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2025-07-31-accounts

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

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

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2025

FOR

USWSU

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

USWSU

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 23

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

USWSU

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 period ended 31 July 2025. 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 Charity Commission's guidance on public benefit and maintain oversight of this through regular meetings held throughout the academic year to ensure strategic oversight and accountability.

ACHIEVEMENTS AND PERFORMANCE

The Board of Trustees reviews organisational objectives annually, with work underway on a new strategy to be implemented from 2026. During the year, USWSU continued to deliver and expand its activities in support of its charitable purposes, achieving the following:

Empowering Democratic Action

Democratic engagement remains central to USWSU’s mission. USWSU is led by student leaders across all levels of the University from Course Reps to Full-time Sabbatical Officers. In total, we had over 500 student representatives, most of which were course reps. Elsewhere there were also 150 student leaders who formed parts of Club and Society Committees, ensuring that democratic action within constituted student groups was carried out and reflected in the wider organisation work. In addition, students reviewed the Union’s constitution and governing documents and attended the Annual General Meeting, with over 200 students participating in various policy discussions.

The annual Leadership Race achieved its highest turnout to date, with 8.6% of the student body voting. This involved more than 25 candidates across 19 roles. While the Union continues to prioritise the quality of democratic engagement over volume, these results demonstrate increasing student empowerment and participation in shaping the organisation’s direction.

Celebrating Success and Enhancing Activities

The Union facilitates a wide range of activities that support its charitable objects, including celebrating excellence across the University.

The twelfth annual Student Choice Awards was held this year at the Cardiff SU Space, creating a more intimate event setting. Over 1,100 nominations were submitted, recognising the work and impact of lecturers, course leaders, supervisors, student representatives, and inspirational students across the University.

USWSU strengthened partnerships across the University through collaborative activity with academic subject areas and teams within the Student Life Directorate. A notable new initiative was the inaugural “campus 2 campws” event, which saw over 50 staff and students walk 13 miles from the Glyntaff campus to the Cardiff campus, raising donations for the University’s Student Stationery Cupboard and, the charity, Brynawel.

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REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

Sports participation remained consistent with around 380 student participants across 13 sports competing in over 130 fixtures across BUCS. Out of these, the largest sporting areas continue to be Football with 96 members, followed by Badminton with 55 members.

Through the Union’s support for competitive sport via BUCS, students achieved strong outcomes, including Women’s Football continuing to compete at premiership level. USWSU also participated in its third Varsity competition with UWE Bristol Students’ Union, with closer overall results than previous years, reflecting improvements in sporting performance.

Revitalising Spaces and Places

In response to stakeholder feedback and ongoing assessment of student needs, USWSU worked with University partners to revitalise several Union-designated spaces that had become outdated.

At Treforest, MEDR funding supported significant redevelopment of the social learning space, including new flooring, soft furnishings, and lockers for commuting students. A disused commercial outlet was repurposed into a PlayStation room, while a new pantry area with microwaves was created to support students accessing warm food. The Coal House bar was refreshed with new dart lanes, a pool table, and the removal of fixed furniture to increase flexibility for events.

In Cardiff, the Union collaborated with the Faculty of Business and Creative Industries to install new staging in the SU Space, enhancing its use as both a performance venue and teaching resource. At Newport, the Students’ Union Pod on B-Floor was refurbished with support from the Student Life Directorate and now functions as a multi-purpose shared space for Union and University staff to meet students and provide information, further strengthening collaborative provision across campuses.

Financial position

The total income for the period was £2,085,898, £1,268,000 of which is the subvention grant received from the University of South Wales, with a further £60,000 contributed towards continued support of the Union through a period of transformation. Income from charitable activities decreased to £485,796 (2024: £774,410). Other trading activities increased slightly to give a total of £91,964 (2024: £83,005).

Expenditure for the period totalled £1,911,994 (2024: £2,236,817), which results in a surplus for the period of £173,298 before accounting for the unwinding for the discounting of the pension provision of £76,298 (2024: £50,192), which gave an overall surplus of £97,606 (2024: £25,928).

The balance sheet position at 31 July shows negative unrestricted funds of £2,453,243 (2024: £2,550,849). The majority of this relates to the provision for the defined pension liability of £2,422,089 (2023: £2,584,738).

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 £318,500 - £477,500 based on 2025 expenditure levels. There are no free reserves at 31 July 2025. Although reserves after adjustments for pension provision and fixed assets would be £38,929. Last year’s reserves after adjustments were negative £23,248.

USWSU expects to work towards this longer-term goal through a continued transformation plan that will deliver surplus balances until targeted levels are achieved.

