VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 1130 Company Number.. 02732244 Registered Charity Number.. 1042175 Southern Universities Management Services DIRECTORS REPORT AND FINANCIAL STATEMENTS for the year ended 31 July 2025
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P W30 Southern Universities Management Services CONTENTS Page Legal and Administrative Information Report of the Directors 2107 Strategic Report Stslemenl of Directors, Responsibilities Independent Auditor's Report 81010 Statement of Financial Activities 11 Balance Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 141027 Company Number.. 02732244 Registered Charity Number= 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 3130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 Company Name.. Southern Universities Management Services Registered Company Number.. 02732244 (Registered in England and Wales) Registered Charity Number= 1042175 Registered Office and Operational Address.. University of Re8ding Reading Enterprise Centre Earley Gale Whileknights Road Reading RG6 6BU Directors of the Charitable Company.. N Caley C Campbell S Harrison-Barker L Jeffries J Sibbald M Williams E. Colden Ico-opledl S. Higgins Ico-optedl Liverpool School of Tropical Medicine Newcastle Universily University of Hertfordshire University of Reading University of Oxford University of Bath These directors of the charitable company are also trustees of the ch8rity for the purpose of charity law and are referred lo as Members of the Management Committee in the Articles of Association. Senior Management Tearn: J Arber (appointed December 2024) M-B Hyde {resigned November 2025} D Becker lappoinled March 20251 A Ferguson (appointed September 2024) G Payne S Slrullon {appoinled March 2025) Group Chief Executive Group Chief Executive Group Chief Operating Officer Director of Consulting Director of SUPC Head of Finance Company Secretary: S Slrutlon {appoinled March 20251 Claire Tudor-morgan Iresigned February 20251 Head of Finance Head of Finance Auditors.. James Cowper Kreslon Audit Apex Forbury Road Reading RG1 1AX Legal Advisors.. Field Seymour Parkes LLP 1 London Street Reading RG1 4PN Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 4130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 The Directors present their annual report together with the audited financial statements of the charitable company for the year ended 31 July 2025. The Report of the Directors is the Directors, Report as required by S.417 of the Companies Act 2006 and the Directors, Report as required by the Charities Act 2011. The finan¢i81 statements comply with the requirements of the Companies Act 2006, the Charities Act 2011, the charitable company's Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Pr8Ctice applicable to ch8rities preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Structure, Governance and Management Governing Document The organisalion is a charitable company limited by guarantee, incorporated on 17 July 1992 and registered as a charity on 18 November 1994. The charitable company was established under a Memorandum of Association, which established the objects and powers of the charitsble company and is governed under its Articles of Association. The Current Memorandum and Articles of Association were adopted on 16 November 2021. Members of the charitable company guarantee lo contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. As al 31 July 2025 there were 60 Members and the total number of such guarantees was 6012024.. 551. Appointment of Directors Under the provisions of the Articles of Association the directors are appointed for an initial term not exceeding four years by the Members of the charitable company by ordinary resolution. Directors may be elected for a second term not exceeding four years bul may not serve more than two terms of office unless they are appointed as Chair of the Management Committee during their second term of office. Directors retire in rotation. Director Induction and Training SUMS directors include member representatives both from the inslilulions that comprise the charitable company's membership and those that represent the institutions that subscribe lo SUPC. As such they have a good understanding of how the charitable company is structured and operates and will have typically already worked with the various business units of SUMS in their capacity as member representslive. As part of the induction pro$$ new directors participate in discussions with the Group Chief Executive Officer ICEOI. The Charity Commission publication 'The Essenlial Trustee, along with the Memorandum and Articles of Association and a role profile are distributed lo new directors. Management The charitable company is organised into two divisions.. SUMS Consulting and Southern Universities Purchasing Consortium ISUPCI- In 2019 the company underwent changes lo ils Articles of Association lo create an equal balance of representstion from the different business units of SUMS within its Management Committee. The Management Committee now comprises a minimum of six directors,. three representstives appointed from the Members of the charitable company and three appointed lo represent SUPC. In addition, a student representative has been co-opted to the Management Committee whenever possible, this has not been possible during 2024125. The CEO carries out day-l(Fday management of the charitable company under the direction of the members of the Management Committee. The company has 34 full-lime employees, 13 part-lime employees and a pool of associate consultants. SUMS Consulting provides management consultancy services. Its principal activity is to promote the efficienry of the administration of educational charities in direct pursuit of their objects through the conduct of management consultancy assignments al the request of beneficiaries. