2023-06-30-accounts

REGISTERED COMPANY NUMBER-. 08629047 (England and Walgs) REGISTERED CHARITY NUMBER.. 11S3572 REPORT OF THE TRUSTEES AND FINANCIAL STATEMEKrs FOR THE YE4R ENDED 30 JUNE 2023 FOR uswsu MHA Chartered Accountants and Ststuiory Authtor Elfed House Oak Tree Court Cardiff Gate Business Park Carijiff CF23 8RS

uswsu CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 P•90 Report ofthe Trusteès 1 to 7 Report of the Inde￿ndent Auditors 8 to 10 Statement of Financial ActivÉti•s Balance She*t 12 Cash Flow Ststement 13 Notes to thè Cash Flow Statement 14 Notès to the Flnanclal Ststements 15 10 23

USWSU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2Q23 The trusloes who a￿ also directors of the charity for the purposes of the Cornpanies Act 2006, p￿sent their report wlth the financial statements of Ihe charity for the year ended 30 June 2023. The trustees have adopted the provisions of Ac¢¢)unting and Reporting by Charities.. Statement ol Recomrnended Practice applicable to charitie5 preparing their accounts in accordance wiltt ¢he Financlal Repor￿ng Standard applirAble in the UK and Republic of Ireland IFRS 1021 leffecllve 1 January 20191. OBJECTIVES AND ACTIVITIES ObJeetlve and alms The objectives of the Vniversity of South Wales Students, Union are-. The advancemenl of education of students at the University of South Wales. Prornoting the Snterests and welfare of sludents al the Universily during their course of stsjdy. Representing, adwsing and supporting students. Providing social, cultural. sporting and recreational activities, and forurns for discussions and dob8te. for Ihe personal d8velopment of OUT Students. C8mpaign, influ8nc8 public opinion, and seek to influence govemment and other Institutions ￿gardIng the refom), devebpment and implementation of appropriate P￿￿les. The Students, Union planned to achieve Ihis throu9h.. Advancement of Ihe education of students throLtgh the I￿sIr>￿ of opportunitie5 to engage in actNate5 that 8re both &cadernic and extra-curricular. such as sports, fundraising and volunteetTrng. and polib¢al debate. Contribute to Ihe employabilty agenda of the University ol South Wales by providing opportunities for students to d8velop key 8mployability skius. through developing student jobs and volunteering opportunit4es throu9hout thè reglons. Engage wlth, and fully support, the Unlvetslty's ernployability Inilatlves. and work In partneTshlp wlh them whenever possible. Mainlair? a high-level 5tud8llt experfence across all carnwses and slrfve, wh8re posslble. to creaie parfty of student experience, irrespective of the plae8 of study. The Union is mindful of ¢he demographic ol students aThJ strives to provide seNi¢es that coniribute positively to and enhance their sludent experience. Thè tNst8es of USWSU hav8 had regard to th8 9uidanc8 issued by th8 Charity Commission on publ￿ h￿efit and rnaintain oversight of this through regulaf meetings. Contrlbutlons made by volunteers Student volunteers a￿ key to th8 Success and engagement of our 5tud8nt community. Our vdunteers are responsible for running our 5POrts teams. clubs and societies, therefore deliverin9 weekly actiwtps for over 1,000 students. Thls year, our Volunteers became even more important in creating communities for our students to keep them engaged dursng th8 final stages of the pandemic. The academic representation ne￿ork has 583 Course Representatives and 10 Studenl Voice Representattves (faculty rgpresentativesl ensuring that the student v￿Ce remalns at the heart of academic decislons. The StLtdent Council are a group of elected part-tirne offic8rs tho r8present their specific demographic. Durtng 2022-2023, eleven part-time officers held a number of different P￿I￿on$, and were responsible lor dellvering Virtual and In-person campaigns thtOU9hout the academic year. Notable successes include the response to the ctssl-of-livlng crisis, and Disability Awarenes5 Week. Course reP￿Sen￿live numbers Increased from 4SO in 2021-2022. to $83 in 2022-2023. Both SbJdent Council and Student Voke Forum Increased to levels which ensured quoracy, wilh Student Council officers Increased from Seven In 2021-2022 to gl¢ven in 2022-2023 and Student Voice Forum retuming 77% of all roles in place. The Incteaslng engagement by students in the Students. Union voice activlties, demonstrates a strong student voice here at uswsu. and a retum to pre-pandemlc levels ￿th over 1,200 nomlnallons In the Student Cholce A￿ardS 2nd 159 attendees at the Annual General M88ting. Page 1

uswsu REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 OBJE¢TP4ES AND ACTIVITIES ACHIEVEMENTS AND PERFORMANCE The Board of Trust885 reviewed the Student8. Unions Mission. Strategic Ams and Strategk Focus at the beglnning of th8 8rAdernic year. The Students. Union's mission is 'To Put Students Firsf. and this has Unde￿Inned all work th*s year. COST OF LIVING CRISIS The Co$t-of-Living crisis was a key locus this year, and work wa5 undertaken in partnership with the University to make students, lives belter. As part of Ihe cros5-University worklng group we worked io develop initiatNes for students and to mtsnitor the impact of these. The Students. Union was a key partner in the development of the bursary scheme and aided in publicising th8 scheme to members. We also worked in partnership to develop a free breakfast schome available to both Students and staff. The free breakfast offer was available across 811 campuses and In both Students. ilnron's and University caterin9 (yJtlets. The Students. Union distribuied 785 free breakfasis to our $iuden$. In addition to the free breakfast inilative, the Students. Union introduced a range ol'meal d8a15' in the SU shops aThd in the hot food provision across tt)e USW campuses. Over 8.5k meal deals were 5dd in the SU shops. and over 1.7k 'plain and sirnple. meals were purchased through our catering ouuets. The SU has f￿e sanitsry products across all campuses, including in gender neutral toilets. This ensured that students who bleed can access tree products when iequired. SU also gave away 150 mooncup5 to eompletèly mityate tk requirement for purchasing sanitsry products. Recognlslng that up-front fees We￿ a barrier to some students who partieipate in the sporbng progr8mme. the SV introduced a payment plan for students struggling to pay. Students were giv8n the opt￿n of paying iwo-thirds of the ilon fe8 In the firsl and then th8 remainder at the beginnlng of the se¢ond term. If this still posed a problem for students. individual payment plans We￿ developed. This ensured Students could still engage in thelr sport, whith not only retslned their skllls for sports teams, but Conlrlbuled to thelr physlcal asxl mental health. as well as thèir $8n$e of wellbeing and belonging. The Students, Ur¢ion. in conjun¢tpon with Student Counctl and Student Voice Forum respoThled to the All-Party Parliameniary Group Inquiry into cost-of-Ll￿rtg pressu￿$. The submission, infomied by students, highlighted five kay areas Whe￿ students were experiencing pre55ures,' namely housing and rent, trans￿rt, finance I grants, participation an clubs and societies I less socials5ing leading to s￿lad isolation. and employm8nt. COMMUNITY WORK The Studenls, Union conlnues Its partnershlp wSth Stamp Out Splking, a charitabla organisatSon, eslabllshBd to tackje the In¢￿aS1n9 incidents of drink spiking across the UK and worfdwide.. purchasing Iheir StopTopps drink covers and participating in their accredited Drlnk Spi￿n9 Awa￿ Training programrne. The Students, Union Is recognised as a Drink Spiking Awa￿ ven￿, enabling us to carry the SOS Dmnk Spike Aware bgo on all merchandise to publicise our oryoirKJ mission to ¢reate safeguarding and Safe 5pace5 for our student5 anij staff. The SU'5 work with SlopTopps was recognised in Pontypridd Pubwatch 8nd has b8en r8plicated throughout the Trefor8sl and Pontypridd areas. Thls demonstrates how the SU can influen¢e policy and pracbce outside of the usual'pdili¢al' arena. The Students, Union wa5 pleased to participate in Rhondda Cynon Tafl County Council Santa Appeal again this year. The appeal asks for participan[$ lo buy a gift for a child that would not usually receive o gift at Christmas. This was the 11¢h year of participation. and this year the Students, Union was highlighted by the ctyjncil as a key partner in its, delivery of the campaign. The number ot presents donatèd this year tripled from Decernber 2021. with over 150 gifts donated io children who were at risk. PARTNERSHIP The Students, Union focu$8d on engsging the wid8r student voice this y88r. and targ81ed work with partner colleges and Degree Apprentic8s. We worked dosely with our HE in FE partners to ensure studerits could a¢ces$ OPPOrtunlties to make their voice heard,. through hosting a Siudent Voice Sumrnit ￿ November, making campaigns collaborative across partn8r5, and by rnaklng the Student ChoKe Awards accessible for HE in FE students. The Students, Union wthed haid thls yèar establishing relalionshlps vfith the Dey￿e Apprenticeship Opèr8tional Policing team, the provlders of Initial Police Education across five poliTr force5 in Wales and England. Whilst the Opgrational Policing team has its own processes In place, the SU worked bwth the a¢adernl¢ stsff lo ensure polidng students have their student wce heard. The SU has a presenee at Staff- Student- Employer Liaison Groups to enable us to produce a thematic rtrport on student fg¢dback, which will gnK>urago improvements their 18aming experlence. The Su has also devebpod bespd(e resources for off-campus Police apprentices, available through their Blackboaril portal. Page 2

