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2024-07-31-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 2024

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 - 36

(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 2024

Trustees

Mae Kelly, President/Sabbatical Trustee (resigned 9 July 2024) Yash Arora, President/Sabbatical Trustee Ayyan Bebal, Sabbatical Trustee (resigned 9 July 2024) Anthony Coad, External Trustee Farimah Darbyshire, External Trustee Kevin Dickie, External Trustee Adarsh Sangeetha, President/ Sabbatical Trustee (appointed 10 July 2024) Trisul Suman, Officer/Sabbatical Trustee (appointed 10 July 2024) Aranz Josefine Victorino, Student Trustee (appointed 27 February 2024)

Company registered number

08158543

Charity registered number

1148594

Registered office

WLSU St Mary's Road

W5 5RF

Company secretary

Tye McMahon

Chief Executive Officer

Tye McMahon

Independent auditors

Goodman Jones LLP Chartered Accountants 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

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 2024

The Trustees present their Annual Report together with the audited financial statements of the Charity for the year from 1 August 2023 to 31 July 2024. 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:

  1. promoting the interests and welfare of Students at The University of West London during their course of study and representing, supporting and advising such Students;

  2. being the recognised representative channel between Students and The University of West London and any other external bodies; and

  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.

Achievements and performance

a. Review of activities

The NSS results have placed UWLSU 2nd in the country against comparable SU’s.

WLSU achieved and exceeded the 70% year-end target for student engagement. Course, career & communitybased activities, Union Awards, Exam Engagement and Outreach were the most significant contributors to this engagement. .

Overall, WLSU exceeded 4 targets, achieved a further 11 in the year 2023-24 and achieved all financial KPls.

Page 2

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2024

Achievements and performance (continued)

Page 3

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2024

Achievements and performance (continued)

Page 4

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2024

Achievements and performance

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 Grant for 2024/25 has been confirmed at £1,802,860 block grant, £522,301 of special projects income and £819,958 for the serviced premises. The Union's activities for 2024/25 are expected to generate a surplus.

b. Financial review

The Union's gross income was £4,058,912 (2023: £3,629,442) during the year. This included an annual block grant from the University of £1,802,860 (2023: £1,680,996), a special projects grant from the university of £522,301 (2023: £467,000), an estimated value of the space granted and other services provided by them of £819,958 (2023: £745,420), and income from income generating activities, including investment income and other income, totalling £751,259 (2023: £614,053).

The total expenditure of £3,935,583 (2023: £3,602,346) was spent on student facing services and income generating activities, leaving us with a surplus of £123,329 (2023: £27,096) for the year. This has increased our reserves to £1,007,373 (2023: £884,044). The Union's expenditure included affiliation fees to the National Union of Students totalling £42,600 (2023: £38,000) 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 2024 stood at £1,007,373 (2023: £884,044) where £310,215 (2023: £175,129) are represented by fixed assets and the rest by net current assets.

Page 5

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2024

Structure, governance and management (continued)

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.

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 2024

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 reappointment 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 2024

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 Commercial Operations

Head of Finance & HR

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 £1,802,860 (2023: £1,680,996) and a grant for special projects of £522,301 (2023: £467,000) in 2023/24. In addition to this, the University provided £819,958 (2023: £745,420) 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 2024

Plans for future periods

2024 Strategy and Business Plan

Mission statement

To deliver an inclusive and transformational student experience that equips students with skills, networks and confidence to determine their futures and fulfil their life goals.

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

Committed

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

Empowering

We lead through excellence and produce quality We present evidence and gather feedback We are highly performing, highly engaged and collaborative We value and invest in learning

Innovative

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

Page 9

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) For the Year Ended 31 July 2024

Plans for future periods (continued)

Our objectives and associated KPIs for 2024-2025 are as follows:

Page 10

WEST LONDON STUDENTS. UNION IA Company Llmited by Guarante•) TRUSTEES. REPORT ICONTINUEDI For the Year Ended 31 Juty 2024 Statsment of Trusto•$' rn8pon$lbiliti&8 The Trustees Iwho are also the directors of the Charity forthe purposes of company lawl are responsible for preparing the TTuslees' Report and the flnancial Slalements in accordance wlh applicable law and United Klngdom A￿Unts.￿g Standards (United Kingdom Generalty Accepted Accounb'ng Practice). Company law r•qulre8 the Tw$lees to Prepare flnancial statements for ea¢h financial year. Under company law, the Truylees mu51 not approve the financial 5talemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, including Ils Income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo: select suitable accountlng policies and then apply them consislenlly," observe the methods and prineiples of the Chahlies SORP IFRS 1021., make judgement3 and accounting estimates that are reasonable and prudent.. late whether applicabl& UK A￿O￿ntsng Standards IFRS 1021 have been followed. subject lo any material departures di5¢105ed and tsxplained In the financial statements., Prepare the financial slalements on the going concem ba$iJ unless Ot18 inappropriate lo prsswxe that the Chartly will continue in business. The Trustees affj responylble for keeping adeqltate accounllng records that a￿ sufficient to Show and explain the Chèrily'5 transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable thtsm to ensure that the financial statements con7ply wlh the Companies Act 2006. They are also reswnsible foi safeguarding the assets of the Charity and hence for taking rtra$onable steps for the provenlion and detecty.on of fraud and other irregularities. Dl•closur• of Informatlon to *udltor• Each of the per¥ong who are Trustees at the time when this Trusle•a' Report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit infonnallon of which the chaiity's auditors are unaware, antl that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to e8tabll3h that the charity'8 audrtors are aware of that informats'on. Audltor• Thè audrtors. Goodman Jones LLP. have indicat¢d Ihelrwlllngne$s lo continue in office. The designated Trustees S￿11 propo8e a motion reappointing the auditor8 al a meelirg of the Trustee5. Approved by order of the member8 of the board of Trustees and signed on their behalf by.. Yash Arora President Date.. 03 08ceN8eo 2014 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 2024 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

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

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

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

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 non-compliance 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 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Date: 12-12-24

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 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income and endowments
Expenditure on:
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
3,307,653
733,776
16,498
985
4,058,912
3,902,285
3,902,285
156,627
(268,384)
(111,757)
708,915
(111,757)
597,158		 Designated
funds
2024
£
-
-
-
-
-
33,298
33,298
(33,298)
268,384
235,086
175,129
235,086
410,215		 Total
funds
2024
£
3,307,653
733,776
16,498
985
4,058,912
3,935,583
3,935,583
123,329
-
123,329
884,044
123,329
1,007,373		 Total
funds
2023
£
3,015,389
603,296
9,850
907
3,629,442
3,602,346
3,602,346
27,096
-
27,096
856,948
27,096
884,044

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

The notes on pages 20 to 36 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 2024

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Designated funds
18
Unrestricted funds
18
Total funds		 14,641
635,043
398,146
1,047,830
(350,672)		 2024
£
310,215
310,215
697,158
1,007,373
1,007,373
410,215
597,158
1,007,373		 11,092
1,026,358
249,209
1,286,659
(577,744)		 2023
£
175,129
175,129
708,915
884,044
884,044
175,129
708,915
884,044

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 LONDOII STUDENTS. UNION IA Campany Limlted by Guarantee) BALANCE SHEET (CONTINUED) As at 31 July 2024 The financial statements were approved and authorised for Issue by the Trustees 8nd slgned on their behalf by.. YaBh Arora President Date.. 0 3 08Ltsi6eL 2014 The notes on pages 20 10 38 form part of the88 financial statements. Page 18

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
For the Year Ended 31 July 2024
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 36 form part of these financial statements		 2024
£
317,321
(168,384)
(168,384)
148,937
249,209
398,146		 2023
£
70,381
(12,850)
(12,850)
57,531
191,678
249,209

Page 19

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

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. The objects of the Charity are stated in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 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.

Page 20

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

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 2024

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 - 10% on cost
Office equipment - 25% on cost
Computer equipment - 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 2024

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 2024

4. Income from donations and legacies

Unrestricted
funds
2024
£
Subvention grant
1,802,860
Special projects grant
522,301
Other grants
160,641
Donated serviced premises
819,958
Grants
1,893
Total 2024
3,307,653
Total 2023
3,015,389
5.
Income from charitable activities		 Total
funds
2024
£
1,802,860
522,301
160,641
819,958
1,893
3,307,653
3,015,389		 Total
funds
2023
£
1,681,000
467,000
121,973
745,416
-
3,015,389
Unrestricted
funds
2024
£
Licensed Bar and Coffee Shop
560,601
Entertainment Programme
18,136
Merchandise
21,434
Sports and Societies
133,605
733,776
Total 2023
603,296		 Total
funds
2024
£
560,601
18,136
21,434
133,605
733,776
603,296		 Total
funds
2023
£
444,415
14,938
26,275
117,668
603,296