Pension liabilities

The Students’ Union participates in the Students’ Union Superannuation Scheme (SUSS), 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.

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USWSU

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

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 by at least 5% each year thereafter. These contributions also include an allowance for the 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 £2,422,089 (2023 - £2,584,738). 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

The University accepted the USWSU plan for Transformation and has 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 is committed to working with the USWSU and has been encouraged by progress made.

The trustees have assessed the Students' Union’s 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.

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REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

USWSU

STRATEGY

The 2024/25 financial period marked a period of relative stability and constructive relationship-building between the Students’ Union and the University, following several years of challenging relations. Under the leadership of the new Chair of the Board of Trustees and the Chief Executive - whose secondment has been extended to July 2027 - the Students’ Union has worked to rebuild trust and collaborate with the University on initiatives that directly enhance the student experience. Examples include participation in challenge-based curriculum validation activities, jointly delivered student and staff wellbeing events, and support for the development of new Students’ Union facilities, most notably the new “Cwtch” social space within the Treforest SU building. These developments reflect a shared recognition that students thrive when institutions work together with clarity, ambition, and unity of purpose.

On appointment, the Chief Executive made it a priority to rapidly strengthen systems and processes to ensure robust financial management and restore confidence in the Students’ Union’s financial position. Working alongside external consultants, Counterculture, several improvements were implemented, including the completion of the 2023/24 accounts, the introduction of monthly management accounts, and the development of a high-level three-year budget. Progress has been regularly reported to the University’s Finance & Resources Committee, where there is clear recognition that significant improvement has been achieved within a relatively short period. This progress was formally demonstrated in late Autumn 2025 through the joint approval by both the University and the Students’ Union of a new Financial Agreement outlining the terms and conditions of the block grant. This milestone signals not only improved governance but a deeper commitment to shared accountability and long-term sustainability.

Internally, the Board of Trustees has focused on stabilising the organisation while laying the foundations for a Students’ Union that drives positive change and delivers meaningful impact - today and in the years to come. To guide this transformation, a new strategy has been approved that sets out a bold, future-focused direction for the organisation. Our vision is clear: “your amazing Students’ Union that is inclusive, fun, connected and excellent to make your student life better wherever, whenever, however and whatever you study at USW.” Our purpose is equally compelling: “to put students first by creating opportunities, delivering outstanding services, and fostering a community across every campus and mode of study.”

This strategy signals a step-change in who we are and how we will operate. It is not simply a plan - it is a commitment:

PRINCIPAL RISKS AND UNCERTAINTIES

The Students’ Union has developed a new risk register aligned with the priorities and enablers of the new strategy.

Several strategic risks and uncertainties have been carried forward from the previous risk register - most notably our relationship with the University. However, positive progress has been made. For example, as indicated, a new Financial Agreement has been approved, and a revised Relationship Agreement has been prepared for consideration by the Trustee Board and Board of Governors. This revised agreement places a stronger emphasis on regular dialogue between the Students’ Union and the University regarding emerging opportunities and challenges.

The Students’ Union Superannuation Scheme (SUSS) - the closed pension scheme of which USWSU was a member - continues to pose a long-term financial risk. Although the fund is closed to future contributions, former participating organisations remain responsible for deficit-recovery payments. These payments are increasing by 5% annually until the end of the recovery period, which is currently projected for May 2037. This situation represents a sustained financial pressure, and it is anticipated that the Students’ Union, with the support of the University, will review its position regarding SUSS during Summer 2026.

The decline in student enrolments in higher education, including at USW, presents a significant strategic risk and creates uncertainty about the future. This risk could affect the Students’ Union in two key ways.

First, the block grant is partly dependent on student numbers; therefore, a decline in enrolments may result in reduced financial support from the University. In line with the Financial Agreement, the Students’ Union will prepare a 2026/27 budget and an accompanying impact report by early Spring. These documents will inform discussions regarding the block grant, including the value added by the Students’ Union within the wider University ecosystem, for example, in student recruitment, retention and success.

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USWSU

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

Second, lower student numbers may reduce demand for commercial services such as events, catering, and retail, limiting the organisation’s ability to deliver these services at previous levels. The Students’ Union has already experienced reduced performance in several commercial areas, particularly retail and food sales. While decreased footfall is a contributing factor, there is also a need to assess whether the current offer aligns with students’ changing expectations and behaviour. An initial review of commercial operations has been completed and will inform the development of a new Commercial Strategy ahead of the next academic year.