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 5130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued} SUPC provides services to higher education institutions and further education colleges that are its subscribers. Ils principal activity is the co-ordination of purchasing activity between ils beneficiaries in order to share expertise and lo achieve efficiency in purchasing. Remuneration Policy for Key Management Personnel The salary policy, which includes the framework for setting pay for all stsff including key management personnel is reviewed by the Management Committee al least every years. The basis of the annual salary review is lo give an annual cost of living increase, and consider 8ny further increases related lo performance and changes to each role across the year. The cost-of-living increase is set having regard lo the award applied lo the HE sector, whilst the review of performance and roles is undertaken with benchmarking against similar roles both within and outside the sector considered. Meril-based bonus awards are made across the group. Related Parties The University of Reading is a member of the charitable company for which il pays the annual subscription fee. The University of Reading also provides payroll, supplier payments, banking Servi$, pensions facilities. IT infrastructure and IT support lo the charitable company. The charitable company makes payment to the University of Reading for the services provided and for rentals for the premises occupied under lease by the charitable company. Risk Management Major risks to which the charitable company is exposed are reviewed regularly, documented in a Risk Register and categorised according lo their severity based on their likelihood and impact. Actions and procedures have been established to identify and mitigate these risks. The Risk Register is reviewed by the Management Committee annually, with dynamic risks being reviewed al each meeting of the Management Committee and the Executive Group. The current key risks are.. Risk Unforeseen reduction in income streams or margins Mitigation Investment in service development and exploration of new markets, including targeted growth of non-core irbcome Proactive growth of SUPC affiliate base Development of new SUPC frameworks in train Reserves policy Overhead cost management, including use of associates as a variable cost Control of pro bono provision and use of associates for non- fee paying work. Membership value proposition Nolice period of 12 months Member relationship management programme Development of revised membership documentation outlining obligations and limitations Greater visibility and presence at sector events. Group Strategic Plans 2030 QA procedures Investment in communications Reputation enhancement embedded in staff objectives Risk assessment al the start of non-standard project. Challenge to Membership as all university costs come under increased scrutiny Reputational risk from-. al high profile work for UUK Taskforce., bl exposure in international markets., cl diversification into other sectors., Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 6130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued} d) dl involvement in cost reduction projects Systems are immature and unable lo meet emerging needs and support load Development of Ops resourcing and system development plan, supported by CapEx budget Alocation of addition81 project management resources to systems improvements Resource Management System successfully procured and deployed IT Operations Manager in full-lime role. Objectives and Activities. Achievements and Performance In setting the objectives and planning the activities of the charitable company the Management Committee has given consideration lo the Charity Commission's general guidance on public benefit, and in particular lo ils supplementary public benefit guidance on the advancement of education. The objects for which the charilable company is established are lo promote the efficiency of the adminislralion of educational charities in direct pursuit of their objects by.. la} advice, training and information about financial planning, effective management PrdureS, and the best use of available resources, and Ib} any other assistance appropriate lo the provision of financial planning, proTrdural advice and resource management. The services provided promote the efficiency and effectiveness of educational Charities. The directors have access to the Charity Commission's website which they review regulady, to help ensure that the aims of the charitable company meet the public benefit requirement. The directors confirm that they have complied with the duty in section 17{51 of the charib.es Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. SUMS Consulting this year has continued lo focus on delivering consulting assignments, seminars and workshop events to help Members ensure their organisations are efficient and effective given the challenges faced by the Higher Education sector, and particularly in light of the challenging economic climate and the need for universities to be sustainable. SUPC continues lo focus on providing collaborative procurement solutions to its members. It has developed a new Procurement Value Assessment tool, to help SUMS Group members and clients identify procurement efficiency opportunities. The objectives, aclivilies, output and achievements of SUMS Consulting and SUPC are set out in detsil in their separate annual reviews that focus on their operating aclivilies. These reports are available either from their respective websites Iwww.sums.ac.uk and www.su c.ac.uk}, or upon request lo the charitable company at ils registered offi. Copies of the annual reviews are distributed widely within the HE sector and beyond. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 7130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued} STRATEGIC REPORT Financial Review The financial year to 31 July 2025 saw a surplus for the charitable company of £34k12024.. £993kl. An increase in membership brought growth in subscription income from £2.6m in 2023124 10 £2.8m in 2024125. Incoming Resources Overall income for the year is £4,848k, an increase of £59k11 Q/ol on prior year {2024: £4,789kl, with the majority of income1570/0l obtained from SUMS and SUPC membership subscriptions. ResOue$ Expended Operating expenditure lexcluding pension provision movemenlsl for the year is £4,814k, an increase of £474k {10'/0} on prior year12024.. £4,340kl. As with prior years, the laryesl proportion of expenditure relates to professional staff and consullanls, costs, to deliver consultancy and support aclivilies. Reserves Policy The directors review and consider the charitable company's reserves in the context of risks and funding. In setting a reserves policy the directors aim to establish reasonable, but not absolute protection against risks and to balance this with the need to deploy resources in pursutt of the company s charitable objectives. SUMS maintains financial reserves to provide flexibility lo meet.. Future investments for new andlor growing areas of activity Annual fluctuations in operating income andlor expenditure The liability that may arise from increased deficits in the USS defined benefit pension scheme An element of financial risk, to which the company is exposed Most potential unexpected costs. The Management Committee sel the target for the 2024125 financial year for free reserves working capital - to be maintained in a range of 6 and 9 months of operating costs. Free reserves held at 31 July 2025 were within this target range. Reserves Held Total reserves at the end of the financial year were £3,257k12024'. £3,222kl, an increase of £35k11 %) on prior year. Designated reserves were nil al 31 July 2025. Principal Funding Sources The majority of the charitable company s funding is from its membership subscriptions and subscribers. As at 31 July 2025 there were 61 Members of the charitable company12024.' 