2025-07-31-accounts

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Charity registration: 1063492 Company registration: 3401440

UNIPOL STUDENT HOMES

(a company limited by guarantee) Annual Report and Group

Financial Statements Year Ended 31 July 2025

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS 2024

Contents
Legal and Administrative Information	2
Trustees’ Report	5
Statement of Trustees’ Responsibilities	14
Independent Auditor’s Report to the Members of Unipol Student Homes	15
Consolidated Statement of Financial Activities	18
Consolidated and Charity Balance Sheet	19
Consolidated Cash Flow Statement	20
Notes to the Financial Statements	22

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

BOARD

The Board comprises the following representatives:

The University of Leeds

Mrs Sue Green Mr Christopher Warrington Ms Catherine Cho Contactable at University of Leeds, Leeds LS2 9JT

Leeds Beckett University

Ms Victoria Johnson Ms Joanne Norry (Resigned 07/03/2025) Ms Jo Jones (appointed 26/06/2025) Contactable at Leeds Beckett University, Calverley Street, Leeds, LS1 3HE

Leeds University Union

Mr Felix Emotu (resigned 30/06/2025) Ms Lucy Hart (appointed 12/12/2024 and resigned 30/06/2025) Ms Freshta Amiry (resigned 08/10/2024)

Ms Susan Stone (resigned 05/03/2025) Mr Douglas Muzawazi (appointed 16/06/2025) Contactable at Leeds University Union, PO Box 157, Leeds LS1 1UH.

Leeds Beckett University Students’ Union

Mr Harish Jayaseelan (resigned 30/06/2025) Lokesh Sharma (resigned 06/06/2025)

Ms Jacqui Short

Contactable at Leeds Beckett University Students’ Union, Calverley Street, Leeds LS1 3HE.

Bradford College

Vacant

Co-Opted Directors

Chair of Unipol

Ian Robertson Head of Residential Accommodation at the University of Leeds until 13/10/2023 now Associate Director of Facilities at the University of Bradford – until 31/01/2025

Stephen Willis Joint Managing Director Kexgill Group (appointed 01/02/2025)

Deputy Chair (Partnerships) of Unipol

Vacant

Deputy Chair (Finance) of Unipol

Ms Jennifer Share

Deputy Chair (Properties and Portfolio) of Unipol

Mr Andrew William Welsh

Ms Meri Braziel

Mr Stephen Denton (resigned 30/09/2025)

Mr Steven Gilley

Contactable at Unipol Student Homes, 155/157 Woodhouse Lane, Leeds, LS2 3ED

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

Secretary

Ms V Tolmie-Loverseed

LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED)

Charity registration number 1063492 Company registration number 3401440 Registered address 155/157 Woodhouse Lane, Leeds, LS2 3ED

EXECUTIVES OF UNIPOL STUDENT HOMES

Paddy Jackman (until 16/08/2024) Chief Executive Officer Sam Bailey-Watts (31/3/2025 to 27/5/2025) Group Executive Director (from 28/5/2025) Chief Executive Officer Nichola Verity(to 18/8/2024) Deputy Chief Executive (from 19/8/24 to 27/5/2025) Interim Chief Executive (from 28/5/2025) Deputy Chief Executive Victoria Tolmie-Loverseed (until 31/8/24) Standards Director and Company Secretary (from 1/9/24 to 31/3/2025) Interim Deputy Chief Executive and Company Secretary (from 1/4/25) Standards Director and Company Secretary Elizabeth Smith Finance Director Thomas Hill Operations Director Nicola Brown Hub Services Director Sally Ramsey (from 30/9/24) Sales and Marketing Director Andrew Livesey IT and Publications Director Antony Vyse Developments and Compliance Director

BANKERS

National Westminster Bank plc Svenska Handelsbanken AB Leeds Commercial Office 5th Floor 4[th] Floor 3 The Embankment 2 Whitehall Quay Sovereign Street Leeds Leeds LS1 4HR LS1 4BJ

SOLICITORS

Lupton Fawcett Pinsents Hatch Legal Walker Morris Stamford House 1 Park Row 12 Park House 33 Wellington Street Piccadilly Leeds 11 Park Row Leeds York LS1 5AB Leeds LS1 4DL YO1 9PP LS1 5HB

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

AUDITOR

BHP LLP First Floor, Mayesbrook House Lawnswood Business Park Redvers Close Leeds LS16 6QY

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

The annual report and the audited financial statements are for the year ended 31st July 2025 in the 50th year of operation of Unipol Student Homes as a registered charity (two years after it was founded initially as part of the University of Leeds in 1973). On 1st August 1997 Unipol was incorporated as a charitable company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Its current Forward Look 2023 - 2026 was adopted by trustees in September 2022 and this sets out the main strategic direction of the organisation for the next three years and it makes sense to review the year with reference to the Forward Look.

Values

The values of the charity have always been important and have always been placed at the centre of its operations and aspirations. The values are a touchstone by which Unipol can assess what it is doing and why.

As part of the Forward Look discussion, trustees reviewed the charity’s seven core values and identified four themes which place additional emphasis on these values:

Standards : the charity sets high standards which match its values
Responsibility : both now and in the longer term
Student focussed : caring about its services, trusted and reassuring
Leadership : using its expertise to create impact in the sector and innovate.

Unipol’s values have been used to define Unipol as an organisation that is different from any other. During the pandemic the charity based its actions on these values and messaged its culture to those it worked with and for. Unipol’s values underpin everything it does and they remain at the core of the charity’s actions. Those values are:

To be trusted - as a source of help and advice to both students and landlords who want to rent and provide good quality student accommodation that contributes to a great student experience.