The new risk register captures these and other strategic risks - such as effective multi-campus service provision, safe participation in student-led activities, robust contingency management procedures, and legislative compliance. These risks will be considered at every Trustee Board meeting to ensure that risks are consistently identified, assessed, and monitored, and to safeguard the Students’ Union’s ability to achieve its long-term vision and strategic priorities.

FUTURE PLANS

The Students’ Union now stands at a significant juncture in its organisational development - one shaped not by our past trajectory, but by the direction in which we intend to progress. The new strategy will serve both as a guiding framework and an operational blueprint as we continue to build an amazing Students’ Union that is proudly:

Inclusive - Fun - Connected - Excellent

Supported by a solid foundation, strengthened partnerships, and a clearly defined vision, we are ready to progress toward becoming the Students’ Union that our members expect and deserve - enhancing student life at USW. We recognise that implementing this strategy will bring challenges in the short to medium term, particularly within a higher education environment that continues to evolve rapidly. Yet we face this reality with confidence and purpose. Our commitment to investing in our people - ensuring they are equipped, supported, connected, and inspired - remains central to our pursuit of excellence in everything we do.

During Spring and Summer 2026, we will prepare for our engagement with the “Quality Students’ Union” framework, led by NUS Charity, which we will undertake during the next academic year. Upon completing Parts A and B of the framework (by Spring 2027), we will achieve QSU verification. This recognition will assure our quality to our members, the University, and our strategic partners. We fully acknowledge that this process will be demanding and may require the reconsideration - and, where necessary, transformation - of established practices. Nevertheless, this engagement is essential to our strategic development as a professional, respected, dependable, and impactful organisation.

We also look forward to welcoming Professor Osama Khan, who will join the University of South Wales in May 2026 as Vice-Chancellor and Chief Executive. His strong commitment to enhancing the student experience and his enthusiasm for collaborative working across the USW community mark an exciting opportunity. The Students’ Union stands ready to work alongside Professor Khan and the University’s senior leadership team to shape a bold, ambitious future - one that positions USW as a destination of choice for students, colleagues, partners, and the communities we proudly serve.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 the 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.

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REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

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/external 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.

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 the Student Council, who are responsible for the representation and campaigning 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 into 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 PERIOD ENDED 31 JULY 2025

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 Treforest Pontypridd Rhondda Cynon Taff CF37 1UF

Trustees

Officer Trustees

Md Irfanur Rahman Fahim President Appointed 1 July 2025 Abm Rahat Mubassir Appointed 1 July 2025 Rhodri Owain Morris-Stiff Appointed 1 July 2025 Imam Hossain Appointed 1 August 2024 Jahid Hasan Appointed 1 November 2024, Resigned 1 July 2025 Georgia Daisy Powell Appointed 1 July 2024, Resigned 1 July 2025 Dmsa Navid Appointed 1 August 2024, Resigned 1 July 2025

External Trustees Emilie Janette Tapping Chair Rebecca Nyasha Mamhende

Josef Walsh Richard Main MBE Stuart Leonard Williams

Richard Mark Cadwallader Lucy Claire Squire Katrina Cookson

Appointed 30 September 2024 Appointed 15 September 2023, Resigned 21 January 2025 Appointed 12 September 2023, Resigned 1 April 2025 Appointed 24 September 2023 Appointed 5 September 2023, Resigned 6 December 2024

Appointed 5 October 2023, Resigned 31 October 2024 Appointed 26 June 2025 Appointed 26 June 2025

Student Trustee

Katherine Louise Eyley Doreen Rassbach Holly Grindlay Nicky Kudzaishe Zhou

Appointed 11 January 2026 Appointed 5 April 2024, Resigned 22 August 2024 Appointed 13 May 2024 Appointed 5 April 2024, Resigned 21 October 2024

Senior Management Personnel

Sam Harris Michelle Howlin Richard Mark Cadwallader Emma Powell Ellis James Thomas

Interim CEO from 15 January 2024 to 22 August 2024 CEO from 12 June 2024 to 7 October 2024 CEO from 1 November 2024

Head of People & Operations from 15 January 2025 Clerk from 1 November 2023, Secretary from 22 August 2024, Head of Engagement from 15 January 2025

Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

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USWSU

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2025

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 01/04/2026………………………………. and signed on the board’s behalf by:

E Tapping

………………………………………………

Emilie Tapping – Trustee & Chair

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PUBLIC / CYHOEDDUS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

USWSU

Opinion

We have audited the financial statements of USWSU for the period ended 31 July 2025 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

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.