551 and 59 subscribers to SUPC.. 46 full subscribers and 13 associates12024.. 601. Additional funding comes from consulting work over and above core membership work, retention of some framework levy for contract support activities, and fees for events. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 8130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued} Investment Policy SUMS, key investment objective remains to preserve the capital value of its investments with a low level of risk, whilst ensuring that an adequate level of assets is readily available to meet all expected cash flow requirements. In this regard, all investments are held within cash or near ¢ash investments and are spread across several institutions who fulfil the criteria sel out within the SUMS investment policy. Going Concern Having reviewed the strategic risks, the current financial position of SUMS and the financial projections which sil alongside the overarching strategy, the directors consider that adequate resources continue lo be available to fund future plans. Accordingly, the directors are of the view that the Charity is a going concern. Future Plans The charitable MpanY plans to continue similar activities inlo future periods, tailoring the content of these activities to meet specific member needs alongside focusing on the issues, challenges and opportunities emerging for the Higher Education sector. SUMS Consulting will continue lo offer Members access to specialist HE expertise through the provision of consulting services and access to ils knowledge hub, along with a range of member events and publications. SUMS Consulting will ensure its capabilities continue to meet the evolving requirements of Members in areas such as digital transformation, efficiency and effectiveness, and sludenl wellbeing. SUMS Consulting's modular efficiencies and Target Operating Model offering will continue lo help universities realise efficiencies. This includes a procurement module that leverages the expertise within SUPC. SUMS will also support the wider HE sector through the provision of fee paid consulting services lo non-members, as required. SUPC will continue to deliver value for money lo members through the provision of compliant frameworks and value adding services that enhance the core offering. In addition, SUPC is to continue ils successful strategic partnership with sister consortium, LUPC and membership of UK Universities Purchasing Consortia IUKUPCI, with the aim of offering greater value lo members through aligned activity and driving up collaborative procurement across the HE sector. SUPC is offering a Procurement Value Assessment IPVA) that helps universities seeking to identify non- pay efficiency opportunities and benchmark their procurement. SUPC will continue lo provide specialist procurement consulting and other resources to the sector with the aim of improving sector procurement. Appointment of new Chief Executive Marie-Bernarde Hyde retired from her role as Chief Executive on 30th November 2024. The management committee selected Joel Arber, SUMS Group Managing Director, lo take over the role of CEO from 1 St December 2024. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 9130 Southern Universities Management Services REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued} Directors, Responsibilities Statement The directors are responsible for preparing the Strategic Report, the Directors, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles in the Charities SORP., make judgements and accounting eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed an explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the directors have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo estsblish that the auditor is aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the oharilable company's website. Legis181ion in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. Auditors The auditors. James Cowper Kreston Audit, have indicated their willingness to stay in office. The fin8nci81 statements were approved by the directors on their behalf by.. 28 January 2026 and signed on M. Wllllams Director Dale- 28 January 2026 Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P iorJo Southern Universities Management Services STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 OPINION We have audited the financial statements of Soulhem Universities Management Services (the 'charitable company'l for the year ended 31 July 2025 which comprise the Statement of financial aclivilies, the Balance sheet, the Cash flow statement and the related notes, 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 Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the stste of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been propedy prepared in 8ccordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance wtth the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditovs responsibilities for the audit of the financial slalemenls 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stslemenls, we have Concluded that the Directors, use of the going conrn 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Directors with respect lo going concern are described in the relevant sections of this report. OTHER INFORMATION The other inform8tion comprises the information included in the Annual report other than the financi81 statements and our Auditors, report Ihereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstsled. If we identify such material inconsistencies or apparent material misslalements, we are required lo detemiine whether this gives rise lo a material misststement in the financial statements themselves. If, based on the worf( we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P I IrJo Southern Universities Management Services STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 We have nothing lo report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Directors, Report for the financial year for which the financial stslemenls are prepared is consislenl with the financial stalemenls. the Directors, Report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report. We have nothing lo report in respect of the following mallers in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Directors were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Directors, Report and from the requirement lo prepare a Strategic Report. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors, responsibilities statement, the Directors Iwho are also the directors of the charitable company for the purposes of company lawl 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 Directors determine is necessary lo enable the preparation of financi81 statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the Directors are responsible forassessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic allernalive but lo do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a malerial misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in Ihe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wilh regLJlation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely to become aware of instances of non-compliance. Company Number.. 02732244 Registered Charity Number.. 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P I0 Southern Universities Management Services STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed lo detect material misstatements in respect of irregularities, including fraud, were as follows.. Enquiry of management and those charged with governance around actual and potential litigation and claims- Enquiry of management and those charged with governan to identify any material instances of non-compliance with laws and regulations., Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations., Performing audit work lo address the risk of irregularities due lo management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomal course of business and reviewing accounting estimates for eviden of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our Audilorfs report. USE OF OUR REPORT This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stale lo 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 lo anyone other than the charitable company and its members, as a body, for our audit work, for this rep or for the opinions we have formed. t510 P. Alexander Peal Bsc (Honsl FCA DChA (Senior Slatulory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accounlanls and Slalulory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Date.. 2 February 2026 Company Number.. 02732244 Registered Charity Number= 1042175 10
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P IWJO Southern Universities Management Services STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unrestricted Restricted Total Funds Funds Funds 2025 Total Funds 2024 Note Income: Income from Charitable activities Subscription income 2,783,050 2,783,050 2,644,493 Consulting income 1,126,701 1,126,701 1,343,107 Event income Grant income Other income 49,760 49,760 4,209 63,922 138,200 1,602 18,345 4,209 63.922 Framework levy retained 680.342 680,342 494,162 Investment income 140.066 140,066 149,391 Total Ineome 4.843.841 4.209 4,848,050 4.789,300 Expenditure on: Expenditu on Gharitable aGlivilies.' Travel and meeting costs Professional staff and consullanls Pension provision Administration costs 126.058 126,058 107,521 3,138.815 3,138,815 2,917,304 1543,5501 1,092,345 1,270.290 4,209 1,274,499 Premises 72.143 72,143 67,224 Govemance 202.145 202,145 155,835 Total expendituro 4.809,451 4.209 4,813,660 3.796,679 Net lexpenditurellincome and net movement in funds forthe year 34,390 34,390 992,621 Reconciliation of funds Total funds brought forward 3,222.401 3,222,401 2,229,780 Total funds carried forward 3.256,791 3,256,791 3.222.401 The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 14 to 27 form part of these financial slatemenls. Company Number.. 02732244 Registered Charity Number= 1042175
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 14rJo Southern Universities Management Services BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Fixed assets Tangible assets Current assets Debtors Investments.. short-term investments Cash al bank and in hand 1.784,220 1,935,158 2,340,961 1,026,575 5,151,756 1,930,407 986,485 4,852,050 Creditors Amounts falling due within one year 10 1,894,964 1,629,649 Net Current assets 3,256,792 3,222,401 Creditors Amounts falling due after one year Total net assets 16 3,256,792 3,222,401 The funds of the charlty: Unreslricled funds General funds Designated funds 3,256,792 3,222,401 Restricted funds Total charlty funds 16 3,256,792 3,222,401 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. The financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. The directors have elected for the financial statements to be audited in accordance with the Companies Act 2006. These financial statements were approved by the directors and authorised for issue on .28.Japiu' ary 2026......, and are signed on their behalf by= AwIll2tjtsttè2£1l.22&GI[wTo*OI M. Williams Director Company Number.. 02732244 Registered Charity Number.. 1042175 12
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P IWJO Southern Universities Management Services CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Note Operating Activities Cash used in operab'ons {213,2471 168,228 Investing Activities Interest received 140,065 149,391 Net cash used in Investing Activities 140,065 149,391 Flnancing Actlvltles Movements in investments Movements in monies held by University of Reading Net cash used in Financing Activities {410,5541 523,826 113,272 {320,1691 39,596 359,765 Change in cash and cash equivalents in the year 40,090 {42,1461 Cash and cash equivalents al beginning of the year 986,485 1,028,631 Cash and cash equivalents al end of the year 1,026,575 986,485 The notes on pages 14 to 27 form part of these financial statements. Company Number.. 02732244 Registered Charity Number.. 1042175 13
