2024-07-31-accounts

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 CHARITY NUMBER: 1173492 UNION OF BRUNEL STUDENTS TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS CONTENTS PAGE Administrative information Report of the Trustees Auditors, Report Statement of Financial Activities 13 Balan￿ Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-29

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 ADMINISTRATIVE INFORMATION Administrative Infomiation Charitable Status: The Union of Brunel Students is an incorporated charity established under the Education Act 1994. The Union is registered with the Charity Commission under the s.1119), Charities Act and is constituted as a Charitable Incorporated Organisation (CIO).Charity number 1173492. Principal Address Kingston Lane Uxbridge Middlesex UB8 3PH Chief Executive Craig Lithgow Charity Trustees 202312024 Education and Welfare officer, College Ana Monica Pereira of Arts and Social Sciences. Education and Welfare officer, College Naveed Sabugar of Health, Medicine and Life Sciences. Education and Welfare officer, College Suraj Shaw Of Design, Engineering and Physical Sciences. Community Living Officer. Shashank Manjunatha Student Trustee Student Trustee Student Trustee Student Trustee External Trustee External Trustee External Trustee External Trustee 'denotes full-time sabbatical officers 202412025 Vishal Parihar Rana Nauman Ishfaq Deepak Yadav Himanshu Lamba Tasnim Malik Manthan Vagadiya Muhammad Siddique Erica Brackenbury Arun Sharma Jo Gregory-Gallagher Peter Smallwood Gurpreet Virk Fabyeon Burgessyearwood Ravina Jignesh Florence Goodyale Nathan Townsend Julie Atherton Peter Smallwood Vacant Senior Management Team Craig Lithgow Richard Lines Francesca Stirling Ruth Sharma Chief Executive Chief of Operations Head of Communications and Student Engagement Head of Advi￿ and Student Representation Auditors Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers HSBC PO Box 41 High Street Uxbridge UB8 1BY Page 1

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Solicitors Blandy and Blandy 1 Friar Street, Reading Berkshire RG11 DA Solicitors {licencing) Poppleton Allen 37 Stoney Street The Lace Market Nottingham NG1 1LS Page 2

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 The Charity Trustees present their annual report for the year ended 31 July 2024, which includes the administrative information set out on page 1, together with the audited financial statements for that year. Structure, Governance and Management The Union is structured by its Constitution & Governing Bye-Laws. The Union of Brunel Students is a democratic student led organisation which exists to represent its members to the University, the media and to other external organisations and bodies such as the National Union of Students. In addition, we provide key support, various welfare services and a variety of sporting, cultural and development opportunities for all our members. Student democracy lies at the heart of all that we do but alongside this, we are a 'not for profit, organisation with all surpluses generated from various commercial activities committed and invested into providing and improving our services to our members. We are a registered charity primarily funded by an annual block grant to help us ensure that we can work together to provide a diverse and exciting array of support, services and development opportunities for the mutual benefit of our membership. The four Sabbatical officers (Student offi￿rS) are annualty elected and mandated to create and set union policy whilst also contributing strategically to the direction and membership lead of all union activity- The Trustee Board, which is currently made up of the four Student offI￿rS, four elected Student Trustees and four External Trustees have responsibilities for the financial and legal compliance of the Union. The various members of staff employed by the union are so employed to help, support and advise the officers so that they can fulfil their specific duties within their various roleslportfolios and have where appropriate full designated responsibility for operational delivery and organisational management. Charity law requires the Trustee Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Union and of the surplus or deficit for that year. In preparing the financial statements the Trustee Board is required to select suitable accounting policies and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The Trustee Board must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Union will continue to operate. The Trustee Board is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Union. It is also responsible for safeguarding the assets of the union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Key Management remuneration The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhan￿d performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union's success. The appropriateness and relevance of such remuneration reviewed annually, including referen￿ to comparisons with other Unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere. Relationship with Brunel University The relationship between the University and the Union is recorded in the regulations of the University and detailed in the Union constitution,. both approved by both organisations. This relationship is legally complied by a Memorandum of Understanding, where both parts agree on the terms of the partnership. The Union receives a block grant from the University and part-occupies a building owned by the University. Various Union Officers hold seats on several University governing committees, including University Council and Senate, thus ensuring the voices of students are represented at the top-level meetings. There is no reason to believe that any sort of support will cease to exist from the University for the foreseeable future not only due to the imposed duty as outlined in the Education Act of 1994 on Universities safeguarding Student Unions, but also due to the healthy working relationship which exists and constantly is being developed be￿een the University and the Union. Page 3