Steve Harper (Senior Statutory Auditor) S Harper 10 Queen Street Place
For and on behalf of HaysMac LLP, Statutory Auditor London
Date: 16/04/2026 EC4R 1AG

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USWSU

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 JULY 2025

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		 2025
Unrestricted
funds
£
1,506,000
485,796
91,964
2,138
-
2,085,898
(1,911,994)
(76,298)
(1,988,292)
97,606
(2,550,849)
(2,453,243)		 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)

The notes on pages 15 to 23 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 2024 or 2025. All funds in both periods were unrestricted.

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Company number 08629047

USWSU

BALANCE SHEET AS AT 31 JULY 2025

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT (LIABILITIES)/ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
PROVISIONS FOR LIABILITIES
Other provisions
19
Pension liability
21
NET (LIABILITIES)/ ASSETS
FUNDS
Unrestricted funds
20
TOTAL FUNDS		 2025
£
37,741
19,920
99,560
217,700
337,180
(366,075)
(28,895)
8,846
-
(40,000)
(2,422,089)
(2,453,243)
(2,453,243)
(2,453,243)		 2024
£
57,137
51,237
49,188
142,005
242,430
(207,444)
34,986
92,123
(18,234)
(40,000)
(2,584,738)
(2,550,849)
(2,550,849)
(2,550,849)

The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

01/04/2026

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

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

The notes on pages 15 to 23 form part of these financial statements.

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PUBLIC / CYHOEDDUS

USWSU

CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JULY 2025

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		 2025
£
91,791
91,791
-
2,138
2,138
(18,234)
(18,234)
75,695
142,005
217,700		 2024
£
(22,578)
(22,578)
-
2,340
2,340
(20,100)
(20,100)
(40,338)
182,343
142,005

The notes on pages 15 to 23 form part of these financial statements.

Page 13

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU

NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JULY 2025

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		 2025
£
97,606
19,396
76,298
(2,138)
31,317
(50,372)
158,630
(238,946)
91,791		 2024
£
25,928
21,561
50,192
(2,340)
(7,900)
37,112
62,664
(209,795)
(22,578)

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 1/7/24
£
142,005
142,005
(20,000)
(18,234)
(38,234)
103,771		 Cash flow
£
75,695
75,695
3,433
18,234
21,667
97,362		 At 31/7/25
£
217,700
217,700
(16,567)
-
(16,567)
201,133

The notes on pages 15 to 23 form part of these financial statements.

Page 14

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

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, Pontypridd, 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 period 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 15

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

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. The Union has implemented a minimum cost of £2,500 for capital items.

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 16

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PUBLIC / CYHOEDDUS

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

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
4.
OTHER TRADING ACTIVITIES
Travel and employment services
Sponsorship and other trading activities
5.
INVESTMENT INCOME
Deposit account interest		 2025
2024
£
£
1,446,000
1,268,000
-
12,000
60,000
173,182
1,506,000
1,453,182
2025
2024
£
£
1,446,000
1,268,000
2025
2024
£
£
69,227
55,197
22,737
27,808
91,964
83,005
2025
2024
£
£
2,138
2,340

Page 17

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

6. INCOME FROM CHARITABLE ACTIVITIES

Shop income
Bar income
Catering income
ENTS department income
SU Sport income		 2025
2024
£
£
226,021
444,461
153,987
172,695
66,790
104,018
827
8,255
38,170
44,982
485,796
774,410

7. CHARITABLE ACTIVITIES COSTS

General
DIRECT COSTS OF CHARITABLE ACTIVITIES
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)
£
1,200,114		 Support costs
(see note 9)
£
711,880		 Totals
£
1,911,994
2025
£
430,791
28,161
182,000
128,766
180,090
40,466
12,156
148,552
9,009
-
9,996
28,136
1,991
1,200,114		 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

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

9. SUPPORT COSTS

General Salaries
£
Management
£
Depreciation
£
Governance
costs
£
Totals
£
389,499
178,664
19,396
124,321
711,880

Page 18

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

10. NET INCOME/(EXPENDITURE)

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

Auditor’s remuneration
Depreciation - owned assets		 2025
2024
£
£
22,945
17,240
19,396
21,561

11. TRUSTEES' REMUNERATION AND BENEFITS

The Union's sabbatical officers received the following amounts for the period ending 31 July 2025, as authorized in the Union's governing document. There were seven trustees (2024: four) who received remuneration in the year totaling £92,492 (2024: £62,566).