uswsu REPORT OF THE TRUSTEES FOR THEYEAR ENDED 30 JUNE 2023 The Sludenl Choice Awards are 8 student-led. studentryrun awards even( 2nd an 8nnu81 opportunity to celebrate suecess across USW. Students nomlnale the stsff and other students who have made a feal difference lo their siuttent experience. The eleventh Student Choice Award5 was hekl this year, but this titne ¢he Student5, Union induded USW slaff and students acros5 partner institutions and Degreo Appr9nbce5hip5. A specific award was created for Degree Apprenticeship of the Year, which 8ncourag8d nominations from the Police Apprentices in other catÈgorie5. Financial position The tolal income for the y8ar was £2.191,859, £1,268,000 of this is the subvention grant received from th8 Univer31ty of South Wales. Income frc4m charitable adivilies increased to £784.478 12022.. £776,496). Othgr trading 8¢tiviOes also increas8d to gwe a total of £77.76012022.. £42,028). Expenditure for the year totalled £2,132,44912022.. £2.039,4131 which resuhs in a surplu5 for the year of £59,410 befare accounting for the unwinding lor the d￿counb￿g of Ihe pension provision of £201.75512022.. £157,485), which gave an overall deficit of £142.34512022'. surplus of £83,209}. The bala￿ sheel position al 30 June shows negative unrestricled funds of £2.576,77712022'. £2,434,432) the majority of this relates to Ihe provislon for Ihe defined pensFon liabillty 01 £2,744,34112022.' £2,743,208). Reserves pollcy The Board ol Trustees have rewewed USWSU'S ￿Serve requirement and recogni58S that a liquidity cash reserve reffective of the cash trading position 1$ required for troughs th our funding. The Trustees recognise Ihal reserve$ are part of USWSU'S unrestiicted lunds. which are freely 8vailable to spend on kny of USWSUS charitable purposes. WheTF deciding on the level of reserves, the Board recognise that reserve levels which are too high could limit the amount USWSU spends on charitable activities thereby red￿ng the benefits lo USWSU members. Likewise, the Board recognkses & wisk to USWSU and its future activities W reserves are too low. USWSU'S reseryes cover an operats.ng surplus, d￿IgNated capital cornmilments, and deslgnated s8rvic8 inv8Stm8nt. The Board has sel an kseal level of ￿selveS at betyveen 2 3 montrts oper8lin9 costs amounting to approximately £377,000- £5fj5,000 based on 2023 expenditure levels. There are no free reserves at 30 June 2023. Although ￿Se￿￿$ after adjusttnenis for pension prow5ion and fixed assets would be £88,866. USWSU expect lo work towards this bnger term goal through inveslrnent in Comme￿la1 activity and irnplementation of a plan for tr3nsform8tion. Pènslon Ilabllltle6 The Students, Union Is part of a closed penslon scheme, and as such must make annual deficit contributions which are expected to 81irninate the deficit by August 2035. The most recent valuation of SUSS showBd assets of £119.1m 3nd liabilities of £260.Om, a lunding deficit of 46°h. This yearfs ac¢ount$ dernonstrate th8 full smpact of the pension's deficst provislon under FRS102, which means the Students, UnioTh has to show provision for our proportion of the above funding deficit. Golng ￿ncern Follo￿￿9 ongoing concems in relation to the financ￿1 management and operation of the VSWSU. the Unwgrsity placed 8 nutnbèr of conditions on th& Union In order to conunue funding. This Included oblainlng si9n-off of the audited accounts, providing management accounts for the 2023124 budget year and having èn approved budget for 2024125 in place, as part of a wider plan for sustainable operation. The University h8V8 accepted USWSU pl8n for Transformation and have ag￿e￿ to provide subvention lunding lor 2024125. with Commitrnent frorn the SU to agree a funding agreement and provide longer term budg8t forec8sts in November 2024. The University are committed to working vAlh the USWSU and have been encouraged by progress made. Separately. there has been a ch8nge in senior mana9em8nt team during this perio(I, atthough all roles are now filled and in post. In light of the above challenges, official disclosure has been made to Ihe Charity Commission, Helcw and Cornpanres House and has resulted In the conslderable delay In fillng these audlted a¢¢ounts. With this In mind, tho trustees havg assessed the Studonfs Union abi1Sty to Con￿nUe as a golng concern, tsking irito account the financial irnpacts of Co¥id-19. They have considered several factors when foming thelr conclusions including liqu￿ditY, cash resources, liabililiè5, SUPPOrt available from government Snltiatives and support from tha University of South Wal&s. Llke many organisalions, our finan￿al pos￿1￿ has been and ￿11 continue to be imp8Ct8d by the ffn8ndal impact of real world events that will requir8 ad hoc actions. but we are confident in our aknlity to do so. After assessing Ihe Impact of posslble different scenarfos, which assume that support frorn the Universty will continue. the trustees have conclud8d that th8re Is a r8a50n8ble 8xpeclation that adequate resou￿$ are available to continue to operate for at least 12 month$ from the date of signing the financial statements and hav8 therefr)re continued to prep8re tha finartial statements on a golng eoncem basls. Pago 3