Page 24

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

6. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2024
£
Marketing and sponsorship
16,498
Total 2023
9,850
Investment income
Unrestricted
funds
2024
£
Investment income
985
Total 2023
907		 Total
funds
2024
£
16,498
9,850
Total
funds
2024
£
985
907		 Total
funds
2023
£
9,850
Total
funds
2023
£
907

7. Investment income

Page 25

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Licensed Bar and Coffee Shop
508,562
Entertainment Programme
136,516
Merchandise
13,057
Student Activites
566,074
Student Comms & Reception
491,179
Representation
690,915
Other Staff Salaries & Costs
1,495,982
Total 2024
3,902,285
Total 2023
3,534,379		 Designated
funds
2024
£
11,186
-
-
759
237
21,116
-
33,298
67,967		 Total
2024
£
519,748
136,516
13,057
566,833
491,416
712,031
1,495,982
3,935,583
3,602,346		 Total
2023
£
218,150
157,055
13,660
518,341
405,737
724,865
1,564,538
3,602,346

9. Analysis of expenditure on charitable activities by fund type

Unrestricted
funds
2024
£
Direct costs
2,847,603
Support costs
1,054,682
(3,902,285)
Total 2023
(3,534,378)		 Designated
funds
2024
£
12,390
20,908
(33,298)
(67,968)		 Total
funds
2024
£
2,859,993
1,075,590
(3,935,583)
(3,602,346)		 Total
funds
2023
£
2,586,661
1,015,685
(3,602,346)

Page 26

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

10. Analysis of expenditure by activities

Licensed Bar and Coffee Shop
Entertainment Programme
Merchandise
Student Activites
Student Comms & Reception
Representation
Other Staff Salaries & Costs
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
519,748
136,516
13,057
566,833
491,416
514,040
618,383
2,859,993
2,586,661		 Support
costs
2024
£
-
-
-
-
-
197,991
877,599
1,075,590
1,015,685		 Total
funds
2024
£
519,748
136,516
13,057
566,833
491,416
712,031
1,495,982
3,935,583
3,602,346		 Total
funds
2023
£
218,150
157,055
13,660
518,341
405,737
724,865
1,564,538
3,602,346

Page 27

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Sabbatical trustees' salaries
Depreciation
Serviced premises
Insurance
Printing, postage and stationery
Computer costs
Bank charges and commission
Sundry
NUS affliations
Legal and professional
Travelling and subsistence
Audit fee
Recruitment costs
Bad debts
Total 2024
Total 2023		 Representation
2024
£
81,633
20,908
-
-
-
12,609
-
-
42,600
23,617
6,702
-
3,930
5,992
197,991
208,158		 Other staff
salaries &
costs
2024
£
-
-
819,958
39,330
752
-
1,351
1,508
-
-
-
14,700
-
-
877,599
807,527		 Total
funds
2024
£
81,633
20,908
819,958
39,330
752
12,609
1,351
1,508
42,600
23,617
6,702
14,700
3,930
5,992
1,075,590
1,015,685		 Total
funds
2023
£
73,516
57,718
745,420
37,296
10,218
16,204
2,419
1,974
38,000
11,272
4,829
10,200
6,712
(93)
1,015,685

Page 28

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
1,685,353
143,354
152,442
1,981,149		 2023
£
1,520,343
132,791
151,900
1,805,034

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		 2024
No.
5
38
63
106		 2023
No.
3
36
56
95

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

2024 2023
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 1 -

During the year, remuneration including employer's NI and pension contributions totalling £318,359 (2023: £287,935) was incurred in resepct of key management personnel.