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P IWJO Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 General information & Principal Accounting Policies Southern Universities Management Services 1.the charitable company'l is a public benefit entity limited by guarantee domiciled and incorporated in England and Wales (registered company number 027322441. The address of the charitable company's registered office and principal place of business is University of Reading, Reading Enterprise Centre, Earley Gate, Whileknights Road, Reading, RG6 6BU. A summary of the more important accounting policies, including those affecting the most significant items in these financial statements, is set out below.. al Basis of aOUntIng The accounts have been prepared under the Companies Act 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with FRS 102 leffeclive 1 January 20191- Icharities SORP IFRS 1021}- The accounts are drawn up on the historical cost basis of accounting. Monetary amounts in these accounts are rounded to the nearest £ except where otherwise indicated. bl Going concern After making enquiries, the directors have a reasonable expectation that the charitable company has adeqLJate resources to continue its activities for the foreseeable future. Accordingly, they continue lo adopt the going concem basis in preparing the financial slalemenls as outlined in the slalemenl of directors, responsibilities. The directors have considered the effect of the current e¢onomic climate on the operations of the entity. Based on their analysis and the considerable growih particularly in consulting income over the past three years, they have concluded that the entity remains a going concem. cl Funds If there is a restriction on the purpose to which a fund may be pul, the fund is classified as a reslricled income fund. In instances where reslriclions on the use of grants are set, the grant is spenl according lo these requirements. Designated funds compromise unreslricled funds and are eamiarked for specific purposes by the directors. dl Income Income atlribulable to the financial year is recognised as follows.. subscription fees are accounted for in the year in which the membership benefit is provided consultancy income is accounted for on an accruals basis, in the period in which the work is undertaken event income is accounted for in the period in which the event occurred grant income is accounted for al the point the charity is entitled lo the income and performance related conditions are mel framework levy (previously marketing premium) income is accounted for in the period il is earned investment income is accounted for in the period il is earned. Income is allocated to the appropriate activity within SUMS. SUPC, Marketing and Communications IM&CI and Central by way of individual cost cenlres. Company Number.. 02732244 Registered Charity Number.. 1042175 14
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 17rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) General information & Principal Accounting Policies (continu8d) el Funds received as agent The charitsble company receives rebate income (framework levyl from the suppliers of the SUPC member universities under the purchasing consortium agreements. The income recognised in the accounts is the amount retsined by SUMS lo further their charitable objectives. All other funds reiVed and dispersed to the member universities are not recognised as income and expenditure in accordance with the Charities SORP 'Accounting for Funds received as Agent,. fj Expenditure Expenditure is recognised on an accruals basis in the period in which the liability is incurred. All costs are allocated between the expenditure categories of the SOFA on a basis designed lo reflect the use of the resource. Costs are allocated to the appropriate activity within SUMS, SUPC, M&C or Central by way of individual cost centres. Costs relating to a particular activity are allocated directly,. others are apportioned on an appropriate basis. gl Governance costs Governance costs include costs associated with providing the governance infrastructure and generating required slatulory information. The costs include audit, legal and accounting fees and an apportionment of salary costs to approximate lime spent on strategic management and governance of the charitable company. h) Tangible fixed assets Capital items wtth a cost exceeding £2,000 are capitalised and depreciated. Depreciation is provided al rates calculated lo write off the cost of each asset over its expected useful lrfe. which in all cases is estimated at 4 years. i) VAT Irrecoverable VAT is charged against administration costs. Il Investments The charitable company has elected to hold funds in deposit accounts with banking institutions. The funds are on deposit and interest has been recognised on an accruals basis. Company Number.. 02732244 Registered Charity Number.. 1042175 15
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P IWJO Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) General information & Principal Accounting Policies (continu8d) kl Retirement benefits The charitable company participates in both the Universities Superannuation Scheme (USSI and the SUMS Pension Plan {SUMSPPI. The USS is a hybrid pension scheme providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate Iruslee- administered fund. Because of the mutual n8lure of the USS scheme, the assets are not attributed lo individual institutions, and a scheme-wide contribution rale is sel. SUMS is therefore exposed lo actuarial risks associated with other instilulions, employees and is unable lo identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 'Employee benefits", SUMS therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. SUMS has entered into an agreement Ilhe Recovery Plan) that determines how each employer within the scheme will fund an overall deficit and so recognises a liability for the contributions payable that arise from the agreement Ilo the extent that they relate to the deficit) and therefore an expense is recognised. The SUMSPP is a defined contribution scheme and the amount charged lo expenditure is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. 11 Operating leases Rentals paid under operating leases are charged to the SOFA on a slraight-line basis over the lease term. ml Flnanclal Instruments The charitable company has applied the provisions of Section 11 'Basic Financial Instruments, of FRS 102, in full, to all of ils financial inslrumenls. Financial assets and financial liabilities are recognised when the charitable company becomes a party lo the contractual provisions of the instrument, and are offset only when the group has a legal enforceable right lo sel off the recognised amounts and intends either to settle on a net basis, or lo realise and settle the liability simultaneously. Financial assets Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured al amortised cost, being the transaction price less any amounts settled and any impairment losses. Company Number.. 02732244 Registered Charity Number.. 1042175 16