uswsu REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Prln¢lpal lunding USWSU'5 fun¢Jing 15 derived in two main ways.. through a subv*ntion frorn thè Univtrsity ol Soulh Wales, and through income from comrnercial services. STRATEGIC REPORT Prlncipal risk5 and uncertalnttes The relationship behveen the Students. Union Board of Trustees and the Universitys Board of Govemors d8leriora¢ed this year, as a ￿SuIt ol the financial management and operational cOn￿mS ral$ed. The Students. Union is working hard to meet these. and the USWSU Board of Trustees is confwjent that a close worklng relationship can be re-eslabllshed wSth the USW Board of Govemors. These Bctrons reduce the risk of defunding. but Ihe principal ii5k still fernains Ih8t rf funding is withdrawn then the Students. Union will become insolvent. Thè Students, Union Stsperannuation Schem6. the dosed pensk)n scheme of whlch USWSU was a member, eonlinues to be a risk to the Students. Union. The pension fund is closed to future 8ccrual, therefo￿ previous meTnb8rs are resp)nsible foi the deficit payments to the scheme. The defiol payments are increasing year on year, which pose a nancial risk to both USWSU and all other Sludents, Unions who are mernbers. The nabonal decrease in students entering Higher Educalion is also a prinrApal risk to th8 charity. Thi5 has a trK)fokl effect on the Students, Union.. 11 The subvention is based on student number5, and the￿lOre a decrtase in numbets equals a decrease in fundlng from Ihe Universty. 2} D8cre8&ng sludent numbers results in 8 decrease in income as less students use the Sbjdents, Unicn faTh15￿e$. Futur• plans Devek)p strong sustainable and satisfying relationships with our stskeholders whil$t onsuring that tho Unic acttvely engaging its Stakeholders In setting strategy and operational plans. Continually improve what Ihe Union does whilst equipplng staff, officers and volltnteers with the 8kllls and knO￿edge they need to achieve the Union's V15ion. Achieve financial stability through robust financial management. reMew4ng existing practi¢9s and Investing in th8 Union's services to students. Ensure that the Union's systems. policies and procedures add value, enable greater student engagement and are easy to understand. Page 4

uswsu REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The USWSU is a students. union within the meaning ol the Education Act 1994. The Union is devoted to promoting th8 education, Interests and welfare ol ils members. students at the Universty of Soulh Wales. It is the recognis8d independent representative body of students at th8 UnNersity. The charity i% a registered charitable company that 15 limited by guarantee. The charity is governed by Mernorandurn and Artide5 OfA5S0￿atio￿. Trust¥ s¢le¢¢lon methods Not more than four Sabbatical Trustees shall be elected, by secret tsallot, by the Student Members ol the UniL)n Èt an e18clion held in accor¢Jance with the Standing Order5 and shall rernain in office for 2 term of usually twelv8 rnoTrths, as specif￿d In th8 Standing Orders. Th8 term of offic8 may be shorter or bnger on a transitional basis to coincide with the alteration of the year•stsrt or yearend. Three Student Trustees shall be eleded by secret ballot by the Studenl Members of the Union 8t an election to be held wi a¢cordan¢e witr Ihe Stsnding Orders and shall remain in office for a term of usvally twelve rnonlhs as speafied in the Standing Ordets. The term ol Offi￿ may be shorter or longer on a tran51tJnal basi5 to coincide wth the alteration of th8 year-start or yèar-End. Student Trustees may be re-818Cted for a fvrtheT non-renewable term of usually one year. The temi of office may be shorter or longer on a transitional basis to ccincide with the alteration of the year-start or year4nd. The Ma￿muM period that 8 Student Truste8 may serve is tsventy-four months. The Twstee$ shall Co-opt by a simple majoryly ol those present and voting up lo five such persons as they consider suitable to be charlty tiustees (having regard to th6lr S￿115 and exper18nc&l as Co-opted Ttltstees. Twg 01 th8 five will be alumni of th8 University of Soulh Wales Ilndudlng any and all 0111$ foEmgr n8m8s} sublecl io ratification by the Student Council and the Student Voice Forum. Unless treir appointment is lerminaled in accordance with Mticle 18, Cowopled Trustees shall remain In Offi￿ for tems of up to three years calculated from the dat6 of appointment. At the end of their terni of office Co-opted Trust¢es shall be eligible for reappointment by a s1[np￿ Majority of those tnjstees present and voting for a further tenn of up to three years but shall not be eligibl8 for re-appo1ntrn￿t once they have served years in aggregate. Trustee Inductlon and tralnlng New trustees are trained at the beginnirEg of each academic year to ensure they understand thelr ro18s and responsibi141ies. This forms part of a comprehensive ￿1-house training pro9rarnme and focuse5 in depth on thelr lull responsibilities, a¢countabilty and Nolan Principles. Organls8tional structure The Students. Union is run by Students lor students. supported by a number of Staff, and overseen by a Board of TNstees. Electtons are held annually for the studenls at the University of SoLrth Wal85 to vote for Iheir full-tirne and part-lime student offI￿rS. These fom) Studen¢ Council. wts) are ￿spOnsIble for Ihe representation and carnp819ning functk)n of the Students, Union and Stt*dent Voiee Fofum, who are responsible for Ihe academic representation funcbon of th& Stud8nts' Union. The Board of Trustees are ￿Sponsible for the legal, financial and wvernance arrangements ol the Students, Union, and delegate5 d8y-tO-day responsibility of their duties to the Chief Execuliv8 Officer and Senior Management Team. The Studenls, Vnion is affiliated to the National Union ol Students, antl through them, w¢yks Closely with the National Union ol Students In Wales. The studènt OfffCe￿ r8gulgrfy rne8t ￿th the 0lTicers of NUS Wales to cdlaborate On rampeigns and actimties. Pay and remuneration The 8rr8ngemenis for selting pay and ￿MUneratIon of the Union's key management are in line with sector practice and tske in to account the financial performance of the Union. Normally, a 1¥0 ¢osI of living increase is 3greed annually by th8 Board ol Trustees, however this is dep8nd8nt on fubJr8 financial lorec25ts. The Students, UnkTrn Is a Living Wage Employer and ensures 811 employees 8re paid in accordance with relevan¢ legislation goveming pay. Rtsk management The trustees have identified and reviewed the risks to which the charity is exposed and ensured appropriate cr￿trol$ are n pla￿ to piowde reasonable assurance agalnst frau(J and error. Page 5