To be impartial experts - giving student consumers information and advice, based on 48 years' experience in the sector, which empowers them to make good housing choices and get the best deal available. Establishing, promoting and publicising best practice in student accommodation, encouraging innovation and cooperation between providers, institutions, local and national Government to work together to the benefit of student tenants.

To provide value for money - providing a first class service to our users which uses the latest technology to allow on-line global accessibility; recognising the importance of meeting differing students’ needs and providing value for money and choice throughout the housing process.

To promote safety and wellbeing - setting and checking standards to make student accommodation as safe and secure as possible to give peace of mind to all concerned and providing a good quality living environment that is so important in the learning process.

To promote community - whilst promoting individuality the charity encourages positive attitudes to equality, cultural diversity and the internationalism inherent in undertaking study in higher education.

To be ethical - valuing our human resources, investing in training and sector expertise and ensuring we pay our employees the real living wage. Providing information for our tenants on how to use less energy in a comfortable living environment and using local suppliers and trades wherever possible.

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

To be transparent and accountable - being answerable as a charity to our Board of trustees and to our users and making the charity’s agenda and operations as clear and open as possible.

Purposes, Activities and Public Benefit

The charity’s objects are the advancement of education by providing and managing accommodation and related services for educational institutions, their students and other persons associated with educational institutions and to develop and foster excellence and expertise in this field. Students (and the institutions being supported) rate their living experience and the acquisition of life skills and personal development as a very important aspect of their overall education.

Unipol was founded in Leeds by trustees with the vision of a charity offering dedicated expertise in student housing. From the outset the charity has worked nationally with education institutions and housing providers to give students better information and help on available housing options and to champion better housing standards which now takes place through local services based in Leeds, Nottingham and Bradford and nationally. Leeds continues to be a principal financial focus of the charity’s activities with Nottingham, despite the challenging market, continuing to generate a substantive income stream. The charity also operates on a national stage in respect of student-related housing regulation, legislation and policies and seeks to improve choice, affordability and standards in student housing.

As a student housing charity of 50 years’ standing and the largest not-for-profit student housing organisation in the UK, Unipol:

Develops, takes into ownership and manages properties and lets them directly to students. As at the end of the financial year, Unipol is currently responsible for housing some 3,259 students plus around 245 student families. Of these, 2,575 students live in Leeds, 870 in Nottingham and 59 in Bradford. Its direct housing function sits at the heart of the charity’s operations and is a beacon of good practice and innovation for others working in the sector.
Runs local accreditation schemes in Leeds, Nottingham and Bradford, and operates two Government-approved Codes of Practice for larger student developments UK-wide. In Leeds, Unipol also runs the Leeds Rental Standard for Leeds City Council and in Nottingham (together with Decent and Safe Homes and Nottingham City Council) it runs the Nottingham Standard.

Within these, Unipol sets professional standards for purpose-built student accommodation (PBSA) and its management. Owners and agents who are scheme members voluntarily commit themselves to meeting these standards. Unipol undertakes compliance checks in order to give students assurance and confidence about the quality of what they are signing up for when they rent a Code property. The accreditation schemes also give students a robust complaints process to use if things go wrong. Unipol currently accredits around 425,000 bed spaces.

Runs three Housing Hubs which give students (and their parents/guardians) information and advice on finding a suitable home. The Hubs also provide a forum in which owners (including Unipol) can advertise their properties. Although Unipol charges a fee for services to owners, services for students are free. The Housing Hubs are part-funded by educational institutions and local authorities. Unipol also runs a Rate Your Landlord review site (jointly with Leeds University Union), which provides an effective platform for the student voice to influence housing choice in Leeds, York and Newcastle from mid 2025.
Provides help and training, both locally to support landlords, and nationally to improve policy, management and the development of student accommodation. Unipol has in-house training facilities in both Nottingham and Leeds.
Works with local and national governments to offer advice. The charity seeks to influence decision making to ensure student housing is appropriately considered when new or amended regulation and legislation is anticipated.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

Overview of 2024-2025

Following on from the considerable disruption caused by the Coronavirus Pandemic and the ensuing cost of living crisis, 2024-2025 has been the start of a new phase in Unipol’s growth and development.

Base rents this year increased by 6% overall in response to the continued high costs of energy. Whilst the charity seeks to provide affordable accommodation for students it is important that rents keep pace with the cost of managing the properties and enhancing the student support available.

The Unipol Mission

Because Unipol’s own housing portfolio is so central to the activities of the charity, it is worth dwelling on how Unipol’s values translate into housing values as a provider.

Unipol’s stock has been acquired and shaped to meet the diverse needs of the student population. Unipol offers housing to all kind of students: undergraduates, postgraduates, international and UK students, firstyears and returners, students under 18, couples, students with dependents and students with additional needs.

Unipol aims to give tenants a great housing experience, providing good value, promoting social and academic interaction and high-quality accommodation – a Unipol property should be a home from home. Unipol aims to offer the best deal possible to its tenants as a not for profit provider. Deposits are now only levied on longer-stay family tenants. This means the Unipol offer to students is that they simply pay rent with no other fees or hidden charges, no guarantors and with each student tenant getting an individual tenancy agreement: a far cry from many other accommodation providers.

Housing revenue normally goes to support investment in higher-quality properties and helps subsidise the advice and standards mission but in this year, with housing taking the weight of the economic challenges outlined, that internal subsidy has been lessened.