Dmsa Navid
Imam Hossain
Georgia Powell
Jahid Hasan
Md Irfanur Rahman Fahim
Rhodri Morris-Stiff
Adm Rahat Mubassir		 Gross Pay
£
21,291
23,143
19,468
21,291
1,852
1,852
1,852
90,749		 Pension
£
452
491
348
452
-
-
-
1,743

Trustees' expenses

1 trustee was reimbursed in the year (2024: three) for a total of £144 (2024: £1,115) 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:
No employees received emoluments in excess of £60,000.		 2025
£
2024
£
844,875
870,625
54,143
55,297
22,647
29,773
921,665
955,695
2025
2024
136
136

Total remuneration paid to key management personnel in the year was £227,087 (2024 - £319,750). During the year USWSU entered into compromise agreements with former members of key management personnel in the amount of £nil (2024: £84,213).

Page 19

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

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USWSU

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

13. TANGIBLE FIXED ASSETS

Office
Fixtures &
Fittings
£
COST
At 1 July 2024
300,997
Additions
-
At 31 July 2025
300,997
DEPRECIATION
At 1 July 2024
254,523
Charge for year
16,508
At 31 July 2025
271,031
NET BOOK VALUE
At 31 July 2025
29,966
At 30 June 2024
46,474
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
5,332
2,888
8,220
7,775
10,663
2025
£
19,920
2025
£
30,353
69,206
99,560
2025
£
16,567
250,977
11,980
(37,277)
89,174
34,654
366,075		 Totals
£
316,992
-
316,992
259,855
19,396
279,251
37,741
57,137
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

Page 20

E-Sign ID: 653280c5-115b-46ec-887a-9f402f988277

PUBLIC / CYHOEDDUS

USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

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

2025 2024
£ £
Bank loans (see note 18) - 18,234
18. LOANS
An analysis of the maturity of loans is given below:
2025 2024
£ £
Amounts falling due within one year on demand:
Bank Loans 16,567 20,000
Amounts falling due between one and two years:
Bank Loans - 18,234
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 2024
Additions in the period
At 31 July 2025		 2025
£
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:		 At
01/07/24
£
(2,550,849)
(2,550,849)		 Net
movement
in funds
£
97,606
97,606		 At
31/07/25
£
(2,453,243)
(2,453,243)
Unrestricted funds
General fund
TOTAL FUNDS		 Income
£
2,085,898
2,085,898		 Expenditure on
charitable
activities
£
(1,911,994)
(1,911,994)		 Unwinding
discount rate
£
(76,298)
(76,298)		 Movement in
funds
£
97,606
97,606
Page 21

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USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At
01/07/23
£
(2,576,777)
(2,576,777)		 Net
movement
in funds
£
25,928
25,928		 At
30/06/24
£
(2,550,849)
(2,550,849)

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

Unrestricted funds
General fund
TOTAL FUNDS		 Income
£
2,312,937
2,312,937		 Expenditure on
charitable
activities
£
(2,236,817)
(2,236,817)		 Unwinding
discount rate
£
(50,192)
(50,192)		 Movement in
funds
£
25,928
25,928

21. EMPLOYEE BENEFIT OBLIGATIONS

At 1 July 2024
Amounts paid
Unwinding of discounted scheme
At 31 July 2025		 2025
£
2,584,738
(238,947)
76,298
2,422,089		 2024
£
2,744,341
(209,795)
50,192
2,584,738

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 22

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USWSU NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025

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 31 July 2025 amounted to £238,947 which are all deficit contributions (2023: £209,796). At the year-end a liability was recognised for the present value of the contributions payable of £2,422,090 (2023 - £2,584,737).

The Union also participates in the National Union of Students Pension Scheme, a defined contribution scheme. During the year ended 31 July 2025 the Union contributed a total of £6,175 into the scheme (2024: £7,837). At the year-end there were outstanding contributions of £Nil (2024: £5,132).

22. RELATED PARTY DISCLOSURES

During the year, salaries totaling £0 (2024: £13,065) were paid to close family members of key management personnel.

There were also travel expenses of £0 (2024: £127) 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 (2024: none).

Page 23

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Title USWSU_Accounts_Final_010426.pdf
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Document Signers Scan/Click the QR Code to view signature information

Name Emilie Tapping
Email emilietapping@gmail.com
Status SIGNEDat Wed, 01 Apr 2026 20:43:11 BST(+0100)
Signature Fingerprint c02f0096-5a34-43ec-95f9-6486421f59a8
Name Steve Harper
Email SHarper@haysmac.com
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Document History

Thu, 16 Apr 2026 19:44:40 Steve HarperSigned the Document (IP: 31.119.3.9)
Wed, 01 Apr 2026 20:43:12 Emilie TappingSigned the Document (IP: 148.252.144.223)