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← Uswsu

2024-06-30-accounts

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

REGISTERED COMPANY NUMBER: 08629047 (England and Wales) REGISTERED CHARITY NUMBER: 1153572

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

USWSU

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 22

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objectives of the University of South Wales Students' Union are:

The Students' Union planned to achieve this through:

The trustees of USWSU have had due regard to the guidance issued by the Charity Commission on public benefit and maintain oversight of this through regular meetings.

ACHIEVEMENTS AND PERFORMANCE

USWSU contributed to the advancement of its charitable objectives and civic duty through a number of activities and projects. This has included empowering students to promote causes which matter to them including from an Equality, Diversity and Inclusion perspective. In February USWSU supported a number of societies to run a ‘Mother Tongue Day’ event, bringing together a number of cultures which were showcased by students to other students.

From Student Voice, USWSU achieved a successful election period, having 12 candidates for full-time positions and a turnout of 5.5%, the highest the SU has achieved since the COVID-19 pandemic. Student Voice successes also saw the Student Choice Awards, the annual event organized by USWSU to celebrate staff and students across the institution, saw an increase in nominations by over 100 to 1352. A drop in student representatives has occurred from 610 in the previous year down to 483. In terms of a national scale, USWSU scored 69% in the National Student Survey. This is below the benchmark of 73% within the sector but has seen a slight increase from the previous academic year, demonstrating USWSU’s commitment to representing academic interests.

USWSU was also nominated and shortlisted for the ‘Professionals Award’ in the University Alliance Awards. The nomination referenced the hard work that staff had put into ensuring the interests and experience of students were not impacted with other changes within the organization.

Financial position

The total income for the year was £2,312,937, £1,268,000 of this is the subvention grant received from the University of South Wales with a further £173,182 contributed towards supporting the Union through a period of transformation. Income from charitable activities decreased to £774,410 (2023: £784,478). Other trading activities increased slightly to give a total of £83,005 (2023: £77,760).

Expenditure for the year totaled £2,236,817 (2023: £2,132,449) which results in a surplus for the year of £76,120 before accounting for the unwinding for the discounting of the pension provision of £50,192 (2023: £201,755), which gave an overall surplus of £25,928 (2023: deficit of £142,345).

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

The balance sheet position at 30 June shows negative unrestricted funds of £2,550,849 (2023: £2,576,777) the majority of this relates to the provision for the defined pension liability of £2,584,738 (2023: £2,744,341).

Reserves policy

The Board of Trustees have reviewed USWSU's reserve requirement and recognises that a liquidity cash reserve reflective of the cash trading position is required for troughs in our funding. The Trustees recognise that reserves are part of USWSU's unrestricted funds, which are freely available to spend on any of USWSU's charitable purposes. When 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 reducing the benefits to USWSU members. Likewise, the Board recognises a risk to USWSU and its future activities if reserves are too low. USWSU's reserves cover an operating surplus, designated capital commitments, and designated service investment.

The Board has set an ideal level of reserves at between 2 - 3 months operating costs amounting to approximately £366,000 - £555,000 based on 2024 expenditure levels. There are no free reserves at 30 June 2024. Although reserves after adjustments for pension provision and fixed assets would be negative £23,248. USWSU expect to work towards this longer-term goal by a continued plan for transformation that will deliver surplus balances until targeted levels are achieved.

Pension liabilities

The Students’ Union participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.

The most recent valuation of the scheme was carried out as at 30 June 2022 and showed that the market value of the scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £133.6m. The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The following assumptions applied at 30 June 2022:-

The 2022 valuation extended the scheme’s recovery plan until May 2037, and recommended a monthly contribution requirement by each Participating Employer. This was expressed in monetary terms intended to clear the ongoing funding deficit over a period of 15 years and increased by 5% in October 2023 and at least 5% each year thereafter. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme. These rates will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Students’ Union’s future contribution commitment. In addition to the above contributions, the Students’ Union also pays its share of the scheme’s levy to the Pension Protection Fund.

SUSS is a multi-employer scheme and as such it is not possible to account for it as a defined benefit scheme because the share of the overall deficit cannot be allocated to individual participants. The liability included in the accounts is therefore calculated as being the net present value of future funding payments.