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Risk Management The Trustees have undertaken to examine the major risks that the Union faces. That review is an integral part of the annual planning cycle. The Union has, and continues to develop, systems to monitor and control these risks in order to mitigate any impact that they have on the Union and its operations. The principal risks and uncertainties currently facing the Union are considered to be- Risk of cuts to University funding of the Union, caused by either per￿ptIOn of value of the Union or the universities own financial sustainability. The financial health of the University is itself dependent on government funding, which in turn is susceptible to factors beyond the control of the Union. such as academic offering, NSS survey results, affordability driven by fees level, numbers of students and other demographic factors. Significantly increasing pension liabilities that the Union has no control over. Reputational damage in the unlikely event of a high-profile activity by a student, officer or trustee. Failure to be seen by students or the university as the Vol￿ of students Supply chain concerns following significant and sustained high levels of inflation through 2022 and 2023. Our plans and strategies for managing risk include maintaining effective internal controls, risk registers, incident-reporting and monitoring systems and insurance cover wherever appropriate. Method of appointment of Trustees The governan￿ and management of the Union is the responsibility of the Trustees who are elected or appointed under the terms of the constitution. Student Officers are elected annually for a one-year term, and able to serve a second term if reelected. They provide invaluable insight from their own experiences as a student and their daily interactions with the management of the union and the university- Independent Trustees apply and are appointed by the StudentAssembly following recommendation from the appointment committee, for a term of up to three years and can serve a maximum of￿0 terms. Our IndependentTrustees provide wider skillsets and experience from outside the Student Union. Student Trustees apply and are approved by the appointment committee to be put forward for election by the membership. They are elected for a period of up to two years and can serve a second term if re- elected. The student trustees provide valuable experien￿ and insight as current beneficiaries of union activities. Upon appointment all Trustees are briefed on their legal obligations and other Trustee responsibilities. All Trustees receive an induction information pack which includes their role responsibilities, their legal responsibilities, historical and current information about The Student Union, information on its Strategic Plan and how to deal with potential conflicts of interest. Key Challenges and activity in 2023-24 As financial pressures on students increased through the period, more and more students were finding it necessary to work alongside their study to be able to remain at university- These financial pressures created a real challenge for engagement democratically, socially and commercially with our members as time was their most precious asset. Despite the challenges we still maintained high levels of interaction and Suc￿sS through our sports and societies programmes. We supported 99 clubs and societies to flourish, with 1627 membersjoining a sports club or active@brunel sessions and our mutual interest societies engaging with 3528 members. Our competitive sports clubs increased their ranking in the British Universities and Colleges Sports leagues with overall ranking improving from 451h last year to 39th this year. We enjoyed League success in men's and women's Rugby Union, men's volleyball, American football and women's futsal and national knock out competition success in men's and women's rugby union, and women's handball. At the national championships we also achieved 6 golds, 4 silver and 9 bronze medals across Athletics, Weightlifting, Taekwondo Judo and Boxing. Page 4

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Our Cultural inclusion programme (ONE BRUNEL) took a step forward this year with a new staff position created to oversee the development and implementation of the project and budget expenditure. This better coordinated structure led to increasing engagement across a numberof events this year and despite financial pressures, a commitment to expanding the reach and expenditure on this vital project throughout 2024-25. Our commercial business had a difficult start to the year with hospitality recruitment still suffering from the aftereffects of a workforce exodus during Covid. We had two failed recruitments at the very important Septemberloctober period leading to significant challenges in delivering our wide and varied social and commercial portfolio. We did however successfully recruit new senior management and additional Junior management after Christmas and have seen an immediate and sustained improvement in our profitability through much improved management controls, technology solutions and growth initiatives including a post covid high of 30,000 tickets sold for nightclub events. This improvement this year has given us confidence in budgeting significant surpluses from our bar and nightclub operations through 2025 which contributes to the vibrancy on campus but also to the financial stability of the organisation. We have also seen significant improvements in our retail platromi and portrolio, with margin improvement, simplified sales platForms and new brand identity with the University mascot Izzy the dinosaur. We have also entered into new media marketing arrangements which have given us a level of guaranteed income and growth potential we have not eXperIen￿d before, again increasing our Confiden￿ to deliver sustainable trading through challenging times ahead. Despite all our challenges this year we remain committed to our sustainability responsibilities and have managed to achieve a Green Impact Students Union award which recognises the implementation and impact of our environmental and social policies. Our student support and welfare provisions continued to deliver for a wide range of needs, with personal hardship grants reaching a total of £15,590 this year, and visitors to our advice Servi￿ increasing by 32 %. Our proactive work includes campaign activity on issues of liberation and equality, mental health and exam support, and we were also particularly proud that after several years of campaigning, the university implemented Brunel specific mandatory anti sexual misconduct training for all new students this year. With Students less available to physically engage with us, we concentrated in improving or digitsl reach resulting in a 20 % increase in traffic on our website and Instagram. This included our accessibility tools on our website which were accessed by more than 7500 members. STRATEGIC REPORT Our Purpose Every student Thrives at Brunel Our Mission To positively impact our members, university experience through.. High quality, value for money services 2. Championing and challenging the student voice 3. Supporting and growing Inclusive and welcoming communities Our Values Driven by you Open to all Passionately positive Integrity Page 5