Page 29

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

12. 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:

2024 2023
£ £
Mae Kelly Remuneration 26,564 24,718
Yash Arora Remuneration 26,167 21,590
Ayyan Bebal Remuneration 25,829 3,696
Adarsh Sankar Rajesh Kumar Sangeetha Remuneration 1,538 -
Trisul Viswaraj Gayathri Suman Remuneration 1,538 -
Paul Hutchings Remuneration - 19,816
Ayyan Bebal Remuneration - 3,696

During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 30

(A Company Limited by Guarantee)

WEST LONDON STUDENTS' UNION

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

13. Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Building
improve-
ments
£
150,000
-
150,000
10,915
3,000
13,915
136,085
139,085		 Fixtures and
fittings
£
246,491
163,308
409,799
238,076
19,377
257,453
152,346
8,415		 Office
equipment
£
41,441
4,078
45,519
18,029
9,501
27,530
17,989
23,412		 Computer
equipment
£
6,653
998
7,651
2,436
1,420
3,856
3,795
4,217		 Total
£
444,585
168,384
612,969
269,456
33,298
302,754
310,215
175,129

14. Stocks

Merchandise, food and drink
15.
Debtors
Due within one year
Trade debtors
Other debtors		 2024
£
14,641
2024
£
625,507
9,536
635,043		 2023
£
11,092
2023
£
1,014,704
11,654
1,026,358

Page 31

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
173,944
-
79,703
97,025
350,672		 2023
£
393,175
1,736
102,541
80,292
577,744

17. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 398,146 249,209

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 2024

18. Statement of funds

Statement of funds
Statement of funds - current year
Balance at 1
August 2023
£
Unrestricted funds
General Funds - all funds
708,915
Balance at 1
August 2023
£
Designated funds
Fixed assets
175,129
Development fund
-
175,129
Total funds
884,044		 Income
£
4,058,912
Income
£
-
-
-
4,058,912		 Expenditure
£
(3,902,285)
Expenditure
£
(33,298)
-
(33,298)
(3,935,583)		 Transfers
in/out
£
Balance at
31 July 2024
£
(268,384)
597,158
Transfers
in/out
£
Balance at
31 July 2024
£
168,384
310,215
100,000
100,000
268,384
410,215
-
1,007,373
410,215
1,007,373

Page 33

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Designated funds
Fixed assets
Total funds		 Balance at
1 August
2022
£
626,702
230,246
856,948		 Income
£
3,629,442
-
3,629,442		 Expenditure
£
(3,534,379)
(67,967)
(3,602,346)		 Transfers
in/out
£
(12,850)
12,850
-		 Balance at
31 July 2023
£
708,915
175,129
884,044

Designated funds:

Development fund reflects the funds earmarked for the development of the employees.

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

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
-
Current assets
947,830
Creditors due within one year
(350,672)
Total
597,158		 Designated
funds
2024
£
310,215
100,000
-
410,215		 Total
funds
2024
£
310,215
1,047,830
(350,672)
1,007,373

Page 34

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period
Unrestricted
funds
2023
Designated
funds
2023
£
£
Tangible fixed assets
-
175,129
Current assets
1,286,659
-
Creditors due within one year
(577,744)
-
Total
708,915
175,129
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2024
£
Net income for the period (as per Statement of Financial Activities)
123,329
Adjustments for:
Depreciation charges
33,298
Decrease/(increase) in stocks
(3,549)
Decrease/(increase) in debtors
391,315
Increase/(decrease) in creditors
(127,072)
Net cash provided by operating activities
417,321
21.
Analysis of cash and cash equivalents
2024
£
Cash in hand
398,146
Total cash and cash equivalents
398,146		 Total
funds
2023
£
175,129
1,286,659
(577,744)
884,044
2023
£
27,096
67,967
2,373
(122,832)
95,777
70,381
2023
£
249,209
249,209

Page 35

WEST LONDON STUDENTS' UNION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2024

22. Analysis of changes in net debt

Cash at bank and in hand At 1 August
2023
£
249,209
249,209		 Cash flows
£
148,937
148,937		 At 31 July
2024
£
398,146
398,146

23. 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 £152,442 (2023 - £151,800). Contributions totalling £nil were payable (2023 - £nil) to the fund at the balance sheet date and are included in creditors.

24. Operating lease commitments

At 31 July 2024 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		 2024
£
8,128
-
8,128		 2023
£
32,514
8,128
40,642

25. 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 £3,305,759 (2023: £3,015,389) of revenue funding in the year under review, which iincludes £819,958 (2023: £745,420) 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 £624,070 (2023: £1,001,748), and the Student Union owed an amount to the University of £48,168 (2023: £235,897).

Page 36