In accordance with FRS 102, the net present value of the future contributions required over 13 years to clear the funding deficit is £2,584,738 (2023 - £2,744,341). In calculating this net present value, annual increases of 5% have been made and a discount rate of 5.2% representing the typical yield of high-quality corporate bonds has then been applied.

Going concern

Following concerns in relation to the financial management and operation of the USWSU in the previous financial year, the University placed a number of conditions on the Union in order to continue funding. This included obtaining signoff of the audited accounts, providing management accounts for the 2023/24 budget year and having an approved budget

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

for 2024/25 in place, as part of a wider plan for sustainable operation. The University accepted USWSU plan for Transformation and have agreed to provide subvention funding for 2025/26, with commitment from the SU to agree a funding agreement and provide longer term budget forecasts. The University are committed to working with the USWSU and have been encouraged by progress made. Separately, there has been a change in Senior management team.

The trustees have assessed the Student's Union ability to continue as a going concern. They have considered several factors when forming their conclusions including liquidity, cash resources, liabilities, and support from the University of South Wales. The trustees have concluded that there is a reasonable expectation that adequate resources are available to continue to operate for at least 18 months from the date of signing the financial statements and have therefore continued to prepare the financial statements on a going concern basis. The University continue to support the Students’ Union.

Principal funding

USWSU's funding is derived in two main ways: Through a subvention from the University of South Wales, and through income from commercial services. Payment of the subvention grant is transferred monthly.

STRATEGY

The previous trustees’ report stated that the relationship between the Student’s Union Board of Trustees and the University’s Board of Governors had deteriorated due to concerns about financial and operational management. At that time, the Board of Trustees reported that work was underway to address these issues and rebuild a close working relationship with the Board of Governors.

The 2023/24 academic year posed significant challenges for the Students’ Union, particularly in terms of governance and leadership. In September 2023, a new Chair of the Board of Trustees was appointed alongside several new external trustee members, followed by the appointment of a University-nominated Trustee Board member in October 2023. These appointments aimed to enhance the board's effectiveness and support the management team in addressing ongoing concerns.

After careful strategic and operational reflection, key members of the management team - the CEO, Membership Services Manager, and Commercial Manager - departed from the organisation in October and November 2023. This bold decision was considered essential for transforming the organisation to better serve its students.

In January 2024, an interim CEO was appointed on secondment from NUS Charity Services. This individual was tasked with stabilising the organisation and conducting a comprehensive review as a preliminary step toward appointing a new CEO in Spring 2024. Short-term stability was achieved through various measures, including financial and staffing interventions. Additionally, a thorough review conducted by external consultants, Counterculture, provided a toolkit for transformational change across several areas, including Finance, HR, Commercial, Governance, and Compliance.

In May 2024, with the assistance of Atkinson HR, a successful recruitment process led to the appointment of a new CEO, who began their role in mid-June 2024. Unfortunately, this appointment was short-lived, as the new CEO left the organisation in late September 2024 due to personal reasons.

In response to the urgent need for stability and transformation within the organisation, the Students' Union and the University reached an agreement in November 2024 to second the University’s Director of Strategy & Development to the role of CEO for an initial period of nine months. This secondment may be extended for up to two years to facilitate strategic and operational transformation of the organisation. Additionally, in December 2024, the Chair of the Board of Trustees resigned, leading to the selection of a new Chair from among the existing Trustee Board members.

Principal risks and uncertainties

The previous trustees’ report stated that the principal risk was the potential withdrawal of block grant funding, which could lead to the insolvency of the Students’ Union. This risk continues to be significant because, although the University is providing additional financial support in 2024/25 and has agreed to second a senior leadership team member to the CEO role, it expects with some urgency, improved financial performance and organisational transformation to benefit the students it serves.

The Students’ Union Superannuation Scheme (SUSS), which is the closed pension scheme of which USWSU was a member, continues to pose a risk to the Students’ Union. The pension fund is no longer open to future contributions, and previous members are responsible for making deficit contribution payments to the scheme. These payments are increasing by 5% each year until the end of the deficit recovery period, which is now expected to be in May 2037. This situation presents a financial risk not only to USWSU but also to all other member Students’ Unions.

The recent decline in student enrolments in higher education, particularly at the University level, poses a significant risk and

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

creates uncertainty for the future. This situation could have a twofold impact on the Students' Union. First, the block grant funding is dependent on student numbers, so a decrease in enrolments may lead to reduced financial support from the University. Second, fewer students could result in lower demand for commercial services, such as events, food and beverage, and retail operations, limiting the organisation’s ability to offer these services at the same scale as before. For instance, nightclub operations were suspended in 2023/24 due to a drop in student demand.