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 2024-25 operation Priorities Student Support and representation Develop a welcoming and accessible reception for our main office environment Develop our data capturing provision to better access students, needs, track engagement and seek member feedback Initiate and test recommendations from our democracy review and develop comprehensive future change recommendations to be agreed this year. Support and develop our campaigns portfolio helping maximise impact and reach. Introduce and ebbed new student voice manager to take lead on democratic management and maximising impact of student voice Develop a welcoming and accessible re￿ptIOn for our main Offi￿ environment Culture and attitude Demonstrate our value of Passionately Positive in all our interactions by empowering and supporting staff and elected representatives to have a can-do attitude to all we do, to seek out alternatives and to overcome or side step barriers, and to work on activities, interactions and celebrations that make the Union a fun and exciting place for staff and students alike. Ensure our value of Open to All is clearly demonstrated in our planning and delivery of all of our activities, including an ED&1 Accessibility assessment for all major events To widen our engagement with students and staff alike to ensure our sustsinability message is embedded and delivered, and we are in a position to further develop our green impact. To recognise our corporate social responsibility through a ￿ntralIsed Raise and Give platform, engaging both students and staff. To work in partnership with the on-site welfare and safety teams to prioritise a welcoming, safe and inclusive campus environment. Communications and Marketing Review our current CMS and alternative market providers and develop a report and recommendation for our next strategic period , by February 2025. To build a structured and documented Servi￿ collaboration with the university communications departments, enabling better reach for each of our marketing initiatives when relevant and appropriate. To support and maximise the commercial income by ensuring effective collaboration with our external media partners. Commercial Operations and Events Develop opportunities for members and selected representatives to Influen￿ and shape our business strategy and activities. Develop our branded clothing and merchandise portfolio, to diversify income streams and develop a sense of belonging and pride in our brands. Improve the reporting of commercial perfomance to enable managers to make timely, relevant and valuable interventions to ensure success. Return a commercial operating surplus to the organisation in year in eX￿sS of £100,000 To generate venue specific menu. service standard. marketing strategy and footfall initiatives to deliver catering sales in Locos in excess of £100,000 by June 2025 Deliver cost effective on campus events with clear measurable goals and outcomes. To ensure that the student experience and the commercial opportunities for the union are fully reflected in the new social building project. Student activities Work in collaboration with the University Sports Department to deliver a comprehensive long term sports strategy for both the University and the Union. Redefine the offer in Active@brunel to include experiences and adventure. Continue to refine our systems to streamline transport efficiencies, student expense reimbursement and accommodation booking, meeting the members needs and expectations and protecting the business from waste. Page 6

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Improve engagement in our celebratory events by hosting on campus and minimising overheads, and ticket price barriers. Continue development of the one Brunel concept, with specific focus on delivering at least 2 core events focused on currently underrepresented cultures. Meet engagement targets.. Team Brunel - 1700, societies 4500, Brunel moves - 3000 new sign ups. Organisational infrastructure Embed our ED&1 policy identifying how we recognise, support and encourage diversity and inclusion in all of our activities. Develop our student staff team experien￿ to feel as inclusive and valuable as our career team experien￿. Implement a straight forward and safe policy and document control process to ensure compliance, accuracy and transparency. Develop our skills and qualifications within the finance team to match their experience, and structure workload to better support a part time or contracted Head of function. To develop detailed. accurate. timely and informative management information relevant to key stakeholder needs. To work with the Board to develop systems and praCtI￿S to continually improve enhancement and performance. To develop with the new Head of Privacy at the University, a comprehensive, robust and valuable single data sharing agreement that is fit for purpose all of our departments needs and uses. We will ensure we have all the data on our members we need, it is safe, secure, monitored and used appropriately and delivers against the university expectations as well as ours. Financial Review The Union's gross income from all sources this yeartotalled £3,140,570 {2023- £3,075,235) the increase being predominantly from grant income. Total expenditure was £3.195,878 (2023.. £3,219,136} back in line with a full program of union activity and significant inflationary pressures on costs. Ignoring the movement on the pension deficit contributions creditor, a deficit of £55,308 (2023.. £143,901 deficit} was achieved. In 2024 the pension deficit contributions creditor increased by £258,385, resulting in a deficit for the year of £313,693. In 2023 there had been a decrease in the pension deficit contributions creditor of £331,200 resulting in an overall surplus of £187,299. The Union has continued to benefitfrom the recognition and support of Brunel University with an annual block grant of £1,371,382 plus further grants as disclosed in note 4. Reserves level and policy We have reviewed the Union's reserves requirements. Excluding the pension deficit, free reserves stood at £599,307 (2023= £775,202) at the year-end. This position is after deducting from total unrestricted funds (excluding the pension scheme liability) of £644,123 the amount of £44,816 invested in our existing tangible fixed assets. The Union is currently affiliated to many organisations, our largest single subscription cost amounted to £33,905 (2023.. £32,940 to NUS) and no donations were made during the year to any external institutions out of the Union's own resources. Current total funds of the Union stand at negative £1,681,824. This is comprised of negative £1,816,024 unrestricted funds and £134,200 in restricted funds. As per the Trustee's policy, the Union considers its reserves position against 'cash in hand, balance {bank & cash balances minus current liabilities), and this stood at £826,719 at the year*nd. In respect of any surplus or deficit recognised in relation to the Union's share of the SUSS Pension Scheme, this would generally result in a cash flow effect for the Union in the form of an increase or decrease in employer's pension contributions over a number of years. The deficit of £2,504,963 recognised in this year's accounts does not represent an immediately realisable liability that requires payment but will be funded over 13 years from the Union's future incomes. Page 7