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 19rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) General information & Principal Accounting Policies (continued) ml Financial Instruments Icontinuedl Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted al a market rate of interest for a similar debt instrument and subsequently measured al amortised cost. A provision for impairment of trade debtors is estsblished when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised according lo the original terms of the contract. Impairment losses are recognised in the SOFA for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequenl reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised and are recognised immediately in the SOFA. Financial liabilities Financial instruments are classified as liabilities according lo the substance of the conlraclual agreements entered into. Trade and other creditors lin¢luding accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured al amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured al the present value of future payments discounted at a market rale of interest for a similar instrument and subsequently measured al amortised cost. Derec(Ignising financial assets and liabilities A financial asset is derecognised only when the contractual rights lo cash flows expire or are settled, or subsequently all the risks and rewards of ownership are transferred lo another party. or is some significant risks or rewards of ownership a retained but control of the asset has transferred lo another party that is able lo sell the asset in ils entirety lo an unrelated third party. A financial liability {or part Ihereofl is derecognised when the obligation specified in the contract is discharged, cancelled or expires. n) Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectslions of future events that are believed to be reasonable under the circumstances. The charitable Company makes eslimales and assumptions conceming the future. The resulting awounling estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. The only accounting estimates which the directors believe that the charitable company has is the reliance on the underlying assumptions which have been used by the actuary in the valuation of the pension scheme deficit. Where an actuarial valuation of the scheme al the balance sheet dale shows that the pension scheme is in a nel asset position, the Trustees make an assessment of whether it is likely that the trust will be able to recover its share of the nel assets in the scheme whether by reductions in confirmed future contribution levels or by refunds of assets from the plan. Where it is considered virtually certain that the Charity will be able to realise its share of the net assets in the scheme, the Charites's share of those net 8ssels is recognised as an asset on the balance sheet. Where the ability of the Charwty to recover its share of any plan asset will only be confirmed by one or more fubjre events this is Company Number.. 02732244 Registered Charity Number.. 1042175 17
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 20rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) regarded as a Contingent asset= in these circumstances no asset is recognised and the pension is included in the Balance sheet at £zero, with any corresponding reduction in the calculated value of the asset passing through 'Actuari81 gainslllossesl on defined benefit pension schemes, within the Statement of Financial Aclivilies. The existence and amount of a contingent pension asset is included wtthin the Notes to the accounts. ol Taxatlon The charitable company is a registered charity, and as such is entitled lo tax exemptions on income and gains properly applied for ils charitable purposes. Company Number.. 02732244 Registered Charity Number= 1042175 18
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 21rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) Net incomellexpenditurel for the year is stated after charging.. 2025 2024 Depreciation of tangible assets Operating lease costs Trustee liability insurance" Auditor's remuneration for.. Extemal audit Taxation- compliance services to the charitsble company 48,971 700 52,252 700 13,500 10,650 The cost of liability cover is not separately identified but has an estimated value of £700. Income by activity 2025 SUMS supc M&C Total 2025 Incoming resources from charitable 8ctivilies Subscription income Consulting income Event income Grant income Other income Framework levy retained 2,082,750 1,052,171 700,300 51,025 2,783,050 1,126,701 49,760 4,209 63,922 680,342 23,505 49,760 4,209 10,849 33,172 19,901 680,342 Investment income 140,066 TOTAL INCOME 3,168,093 1,451,568 88,323 4,848,050 2024 SUMS supc M&C Total 2024 Subscription income Consulting income Event income Grant income Other income Framework levy retained 1,962,693 1,142,716 681,800 141,446 2,644,493 1,343,107 138,200 1,602 18,345 494,162 58,945 138,200 1,602 782 17,563 494,162 Investment income 149,391 TOTAL INCOME 3,106,191 1,334,971 198,747 4,789,300 Company Number.. 02732244 Registered Charity Number.. 1042175 19
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 22rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) Expenditure Analysis of unrestricted expenditure Staff costs Other Depreciation Total 2025 Totsl 2024 Expenditure on charitable activities Travel and meeting costs Professional stsff & consullanls Pension provision Administration costs Premises Governance 126,058 751,158 126,058 3,138,815 107,521 2,917,304 1543,5501 1,090,743 67,224 155,835 2,387,657 666,647 603,643 72,143 26,576 1,270,290 72,143 202,145 175.569 3,229,873 1,579,578 4,809,451 3,795,077 Analysis of total expenditure by activity Activty based 2025 SUMS supc M&C Central Total 2025 Expenditure on charitable activities Travel & meeting costs Professional staff & consullanls Pension provision Administration costs Premises Governance 99,337 2,287.269 15,289 851,546 3,209 8,223 126,058 3,138,815 112,204 196,917 256,496 708,883 72,143 77,782 1,274,500 72,143 202,144 81.811 42,551 TOTAL EXPENDITURE 2,580,621 1,106,303 259,705 867,031 4,813,660 Activity based 2024 SUMS supc. M&C Central Total 2024 Expenditure on charitable activities Travel & meeting Costs Professional staff & consullanls Pension provision Administration costs Premises Governance 93,239 2,258.257 8,795 659,047 3,281 2,206 107,521 2,917,304 1543,5501 1543,5501 450,290 1,092,345 67,224 67,224 57,841 155,835 107.534 289,978 244,543 70,507 27,487 TOTAL EXPENDITURE 2,529.537 985,307 247,824 34,011 3,796,679 Company Number.. 02732244 Registered Charity Number.. 1042175 20