The external consultancy review conducted by Counterculture identified several compliance and operating practices that require attention to demonstrate strong organisational health. This work has been prioritised, however, until it is completed, the organisation operates at risk. Key areas for consideration include data protection, regular policy reviews, business continuity planning and financial systems development.

Future plans

Students’ Unions must evolve from traditional roles of representation and service provision to actively fostering cooperation with the broader university ecosystem. This transformation is essential for driving student success and ensuring institutional sustainability.

USWSU has effectively represented and served the student community but based on the findings and recommendations from the external consultancy review and the new CEO's initial insights and experiences, the organisation now requires a new, fit-for-purpose strategy that provides clear direction within the ever-changing landscape of higher education.

As of early March 2025, the process of developing a new strategy has begun. This process includes a strategic analysis exercise aimed at gathering insights about USWSU, focusing on both its current status and future direction. A diverse group of stakeholders are involved, including student representatives, such as student voice representatives, as well as representatives from clubs and societies, staff, and board members from the SU and the University.

The outcome of this exercise will be the formulation of a draft strategy for the period 2025-2030. This draft will undergo broader consultation within the organisation and the wider university community during Spring 2025, with the goal of obtaining approval from the Board of Trustees in late June 2025.

It has been emphasised to USWSU colleagues that we must act with urgency to enhance services for all students, irrespective of their study methods or locations within the University. It is crucial that we fully embrace transformational change to become an organisation that promotes positive development and makes a significant impact on students' lives, now and in the future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The USWSU is a Students' Union within the meaning of the Education Act 1994. The Union is devoted to promoting the education, interests and welfare of its members, students at the University of South Wales. It is the recognised independent representative body of students at the University.

The charity is a registered charitable company that is limited by guarantee. The charity is governed by Memorandum and Articles of Association.

Trustee selection methods

Not more than four Sabbatical Trustees shall be elected by the Student Members of the Union at an election held in accordance with the Standing Orders and shall remain in office for a term of usually twelve months, as specified in the Standing Orders. The term of office may be shorter or longer on a transitional basis to coincide with the alteration of the year-start or year-end.

Student Trustees may be re-elected for a further non-renewable term of usually one year. The term of office may be shorter or longer on a transitional basis to coincide with the alteration of the year-start or year-end. The maximum period that a Student Trustee may serve is twenty-four months. The Trustees shall co-opt by a simple majority of those present and voting up to five such persons as they consider suitable to be charity trustees (having regard to their skills and experience) as Co-opted Trustees.

Trustee induction and training

New trustees are trained at the beginning of each academic year to ensure they understand their roles and responsibilities. This forms part of a comprehensive in-house training programme and focuses in depth on their full responsibilities, accountability and Nolan Principles.

Organisational structure

The Students' Union is run by students for students, supported by a number of staff, and overseen by a Board of Trustees.

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Elections are held annually for the students at the University of South Wales to vote for their full-time and part-time student officers. These form Student Council, who are responsible for the representation and campaigning function of the Students' Union and Student Voice Forum, who are responsible for the academic representation function of the Students' Union.

The Board of Trustees are responsible for the legal, financial and governance arrangements of the Students' Union, and delegates day-to-day responsibility of their duties to the Chief Executive Officer and Senior Management Team.

Pay and remuneration

The arrangements for setting pay and remuneration of the Union's key management are in line with sector practice and take in to account the financial performance of the Union. The Students' Union is a Living Wage Employer and ensures all employees are paid in accordance with relevant legislation governing pay.