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Custodian Activities: Clubs, and Societies, Funds and the annual RAG The Union acts as custodian for funds raised by the students, many Clubs & Societies themselves, amounting to £110,367 (2023.. £nil) at the year*nd, in addition to the grant-support funds it disburses to them as shown in the accounts. The Union is also custodian of the annual RAG proceeds from fundraising events organised by the students under the Union's auspices for distribution to the intended charities. Funds raised by this year's RAG amounting to £7,852 (2023. £15.155) less costs of £4012023.. £65) were added to the undistributed balan￿ of £5,956 (2023.. £3.563) from the previous year, out of which £13,266 (2023.. £12.697) was distributed among the charities nominated by the respective fundraising societies, leaving a balance of £542 (2023.. £5,956) in hand for next year's RAG. No funds have subsequently been donated after the year end to charities. The remaining cash funds are held by the Union. Future Funding The Charity Trustees confirm that the union has sufficient funds to meet all its obligations. The core Block Grant for 2024125 has been confimied at £1,241,169 plus a further £205,063 in respect of the SUSS pension scheme deficit payments and the associated PFF Levy. A restricted grant of £215,000 has been agreed to facilitate free sport club memberships and free Active@Brunel fitness and introductory sports sessions for staff and students on campus. Additionally, catering compensation of £116,358 and other smaller grants of £82.410 have been agreed with the University. TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally AC￿pted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales. requires the Trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then appty them consistently- observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent" state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions ofthe charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of traud and other irregularities. Page 8

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 PROVISION OF INFORMATION TO AUDITORS The Trustees at the time when this Trustees. Report is approved have confimed that.. so far as the Trustees are aware, there is no relevant audit information of which the Union's auditors are unaware, and the Trustees have taken all the steps that ought to have been taken as the Trustees in order to be aware of any information needed by the Union's auditors in connection with preparing their report and to establish that the Union's auditors are aware of that information. This report was approved by the board on 5 De￿mber 2024 and signed on its behalf by.. CB4QA1543Z... Arun%Aarma (Acting Chair of the Board) Page 9

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Independent Auditofs Report to the Trustees of the Union of Brunel Students Opinion We have audited the financial statements of the Union of Brunel Students for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and the Notes to the Financial Ststements, 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= give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources. including its income and expenditure for the period then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. 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 Auditor's 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 thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Trustees have not disclosed in the financial statements any identified material Un￿rtaIntieS that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other infomiation The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explic1￿Y stated in our report, we do not express any form of assuran￿ 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Page 10

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Independent Auditor's Report to the Trustees of the Union of Brunel Students continued Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report; or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 8, 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 offinancial 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 charity'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 charity or to ￿ase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 a￿ayS 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. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined 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.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and Charities SORP {FRS102) 2019. Page11

Docusign Envelope ID: 0CE52DED-1A6B-488E-B6FC-D4B949AE96D5

UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

Independent Auditor's Report to the Trustees of the Union of Brunel Students continued

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the Union were Health and Safety and General Data Protection Regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reviewing board meeting minutes for any issues we need to be aware of.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's 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 charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor Reading Berkshire Date: 13 December 2024

Page 12

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR (including income and expenditure account) Notes Unrestricted Designated Restricted Fund Fund Fund Total 2024 Total 2023 Income Donations: Grant income Other trading activities: Advertising & marketing Investment income Charitable activities for students: Bar & catering Entertaining Societies & clubs Other 1.825.126 581.062 2.406,188 2,275, 536 92,360 6.194 92,360 6,194 80, 700 3,072 423.478 141,239 423,478 141,239 60,693 470,276 124.359 113,458 60,693 Total income 2 498 815 641755 3 140 570 3, 075,235 Expenditure Raising Funds: Advertising and marketing Charitable Activities for students: Advice, welfare & representation Student activities Bar & catering Entertainment Transport Societies & clubs 23,679 23,679 21,593 673,469 293.222 546,040 375,510 15,590 689,059 293,222 546,040 375,510 639.984 261,590 934. 880 237, 700 1,299 1, 122,090 498,467 469 126 967 593 Total expenditure 2,711,162 484,716 3,195,878 3,219,136 Increase in pension deficit (258,385) (258,385) 331.200 Net incomellexpenditure) (470,732) 157,039 (313,693) 18T.299 Transfer between funds 12 Net incoming resources after transfers Fund balances brought forward (414,988) 1,401,036 101,295 32,905 (313,693) 1,368,131 18T,299 1,555,430 Fund balances carried forward 12 (1,816,024) 134,200 11,681,824) (1,368, 131) The notes on pages 16 to 29 form part of these accounts Page13

