£
68,590
77,706
730,801
14,715
929
6,618
964
5,294
31,264
9,301
1,252
9,276
5,521
-
962,231

Page 28

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
1,368,671
121,292
40,623
1,530,586		 2021
£
1,133,514
108,238
38,666
1,280,418

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

Sabbatical Trustees
Full time and part time staff
Casual staff		 2022
No.
3
35
48
86		 2021
No.
3
33
28
64

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

2022 2021
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 1 -

During the year, remuneration including employer's NI and pension contributions totalling £275,689 (2021: £224,685) was incurred in resepct of key management personnel.

Page 29

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

13. Trustees' remuneration and expenses

During the year, under the provisions made in the Charity's Constitution, the following sabbatical trustees received remuneration in respect of their employment contract with the Union:

2022 2021
£ £
Mae Kelly Remuneration 3,506 -
Gloria Beyi Remuneration 20,271 2,996
Lewis Dixon Remuneration 3,506 -
Ancha Joof Remuneration - 19,694
Stella Webb Remuneration 21,059 22,950
Alessio Di Vito Remuneration 20,789 22,950
Paul Hutchings Remuneration 3,506 -

During the year ended 31 July 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 30

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

14. Tangible fixed assets

Cost or valuation
At 1 August 2021
Additions
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for the year
On disposals
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021
15.
Stocks
Merchandise, food and drink		 Building
improve-
ments
£
150,000
-
-
150,000
4,915
3,000
-
7,915
142,085
145,085		 Fixtures and
fittings
£
289,266
7,299
(50,074)
246,491
165,234
67,671
(50,074)
182,831
63,660
124,032		 Office
equipment
£
20,521
21,646
(9,576)
32,591
12,024
6,574
(9,576)
9,022
23,569
8,497		 Computer
equipment
£
20,260
916
(18,523)
2,653
15,223
5,021
(18,523)
1,721
932
5,037
2022
£
13,465		 Total
£
480,047
29,861
(78,173)
431,735
197,396
82,266
(78,173)
201,489
230,246
282,651
2021
£
11,737

Page 31

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable		 2022
£
882,930
1,527
19,069
-
903,526		 2021
£
352,717
3,125
-
6,336
362,178

The grants receivable include the outstanding claims due under the Government's Coronavirus Job Retention Scheme.

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
305,495
11,210
99,653
65,609
481,967		 2021
£
67,158
7,714
75,315
73,644
223,831

18. Financial instruments

2022 2021
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 191,678 394,913

Financial assets measured at fair value through income and expenditure comprise cash balances.

Page 32

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

19. Statement of funds

Statement of funds - current year

Balance at 1
August 2021
£
Unrestricted funds
General Funds
374,997
Designated funds
Fixed assets
282,651
Minimum reserves
170,000
452,651
Total of funds
827,648		 Income
£
3,100,521
-
-
-
3,100,521		 Expenditure
£
(2,988,955)
(82,266)
-
(82,266)
(3,071,221)		 Transfers
in/out
£
Balance at
31 July 2022
£
140,139
626,702
29,861
230,246
(170,000)
-
(140,139)
230,246
-
856,948		 Transfers
in/out
£
Balance at
31 July 2022
£
140,139
626,702
29,861
230,246
(170,000)
-
(140,139)
230,246
-
856,948
230,246
-
230,246
856,948

Page 33

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Designated funds
Fixed assets
Development fund
Minimum reserves
Restricted funds
CJRS Grant
Total of funds
Restricted funds:		 Balance at
1 August
2020
£
274,870
214,772
148,085
170,000
532,857
-
807,727		 Income
£
2,485,025
-
-
-
-
75,524
2,560,549		 Expenditure
£
(2,379,849)
(85,255)
-
-
(85,255)
(75,524)
(2,540,628)		 Transfers
in/out
£
(5,049)
153,134
(148,085)
-
5,049
-
-		 Balance at
31 July 2021
£
374,997
282,651
-
170,000
452,651
-
827,648

CJRS Grants fund represents income received under the UK Government's furlough scheme in respect� of wages and salaries.

Designated funds:

Capital fund reflects the net book value of fixed assets and reflects the importance of fixed assets to the� Charity.

Development fund was a designated fund for use in the development of facilities and for new capital� expenditure. This was utilised for the gym in the prior year and the capital is more appropriately� represented in the Capital fund.

Unrestricted funds:

General fund is used for all running costs, contingencies or short term support to maintain services at� risk due to a reduction in income, in furtherance of the Union's objectives.������������������������������� �������������������������������������������������������������������������������������������������� ����������������

Page 34

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
Designated
funds
2022
£
£
Tangible fixed assets
-
230,246
Current assets
1,108,669
-
Creditors due within one year
(481,967)
-
Total
626,702
230,246
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
Designated
funds
2021
£
£
Tangible fixed assets
-
282,651
Current assets
598,828
170,000
Creditors due within one year
(223,831)
-
Total
374,997
452,651
21.
Reconciliation of net movement in funds to net cash flow from operating activities
2022
£
Net income for the year (as per Statement of Financial Activities)
29,300
Adjustments for:
Depreciation charges
82,266
Decrease/(increase) in stocks
(1,728)
Decrease/(increase) in debtors
(541,348)
Increase/(decrease) in creditors
258,136
Net cash provided by/(used in) operating activities
(173,374)		 Total
funds
2022
£
230,246
1,108,669
(481,967)
856,948
Total
funds
2021
£
282,651
768,828
(223,831)
827,648
2021
£
19,921
85,256
6,753
48,797
(13,701)
147,026

Page 35

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2022
£
191,678
191,678		 2021
£
394,913
394,913

23. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2021
£
394,913
394,913		 Cash flows
£
(203,235)
(203,235)		 At 31 July
2022
£
191,678
191,678

24. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £40,623 (2021 - £38,665). Contributions totalling £5,118 were payable (2021 - £5,368) to the fund at the balance sheet date and are included in creditors.

25. Operating lease commitments

At 31 July 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Gym equipment
Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
32,514
40,642
73,156		 2021
£
32,514
73,156
105,670

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WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022

26. Related party transactions

The controlling parties of the Union are the Trustees by virtue of their position as members of the Trustee Board.

The Union receives a substantial part of its income by means of grant funding from the University. This funding amounted to £2,610,538 (2021: £2,319,293) of revenue funding in the year under review, which includes £730,800 (2021: £730,801) in respect of serviced premises provided. The Trustee Board is of the opinion that this financial assistance is not an influencing factor with regard to the formation of the Union's policy setting.

At the balance sheet date, the University owed an amount to the Student Union of £878,809 (2021: £351,792), and the Student Union owed an amount to the University of £189,602 (2021: £nil).

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