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 Pr￿dureS, 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$a¢tion R¥1. 8GMT.TWBK-5Q3V 28 Jan 2026 11 28".32 Gmt (UTC +01 D 414 P 7130
Southern Universities Management Services
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2025 (continued}
STRATEGIC REPORT
Financial Review
The financial year to 31 July 2025 saw a surplus for the charitable company of £34k12024.. £993kl. An
increase in membership brought growth in subscription income from £2.6m in 2023124 10 £2.8m in
2024125.
Incoming Resources
Overall income for the year is £4,848k, an increase of £59k11 Q/ol on prior year {2024: £4,789kl, with the
majority of income1570/0l obtained from SUMS and SUPC membership subscriptions.
ResOu￿e$ 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 con￿rn 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 I￿￿0
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=
A￿￿￿wIll￿￿2tjtsttè￿2£1l.2￿2&G￿I[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 a￿OUntIng
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 re￿iVed 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 bl￿d
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 ¢l￿d
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 re￿iVed 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