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 BALANCE SHEET Charity number: 1173492 2024 2023 Notes Fixed assets Tangible fixed assets 44,816 70,340 Current assets Stocks Debtors Cash at bank & in hand 24.446 51.110 826 719 32,551 110,233 844 056 10 902,275 986.840 Current liabilities Creditors- amounts due within one year 123 952 178 733 Net current assets 778 323 808 107 Net assets excluding pension liabilities 823,139 878,447 Pension scheme funding deficit 16 2 504 963 2 246 578 Total net liabilities 1368 131 Representing Charitable Funds.. Restricted income funds Students, Societies & Club funds other restricted grants SUSS Pension deficit contribution Sports fund Hardship fund 12 12 12 12 12 110,367 5,515 14,223 29,111 134,200 32, 905 Unrestricted income funds General reserves (Undesignated) Pension reseNe 688,939 2 504 963 845, 542 2 246 578 12 1 816 024 1401036 Total deficit 13 1368 131 The financial statements were approved by the Trustees on 12 December 2024 and signed on their behalf, by= D661 Arun é arma (Acting Chair of the Board) B40A154K2... The notes on pages 16 to 29 form part of these accounts. Page 14

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF CASH FLOWS 2024 2023 Notes Cash flows from operating activities: Net incomellexpenditure) Depreciation Interest received Ilncreaselldecrease in stock Ilncreaselldecrease in debtors Revaluation of pension deficit Increasel(decrease) in creditors (313,693) 36,923 (6,194) 8,105 59,123 258,385 187,299 42,331 (3, 072) (16,572) (37, T53) (331,200) Net cash generated by operating activities 150 566 Cash flows from investing activities Interest receivable Purchase of tsngible fixed assets 6,194 3.072 Net cash used in investing activities Change in cash and cash equivalents in the year 17 (17,337) (161,917) Cash and cash equivalents at the beginning of the year 1005 973 Totsl cash and cash equivalents at the end of the year 18 44 2024 2023 Cash at bank and in hand £ 1005973 The notes on pages 16 to 29 form part of these accounts. Page15

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS Charity Information The Union's principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. Union of Brunel Students is a charitable incorporated organisation {CIO) registered in the UK (Charity registration no. 1173492). The address of the principal Offi￿ is Cleveland Road, Uxbridge, Middlesex, UB8 3PH. Accounting Policies (a) Accounting convention The financial reporting framework that has been applied in the preparation of these accounts is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 'the Financial Reporting Standard applicable in the UK and Republic of Ireland" and the 2015 Charities Statement of Recommended Practice based thereon-the Charities SORP and the Companies Act 2006. Union of Brunel Students meets the definition of a public benefit entity under FRS 102 (b) Going concern At the time of approval of the annual report and accounts, the Trustees have reviewed the Going Concern position carefully with a view to ensuring the ongoing provision of student representation and services as well as employment of staff. The Union has cash resources and net current assets currently well in excess of stipulated minimum levels. The pension scheme funding deficit represents amounts payable by the Union for the next 13 years and will be paid out of future income. and the Union are working closely in conjunction with the university in respect of funding this deficit. University grant funding remains increased year on year which reflects the importance of the union's work despite challenging economic factors. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the Union are adequate to meet its obligations as they fall due. Accordingly, the Trustees believe the Union's financial resources are sufficient to ensure the Union will continue as a going con￿rn for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis. (c) Income All incoming resources are included in the Statement of Financial Activities when the Students, Union is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Students, Union where this can be quantified and a third paty is bearing the cost. No amounts are included in the financial statements for ServI￿S donated by volunteers. Donated ServI￿S or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 16

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS (d) Expenditure All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Expenditure includes irrecoverable VAT. Charitable expenditure comprises the direct and indirect costs of delivering public benefit Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical offI￿rS. The value of free serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned to charitable and other projectslactivities on a usage basis, pro rata to the total costs of each project or activity undertaken. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. (e) Tangible fixed assets Fixed assets are capitalised if over £500 and are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives'.- Fixtures and Fittings IT & Hi-tec equipment Motor vehicles 20_25 % per annum straight line. 33% per annum straight line. 330 per annum straight line. (f) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account. (g) Debtors Short term debtors are measured at transaction price, less any impaiment. (h) Creditors Short term creditors are measured at transaction pri￿. Pension costs The Charity participates in the Student Union Superannuation Scheme (SUSS), a multi- employer defined benefit pension scheme whose membership consists of employees of students, unions and related bodies throughout the country. The Charity is therefore exposed to actuarial risks associated with other employers, employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" the Charity therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Charity has entered into an agreement (the Recovery Plan) that determine how each employer within the schemes will fund the overall deficit, the Charity recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account. The Union now operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Union to the fund in respect of the year. Differences between contributions payable in the year and paid are shown as accruals or prepayments in the balance sheet. Page 17