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08629047 (England and Wales)

Registered Charity number 1153572

Registered office University of South Wales Students' Union Forest Grove Pontypridd Rhondda Cynon Taff CF37 1UF

Trustees Officer Trustees Jamal Abdilahi President Appointed 1 July 2022; Resigned 28 June 2024 Cheryl T Chinghoso Appointed 1 July 2023 Kenul M N Herath Appointed 1 July 2023; Resigned 12 February 2024 Sofia Soberson Appointed 1 July 2023; Resigned 25 March 2024 External Trustees Richard Seymour Resigned 22 August 2023 Caroline Smith Resigned 29 August 2023 Susan Hayes Resigned 1 August 2023 Stuart Leonard Williams Chair Appointed 5 September 2023, Resigned December 2024 Rebecca Nyasha Mamhende Appointed 15 September 2023 Josef Walsh Appointed 12 September 2023 Richard Main MBE Appointed 24 September 2023 Richard Mark Cadwallader Appointed 5 October 2023, Resigned 31 October 24 Emilie Tapping Appointed 30 September 2024

Student Trustee Kelly-Marie Williams Kudzaishe Zhou Doreen Rassbach Holly Grindlay

Appointed 22 September 2023; Resigned 24 April 2024 Appointed 5 April 2024 Appointed 5 April 2024 Appointed 13 May 2024

Key Management Personnel

Sian Taylor Sam Harris Michelle Howlin Helen Thomas Michael Borley Rhiannon Jones Emma Powell Ellis Thomas

CEO until November 2023 Interim CEO from 15 January 2024 to 22 August 2024 CEO from 12 June 2024 to 7 October 24 Central Resources Manager Commercial Services Manager until 31 October 2023 Membership Services Manager until 31 October 2023

Interim Central Services Manager from 26 February 2024 Clerk from 1 November 2023, Secretary from 22 August 2024, Interim Membership Services Manager from 26 February 2024

Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

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USWSU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of USWSU for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITOR

HaysMac LLP have been appointed in accordance with section 487(2) of the Companies Act 2006.

In preparing this report, the trustees have taken advantage of the exemptions available to smaller companies including from the requirement to prepare a strategic report.

Report of the trustees, approved by order of the board of trustees, as the company directors, on ………………………………. and signed on the board’s behalf by: 27/03/2025

E Tapping

27/03/2025

………………………………………………

Emilie Tapping – Trustee & Chair

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E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

USWSU

Opinion

We have audited the financial statements of USWSU for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 UK, including the FRC'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

USWSU

regime and take advantage of the small companies’ exemptions in preparing the Report of the Trustees and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 7, 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.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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 charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company law and charity law, and we considered the extent to which non-compliance 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 and the Charities Act 2011, payroll tax, sales tax and Health and Safety laws.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to revenue recognition from charitable and other trading activities. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

S Harper

Slew Mo 27/03/2025 Steve Harper (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date:

10 Queen Street Place London EC4R 1AG

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USWSU

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024

Notes
INCOME FROM
Donations and legacies
3
Charitable activities
6
Other trading activities
4
Investment income
5
Other Income
Total
EXPENDITURE ON
Charitable activities
7
Unwinding discount rate on defined benefit scheme provision
21
Total
NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN
FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
funds
£
1,453,182
774,410
83,005
2,340
-
2,312,937
(2,236,817)
(50,192)
(2,287,009)
25,928
(2,576,777)
(2,550,849)		 2023
Unrestricted
funds
£
1,327,194
784,478
77,760
1,856
571
2,191,859
(2,132,449)
(201,755)
(2,334,204)
(142,345)
(2,434,432)
(2,576,777)

The notes on pages 14 to 22 form part of these financial statements.

There were no recognised gains and losses other than those shown on the above Statement of Financial Activities.

There was no restricted income or expenditure in 2023 or 2024. All funds in both years were unrestricted.

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Company number 08629047

USWSU

BALANCE SHEET AS AT 30 JUNE 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 13 57,137 78,698
CURRENT ASSETS
Stocks 14 51,237 43,337
Debtors 15 49,188 86,300
Cash at bank and in hand 142,005 182,343
242,430 311,980
CREDITORS
Amounts falling due within one year 16 (207,444) (184,780)
NET CURRENT ASSETS 34,986 127,200
TOTAL ASSETS LESS CURRENT LIABILITIES 92,123 205,898
CREDITORS
Amounts falling due after more than one year 17 (18,234) (38,334)
PROVISIONS FOR LIABILITIES
Other provisions 19 (40,000) -
Pension liability 21 (2,584,738) (2,744,341)
NET ASSETS/(LIABILITIES) (2,550,849) (2,576,777)
FUNDS
Unrestricted funds 20 (2,550,849) (2,576,777)
TOTAL FUNDS (2,550,849) (2,576,777)

The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime, and in accordance with the provisions of FRS 102 Section 1A – Small Entities.

