Warwick Students' Union Consolidated Financial Statements
Registered in England and Wales 07297865 UK Charity Number 1136894
For the Year Ended 31 July 2016
Members attention is drawn to the following information:
As detailed within the accounts (refer to note 21 on page 59 for more detail), this set of accounts differ to previous financial statements in one specific way which members should be aware of; the accounts show a significant change in the net liabilities reported on the balance sheet. This is because these accounts have been prepared for the first time in accordance with the new Financial Reporting Standard 102.
The impact of this change to reporting standards is that the SU’s pre-existing pensions’ liabilities are now disclosed on the balance sheet whereas in previous years this was not the case. Consequently, the accounts show a significant deficit in the net liabilities of the organisation; members should be assured however, that practically speaking nothing has changed from one year to the next and this impact is one that many charities and indeed many Students’ Unions will be experiencing as a result of the change to accounting practices for this year. The financial position of the SU has not changed as a result of this and remains on a stable and sustainable footing.
Auditors' Disclaimer on Web Based Accounts
- The maintenance and integrity of the Warwick SU website is the responsibility of Warwick SU; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occured to the financial statements or audit report since they were initially presented on the website.
- Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
RSM UK Audit LLP