It has, however, been possible to maintain continuing investment into the portfolio because of reserves held for that purpose and the designated works reserve now stands at just under £811k, after expenditure, in this year.

Helping Students to Make the Best Decisions about their Housing Unipol empowers consumers by providing accurate, transparent and comparable information, together with help and support to build both the knowledge and confidence to assist them in negotiating the housing market within which they operate and helping them decide what to rent.

Unipol’s services to students are provided either on-line or in-person. Unipol also runs a number of successful web-based services in order to assist both students and landlords. The Housing Hubs continued to give good advice and provide relevant information to both students and landlords alike:

Unipol’s online activity comprises the following websites and services, all of which are free to access:

This year, the Unipol website had 150k users, there were 160k searches and 437k views. This shows an increase in searches of 3% while users remained roughly the same as last year. There was a decline in individual advert views of 38% and booking enquiries were down 40% to 6,000. Engagement through the Web chat system has dropped 85% since 2023/24 despite a similar number of chat requests. These drops have happened across all three cities but are more pronounced in Nottingham and Bradford.
The Unipol Housing website which deals with Unipol’s own housing and is mainly used by Unipol’s tenants and potential tenants had almost 288k users during the year. This is up 29% on 2023/24.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

The review site Rate Your Landlord has an annual target of 1,000 new reviews. Having a good number of new reviews each year ensures the website remains relevant and up to date. Only the three most recent academic years are shown. The website is currently offering 2,900 reviews for students to view. Rate Your Landlord is promoted as a peer-led house hunting tool for students. It is used as a diagnostic tool for the Unipol accreditation team to help them prioritise inspections. Unipol entered in to an agreement with the University of Northumbria and Newcastle University in June 2024 to deliver a Rate Your Landlord website in Newcastle and this was launched in August 2025. An agreement for Durham has also been reached and this site went live in September 2025. Current live sites are in Leeds, York, Newcastle and Durham.
The National Code website is still a key source of guidance and information to students and members with 26,459 users, a 7% increase on 2023/2024.

Improving Standards

Accreditation is an important vehicle for improving standards. It is about persuading suppliers voluntarily to meet higher than regulatory standards, based on reasonable consumer expectations.

Unipol is a founder member of the accreditation movement and has designed and operates several Unipol Codes, which share a common core of standards. There are Codes geared to the specific housing and market conditions where Unipol works and there are two National Codes. Robust verification procedures are used to ensure Code compliance. The Codes offer accountability through a complaints system and dispute resolution through an independent Tribunal system. Three-yearly reviews, including broad consultation, ensure regular updating.

In Leeds, the local Code for off-street properties covered 11,403 tenants. In Nottingham the Code covered 6,997 tenants. In Bradford the Code covered 196 tenants. Throughout the year 394 verification visits were undertaken to properties, and 293 properties improved as a result.

Membership of the National Codes has remained stable over the last year, with a total of 156 members (as of 31st July 2025) – 105 private providers and 51 educational establishments. However, the number of bed spaces did increase in comparison with 2024 and by July 31st 2024 the two Codes between them were at 440,324 beds, 22,375 more than in 2024. The number of developments registered has decreased by 12 to 2,279, which represents to loss of older, smaller buildings and their replacement with larger new schemes. Between August 1st 2023 and July 31st 2024 a total of 164 verification visits were undertaken.

The Public Mission

Unipol continued to be consulted about a variety of forthcoming regulation and legislation and made representations on the Renters Rights Bill . Unipol also made representations in respect of various local consultations including the Nottingham Housing Strategy and HMO Licensing. Unipol sat on the working group of the Scottish Government’s review of PBSA, which made a number of representations to Government.

The proposals made in the Renters Rights Bill would have several important outcomes for student housing. The Government has now partially accepted the argument that student housing was different and PBSA suppliers who are members of the National Codes will be exempted from the more general suggestions for the private rented sector.

Whilst Unipol supports the additional powers for regulatory enforcement, the changes proposed to tenure, whereby students living in off-street housing would have security of tenure and be able to give two months’ notice at any stage, would have a highly disruptive effect on the academic year cycle by which that accommodation is made available and let. Treating students in the same way as longer-term renters

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

is likely to cause a contraction of rented accommodation supply for students (as has happened in response to similar proposals enacted two years ago in Scotland), making finding student accommodation more difficult for the beginning of the academic year and is likely to raise rents.

Work commenced on the Accommodation Costs Survey, which aimed to capture detailed information on the impact of inflation and other cost of living pressures on rent in PBSA and how this relates to student incomes. The full report was published in January 2024. Research activity continued throughout FY 2024/25.

Strategic Report and Achievements and Performance - 2024-2025 Year

In accordance with section 414c (11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, the company has prepared a Strategic Report which includes information that would have previously been included in the Trustees’ Report. The trustees authorise both the Strategic Report and the Trustees’ Report.

Overview

The future growth of Unipol will depend upon the renewal and extension of leasehold assets, new leasehold commitments within the PBSA arena and acquisitions, maintaining strong lettings record and underwrite relationship with educational institutions.

The Financial Framework

91% of the charity’s funds come from rent paid to it by students and this rental stream is central to the survival of the charity.

The National Codes also now make a significant contribution to the organisation’s output and overheads. The fees from the National Codes are currently around £869k and the Code makes an increasingly significant contribution to both the charity’s mission and overheads. Because of the growing size of this budget the setting of fees and budget-reporting is now undertaken within Unipol’s overall budgetary framework rather than by the National Codes Committee of Management.