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 2WJO Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) Analysis of restricted fund income and expenditure Two grants were received, one from the University of Reading lo cover the salary cost of an internship placement for a University of Reading student 8t SUMS and a second for Al training. 2025 2024 Incoming resources Grant income Total incoming resources 4,209 4,209 1,602 1,602 Outgoing resources Administration costs Total outgoing resources 4,209 4,209 1,602 1,602 Net movement in funds in the year Staff costs and numbers 2025 2024 Staff costs were as follows.. Salaries and wages Employevs national insurance costs Employerfs pension costs 2,732,893 2,214,397 319,717 250,393 230,285 209,611 3,282,895 2,674,401 The average number of staff employed during the year was 45 12024.. 38)- various associates were engaged to provide services. The average number of full-lime equivalents of persons employed during the year was 4212024.. 351. The total of employee benefits {including salary, employers pension contribution and employer's national Insuran contributions) paid lo the senior management team, as disclosed on page 1, in the year tolalled £753,21512024.' £530,180). The number of staff who received emoluments (excluding employers pension contribution and employer's national insurance contribulionsl in the following ranges was.. 2025 2024 £60,00110 £70,000 £70,00110 £80,000 £80,00110 £90,000 £90,00110 £100,000 £100,001 to £110,000 £110,001 to £120,000 £120,001 to £130,000 £130,001 to £140.000 £140,001 10 £150,000 Company Number.. 02732244 Registered Charity Number.. 1042175 21
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 24rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) Fixed assets IT Equipment Flxtures & Fittings Total Cost.. At 1 August 2024 Disposals 800 (800) 4,833 14,8331 5,633 15,6331 At 31 July 2025 Accumulated Depreciation- At 1 August 2024 Disposals 800 {800} 4,833 14,8331 5,633 15,6331 At 31 July 2025 Nel book value al 31 July 2025 Nel book value al 31 July 2024 Debtors 2025 2024 Trade debtors 852,972 733,350 197,898 517,552 695,882 721,724 Other debtors Money held on trust by The University of Reading 1,784,220 1,935,158 Short term investments Investment funds lotalling £2,340,961 were held in in UK Treasury Bills and cash deposits with Nationwide Building Society, Standard Chartered, Nordea, Sumilomo and Charity Bank the end of the year. Interest generated from investments was recorded against income and expenditure. 2025 2024 Cash deposits 2,340,961 1,930,407 Company Number.. 02732244 Registered Charity Number.. 1042175 22
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 2srJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) 10. Creditors: amounts falling due within one year 2025 2024 Tmde creditors Accruals Deferred income Other creditors IVAT due lo HMRCI Funds received as agent 96,786 206,191 195,360 229,705 706,496 291,171 212,085 161,537 684,237 741,045 1,894,964 1,629,649 11. Creditors- amounts falling due after one year 2025 2024 Provision bld 543,550 Employer contributions relating to the recovery plan 120,6951 Unwinding of the discount rate 12,502 Impact of the change in assumptions 535,357 Net movement 1543,550) Provision ¢ld The above provision related lo the requirement under charity SORP that charities musl recognise as a liability the present value of future contributions relating lo the funding of a pension deficit. A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2 /0 of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3 /0. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The charity is no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profrt and loss account. 12. Deferred income Deferred income comprises adv8nce membership and consultancy. Balan at 1 August 2024 Amount released to income earned from charitable activities Amount deferred in year Balance at 31 July 2025 291,171 {291,1711 775,296 775,296 Company Number.. 02732244 Registered Charity Number.. 1042175 23
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 2WJO Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) 13. Funds received as agent The charitable company acts as an intermediary agent for volume rebates (framework levyl payable under contract by suppliers to subscribers lo SUPC. SUPC collects the framework levy, retains an agreed proportion and then distributes the balance to subscribers. The charitable company has no legal ownership of the distributable resources and no responsibility for their ultimate application. The amounts collected and due lo be collected are therefore not recognised in the Statement of Financial Aclivilies. 2025 2024 Opening balance at 1 August Received during the year Rebate income retained Paid out during the year Total funds held as agent al 31 July 741,045 701,233 2,434,071 2,054,462 1680,3421 1494,1621 1,810,537 1,520,488 684,237 741,045 14. Operatlng leases The total of future minimum lease payments (excluding service charges) under non-cancellable operating leases for the following periods are.. 2025 2024 Under 1 year Later than 1 year and not later than 5 years Later than 5 years 45,047 20,065 44,460 18,525 Lease payments of £48,971 12024.. £52,252) were recognised as an expense in the accounts. 15. Movement in funds Unrestricted funds 2025 2025 2025 Gengral Dgsignated Total Balance al 1 August 2024 Incoming resources Outgoing resources Balance al 31 July 2025 3,222,401 4,848,050 4,809,451 3,256,791 3,222,401 4,848,050 4,809,451 3,256,791 Designated funds held at 31 July 2025 were nil {2024= nill. Company Number.. 02732244 Registered Charity Number.. 1042175 24
VirtualSonabJ10 Tran$a¢tion R¥1. 6GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 GMT (UTC +01 D 414 P 27rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) 15. Movement in funds (continu8d) Unrestricted funds 2024 2024 2024 General Designated Total Balance al 1 August 2023 Incoming resources Outgoing sourceS Balance al 31 July 2024 2,229,780 4,787,698 3,795,077 3,222,401 2,229,780 4,787,698 3,795,077 3,222,401 Restricted funds 2025 2024 Balance al 1 August Incoming resources Outgoing resources Balance al 31 July 4,209 4,209 1,602 1,602 16. Analysis of net assets between funds 2025 Creditors.. Amounts due after one year Fixed assets Net Current assets Total Unreslricled Restricted Tol81 net assets 3.256,792 3,256,792 3,256,792 3,256,792 2024 Creditors: Amounts due after one year Fixed assets Net current assets Total Unreslricled Restricted Total net assets 3,222,401 3,222,401 3.222,401 3,222,401 Company Number.. 02732244 Registered Charity Number.. 1042175 25