uswsu REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 REFERENCE AND ADMINISTIiATIVE DETAIL5 Registered Company nurnber 08629047 (England and Walesl Reglstered Charfty number 1153572 Reglstered offlce University ofsouth Wal8S Students. Union Foresl Grove Pontypridiy Rhondda Cynon Taff CF37 1VF Trust••s Officer Trustees David Pye Jamal Abdilahi Kyle Eldridge cher￿ T Chinghoso Kenul M N Herath Sofia SobeFson Reslgned l December 2022 Appointod 1 July 2022 Appointed 1 July 2022.. Resigned 30 2023 Appcinted 1 July 2023 Appointed 1 July 2023.. ResKJned 12 February 2024 Appointed 1 July 2023.. Resigned 25 March 2024 President External Tru$¢ee$ Anna Morgan Rkhard Seymour Caroline Smith Su58n Hayes Sbjart Leonard Williams Rebec¢a Nyasha Mamhende J05ef Walsh ￿￿Chard Main MBE Rithard Marf( Cadwallader Resigned 2S July 2022 Resignèd 22 August 2023 Resigned 29 August 2023 Appointed 28 July 2022: Resigned 1 August 2023 Appointed 5 September 2023 Appointed 15 Sgplember 2023 Appointed 12 September 2023 Appointed 24 September 2023 Appointed S October 2023 Chair Studènt Tw$tèO Kelly-Mari8 Williams Kudzaishe Zhou Ooreen Rassbach Holly Grindlay Appoint8d 22 Septemb8r 2023.. Resigned 24 April 2024 Appointed S April 2024 Appointed 5 April 2024 Appointed 13 May 2024 Key Manog*ment Pernonnel Sian Taylor Sam Harris Michelle Howlin Helen Thtsmas Michael Borky Rhiannon JoDgs Emma Powell Ellls Thomas CEO until Novèmber2023 Interim CEO from 15 January 2024 10 22 August 2024 CEO from 12 June 2024 Central Re5(yJrees Manager Commercial Service5 Manager until 31 October 2023 Membership Servi¢es Manager until 31 October 2023 Interim Central Services Manager from 26 February 2W24 Ckrk from 1 Novernber 2023, Secretary from 22 August 2024. Inierim Membership Services Manag8r Irorn 26 February 2024 Audltors MHA Chartered Accountants and Statutory Auditor Eifed House Cardiff CF23 8RS Page 6