The importance of rental revenue is against a backdrop where the charity’s more traditional income from its housing hubs is static and is continuing to lose its real term value. The level of funding required to run a good service to students through the housing hubs is brought into sharper focus by the level of subsidy required by the charity to run those services with a small £44k surplus being met in 2024-2025.

With the UK’s Higher Education sector facing an increasingly challenging financial outlook due to increasing global competition, reduced government funding over some years, alongside the tuition fees for home students not tracking inflation for some years, the need for universities to be managing risk more attentively is high on the agenda of senior executive teams.

Unipol has secured high occupancy levels for FY 2025/26 however has done so by offering incentives and reducing rents where specific conditions warrant the shift. It is well documented that in Nottingham as the supply of student housing increases in the PBSA sector more developments are left partially occupied. Unipol’s sector position, relationships with universities and experience will be vital in maximising occupancy in future years.

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

Unipol leadership and general activity update

Unipol appointed a new CEO, Sam Bailey-Watts in June 2025, following a two-month role as Group Executive Director.

An interim Reset Strategy is being developed for 2026 that will allow time for the CEO and the senior executive team with Trustees to shape the direction of Unipol for the five-year period from 2027. Unipol has instigated a Governance Review, and the University of Leeds is conducting its own review of its relationship with Unipol as a Member of the charity.

The Reset Strategy will refresh the strategic aims of Unipol for the next 12 months. Reviews of each key business discipline are being undertaken to assess if their purpose and value remain in keeping with the charitable, financial and commercial direction deemed necessary.

The CEO is working closely with the Chair and Deputy Chairs of Trustees to develop the interim strategy for consideration by the Board of Trustees.

a. Health and Safety

Unipol’s focus on its legislative obligations and approach has been supplemented by the appointment of Ryder Levett Bucknall to ensure the Building Safety Case Reports are completed at Unipol’s four high rise buildings and develop a Health and Safety Management system. The need to ensure Unipol’s conversance with new legislation is imperative in its operational delivery, and in the running of the Codes of Standards.

b. Sales and Marketing

With demand and supply characteristics ever changing and competition increasing, the reliance on reaching full occupancy without a dedicated revenue strategy is long forgotten. University partners are also mindful of ensuring risk is managed effectively to mitigate losses. An approach taking into account the impact of changing demand is necessary for Unipol to maintain its historically high occupancy levels.

c. Portfolio management

Developing an asset management approach to more effectively forecast future needs is one of the primary objectives of the Reset Strategy. Unipol will continue to evaluate its portfolio to ensure its stock is best placed to meet the changing demands of future students.

d. National and Local Codes of Standards and Housing Hubs

This remains the cornerstone of Unipol’s profile in the UK housing sector. Extensive work has been undertaken by the Codes’ team to ensure that members are exempted from some key elements of the Renters’ Reform legislation, which is now expected to become an Act of Parliament in April/May 2026.

A Code Strategy is being developed to enhance the profile of Unipol’s efforts.

The Housing Hubs remained an important central resource in providing students with information, help and advice, increasingly through virtual engagement. Demand for help remains high although the number of international students has declined. Due to changes in the visa regulations affecting international students with dependents this accommodation demand has eased.

House hunting in all three cities commenced in late October in 2024. Following feedback from students, partners and results from surveys carried out, there is still significant house hunting activity that happens very early, particularly among the first-year undergraduate cohort. In the letting cycle leading to AY 2025/26 all operators are seeing a slowdown in booking in Leeds and Nottingham. Returning students, it appears, are aware that operators are increasing using incentives to secure early bookings and the use of dynamic pricing seems more prevalent.

Unipol’s Hub service in Bradford is now being run largely from Leeds following a reduction in enquiries which is a direct result of lower student numbers in the city. Unipol’s management of Doris Birdsall House ends in 2026.

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

e. Key risks and mitigations

We have outlined below the areas we have developed strategies for in order to manage the key risks appropriately.

Risk	Potential Impact	Mitigation
Operational overspends	Increased costs	Monthly tracking of spend, tighter approval controls and improved procurement approach
Unbudgeted refurbishment costs due to unforeseen building issue	Budget overspend	Annual review of property portfolio to accurately assess asset management needs
Lower than budgeted revenue and occupancy for FY 26/27	Reduced income in FY 26/27	Current year’s position is strong and good opportunity to increase retention. Greater emphasis on sales and marketing activity, understanding of key demand and supply characteristics, regular liaison with universities
Unbudgeted Health and Safety costs	Increased costs	Enhanced resource in H&S team to manage approach.

Fundraising

The charity does not undertake any fundraising activity or engage with any commercial fundraiser to undertake this activity on its behalf. Any funds received through occasional donations or gifts from individuals are unsolicited and are unconditional. No fundraising complaints were received during the year.

Financial Review

In conjunction with the Chair of Trustees, Steve Willis, Unipol’s CEO and Finance Director are in the process of reviewing the organisation’s approach to financial management to create a pathway to minimise future losses.

The charity’s bottom line for 2024-2025 shows a deficit of -£323K. This is -£430K below the budget and -£18K above the reforecast presented in February 2025. The movement is primarily caused by increases in staffing costs from the University of Leeds pay award restructure and the NI increase in October 2024, higher utility costs specifically at the new developments and ongoing cost increases in repairs and maintenance.

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

The major works reserve has increased this year to £811K. The charity’s total reserves are £3,712,953 (2024 £4,035,730).

Unipol now holds £2,901,665 (2024: £3,243,317) of its unrestricted reserves in an undesignated form to offset cash demands within the organisation. The trustees and management considered the funding arrangements of the charity during the year and continue to operate an overdraft arrangement for working capital requirements. Significant investment in the charity’s own assets and longer term lease properties continues by means of ring-fenced loan funding.

