¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i
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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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts 11ey51￿￿.4thIl0]5 I Cbirt0￿Tr￿.4￿V1￿Th i
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