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS -) Leased assets Rentsls payable under operating leases are charged as expenditure on a straight line basis over the period of the lease. (k) Stock Stock is valued at the lower of the cost and its net realisable value after making due allowance for obsolete and slow-moving stocks. Fund accounting Unrestricted Funds General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Students, Union and which have not been designated for other purposes Designated Funds Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements Restricted Funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor. The cost of raising and administering such funds are charged againstthe specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. (m) Taxation No provision is made in these accounts for corporation tax as the Union is exempt from such tsxes as a result of its charitable status. (n) Terniination benefits Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union temiinates their employment (o) 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. The present value of the pension deficit is measured at fair value. Critical areas of judgement Preparation of the financial statements requires management to make judgements and estimates. FRS 102 makes the distinction betrrfeen a group plan and a multimployer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multimployer scheme is a scheme for entities not under common control such as the Student Union Superannuation Scheme. The accounting for a multi£mployer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that SUSS meets the definition of a multi-employer scheme and the Charity has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements. Page 18

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS Voluntary Income 2024 2023 Block grant Grant for rent in kind Free sport grant Other restricted grants Hardship fund SUSS Pension deficit contributions & PFF Levy External grant 1,371,382 453,744 215,000 123,321 14,095 224,652 1,295,970 424, 529 210,000 91,485 11,022 220, 626 2 275 536 The University provides rent-free accommodation to the Union. Under the Charities SORP the 'donations in kind, must be valued and included within the accounts. The value to the Union is considered to be £453,744 and is included as 'Grant for rent, above. 5{a) Total expenditure - charitable and other activity costs Cost of sales Staff costs Other costs Total 2024 Rent Total Activities for generating funds Advertising & marketing 6.752 3,362 13.565 23,679 21,593 Charitable activities Advice, welfare & representation Student activities Bars & catering Entertainment Transport Societies & clubs 488,566 97,831 102,662 689,059 639, 984 186,785 292,766 154,596 41,631 130,840 42,703 64,806 316,931 103,475 293,222 921,551 300,774 261.590 934, 880 237, 700 1,299 1 122 090 181,014 275 916 137 377 554 300 967 593 21 Included in the above costs is the fee for the preparation and audit of the statutory accounts of £21,780 (2023.. £18, 690) Page 19

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS S(a) Total expenditure - charitable and other activity costs Icontinued) Cost of sales staff costs Other costs Total 2023 Rent Total Activities for generating funds Advertising & marketing 5,372 2,848 13,373 21,593 32,941 Charitable activities Advice, welfare & representation Student activities Bars & catering Entertainment Transport Societies & clubs 457, 770 84,398 97,816 639, 984 612, 779 159, 737 305, 489 120,388 1,025 343 774 34,498 123,289 31,347 171 147 978 67,355 261,590 301,841 934, 880 85,965 237, 700 103 1,299 630 338 1 122 090 348, 902 779, 092 211,695 726 799 650 204, 261 Total costs 204 261 1393 555 424 529 1196 791 3 219 136 2 785 785 Affiliation fees are: 2024 2023 BUCS NUS 11,825 12,024 44 S{b) Central overhead costs included in Note 5(a) 2024 Staff Rent other Total Usage Activities for generating funds Advertising & marketing 0.7% 6,752 3,362 2,130 12,244 Charitable activities Advice, welfare & representation Student Activities Bar & catering Entertainments Transport Societies & Clubs 21.60 9.2% 28.8 % 9.40/0 196,490 83,614 262,787 85,768 97,831 41,631 130,840 42,703 61,975 26,373 82,885 27,052 356.296 151,618 476,512 155.523 30.3¥0 275 916 137 377 500 319 Totals Page 20

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS S{b) Central overhead costs included in Note 5(a) Icontinued) 2023 staff Rent other Total Usage Activities for generating funds Advertising & marketing 5,371 2,848 1, 707 9, 926 Charitable activities Advice, welfare & representation Student Activities Bar & catering Entertainments Transport Societies & Clubs 19.9% 159,208 65,075 232, 568 59,132 323 279 140 84,398 34,498 123,289 31,347 171 147 978 50,604 20,684 73,921 18,795 103 294,210 120,257 429, 778 109,274 597 515 842 29. 00/ 0.04Yo 34.9Yo Totals 100go 800 817 424 529 254 538 1479 884 Staff costs 2024 2023 Wages and salaries Social security Pension costs 1,071,550 98,098 235 734 1, 062, T72 96,177 234 606 393 555 The number of employees whose emoluments (gross pay plus taxable benefits} exceeded £60,000 during the year were as follows.. £70,001- £80,000 £70,001- £80,000 Pension contributions totalled £3,680 for the above higher paid employee. The key management personnel of the Union are the Trustees and the Senior Management Team, listed on page 1. The aggregate remuneration (including employer Nl and employer pension contributions) of key management personnel was £214,343 (2023." £266, 533). The average staffing was as follows'.- Permanent staff students- term time onl 29 28 27 26 There were no redundancies in the year (2023.. 1). Page 21