Charities of this type, which are fixed asset rich and generate significant rental income on a monthly basis, often have net current liabilities and consequently negative free reserves. The charity has net current liabilities of £5,983K (2024: £5,257K) and is in a negative free reserves position, however; as part of management’s going concern assessment it has produced cash flow forecasts that show adequate funding for the future, including the next 12 months. It is the charity’s intention to continue to improve its unrestricted reserves and reduce its net current liabilities over the medium term.

Unipol’s overall fixed assets decreased slightly in the year from £14,708,561 (2023) to £14,279,195 with no new property purchases in the year. Unipol recognises its property assets in the financial statements at historical cost, net of accumulated depreciation, this is in line with the accounting policy which complies with applicable accounting standards. However, the fair value of these properties in aggregate is considered to be substantially higher than the carry value. As such, in the event of a working capital shortfall, the charity could explore the option of realising liquid funds on the sale of certain properties via a strategic disposal plan.

Investment Powers

The Articles of Association of the charity permit wide powers of investment. The borrowing threshold set within the charity's powers is £15 million although the amount currently being borrowed at this time stood at £5,798,336 (2023: £6,462,948).

Policy on Reserves

The charity has no free reserves as its asset base is property and is not revalued for accounting purposes. Properties are maintained to a high standard which together with a range of banking facilities and underwrites enables the Charity to raise finance in times of need and reduce or defer expenditure if appropriate.

The charity will continue to accumulate its unrestricted funds to improve cash flow whilst investing in property to provide a strong and growing asset and reserves base (if liquidated) for the charity. The level of reserves required is likely to fall within a range of £5,250K and £5,750K over the medium term.

Finance

Improvements in financial management continue. Forward purchase on energy contracts has now consolidated the energy costs until 2027 with prices set to fall by 25% for gas and 10% for electricity from July 2025. These new prices have been considered when setting rent levels (inclusive of energy costs) for 2025-2026 thus protecting the charity from the volatility of the energy market.

Closer review of all expenditure will continue with more responsibility given to budget holders to manage their spending and control their debt collection. They will continue to have greater involvement in the setting of budgets and a full review of all contractor relationships will conclude in 2025-2026.

Compliance with Client Money Protection requirements continues to increase the financial administrative burden to ensure the charity continues to meet the tight deadlines. Tighter anti-money laundering procedures are in place in response to an increase in international students where the risk is seen to be higher.

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UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

The 2025-2026 budget

The budget strategy for 2025-2026 is complex involving many decisions that build the overall budget strategy. There are several areas of flex built into the budget to account for a variety of unknowns at this stage in the planning cycle.

Rents for 2026-2027 have increased by 5.5% on average but rents in Nottingham have been held at 20242025 levels as the city continues to see an oversupply in the PBSA market. The National Code income is predicted to continue to grow by 10% as the impact of the Renter’s Rights Bill increases administrative costs leading to higher fees. Membership will also grow.

The cost of repairs and maintenance will continue to be reviewed to deliver operational efficiencies. The staffing reorganisation will continue to create a sustainable staffing model with key postholders appropriately qualified and experienced.

The review of the major works reserve will conclude in 2025-2026. Budgets have been set for all significant capital expenditure in Health and Safety, IT infrastructure and Portfolio refurbishments for the next three years.

A rental void provision has been made of £445k, 1.9% of total rental income, to cover shortfalls in letting or discounting rents if needed and a bad debt provision of £75k has been made.

Structure, Governance and Management

Structure

The charity is governed by a Board of Directors (who are also the trustees) 13 of whom are nominated by the five member institutions (the University of Leeds, Leeds Beckett University, Leeds Beckett University Students' Union, Leeds University Union and Bradford College). The Board can co-opt up to 6 further trustees and currently there are six co-opted trustees with two nominated places from Bradford College and one from Leeds Beckett University being vacant.

In relation to age and gender Unipol has a relatively diverse Board with four trustees aged between 18-24 and more female members (10) than male (7). The Board’s overall role in accountability and governance of the charity is assisted by a number of committees and from time to time the Board establishes specific working groups or project groups to consider more detailed policy options open to them.

Governance - The Board

The Board maintains a number of systems to ensure the maintenance and development of its effectiveness, including ensuring regular attendance at Board meetings and Committee meetings. Attendance of trustees at Board meetings is monitored and reported on Unipol's website. Attendance at meetings for the Board remains high and can be viewed here.

The Board places a high value on the processes for the recruitment and induction of trustees by stressing the individual aspect of becoming a trustee and giving adequate time and energy to being a trustee. All trustees, on appointment, receive a substantial pack of information about the charity, including key policy and procedure documents, information about the powers of the Board, and how those powers are exercised, the details of the devolution of specific responsibilities to Officers of the Board, the Chief Executive and senior staff members. The Company Secretary is available to deal with any specific issues relating to this pack and trustees confirm to the Board at the first available opportunity that they have read and understood the material sent to them.

All new trustees also receive a full day’s dedicated induction. The day consists of an opportunity to meet the senior management team, talk with the Chief Executive and take part in an induction presentation that outlines the financial and administrative structure of the charity. In addition to the internal induction, a

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

TRUSTEES’ REPORT

dedicated training day facilitated by NCVO took place on “How to Be an Effective Trustee” to which all new and existing trustees are invited.

NCVO was appointed to conduct an independent Governance Review in September 2025 that will be completed and presented at December’s Board meeting.