uswsu REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 STATEMENT OF TRUSTEes' RESPONSIBILITIES The trustees (who are also the directors of USWSU for Ihe purposes ol company lawl are responsible for preparing the Report of the Trustees and the financial slaternsnts in accordanee wth applicable law and United Kingdom Accounting standards (United TrQ"ngdom G8nèrally A￿ptsd Aecountrro Practice). Company law requires th8 trustees lo prepare financial ststsments for each finanual year whith gwe a true and fair wew of tha stste of affairs ol the charitable ¢￿￿panY and of tr￿ incoming rèsour￿ and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those finanoal statements, th& trust80S are require(J to sèlect suitable accounting policies and then apply them consistently." observe the mothods and principles in thè Charity SORP", make judgements and ests"mates that are ieasonable and prudent., state whether applicable accounting standards h8ve been followed, subject to any matsri31 departures disclosed and explained in the financial statements", pfspare the financial ststemenls on thè goirKJ concern basis unless (t is inappropriate to presume that charitsbie company will conts'nue in business. The trustees are responsible for keeping proper accounting ￿CordS which disclose with reasonable accjjracy at any tirne the finanasl position of the eharitable company S￿1 to enable them to en$ura that the financial statsments comply with the Companies Act 2006. Thay ar6 also responsible for safgJuarding the asssts of the charitabb company and hen￿ for tsking reasonats￿ steps for the Prevention and detsction of fraud and othei irwularitses. In so faras the trustees ar& aware-. there is no relevant audrt infomation olwhich the tharitable company's auditors are unaware., and th8 trustees hav8 taken all steps that they ought io have taken 1¢ make therns¢lve5 aware of any re1&vant audit infomath.on and to e$tsblish that the audrtor5 are awa￿ ol that infomiation. AUOITOR On 30 June 2023 as 8 resutt of 8 reeent merger. Watts Gregory LLP resigned as aL)litor in attOrdan￿ with Section 516 oftho Companies Act 2006 and re-engaged rts Ser￿￿5 as MHA. incorporating a strategic report, approved by (Ydor of tha board gf trustees. a3 Ihe cornpany and signed on the board'5 behalf by.. Report of Ihe trus d1￿clOr$, ￿ ..f... Pag? 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF uswsu Opinion We havo audited the financial statements of USWSU Ilhe charltable companll for the year ended 30 June 2023 which compnse the Stslement ol Finandal Activit4es. the Balan￿ Sheet, Ihe Cash Flow Staternent 8nd notes lo the finaneial staternents. including a surnmary of significant accountiry polici8s. The financial reporting framework that has been applied in th8ir prepardtion is applicable law and Vnited llngdom Accounting Stsndards (United King¢Som Generally Accepted Aco)unting Practice). In our opinK)n the financial stat8rnents'. glve a true and fair view of the stste of the ¢haritable compan￿$ affalrs as at 30 June 2023 and of its irtomino sour¢es and application ol resources. including its income arid expenditure, for the year then ended,. have been properfy prepared in accordanco with United JQn9dom G8nerally kn￿pted Accounting Practice., and have been prep8red in aecordance with the requirements of the Companies Act 2006. Basls for oplnlon We conduct8d our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Otsr responsibilities under those standards are ￿rther described in the Auditors. fesponslbililies for the auilit of the finanrial statements se¢tion of our report. We are Tndependent of the charitable cornpany in accordan￿ with the ethical requiiemenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and w8 have fulfilled our other ethical responsibilities in ac¢ordance with these requirements. We believe that the audit gviden¢g wg have obtained is sufficient and appropriaie to provide a basls ltsr our opin¥)n. Conclu$lon$ relaung to golng concern In auditin9 the fjnancial stal¢ments, we have conduded thal the trusiees. use ol the going con￿￿ basis ol accouniirrg in the preparalion of the finarsctal statements 1$ appropriate. 8a5ed on the work we have perfomie(I, we have not id8ntif18d any rnat8rial uncertainties relating to events or conditions that, indI￿dUallY or wllecuvely. may c8St slgnificant doubt on Ihe charitsble wmpanls abilily to continue as a going concem for a period of al least hvelve months fm when the financial statements a￿ authorised kn issue. Our responsibilitses an¢ the responsibilit￿$ of the trustees respect to going coneem are described in Ihe rdevant sactions ol thi5 teport. Other Infomatl+)n The trustpes are responsible for the other infomiation. The Olher information comprises ¢he tyiformation induded in Ihe Annual Report. olher than the financial $tatem8nts and our Report of the IndependentAudiio¥s thereon. Our opinton on the financial stsiements does not cover the other infomlation and, except to the exlent othe￿ise expliuuy staled in our ￿pOrt, we ¢0 not exp￿$$ any form ol assuranee conelusion Ihèreon. In connectiw Our audit of the financial s¢atements, our responsitsllity Is to read the othei inlormallon and, in doing so, Consider whether the other information is materially inconsistent wlth the financial statements or our knowledge Obtained in the audit or otheThYise appears to be rnalerially mi5Stat8d. If w8 id8nlify such rTTrat8rial incon51Stencies or apparent rnaterial m15Statement5, W8 are required to deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have perfomed, we conclude that there is a tnaterial misstatement of this other infomialion, we a￿ requlied to ￿E￿)rt that lact. We have nothlng to report in Ihls regard. Oplnlons on other rnatters woscrlbed by thg Componles A¢¢ 2006 In our opinion. based on the work undertaken In the course of the audit.. tho Information given In the Report of the Trustees for the financial yèar lor which Ihe financi81 stalarnents are prepared is con5IStent wth the financial staternents,. 8nd the Report of the Trustees has been prepa￿￿ in accordance with applicat)le legal requirem8nls. Mattors on which we are required to report by 8XCePtlon In the light of the knowledg9 and understanding of the charitable company 8nd tts environment obtsined In Ihe course of the audit. we have not identified material misstatements itt the Reptsrt of the Tfuslees. We have nothing to report in respect of the following matters where the Companies Act 2006 ￿qUI￿S us io report to you If. in otjr oplnlon.. adequate accounting ￿cordS have nol been kept or retums adequate for our audit have ￿t been ￿ceIVed from branches not visited by us,. or the financial ststements are not in ag￿ement with the accounting records and retums., or certain disclosures of trustees, rtsmuneration specified by law aro not rnaije.. or we have not received all the infonnation and explanations we iequire forour audit. Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF uswsu Responsibilities of tru5te85 As explained more fully in the Statement of Truslees. Responslbilities, the trustees Iwho are also directors of the charitable c(•npany for the purposes of company lawl a￿ responsible forthe preparation of the financial stslement5 and for being satisfied that they 9Ne a true and fair viow, and lor such Inlemal control as th6 trustees delerrnino is necessary to Ènable the preparation of financi41 statement5 that are free frorn material mi55taternent, whether due to fraud or @rror. In p￿paring the financial statements. the trustees are responsible for assessing ¢he tharllat)le companls ability to continue as a going concern, disclosing, as applicable, rnatters related to going concern and using the going concem basis of ac¢ounting unl8ss Ihe tNste98 either intend to liqMdat8 the tharitable company or to ¢ease 0￿ratiOnS, or have no realisti¢ altemative but to do $0. Our responsibilities forthe audit of the financial statements Our objecb'ves arg to oblan reasonaEle assurance about whether the financial statemenLs as a whole ar8 free from material misslatemenl, whether due to fraud or error, 8nd to issue a Report ol the Independent Auditors that indudes our opinion. Reasonable assuran￿ Is a high level of assurance, bul is not 8 guarantee that an audit conducted in accordance wth ISAS IUKI will always detect 8 material misslaternenl when it exists. Misstalemfjnts can ar15e from fraud or error and a￿ Considered material if, individually or in the aggregate. they could ￿8$O￿ablY be expeded to influence the economrc de¢Asions ol users taken on the basis ol these financSal statements. ITregularities, including fraud, are in5t8nces of non-cornpliance laws and regtrfalions. W8 d8sign procedur8s in ling th our ￿SpOnsIbl11￿&s, outlined above, lo detect material misstatements in respecl of irregulari14es, including fraud. The specific procedu￿$ for this engagernent and the exient to which these ar? capable of detecb.ng ifTe9ularilie$, includi fraud is detailed below.. Enquiries of management, those charged wth governance arouJ)d actual and potential litigaQon and daims.. Enquiry ol management to idenbfy any ins¢ar￿$ of non-compliance wth laws and regulatlons., Perfoming 8udlt work over the ii5k of rnanagement override gf contro15, including testing of journal entrles and other adjustm8nts for appropriateness, evaluating the b￿sInesS rational8 of significant transactions outsid8 the nomi81 Course of business and revievAng accounting esllrnates for bias.. Reviewing minutes of meetin9s of those ¢haryed with govemance: Reviewing financial statèment (Jisdosures and testing to SuppO￿ng documentation to assess ccmpFance wlth applicable 18ws and regulations. B￿ause of the inherent limitations of an audit there Is a risk that we will not detect all irre9ularitie$, induding those loading to a materlal misstatement In the finanaal statements or non<ompllan¢e wllh regulation. The risk increases the rnore that cOm￿lance with a law or regulatioN is removed from the events and transactions retlected in the financial statements as we will be less likely to become 8war8 of instances of non-compliance. The risk is also greater re9arding Irregularities occurring due io fraud rather than error, as fraud involves intentional con¢ealrnent, foryery, ¢ollusion, 0rn155ion or misrepresentalion5. A further descripbon of our responsibilities for the 8udit of the financial stslements is located on the Financial Reporting CouncS1's website at Ww.frc.org.ukJaudilorsresponsibili￿es. Thls descripkn.on foms part ol our Report of ihe Independent Auditors. Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF uswsu Uso of our report Thi5 report Is made solely to the charitsble company's member5, as a body, In accordance wth Chapter 3 of Part 16 of the Compani85 Act 2006. Our audit work has begn undertaken $0 that we might state to the charitable companys members those rnatte￿ we are required to state lo them in an auditors. report and for no other purpose. To the fullest xtent perynitted by law, we do not ac¢ept or assume ￿spOnsIbIlitY lo anyone other than the charilable company and lh8 charit8b18 cornpanys rrternbers as a body, forour audit work, for this report orfor the opintons we have formed. Julia Mortimer (Senior StatutoryAudiiorl for artd on behalf ol MHA Chartered A(*ountants and Statutory Audittir Cardiff CF23 8RS Dale.. HA 15 the trading name of Maclntyre Hudson LLP, a lirnited liability parts)ershlp in England 8nd Wales (registered number OC3123131 Page 10

uswsu STATEMEwf OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND ExPEND￿vRE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2023 Restated 2022 Total funds 2023 Unr8Stricted funds INCOME AND ENDOVIMENTS FROM Donati￿$ and legac￿$ 1.327.194 1.461.439 Charitable activitie5 Gen8ral 784,478 776,496 Other trading activities Investment incorne Other income 77,760 1,856 571 42,038 134 Totsl 2 191,859 2.280.107 EXPENDITURE ON Charltable a¢tlvttles General 2 132.449 2.039,413 Actuarial losslunwinding of penslon scherne prowslon NET INCOMEI{EXPENDITUREI 1142,345) 83,209 RE¢ON¢IUATION OF FVNOS Total funds ￿Ought forward 12,434,432) 12.517,6411 TOTAL FUNDS CARRIED FORWARD The notes fom part of these finanryal staternenls Page 11

uswsu BALANCE SHEET 30 JUNE 2023 2023 Unreslri¢ted funds 2022 Totsl funds Notes FIXED ASSETS Tangible assets 15 78,698 50,959 CURRENT ASSETS Sto¢k3 Debtors Cash at bank and in hand 16 17 43,337 86.300 34,838 67,195 507,741 311,980 609,774 CREDITORS Arnounts falliry due ￿1th1n one year 18 1184,7801 1293.6241 NET CURRENT ASSETS 127.200 316,150 TOTAL ASSETS LESS CURRENT LIABILITIES 205.898 367,109 CREOITORS Amounts f311ing due after more than one year 19 138,3341 158.3331 PENSION LIABILITY 23 12.744,3411 12,743.2081 NET ASSETSUUAalLITIESI 2,576,777 FUNDS Unrestrrted funds 22 VOTAL FUNDS 2,576,777) 2.434,4321 The Inan al Statements were approved by the Board of TfUSte8s and authorised for issue on . and wer& signed on its behalf by". S Williams- Trustee & Chair The notes fonn part ol thesè finan¢ial statements Page 12