27/03/2025

The financial statements were approved by the Board of Trustees and authorised for issue on …………………………... and were signed below on its behalf by:

E Tapping

27/03/2025

……………………………………… Emilie Tapping – Trustee & Chair

The notes on pages 14 to 22 form part of these financial statements.

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USWSU

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating activities
Cash (used in)/generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from Investing activities
Purchased of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financial activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 2024
£
(22,578)
(22,578)
-
2,340
2,340
(20,100)
(20,100)
(40,338)
182,343
142,005		 2023
£
(249,132)
(249,132)
(58,122)
1,856
(56,266)
(20,000)
(20,000)
(325,398)
507,741
182,343

The notes on pages 14 to 22 form part of these financial statements.

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E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Unwinding of pension scheme provision
Interest received
(Increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Difference between pension charge and cash contributions
Net cash (used in)/provided by operations		 2024
£
25,928
21,561
50,192
(2,340)
(7,900)
37,112
62,664
(209,795)
(22,578)		 2023
£
(142,345)
30,383
201,755
(1,856)
(8,499)
(19,104)
(108,844)
(200,622)
(249,132)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand

Debt
Debts falling due within 1 year
Debts falling due after 1 year

Total		 At 1/7/23
£
182,343
182,343
(20,000)
(38,334)
(58,334)
124,009		 Cash flow
£
(40,338)
(40,338)
-
20,100
20,100
(20,238)		 At 30/6/24
£
142,005
142,005
(20,000)
(18,234)
(38,234)
103,771

The notes on pages 14 to 22 form part of these financial statements.

Page 13

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

2.

USWSU is a registered charity and private company limited by guarantee, having no share capital, incorporated in Wales in the United Kingdom. The registered office is University of South Wales Students' union, Forest Grove, Treforest, Rhondda Cynon Taff, CF37 1UF. The nature of the company's operations and principal activities are disclosed within the Report of the Trustees.

In the event of the company being wound up the liability of its members is limited to a sum of £1.

The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There have been no material departures from Financial Reporting Standard 102.

Going concern

During the year the University placed a number of actions on the Union in order to continue their funding. The majority of these actions have been completed. The University and the Students' Union currently have a much-improved relationship.

The trustees have assessed the Student Union’s ability to continue as a going concern, they have considered several factors when forming their conclusions including liquidity, cash resources, liabilities, support available from government initiatives and the current position with the University of South Wales.

Like many organisations, the financial position has been, and will continue to be impacted by real-world events that will require ad hoc actions, but the trustees are confident in their ability to do so.

After assessing the impact of possible different scenarios, which assume continuing support from the University, the trustees have concluded that there is a reasonable expectation that adequate resources are available to continue to operate for at least 12 months from the date of signing the financial statements and have therefore continued to prepare the financial statements on a going concern basis. The trustees further confirm that they have not identified any material uncertainties in preparing the financial statements on the going concern basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Donations and legacies income includes grants that provide core funding or are of a general nature and are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.

Other income, including income from other trading activities, 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.

Page 14

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2 ACCOUNTING POLICIES - continued

Basis of recognition of liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate a cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. ft includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity.

Allocation and apportionment of costs

Alf costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost.

Depreciation is provided at 20% on cost and 33.33% in reducing balance per annum.

Investments

Fixed asset investments are stated at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 15

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The Union participates in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Where a plan has been agreed to fund an identified deficit, a liability is recognised for the present value of the contributions payable that arise from that agreement with the resulting expense recognised in the Statement of Financial Activities.

Significant accounting judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results The most significant estimate relates to the discount rate utilized for the unwinding of the pension scheme liability. No other estimates or assumptions have been identified that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. DONATIONS AND LEGACIES

Subvention Grant
Higher Education Funding Council for Wales
Support grant
Grants received, included in the above, are as follows:
University of South Wales Grant
OTHER TRADING ACTIVITIES
Travel and employment services
Sponsorship and other trading activities
INVESTMENT INCOME
Deposit account interest		 2024
2023
£
£
1,268,000
1,268,000
12,000
59,194
173,182
-
1,453,182
1,327,194
2024
2023
£
£
1,268,000
1,268,000
2024
2023
£
£
55,197
61,671
27,808
16,089
83,005
77,760
2024
2023
£
£
2,340
1,856