Pay for Senior Staff and Trustees

The pay of senior staff is reviewed annually and is increased at the same rate as all other employees of the charity. No trustee receives remuneration or any other benefit from their work with the charity.

Conclusion

Based on current forecasts, and identified mitigations, management considers that Unipol Student Homes has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Accordingly, the going concern basis of preparation remains appropriate.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

Statement of responsibilities of the Trustees of Unipol Student Homes Limited in respect of the Trustees’ annual report and the financial statements

The trustees (who are also directors of Unipol Student Homes for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state 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 trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

there is no relevant audit information of which the company’s auditors are unaware; and
• we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

In approving the Trustees' Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.

Approved by the Board of Directors on 11th December 2025 by:

Spr

Signer ID: PSNYOUQFTD... Mr Stephen Willis

Signer ID: N0YFKWNV4H... Ms Jennifer Share

155/157 Woodhouse Lane, Leeds, LS2 3ED

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

Opinion

We have audited the financial statements of Unipol Student Homes (the ‘parent charitable company’) and its subsidiary (the “group”) for the year ended 31 July 2025 which comprise of the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including 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 Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent 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 properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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 statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees' report, which includes the strategic report and directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been 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 trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.]5 The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the parent charitable company through discussions with directors and other management, and from our commercial knowledge and experiences of the charity's sector;
we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charities Act 2011, Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation, landlord and tenants legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence throughout;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

Making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls we:

Performed analytical procedures to identify any unusual or unexpected variances.
Tested journal entries to identify unusual transactions.
Assessed whether judgments and assumptions made in determining the accounting estimates set out in note 1e were indicative of potential bias.
Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation.
Reading the minutes of meetings of those charged with governance.
Enquiring of management as to actual and potential litigation and claims

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities- for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

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 state to 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 to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Masheder (Senior Statutory Auditor)

For and on behalf of BHP LLP,

Chartered accountants Statutory Auditor

BHP LLP

Mayesbrook House

Leeds LS16 6QY

11[th] December 2025

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 July 2025

Note Income Charitable activities 4 Other trading activities 5 Investments 6 Total Income Expenditure Charitable activities 7 Total Expenditure Gain on disposal of Fixed Asset 14 Net (Deficit)/Surplus before other gains and losses 10 NET MOVEMENT IN FUNDS Total funds brought forward at 1 August 22/23 Total funds carried forward at 31 July 22/23	Unrestricted funds £ 23,947,523 - 5,706 23,953,229 24,276,006 24,276,006 - ___ (322,777) (322,777) 4,035,730 3,712,953	Restricted funds £ 81,994 15,000 - 96,994 96,994 96,994 - ___ - - - -	Total 2025 £ 24,029,517 15,000 5,706 24,050,223 24,373,000 24,373,000 - ___ (322,777) (322,777) 4,035,730 3,712,953	Total 2024 £ 22,995,188 - 14,499
				23,009,687
				23,330,472
				23,330,472
				6,190 ___ (314,595)

				(314,595) 4,350,325
				4,035,730

The statement of financial activities includes all gains and losses recognised in the year.

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

The accompanying notes are an integral part of the financial statements.

All income and expenditure derive from continuing activities.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES CONSOLIDATED AND CHARITY BALANCE SHEET 31 July 2025

	Note	2025	2024	2025	2024
		Group	Group	Charity	Charity
		£	£	£	£
FIXED ASSETS
Tangible assets	14	14,109,422	14,547,507	14,109,422	14,547,507
Intangible assets	15	169,773	161,054	169,773	161,054
Investment	16	-	-	1	1
		14,279,195	14,708,561	14,279,196	14,708,562
CURRENT ASSETS
Stock	17	2,203	972	2,203	972
Debtors	18	3,202,949	2,273,742	3,206,136	2,276,930
Cash at bank and in hand		187,228	37,910	187,228	37,910
		3,392,380	2,312,624	3,395,567	2,315,812
CREDITORS: amounts falling due within
one year	19	(9,378,879)	(7,572,617)	(9,378,879)	(7,572,617)
NET CURRENT LIABILITIES		(5,986,499)	(5,259,993)	(5,983,312)	(5,256,805)
TOTAL ASSETS LESS CURRENT LIABILITIES		8,292,696	9,448,568	8,295,884	9,451,757
CREDITORS: amounts falling due after	20	(4,579,743)	(5,412,839)	(4,579,743)	(5,412,839)
more than one year
		3,712,953	4,035,730	3,716,141	4,038,918
FUNDS
Unrestricted funds:
Designated funds	22/23	811,288	792,413	811,288	792,413
Other Charitable funds	22/23	2,901,665	3,243,317	2,904,853	3,246,505
		3,712,953	4,035,730	3,716,141	4,038,918

The notes at pages 22 to 42 form part of these financial statements These financial statements were approved by the Board on 11th December 2025 Signed on behalf of the Board

Spr

Signer ID: PSNYOUQFTD...

S Willis

Signer ID: N0YFKWNV4H...