uswsu CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 Notes Cash flows fmm operntlng actlvltles Cash generated from operations 249 1321 Net eash (used inyprovided by oper8lin9 acti￿￿eS 249.132 222 265 Cash flows from Inveslln9 a¢Uvltb$ Purchase of tangible fixed assets Interest receiv8d 158,1221 1.856 127,0171 134 Nel c8sh used In investing aetlvlues 56,2661 26,8831 Cash flow5 from fjnancing activities Loan repayments in year 44,661 Net cash used in fin8ncSng aclfvloes 20.0001 44,6611 Change In cash and cash equlvahnt5 Sn the reportlng perlod Cash and cash equivalents atthe beginnlng of thp reportlng perlod 1325,3981 150,721 507 741 Cash and cash equlvalents at the end of the reporting period 182,343 507,741 The notes forrn part ofthese finanelal statsments Page 13

uswsu NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 RE¢ON¢ILIATION OF NET IEXPENDITVREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net lexpendlturellln¢ome forlhe repL)rtSng perlod {a$ per th* Stat•m¢nt of Flrtanelal Aetlvlti•sl Adjustments for.. Deprectalion chaTge$ Unvanding of pension scheme provtsion Intorest received Ilncreaseydecrea5o in stocks Increase in debtors (De¢￿ase}lIncreaSÈ in creditors Difference betwe8n pension charg8 and cash contributions 1142,3451 83.209 30,383 201.755 11,856} 18,4991 119,1041 1708,8441 200 6221 18,818 157.485 {1341 6,214 122,3561 163,022 183 9931 Net ¢ash (usèd Inyprovldgd by oporatlons 249,1321 222 265 ANALYSIS OF CHANGES IN NET FUNDS Al 117122 C8sh ffj¢)w AI 3016123 Net ¢a$h Cash at bank a￿1 in hand 507.741 325,3981 182,343 507,741 325,398 Debt Debts falling due within 1 year Debt5 falling due Èfter 1 year 120,0001 58.333 120,0001 19.999 78.3331 19.999 58.334 Totsl 429 408 305,399 124.009 The note5 fom part of these finanaal statements Page 14