4. OTHER TRADING ACTIVITIES

5. INVESTMENT INCOME

Page 16

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

6. INCOME FROM CHARITABLE ACTIVITES

Shop income
Bar income
Catering income
ENTS department income
SU Sport income		 2024
2023
£
£
444,461
392,333
172,695
201,789
104,018
140,572
8,255
20,164
44,982
29,620
774,410
784,478

7. CHARITABLE ACTIVITES COSTS

General
8.
DIRECT COSTS OF CHARITABLE ACTIVITES
Staff costs
Insurance
Rent - Campus Centre
Bar expenditure
Shop expenditure
Catering expenditure
ENTS department expenditure
SU Sport expenditure
Irrecoverable VAT
Training & development programme expenditure
Welfare, representation
Affiliations
Minibus hire costs		 Direct costs
(see note 8)
£
1,502,027		 Support costs
(see note 9)
£
734,789		 Totals
£
2,236,817
2024
£
469,916
26,552
168,000
121,839
353,132
55,924
58,025
160,058
40,926
6,667
10,442
28,322
2,223
1,502,027		 2023
£
675,453
18,621
168,000
145,194
314,059
76,224
47,645
177,406
769
6,916
5,588
26,820
1,440
1,664,136

9. SUPPORT COSTS

General Salaries
£
Management
£
Depreciation
£
Governance
costs
£
Totals
£
419,097
210,210
21,561
83,921
734,789

Page 17

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

10. NET INCOME/(EXPENDITURE)

Net Income/(expenditure) is stated after charging/(crediting):

Auditor’s remuneration
Depreciation - owned assets		 2024
2023
£
£
17,240
5,440
21,561
30,383

11. TRUSTEES' REMUNERATION AND BENEFITS

The Union's sabbatical officers received the following amounts for the period ending 30th June 2024, as authorized in the Union's governing document. There were four trustees (2023: three) who received remuneration in the year totaling £62,566 (2023: £47,374).

Jamal Abdilahi
Cheryl T Chinghoso
Kenul M N Herath
Sofia Soberson		 Gross Pay
£
19,054
20,028
6,220
16,511
61,813		 Pension
£
-
414
-
339
753

Trustees' expenses

Three trustees were reimbursed in the year (2023: Two) for a total of £1,115 (2023: £140) in respect of travel and subsistence in accordance with section 6.3 of the articles of association.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs and deficit contribution
The average number of employees during the year was as follows:		 2024
£
2023
£
870,625
903,613
55,297
53,577
29,773
54,561
955,695
1,011,751
2024
2023
136
139

No employees received emoluments in excess of £60,000.

Total remuneration paid to key management personnel in the year was £319,750 (2023 - £217,127). During the year USWSU entered into compromise agreements with former members of key management personnel in the amount of £84,213 (2023: £nil).

Page 18

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS

Office
Fixtures &
Fittings
£
COST
At 1 July 2023
300,997
Additions
-
At 30 June 2024
300,997
DEPRECIATION
At 1 July 2023
235,628
Charge for year
18,895
At 30 June 2024
254,523
NET BOOK VALUE
At 30 June 2024
46,474
At 30 June 2023
65,369
14.
STOCKS
Stocks
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 18)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income		 Motor
Vehicles
£
15,995
-
15,995
2,666
2,666
5,332
10,663
13,329
2024
£
51,237
2024
£
35,794
13,394
49,188
2024
£
20,000
46,807
12,899
8,536
84,938
34,265
207,444		 Totals
£
316,992
-
316,992
238,294
21,561
259,855
57,137
78,698
2023
£
43,337
2023
£
61,993
24,307
86,300
2023
£
20,000
15,400
13,222
9,246
104,463
22,449
184,780

Page 19

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 18)
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank Loans
Amounts falling due between one and two years:
Bank Loans		 2024
2023
£
£
18,234
38,334
2024
2023
£
£
20,000
20,000
18,234
38,334

One bank loan bears interest of 4.42% p.a. over Base Rate. Instalments are paid monthly until 2025.

19. PROVISIONS FOR LIABILITIES

The charity had the following provisions during the year:
At 1 July 2023
Additions in the period
At 30 June 2024		 2024
£
-
40,000
40,000

The provision relates to the estimated taxation liabilities where there is uncertainty over the amount and timing of the amounts due.