J Share

Company registration: 3401440

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES CONSOLIDATED CASH FLOW STATEMENT Year ended 31 July 2025

FRS 102 Cashflow Cashflows from operating activities Cash generated from operations Interest paid Net cash inflows from operating activities Cashflows from investing activities Purchase of intangible assets Purchase of tangible assets Interest received Net cash outflows from investing activities Cashflows from financing activities Proceeds from borrowings Repayment of borrowings Net cash inflows/outflows from financing activities Net increase/(decrease) in cash in the year Cash at the beginning of the year Effect of foreign exchange rates Cash at the end of the year			2025 2024 £ £ 1,484,544 2,164,640 (395,747) (442,961)
			1,088,797 1,721,679 (15,001) (32,176) (736,320) (2,243,724) 5,706 14,499
			(745,615) (2,261,401) 1,070,748 1,607,244 (1,264,612) (1,171,164)
			(193,864) 436,080 149,318 (103,642) 37,910 141,552 - -
			187,228 37,910

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES CONSOLIDATED CASH FLOW STATEMENT Year ended 31 July 2025

Notes to the consolidated cashflow statement Note 1 Cashflow from Operating Activities Net (deficit)/surplus before other gains and losses Adjustments for: Finance costs Note 13 Investment income Profit on disposal of tangible assets Depreciation Amortisation Movements in working capital Change in stocks Change in debtors Change in creditors Cash generated from operations	2025 £ (322,777) 395,747 (5,706) - 1,174,405 6,282 (1,231) (929,206) 1,167,030 1,484,544	2024 £ (314,595) 442,961 (14,499) - 1,059,907 36,354 15,819 (446,534) 1,385,227
		2,164,640

Note 2 Analysis of changes in net debt

Cash Bank overdrafts Borrowings Finance leases	01/08/2024 Cash flows 37,910 149,318 (1,190,369) (470,748) (1,152,459) (321,430) (6,462,948) 664,612 - - - (7,615,408) 343,182	31/07/2025 187,228 (1,661,117)
		(1,473,889) (5,798,336) -
		(7,272,225)

The accompanying notes are an integral part of the financial statements.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

1. ACCOUNTING POLICIES

The group financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS 102)) and the Financial Reporting Standard 102 applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The particular accounting policies adopted by the Board are described below and have been applied consistently throughout the current and preceding year.

Unipol Student Homes meets the definition of a public benefit entity under FRS102.

Accounting convention

The group financial statements are prepared under the historical cost convention.

Basis of consolidation

The group financial statements comprise the results of the Charity and its subsidiary on a line by line basis, for the year ended 31 July 2025.

Preparation of financial statements – Going Concern basis

The group financial statement have been prepared on a going concern basis which assumes the Charity will be able to meet its liabilities as they fall due for the foreseeable future. The Board of Unipol reviews the risk of existing and new business on a regular basis in order to keep a balance in order to mitigate the reliance on any one type of work.

Although the majority of income comes from rent receivable, risk is mitigated by several factors: Unipol’s market works across three Universities cities, Leeds, Nottingham and Bradford; its housing is geared to a cross-section of student demand (undergraduate, postgraduate, international and those with families); institutional underwrite arrangements are in place for the majority of first year student allocations where demand fluctuation is greatest. This spread of risk aims to mitigate against any single market fluctuation. On the cost side Unipol leases and Management Agreements see rents adjusted annually: short term one year Agreements are agreed annually based on previous lettings experience and longer term lease arrangements have payments decided on a pre-agreed formula with some leases being on fixed inflators and others linked to RPI to act as a “basket of risk” against high inflation or possible deflation.

Turning to staffing, some staff are on fixed term contracts which link to the length of various leases of properties/projects so if Unipol lost some of its work and were unable to replace that work then staffing could be adjusted to compensate.

Finally, Unipol is fortunate to be able to purchase individual properties to use for its core purpose which is to provide high quality affordable housing to students. This also gives Unipol the ability to borrow against these individual properties in times of need. Unipol recognises its property assets in the financial statements at historical cost, net of accumulated depreciation, this is in line with the accounting policy which complies with applicable accounting standards. However, the fair value of these properties in aggregate is considered to be substantially higher than the carry value. As such, in the event of a working capital shortfall, the charity could explore the option of realising liquid funds on the sale of certain properties via a strategic disposal plan.

The charity meets its day to day working capital requirements through cash generated from charitable activities and has a £1.5m overdraft facility in place with NatWest Bank, Unipol’s current account bankers. Property purchases are funded through long-term bank loans whose repayment is met by cash generated from charitable activities.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

1. ACCOUNTING POLICIES (continued)

The trustees have reviewed the charity’s forecasts and projections, taking into account possible changes in operating performance. As a consequence, the trustees believe that the charity is well placed to manage its financial risks successfully despite the current uncertain economic outlook.

After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and group financial statements.

Fund accounting

The Charity maintains various types of restricted and unrestricted funds as follows:

Unrestricted funds – Designated funds

Designated funds consist of the following reserves: Major works reserve represents a provision for future expenditure on large complexes. Dispersed Houses reserve represents a provision for future expenditure on Unipol owned houses.

The level of designated funds have been capped at £1m and are expected to be spent and replenished over a ten to fifteen year period in order to carry out refurbishment works

Unrestricted funds – Other Charitable funds

Other unrestricted funds represent unrestricted income which is expendable at the discretion of the Board in the furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment.

Restricted funds

Restricted funds represent grants and donations received which are allocated by the donor for specific purposes.

Income

All income is recognised in the statement of financial activities when the charity has entitlement to the funds and any conditions for receipt have been met and it is probable that the income will be received and the amount can be measured reliably.

Operating leases

Rental costs under operating leases are charged to the Statement of Financial Activities in equal amounts over the lease term and the value of any rent free periods are spread over the term of the lease.

Allocation of costs

Direct charitable expenditure includes all expenditure including support costs directly related to the objects of the Charity.

Governance costs relate to expenditure incurred in the management of the Charity’s assets, organisational administration and compliance with constitutional and statutory requirements.