uswsu NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 STATUTORY INFORMATION USWSU Is a re9iStered charity and prtvate company lirnited by gLar8ntee, hawng no Sha￿ eapilal, incorporated in Wales in the Utsited Kingdom. Th registered offi¢e is University of South Wal£s Students. union, Forest Grove. Treforest, Rhondda Cynon Taff. CF37 1 UF. The nature of the cotnpany's operations and principal a¢tivilies a 15isdosed wlhln Ihg Report ol the Trustees. In the evant of thè eompany bèing wound up the IlabS11ty of its members is Ilmited to a sum of £1. The finandal statements a￿ presanled in St8rting 1£), Ihe company8 functional currency. anra rounded to lh8 nearest povnd. The slgnlficant accounting policies applied in th8 preparation of these financid statements are sel out below. Th85e policies have been etsnsislenity applied to all years presented unl8SS Othernise stated. ACCOUNTING POLICIES Basts of preparing thè financlal statements The financial statemenis of the eharitable company, whE¢h is a public benefit entity under FRS 102. have been prepared in accordance wth the Charities SORP IFRS 1021 'Accounting and Reporb'ng by Charities.. Statement of Recommended Practi￿ applicable to charities p￿paring their 8CCOVtFts in accordance with the Finanoal Reporting Standard applicable in Ihe UK and Republ1¢ of Ireland IFRS 1021 (effective l January 20191., Financial Reporting Standard 102 'Th8 Financial Reporting Standard applicat￿e in the UK and Republic of Ireland, and the Companies Act 20￿. The financial statements have b8èn prepar8<5 under the hlstorkal cost convention. Th9r8 have b￿n ￿ mateiial departures from Financial Reporting Stsndard 102. Golng ¢onceTn During tme year the UnNersity pla￿d a nurnber of 8dlgn5 on Iho Vnlon In orrjer lo continue their fvndSng. The rnajority of these actions have been completed. The Unlverslty and the Siudenls. Union ￿jrrentIY have much-improved relationship. The twstees have assessed the Student's Unlon abifity to eont5nue as a golng cOn￿rn, they have considered 5e¥oral factor5 when fortniry their condusions including liquidity, ¢8sh resources, liabilities, support available frorn govgmment initiatNes and the Current posltion with the Unlversity of S¢xrth Wal8S. Like many organisations, the financial position has been, and will continue to be impacted by real-hvorld evenis that wll require ad hoc a￿lOnS, but the Iruslees a￿ confident in their ability to do so. After assessing the impact of possibl8 differènt scènarios, whteh assume conlnusng support from the University, th¢ trustees have concluded that there is a reasonab￿ expectation that adequate resources a￿ available io ontinue to opera18 for at least 12 months from Ihe date ol signing Ihe financiaj statsm8nts and have th9refor9 ¢ontinu8d to prepare the financial statements on a going concem basis. Incorne All Incorne is recognised in the Ststemellt of Financial Activities once the charity has entiuemenl to th8 lunds.11 probable that the income will be re¢eived, 8nd the arnount can be measured ￿liablY. Donats'ons and legacies Income incli¥Jes grants that provide core lunding or ar8 of 8 general naturè and ars recognised where there is entillement, probability of recFipt and the amount ¢8n be measured wlh sufficient liability. Such income is only deferred when the donor sp8cifi85 It must be used In future accounbng periods or th8 donor has imposed condiuons whlch must be met before the charity h85 unconditional entlttement. Income f¥om Gharitable activities Indudes income received under contract orwhere entitlement to grantlunding ss svbj8Ct to spectfic performance conditions. This income is ￿cOgnIsed as th8 related 5eNees a￿ prowded and there 1$ enbllernent, probability of receipt and thè amount Can be rneasU￿d with sufficient reliability. Income is tjeferred when the amounts ￿e1Ved ar8 in o(fvance of the p8rfoman¢e of the servKe or event to whlch they relate. Page 15 conkn'nued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnu¢d FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES- continued Basls of re¢c*gnltlon of Ilabllttles Lrabilities are Tecogni5ed as expenditure as 500n a5 thBre 15 a legal or constructiv8 obligation cotnmitting thg charity to that 8XP8nditure. it is probable Ihat a transfer of &conomi¢ benefits ￿711 be required in settlement and the amount ol the obligation can be measured reliably. Expenditu￿ is accounted for on an a¢¢ruals basis and has been classifièd under headings Ihal agg￿gate all ctsst reLated to the eategory. Where costs cannot be directly attributed to particular headings. they have been allocated to activsties on a basis consistent ￿th the use of resources. Expenditu￿ on charitable activities comprises those costs incurred by tho eharity in the delNery tsf its activities and serwees ltsr its beneficiarie5. It indude5 both costs that can be allocated diredy to Such act￿lIeS and those costs ofan indiwt nature ne￿$Sary ¢0 support them. Support cosls are Ih05e costs that, whilst necessary to deliver an activity, do not themselves pr&luce or conslilut8 th8 Ciltput of the charitab18 activity. This indud88 govemance costs th¢h a￿ Ihose Costs assodated th meeting the ¢on5tr1uknonal and 5talutory reqUi￿rnents of the Charity and inelude the accountanEy fee5 and Costs linked to the strategic managernent of the charity. Allocatlon and apportlonment of costs All costs a￿ allocated between the expenditure eategories on a basL% deskJned to relleot the use of the resource. Tangible fixed assets Tangtble fixed assets are initially rewrded at cost. DeP￿￿atiOn is provided at 20% on c051 and 33.33% in reducing balance per annum. Investments Fixed asset investments are ststed at cost. stocks Stocks are valued 8t the lower of cost and net reali88tle value, after making dug allowance for obsolete and slow rno￿ng items. Taxation The charity 18 9X9rnPt frorn corporation tsx Im its tharitable activStie3. Fund a¢eount5ng Unrestrict8d fund5 be used in accordante with the eharitabl8 objectiv8s at the discretion of the tru5tges. Flnan¢lal Instruments The charity only has fjnancial assets 8n¢J financial liabilit￿5 of a knnd Ihat qualfy as basic financial instrurn8nt5. 8asic financi81 instrum8nts are initially recconi88d at transaction value and subsequently measur8d at their $eWement value. Debtors wilh no slated interest rate and receivable within one year 8re recorded at transaction price. Any losses arising from Impaiment are recognised in expenditure. Prepaymersts are valued al the amount prepaid net ol any trade discounts due. Creditors are recogni5ed where the charity has a present obligation resulliTrJ from a p8St event that will probably sull In the transfer of funds to a third party and the arnount due to setue Ihe obligation ran be measured or estimated reliably. Credltors are normally recognlsed at thelr seilement amount after allowing for any trade discounts due. Pension costs and other post-retirernent benefits The charitable Company operate5 8 defined contribution pension scheme. Contrfbutions payable to the Charitab￿ compan￿$ pension scheme are charged to the Stslement of FinanrAal Actiwties in the p8riad to which they relate. Page 16 continued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THEYEAR ENDED 30 JUNE 2023 ACCOUNTING POUCIES- conllnued Pension ¢05t5 and other post-relirement benefits The Union partscipale$ in the Students, Union Superannuation Scherne, a ¢Jefined benefit schetne which Ss extemally funded and conlract8d out of the State Second Pensron. Th8 fund is valued at least every three yeais by a prof65SK)nally qualified independent actuary with the rates of contiibuty'on payable being determined by th8 truste8s on Ihe advi¢e of the actuary. The scheme opgrates as a yjoled arrangemenL with conlribubons paKI at centrally agreed rate. As a consequen￿, no Share ol the underlying assets and liabilities can be dire¢lly attributed to the Union. Vvhere a plan has b80n agreed to fund an identified deficit, a liabilty is recognised lor Ihe present value of th@ contributions payable that arise from that agreement with the resutting expense recognised in th8 Statement of Financial Acbvities. Slgnificant accountlng judgements and estlmates Estimates and judgements are continually evaluated and are based on hSstoftcal experience and other relev8nt factors, snduijing expectations ol fulute events that are believed lo be ￿asonable under the circumstances. The preparation of the financial st8tem8nls requires management to make estimates and assumptions concerning the future. The resulting a¢counting estimates will. by definStion, be likety to dlffer from Ihe relatsd actual resuNs. No esbmales or assumptions have been identified that have significant Itsk of cèusing rnateri81 adjustment to Ihè earrwng amounts of ossgts and liabilities within the next financial year. DONATIONS AND LEGACIES 2023 2022 Subveation Grant Government Grants HMRC Job ￿tention scheme orant HKJher Educal¢on F*Jnding Council for Wales 1,268.000 1268,000 3,642 25,117 164.680 59,194 1,327,194 1.461,439 Grants received, included in the 8bov8. are as follows= 2023 2022 University of South Wale3 Grant 1268 000 1.268,000 OTHER TRADING ACTIVITIES Restated 2022 2023 TrBvel and employmènt SÈN Sponsorship and other tradin9 activities 61,671 16,089 27,937 77,760 INVESTMENT INCOME 2023 2022 Deposit account Inte￿$¢ 1.856 134 Page 17 continued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 30 JUNE 2023 INCOME FROM CHARtTABLE ACTIVITIES 2023 2022 Shop income Bar income Catering Income ENTS departmenl Income SU Sport income 392.333 201.789 140,572 20,164 29,620 292,427 289,258 93.916 50,747 50.148 784,478 776.496 CHARITABLE ACTIVITIES COSTS D1￿cl Costs Ise8 note 81 Support ojsts (sea note 91 Totals Genernl 1,664.136 468,313 2,132,449 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 StAff costs Insurance Rent- Campus Centre 8ar expenditure Shop expenditu Cètering expendlture ENTS departrnent expenditure SU Sport expenditure Irrecoverable VAT Traintng & development progrdrnrng 8xpendJturè Welfare, representation Affiliation$ Minibus hire costs 675.453 18,621 168,000 145,195 314,059 76.224 47,645 177.406 769 6,916 5.588 26,820 1.440 619,081 28.688 168,000 169,528 222,671 49,525 45,865 150,237 37,983 54,074 5.073 26.525 2,069 1.664,136 1,579,299 SUPPORT COSTS Govemance costs Salaries Management D8predalion Totals General 290 272 30,383 52.258 468.313 10. NET INCOMEIIEXPENDITUREI Net incom¢lloxpotKliturèl i% sta18d afterehargirullcr6ditingl.' 2023 2022 AudiioTS' rernuneration Depreciation- owned assets 5,440 30.383 8,893 18,818 11. PRIOR YEAR ADJUSTMENT The eomparatrve figures for year ended 30 June 2022 have been restated to reduce both wages and ￿¢0[￿e by £219,739 as this relate5 to students employed by lh8 UnNersity- Travel and emptoyThent 5ervic8 income now only reflects the commisslon for processlng the payroll. There is no impact on the net income IOT the year or on the balance sheet. Page 18 ¢onttnued...