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS Trustees, remuneration and expenses Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and Servi￿ provision for them. The totsl salary and social security costs for the sabbatical Offi￿r$ in post in the year was as follows.. Total remuneration VP College of Health, Medicine and Life Sciences VP College of Business, Arts and Social Sciences VP College of Design, Engineering and Physical Sciences Community Living officer 29.498 29.595 29,595 29.313 Seven trustees were reimbursed (202212023.. Eleven) with a total of £2,7441202212023.. £2,832) in connection with their duties during the period. The expenses reimbursed during the year related to training and attendance at conferences and meetings. Tangible fixed assets Fixtures & IT and Hi-tec rrttings equipment Total COST At 1 August 2023 Additions 307,644 143,918 451,562 At 31 July 2024 313 294 149 667 462 961 DEPRECIATION At 1 August 2023 Charge for the year 252,487 128,735 381,222 At 31 July 2024 278 666 139479 418 145 NET BOOK VALUE At 31 July 2024 At 31 July 2023 Page 22

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS Stock 2024 2023 Bar and shop stock 2024 2023 10 Debtors Trade debtors Other debtors VAT debtor Prepayments & accrued income 24,583 12,857 41,445 5,315 9,254 54 219 110233 11 Creditors: amounts due within one year 2024 2023 Trade creditors Social security & other taxes other creditors VAT Accruals & deferred income 32,947 50, 222 51,877 6, 862 6, 862 5,866 178 733 Deferred income 2024 2023 Balance as at 1st August 2023 Amounts released to income in the year Amounts deferred in the year 2,825 12,825) 2,600 (2. 600) Balance at 31 July 2024 Deferred income includes receipts relating to the subsequent period, being income re￿iVed in advan￿ for events taking place after the year end. Page 23

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS 12 Fund analysis Asat31 July 2023 Asat31 Juty 2024 Incoming resources Resources expended Transfers Unrestricted Funds General reseNes (Undesignated) Pension Reserve 845, 542 2 246 578 2,498.815 (2.711,162) 258 385 55,744 688,939 2 504 963 1401036 2498815 2 969 547 1 816 024 Restricted Funds Students, Societies & Clubs Funds Hardship Fund SUSS Pension deficit contribution other restricted grants Sports Fund 60,693 14,095 (59,767) (15,590) 109,441 1,796 110,367 4,095 3, 794 224,652 88,719 253 596 (210,429) (29,920) 14,223 5,515 29,111 (82,395) 32 905 484 716 134 200 Total Funds 1368 131 314057 3 454 263 The transfer of £210,429 from the SUSS pension deficit restricted fund to unrestricted funds is to reimburse the Union for the SUSS pension deficit contributions and PPF levy it has made during the year. The transfer of £73.368 from the Sports Fund to unrestricted funds represents the additional costs absorbed by the Union. The Sports Fund represents the sports and societies operational funding. During the year a detailed analysis of the Students, Societies & Clubs Funds was performed. The transfer of £109,441 from the Students, Societies & Clubs Funds to unrestricted funds is to correctly allocate the Students, Societies & Clubs Funds balance. Page 24

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS 12 Fund Analysis (continued) 2023 Asat31 July 2022 Incoming resources Resources expended Asat31 July 2023 Transfers Unrestricted Funds General rese￿eS (Undesignated) Pension Reserve 991,552 2 577 778 2.406. 740 (2.600, 627) 47,877 845.542 2 246 578 1586 226 2 737 940 2 600 627 1401036 Restncted Funds Students, Societies & Clubs Funds Hardship Fund SUSS Pension deficit contribution other restricted grants Sports Fund 23, 004 5, 032 113,458 11,022 (309,211) (12,260) 172, 749 3, 794 220,626 113,389 210 000 (220, 626) 2, 760 (87, 038) 210 000 29,111 668 495 618 509 Total Funds 1555 430 3 406 435 3 219 136 1368 131 13 Analysis of net deficit between funds Unrestricted Funds Restricted Income Funds Total At 31 July 2024 Fixed Assets Current assets Current liabilities Pensions 44,816 768,075 (123,952) 2 504 963 44,816 902,275 (123,952) 2 504 963 134,200 1 816 024 134 200 2023 Unrestricted Funds Restricted Income Funds Total At 31 July 2023 Fixed Assets Current assets Current liabilities Pensions 70,340 953, 935 (178, 733) 2 246 578 70,340 986, 840 (178, 733) 2 246 578 32,905 1401036 1368 131 Page 25

