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 tran51t*Jnal 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 $0. Our responsibilities forthe audit of the financial statements Our objecb'ves arg to obla*n reasonaEle assurance about whether the financial statemenLs as a whole ar8 free from material misslatemenl, whether due to fraud or error, 8nd to issue a Report ol the Independent Auditors that indudes our opinion. Reasonable assuran￿ Is a high level of assurance, bul is not 8 guarantee that an audit conducted in accordance wth ISAS IUKI will always detect 8 material misslaternenl when it exists. Misstalemfjnts can ar15e from fraud or error and a￿ Considered material if, individually or in the aggregate. they could ￿8$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