uswsu NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 JUNE 2023 12. TRUSTEES, REMUNERATION AND BENEFITS Ther8 were three InJslaes12022.. four) who received ￿mune￿atIOn in the year totalling £47,37412022.- £50,7031 Gross Pay Pension Jamal Abdilahi Kyle Elderidge Davi¢J 18,862 19.177 8.779 386 170 46,818 556 Trustees, expenses Two trustees were reitnbursed rn the year12022-. Nil) lor a total of £140 12022.. £NilJ in re5rect of ¢ravel and subsistence in aecordance ¥wth 5ectpJn 6.3 of the artic18s of assoaation. 13. STAFF COSTS Restated- 2022 2023 Wages and 5alar*s Social security costs Other pension costs and def￿￿( contributions 903.619 53,577 850,645 52,574 56,620 1,011.751 9S9 839 The average number of employees during the yearwas as follows.. 2023 139 2022 117 No employees rectr￿ed èmolumènts in éxce55 of£60.000. Total remuneration paid to key management personnel In the year was £217,12712022 - £209.6931. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES All Income and expendiluro In Ihe prlo¥ year ￿lated to unrèstrtcled funds. is. TANGIBLE FIXED ASs￿s offi fixtures & fittings Motor vehicles Totals COST At 1 July 2022 Additions 258,870 258,870 58,122 15.99S At 30 June 2023 300,997 15.995 DEPRECLITION At 1 July 2022 Charge for year 207,911 27.717 207.911 30.383 2,666 At 30 June 2023 235,628 2,666 238.294 NET BOOK VALUE At 30 June 2023 65,369 13.329 78.698 At 30 June 2022 P￿e 19 eoThlinued...

uswsu NOTES TO THE FINANCIAL STATEMENTS . conllnued FOR THE YEAR ENDED 30 JUNE 2023 16. STOCKS 2023 2022 Stocks 43.337 34,838 17. OE8TORS'. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtor¥ Prepayments and accrued Income 61,993 24,307 38,529 86,300 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank k)ans and overdrafts Iseg nok 191 Trade creditors Social Security and other taxes VAT other creditors Accruals and defarred in¢orne 20,000 15,400 13,222 9,246 104,4e3 22,449 20.000 41,939 12,611 41,943 78,083 99,048 184.780 293.624 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loarns Isee note 191 38.334 58,333 20. LOANS An anatysis ol the rnaturity of108ns is given bebw-. 2023 2022 Arnounts falling due Within one ye8r on demand.. Bank loans 20,000 Amounts falling between one ar￿ two year5.. 8ank loan 38.334 58.333 One bank loan bears Interest 014.2% p.o. ovar LIBOR. In5talrnentS 8r8 P81d rnonlhly until 2022. The other bank loan bears Inte￿$t of 4.42V/ts P.8. over Bas8 Rate. In5talments are paid monthly until 2025. 21. LEASING AGREEMENTS Minirnum le8$e payments under non-cancellable operating leases fall due as fdlows.. 2023 2022 Wrthin one year 168,000 168.000 The 8bove lease wmmitment each year Is In respect of the annuAI renl charge to the University. Page 20 conkn'nued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THEYEAR ENDED 30 JUNE 2023 22. MOVEMENT IN FUNDS Ne¢ movement in funds At 3016123 At 1r1122 Unr85trictÈd fvnds Gengral tund 12,434.432} 1142,3451 12,576,777) TOTAL FUNDS 2 434 4321 Net rnovement in funds. includ8d in th8 above are 8s follow5.' Incoming resources Re50urc85 expended Gains and losses Movement in funds Unrestrlcted funds General fund 2.191.859 12.132,449} 1201.7551 1142.3451 TOTAL FUNDS 2 191859 142.3451 Comparatlves for movement In funds N8t movement in funds At 117121 3016122 Unrestrl¢ted lund$ General fijnd 12.517,6411 83,209 12,434,432) TOTAL FUNDS 2.517.8411 83.209 2.434,4321 Comparative n1)vem￿t In funds, inclu¢Jed in the above are #s follow5.. Inwming resources Re$our¢es expended Gains and Ioss95 Ilovement in funds Unrestricted funds G9noral lund 2,280,107 12,039,4131 1157,4851 83.209 TOTAL FUNDS 2 280.107 2.039,4131 157,48SI 82.209 Page 21 contsnued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 30 JUNE 2023 23. EMPLOYEE BENEFIT 08LIGATIONS 2023 2022 At 1 July 2022 Amounts paid Unwn¢Jing ol di5count8d scheme 2.743,208 1200,6221 201755 2.7e9,716 1183.9931 157485 At 30 June 2023 2 744 341 2,743,208 The a￿ve sehedule shows the present value at the year end lor the multi-ernployer dèfin8d bènafit Students. Union Svperannuation Scheme. The Union participates in the Students. Union Superannuation Scherne, whrch is a defined benefit scheme whose membership consists of employees ol students, unlons and related bodtes throughout the country. Benefits in ¥espect of Sery1￿ up to 30 September 2003 are accrved on a 'final salary. basls, with benefits in respect of se[W￿ from 1 (klob8r 2003 accruing on a Carear Average Revaluèd Eamings {CAREI basis. Wlth effect from 30 Sep18rnber 2011 the scheme closed to futu￿ accrual. The most ￿e8￿1 Valuation of th8 Seheme w8s rnrried out as at 30 June 2022 and showed Ihat the market value of the Scheme's 85sels was £106.7m with these assets representing 44% of the value of benefils that had accru8d tg members after allowing for expected future increase5 in eamings. The def￿11 on an ongoing fundiftg basis 8mounted to £136.6m which reported a deerease to the previous 2019 v81ualion deficit of £140.9m. The assumptions which have the most significant effect upon the ￿SuM$ tsl the valutiti(￿ are those rdaling to the rate of fetum on tnvestments and Ihe ra¢es of Increase In Sala￿SS an(1 pensions. The previous 2019 acbJarial valuation recornmended a monthly contribution fequiremenl by each Union expressed in mon8tary terms int8nded to ¢lear the ongolng funding ¢Jeficit over a period of 16 years which was due tts end in 2035. Given the already substantial level ol contributions being made to the sch8m8 by employers, the Trustees of the scheme concluded that extendlng the recovery P8fiod was the mo31 appropriate opts"on. In suTTrrnary, employer contributions will ￿creaSe by 5% each year until the end of the deficll recovery period. which 45 now expected to be in May 2037. However, contn"butions due from October 2026 onward$ ￿11 be r8vi8W8d following the nexl a¢luarial valuallon. In addition to the above contributions. Ihe Union also pays its Share of the 5chem&'s levy and aJ$ociat8d axpèns8S to the Pension Protection Fund. The tolal o)nlributs"ons paid Into the scheme by the Un¢on In resped ol eligible employees for the year endèd 30 June 2023 amounted to £200.622 which a￿ 811 defic4t contributlOT1512022.. £183,993). At the year end 8 liability was recognised for the present value of the contributions payable of £2.744,34112022 - £2.743,2081. The Union afso partKipates in the Nation81 Union ol Students Pension Scheme, a defined cOn￿butiOn scheme. During the year ended 30 June 2023 the Union contributed a total of £37.598 into the stherne12022.. £37.5661. At the year end there We￿ outstanding tontributions of £Nil12022.. £Nill- 24. RELATED PARTY DISCLOSURES During the year, salaries totalling £13,86512022= £6.3561 were paid lo close family members of key managem8nt personnel. Page 22 tontinued...

uswsu NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2023 25. FINANCIAL INSTRUMENTS Th8 charity has the following financial liabilities measure¢J at fair value-. 2023 2022 Financial liabilities Provislon- pension Ilabilily 2744341 2 743 208 2,744 341 2,743.208 Page 23