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS 14 Control Relationship The Union is controlled by the Board of Trustees which is subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the Union. 15 Related Parties The Union is in receipt of a recurrent grant from Brunel University of £1,371,382 (2023.. £1,295,970). A further grant of £215,000 (2023.. £210,000) has been received to facilitate free sport club membership and £224,652 (2023.. £220,626) was received as a contribution towards the SUSS pension deficit payments. Smaller restricted grants are made as the need arises,. in 2024 these totalled £141,410 (2023. £124,411). In addition, the Union occupies its building on a rent free basis under an informal license subject to the union maintaining the building in a good state of repair. A notional value for rent in kind is included in the accounts and amounted to £453.744 (2023." £424.529). The Union received catering compensation from the University of £113,520 (2023." £108. 1 14). This is included within bars and catering income on the Statement of Financial Activities. The Sabbaticals of the Union are the members of the Trustee Board and receive remuneration for their ServI￿S as provided for within the Constitution. Vlthilst basic pay is consistent for these 4 paid Trustees, the amounts paid are variable due to holiday pay. The remuneration included in the accounts are noted in note 7. The amount due from Brunel University at the yearnd was £19,122 (2023.. £13,316 was due to Brunel University). 16 Pension Costs Student Union Superannuation Scheme 2024 2023 Provision as at 1 Au ust Unwinding and impact of chan e of discount rate Deficit contributions aid Provision as at 30 Jul 2,246,578 (463,279) 2,577, 778 134,568 204,894 2,504.963 196,632 2,246, 578 The Union participates in the Student Union Superannuation Scheme, a multimployer defined benefit pension 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 for 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 fund is valued at least every three years by a professionally qualified independent actuary with the rate of contribution payable being determined by the trustees on the advice of the actuary. The employers share the actuarial risks associated with all members of the scheme. The Union is not legally responsible for the scheme and does not have sufficient information to use defined benefit accounting. Accordingly the scheme is accounted for as if it is a defined contribution scheme. Page 26

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS Pension Costs (continued) The most re￿nt valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106,697,000 with these assets representing 44 % of the value of benefits that had accrued to members afterallowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £127,640,000. 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 yield on government bonds. The following assumptions applied at 30 June 2022= Discount rate- Gilts curve + 1.5 % pa, linearly changing over a term of 13 years to gilts curve + 0.25% pa Retail price inflation {RPI) - Merrill Lynch swa￿1mplIed inflation curve Consumer price inflation pre 2030 (CPI)- RPI inflation less 0.70/0 pa Consumer price inflation post 2030 (CPI)- RPI inflation less 0.1 % pa Pension increases- A model of each increase, allowing for insurers, relative pricing of different caps and collars The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 13 years 7 months and will increase by at least 5°/0 each year. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme's Levy to the Pension Protection Fund. FRS102 and the Charities SORP (FRS102), require that the charitable company share of past service shortfall is reflected in the financial statements. Based on the most recent valuation, the charitable company contribution to eliminating the shortfall was £204,894 for the year ended 2024 {2023'. £196,632). At 31 July 2024, the balan￿ sheet of the Charitable company includes a liability of £2,504,963 (2023.. £2,246,578), which represents the net present value of all future contributions towards eliminating this shortfall. The discount rate used is 5.1°/ (2023.. 5.2 % ) which is comparable to that of the Bank of England Gilt Curve plus 1.5 % per annum. changing over a term of 13 years + 0.25 % per annum. The estimated liability is based on the 2022 triannual valuation of the Scheme and will necessarily require revision after subsequent revaluations. In addition, the Charitable company paid Pension Protection Fund Levy of £5,607 (2023.'£15,192) during the year. Defined Contribution Pension Costs The Union also operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the Union in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £27,076 (2023." £37,974). Contributions are accounted for as part of the Union's unrestricted funds. Pension costs as disclosed in staff costs note (note 6) also include Death in Service premiums. Page 27

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS 17 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2024 2023 (Decrease)Ilncrease in cash and net funds in the year (17,337) (161,917) Net funds at 1 August 1005 973 NET FUNDS AT 31 JULY 844 056 18 ANALYSIS OF CHANGE IN NET FUNDS Net funds as At 1 August 2023 Cash Change Net funds as at 31 July 2024 Cash at bank and in hand 44 17 Page 28

Docusign Envelope ID.. 0CE52DED-1A6￿88E-B6FC-D4B949AE96D5 UNION OF BRUNEL STUDENTS ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NOTES TO THE ACCOUNTS 19 Comparative Statement of Financial Position Unrestricted Fund Designated Fund Restricted Fund Total 2023 Income Donations.. Grant income Other trading activities.. Advertising & marketing Investment income Charitable activities for students= Bar & catering Entertaining Societies & clubs Other 1.720,499 555,037 2,275,536 80,700 3,072 80,700 3,072 470,276 124,359 470,276 124,359 113,458 113,458 Total income 2.406,740 668,495 3 075,235 Expenditure Raising Funds.. Advertising and marketing Charitable Activities for students.. - Advice, welfare & representation Student activities Bar & catering Entertainment Transport Societies & clubs 21,593 21,593 627,724 261,590 934,880 237,700 1,299 515 841 12,260 639,984 261,590 934,880 237,700 1,299 1 122 090 606 249 Total expenditure 2,600,627 618,509 3,219,136 Decrease in pension deficit 331,200 331,200 Net incomel(expenditure) 137,313 49,986 187,299 Transfer belween funds 47,877 47,877 Net incoming resources after transfers Fund balances brought forward 185,190 1586 226 2,109 187,299 1555 430 Fund balances carried forward (1,401,036) 32,905 (1,368,131) Page 29