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 2WJO Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (continued) 17. Related party transactions No director of the charitable company or any persons connected with them have received any remuneration, and two directors claimed reimbursement of expenses during the year which tolalled £500. During the year £39,24912024.. £30,011) was paid by the Charity to an individual under a contract of employment through the Charity payroll in line with the pay policy and normal pay scales. The individual is connected lo Joel Arber, SUMS Group CEO. Southern Universities Management Services has a seNice agreement with the University of Reading. During the year the charitable company reiVed the following value of goods and services from the University of Reading.. 2025 2024 Room hire and catering IT and telecommunications Printing and postage services Rent and maintenance Professional fees 3.945 8,610 45,657 2,250 1,069 238 68,847 65,030 26,200 31,850 145,718 107,978 The University of Reading is also a member of the charitable company and a subscriber lo SUPC. Subscriptions and fees are paid by them which are consistent with all other Members. The subscription fees and other income received from the University of Reading are set out below.. 2025 2024 SUMS membership fee SUPC membership fee Consulting income Other income Grant income 40,800 13,500 88,680 30,000 1.709 1,602 174,689 178,362 39,200 12,950 124,610 The grant received from the University lated lo salary costs for a short-term internship placement of a University of Reading student al SUMS during 2024125. At 31 July 2025, the University of Reading held investment funds of £197,898 {2024.. £721,724) on trust for the charitable company. Company Number.. 02732244 Registered Charity Number= 1042175 26
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 29rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) 18. Pensions Universities Superannuation Scheme The institution participates in the Universities Superannuation Scheme IUSSI, a defined benefit scheme. At 31 March 2025, USS had 234,000 active members and the institution currently has 10 active members participating in the scheme. The scheme assets are held in a separate fund administered by the Iruslee, Universities Superannuation Scheme Limited. Appointments to the board of the trustee are delemiined by the trustee company's Articles of Association. There are currently twelve members of the trustee board, of which four are appointed by Universities UK, three are appointed by the University and College Union lof whom al least one must be a USS pensioner member) and the remaining five are independent directors appointed by the board. Part of the Iruslee's role is lo sel risk and return parameters which reflect the strength of the sponsoring employers and the nature of the scheme's liabilities. These parameters, taken together with the anlicipaled returns, fom the basis of the Iruslee's funding strategy. These parameters are infom)ed by advice from ils internal investment team, ils investment consultant and the scheme actuary, as well as an independent assessment of the support available from the sponsoring employers. The fund is invested in a wide range of asset classes, both publicly traded (including equities and fixed income) and private (including private equity, infraslruclure, property and limberlandl. A diversified portfolio helps to spread investment risk across different asset classes and lo boost the level of confidence in maintaining sufficient investment returns from the fund as a whole. This investment approach is innovative and responsible, and is targeted at achieving returns required to meet the scheme's liabilities. USS completed ils latest full valuslion as of 31 March 2023. Following this, some changes to scheme benefits were introduced. These included." increasing the salary cap, increasing the accrual rate and increasing the limit on benefit increases. According lo the latest Report and Accounts, the asset value of the DB section on 31 March 2025 was £73.3 billion and is the market value of the scheme's DB assets based on the audited asset value in the scheme's accounts. This was a decrease of £1.5 billion from 31 March 2024. The estimated deficit has reduced as the scheme has moved from being 1140/0 funded in 2024 on a Technical Provisions basis to 1160/. funded in 2025. USS is a "last man standing. scheme, so that in the event of the insolvency of any of the participating employers in USS. the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participant employers and refle¢ted in the next actuarial valuation of the scheme. As the funding level has considerably improved, there is now less risk that these employers will need to fund any significant shortfall. Southern Universities Management Services Group Personal Pension Plan (the Plan) A Irust-based defined contribution scheme Iuniversily of Reading Pension Scheme - URPSI was set up lo replace the Universty of Reading Employees, Pension Fund IUREPFI for new enlranls from 1 August 2011. SUMS participated in URPS, which is administered by Aviva, until 31 March 2019. From 1 April 2019, the SUMS Group Personal Pension Plan was sel up. The scheme was sel up due to the Master Trust Regulation introduced in the Pension Schemes Act 2017. Members of URPS employed by SUMS were transferred lo the new arrangement but retained their accrued benefits in URPS. Company Number.. 02732244 Registered Charity Number= 1042175 27
VirtualSonabJ10 Tran$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28."32 Gmt (UTC +01 D 414 P 30rJo Southern Universities Management Services NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 (contiTnued) The Plan is a conlracl-based Group Personal Pension arrangement with members holding an individual contract with the Plan provider, Aviva, directly. The scheme is a Qualifying Scheme for aulo-enrolment purposes. The latest re-enrolment date was 1 January 2023. As al 31 July 2025, the Plan had 35 active members. The Contribution rale (ignoring salary sacrifice) payable by SUMS is 510 of pensionable salaries for members who have been employed less than 5 years and 7Q/o for members who have been employed 5 years and over. Members must contribute a minimum of 4°/0 of their pensionable salaries lo the scheme. Pension contributions are usually deducted via salary sacrifice. The pension costs incurred in relation to the respective schemes are set out below.. 2025 2024 Pension costs Employer contribution Active members Employer contribution Active members uss SUMSPP 145.136 85,149 230,285 10 35 45 141,182 68,429 209,611 31 40 19. Reconciliation of net incomellexpenditurel to net cash flow from operating activities 2025 2024 Net lexpendlture)Ilncome 34,391 992,621 Adjustments for: Depreciation of tangible fixed assets Investment income Movement on debtors Movement on creditors 1140,066} 1372,8881 265,316 1149,3911 100,994 1775,9961 Cash used in operations 213,247 168,228 Company Number.. 02732244 Registered Charity Number.. 1042175 28