2022-07-31-annual-return

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION Oplnlon We have audited the financial statements of Ulster University Students. Union (the 'charity'l for the year ended 31 July 2022 which comprise the statement of financial activf(ies, the balance sheet, the slalement of cash flows and the notes lo the financial stalemenls, 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 applicab16 In the UK and Republic of I￿land (United Kingdom Generally Accepted A¢￿untIng Practice). In our opinion, the financial slatemenls.. give a true and fair view of the state of the charitsble company's affairs as at 31 July 2022 and of its incoming resources and application of resources, for the year then ended., have been propedy prepa￿d in accordance with United Kingdom Generally Accepted Accounting Practice," have been prepared in a¢¢ordance with the requirements of the Companies Act 2006.. and the expenditure ID which the accounts relate is consistent with the purposes of an educational charity and the requirements of the Financial Memorandum. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorts responsibilities for the audit of the finanoi31 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have ftjlfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Dpinion. Conclusions relating to going concgrn In auditing the financial statements, we have concluded that the Iruslees, 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 doLJbt on the Charity's ability lo ¢ontinue as a going concern lor a period of at least bNelve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going con￿rn are described in the relevant sections of this report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION Other Infomiatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl wth the financial slalements or our knowledge obtsined in the course of the audit, or otherwise appears to be materially misstated. If we identify su¢h material in¢onsislencies or apparent material misstslemenls, 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 lo 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 our audit.. the information given in the trLJStees' report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included wthin the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2008 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿iVed from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the financial slalements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION Responslbllltles of trustees As explained more fully in the slalement of Iruslees. responsibilities, the trustees, who are also the directors of the charity for the purpose 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 intemal control as the Iruslees determine is necessary lo enable the preparation of financial slalèments that are free from material misslalement, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going Concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuiance is a high level of assurance bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstslemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION Extent to whl¢h the audlt was consldered capable of detectlng Irregularltles, Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appiopriale lo provide a basis for our opinion. In identifying and assessing potential risks of material misslatemenl in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the follo￿ring.. The nature of the industry and sector, control environment and business performance, including the company's remuneration policies for directors, bonus levels and perfornian￿ targets, if any,. Results of our enquiries of management about their own identification and assessment of the risks of irregularities-, Any matters we identified having obtained and reviewed the company's documentslion of their policies and procedures relating to.. Identifying, evaluating and cornplying wth laws and regulations and whether they were aware of any instance of non-compliance., Delecling and responding lo the risks of fraud and whether they have kno¥Medge of any actual, suspected or alleged fraud,. and The internal ￿ntrOl8 established to mitigate risks of fraud or non<0mplian￿ with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial slalements and potential indicators of fraud. As a result of these procedures, we Considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In Common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this context Induded thè Companies Act 2006. and local tsx legislation. 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 may be ftjndamental to the company's ability to operate or to avoid a material penalty. 10- A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION Audlt response to rlsks Identlfled Our procedures to respond to the risks identified induded the following.. Reviewng the financial statement disclosures and testing to supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a d1￿cl effect on the financial slatemenls., Enquiring of management con￿MIng actual and potential litigation and claims., Performing analytical prO￿ureS lo identify any unusual or unexpected relationships that may indicate risks of material misslalement due to fraud., Reading minutes of meetings of those charged with governance and reviewing correspondence with tsx aulhorilies., and In addressing the risk of fraLJd through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial slatemenls, even though we have properly planned and performed our audit in accordance with audf(ing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, Intentional omissions, misrèpresèntations, or the override of internal Controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our rèsponsibilities is available on the Financial Reporting Council's website al". https".11 www.frc.org.U￿8udlt0rsreSponsibIlitie$. This description forms part of our auditor's report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn

CHARTBRED ACCQU14TANT3 ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF ULSTER UNIVERSITY STUDENTS. UNION 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 stale to the charitable company's members those mallers we are required lo stsle 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 ¢harilablè company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Nigel Moore FCA Isenior Statutory Auditor) forand on behalf of GMc(¥ BELFAST 24 November 2022 Chartered Accountants Statutory Audltor Chartered Accountsnts & Slalutory Auditor Alfred House 19 AKred Street Belfast BT2 8EQ 12- A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa 50 Century 40 cr￿ceTrt Busine55 Park SBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i ReS￿le￿Il￿¢0￿1￿dlllld&￿￿￿bY￿Im￿t￿ie0fcha[itrtdAL￿rt￿￿knIyeknl AmethrorTL4¢-AWoth￿AIl￿n¢e￿rln￿e￿Th1en1kn￿￿M￿liI￿1rn