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above areas follows:
Income
£
Unrestricted funds
General fund
2,312,937
TOTAL FUNDS
2,312,937		 At 01/07/23
£
(2,576,777)
(2,576,777)
Expenditure on
charitable
activities
£
(2,236,817)
(2,236,817)		 Net
movement
in funds
£
25,928
25,928
Unwinding
discount rate
£
(50,192)
(50,192)		 At
30/06/24
£
(2,550,849)
(2,550,849)
Movement in
funds
£
25,928
25,928

Page 20

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 01/07/22
£
(2,434,432)
(2,434,432)		 Net
movement
in funds
£
(142,345)
(142,345)		 At
30/06/23
£
(2,576,777)
(2,576,777)

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Income
£
2,191,859
2,191,859		 Expenditure on
charitable
activities
£
(2,132,449)
(2,132,449)		 Unwinding
discount rate
£
(201,755)
(201,755)		 Movement in
funds
£
(142,345)
(142,345)

21. EMPLOYEE BENEFIT OBLIGATIONS

At 1 July 2023
Amounts paid
Unwinding of discounted scheme
At 30 June 2024		 2024
£
2,744,341
(209,795)
50,192
2,584,738		 2023
£
2,743,208
(200,622)
201,755
2,744,341

The above schedule shows the present value at the year end for the multi-employer defined benefit Students' Union Superannuation Scheme.

The Union participates in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual.

The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £133.6m which reported a decrease to the previous 2019 valuation deficit of £140.9m.

The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The 2022 valuation extended the scheme’s recovery plan until May 2037, and recommended a monthly contribution requirement by each Participating Employer. This was expressed in monetary terms intended to clear the ongoing funding deficit over a period of 15 years and increased by 5% in October 2023 and at least 5% each year thereafter. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme. These rates will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. Surpluses or deficits which arise at future valuations will also impact on the Students’ Union’s future contribution commitment. In addition to the above contributions, the Students’ Union also pays its share of the scheme’s levy to the Pension Protection Fund.

Page 21

E-Sign ID: d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

In summary, employer contributions will increase by 5% each year until the end of the deficit recovery period, which is now expected to be in May 2037. However, contributions due from October 2026 onwards will be· reviewed following the next actuarial valuation.

In addition to the above contributions, the Union also pays its share of the scheme's levy and associated expenses to the Pension Protection Fund.

The total contributions paid into the scheme by the Union in respect of eligible employees for the year ended 30 June 2024 amounted to £209,796 which are all deficit contributions (2023: £200,622). At the year-end a liability was recognised for the present value of the contributions payable of £2,584,737 (2023 - £2,744,341).

The Union also participates in the National Union of Students Pension Scheme, a defined contribution scheme. During the year ended 30 June 2024 the Union contributed a total of £7,837 into the scheme (2023: £37,598). At the year-end there were outstanding contributions of £5,132 (2023: £Nil).

22. RELATED PARTY DISCLOSURES

During the year, salaries totaling £13,065 (2023: £13,865) were paid to close family members of key management personnel.

There were also travel expenses of £127 (2023: £140) reimbursed in the year to two members of key management personnel.

There were no other related party transactions to disclose other than set out elsewhere in the accounts, including in note 11 and note 12 (2023: none).

Page 22

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Envelope Details

Title USWSU Accounts 2024
Author S M Executive Services Limited (sam@smlimited.uk)
Envelope Created on Thu, 27 Mar 2025 19:27:40
Envelope ID d1c5fede-a21d-46a0-a1fc-1bce7f30cb14

Document Details

Title USWSU_Accounts_2024.pdf.pdf
Digital Fingerprint 3823e18d-03ec-4687-846a-f58800561f17

Document Signers Scan/Click the QR Code to view signature information

Name Emilie Tapping
Email emilietapping@gmail.com
Status SIGNEDat Thu, 27 Mar 2025 19:40:55 GMT(+0000)
Signature Fingerprint 84abc762-7fff-4569-9015-6dfe50896955
Name Steve Harper
Email SHarper@haysmac.com
Status SIGNEDat Thu, 27 Mar 2025 20:45:42 GMT(+0000)
Signature Fingerprint 4f323cba-c9f7-4102-ba15-2d9bc6b228fa
Document History
Thu, 27 Mar 2025 20:45:43 Steve HarperSigned the Document (IP: 94.12.105.59)
Thu, 27 Mar 2025 19:40:56 Emilie TappingSigned the Document (IP: 85.255.235.26)