The allocation of costs can be seen in Notes 7 and 9. General office costs, IT expenditure and staff costs are attributed according to the estimated time spent on each activity. Depreciation costs are attributed according to the use made of the underlying assets. Other finance charges are attributed according to the level of activity.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

1. ACCOUNTING POLICIES (CONTINUED)

Key judgements and estimates

Preparation of the financial statements requires the Trustees to make significant judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources and estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

The Charity is currently involved in a legal matter, the outcome of which remains uncertain as at the reporting date. Due to the complexity of the case and the early stage of proceedings, it is not possible to reliably estimate the financial impact, if any, that may arise from this matter.

Management has sought legal advice and continues to monitor developments closely. At this time, no provision has been recognised in the financial statements, as the likelihood of an outflow of economic benefits cannot be determined with sufficient reliability.

The Charity will continue to assess the situation and will recognise a provision if and when it becomes probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to the timing of when depreciation is commenced and changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are considered annually. They are amended when necessary to reflect current estimates, based on, amendments to leases or management agreements, economic utilisation and the physical condition of assets

Tangible fixed assets

Expenditure on the acquisition, construction or enhancement of land and buildings, computer equipment, fixtures and fittings, furniture and motor vehicles would normally be capitalised when in excess of £5,000 and carried in the balance sheet at historical cost.

Other expenditure incurred in the normal day-to-day running of the Charity and its subsidiary is charged to the Statement of Financial Activities as incurred.

Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives. Depreciation is charged from the year following acquisition as follows:

Freehold buildings 2% on purchase of property. Between 10 and 20% on cost of refurbishment of property Freehold land Nil Leasehold land and buildings Between 10% and 50% Computer equipment and software Between 10% and 33% Motor Vehicles 20% Office fixtures and fittings Between 10% and 25% Unipol property furniture 20%

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

1. ACCOUNTING POLICIES (continued)

Assets under the course of construction

Expenditure to properties, purchased or leased, which are undergoing renovation at the year end is classified as assets under the course of construction. These properties are transferred to the relevant fixed asset category on completion and depreciated accordingly from the date of transfer.

Intangible Assets

Expenditure on the acquisition of intangible assets would be capitalised when in excess of £5,000 and carried in the balance sheet at cost less accumulated amortisation.

Amortisation

Amortisation is provided to write off cost of all relevant intangible assets in equal annual instalments over their expected useful economic lives. Amortisation is charged from the year following acquisition as follows:

Software/Website Between 10% and 33%

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of there months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the entity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Stock

Stock is valued at the lower of cost and net realisable value.

Taxation

Unipol Student Homes is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2012 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2012 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

Financial instruments

The entity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Investments

Investments held as fixed assets are valued at cost less any provision for impairment.

Pension schemes

The charity is not a member of the University Superannuation Scheme (USS) or the University of Leeds Pension and Assurance Scheme (PAS) and has no obligation for past deficits but indirectly contributes to the schemes and one other principal pension scheme for the Charity’s staff, the University of Leeds Defined Contribution Plan (DC Plan). Under auto enrolment regulations the DC Plan is the default scheme. USS and PAS are defined benefit schemes which are externally funded and contracted out of the State Earnings Related Pension Scheme. The funds are valued every three years by actuaries with the rates of contribution payable being determined by the trustees on the advice of the actuaries. The amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable for the year.

2. LEGAL STATUS OF THE CHARITY

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

3. FINANCIAL PERFORMANCE OF THE CHARITY

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary Leeds Student Homes Ltd a dormant company that ceased trading on 31st July 2015.

The summary financial performance of the charity alone is:

Income Charitable activities Other trading activities Investments Total Income Expenditure Charitable activities Total Expenditure Net Income/(Expenditure) Gain on disposal of tangible assets NET MOVEMENT IN FUNDS Total funds brought forward at 1 August Total funds carried forward at 31 July Represented by: Unrestricted income funds	Total 2025 £ 24,029,517 15,000 5,706 24,050,223 (24,373,000) (24,373,000) - (322,777) 4,038,918 3,716,141 3,716,141 3,716,141	Total 2024 £ 22,995,188 - 14,499
		23,009,687
		(23,330,472)
		(23,330,472)
		6,190
		(314,595) 4,353,513
		4,038,918
		4,038,918
		4,038,918

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

4. INCOME FROM CHARITABLE ACTIVITIES

Unipol Housing Housing Hubs Code of Standards National Code of Standards Property Management Conference	Unrestricted £ Restricted £ 2025 £ Unrestricted £ Restricted £ 2024 £ 22,187,335 - 22,187,335 21,195,911 - 21,195,911 375,254 42,500 417,754 408,687 42,500 451,187 106,488 39,494 145,982 108,057 39,494 147,551 869,892 - 869,892 755,722 - 755,722 342,507 - 342,507 369,008 - 369,008 66,047 - 66,047 75,809 75,809
	23,947,523 81,994 24,029,517 22,913,194 81,994 22,995,188

Unipol Student Homes is split into the following areas of activity:

Unipol Housing – includes a portfolio of properties that are either owned, leased or rented by Unipol. The main source of income is rent receivable.

Housing Hubs (Leeds, Bradford and Nottingham) – are services provided to students funded by private owners’ registration fees and grants received from various institutions. This service provides advice on general student accommodation issues. It is also used as a centre for advertising student accommodation in the private rented sector. In Bradford there is additional income for accommodating overseas students on short courses.

Leeds receives funding from Leeds Beckett University, the University of Leeds, the Leeds Beckett Students’ Union and Leeds University Union.

Bradford receives funding from Bradford College.

Nottingham receives funding from the Nottingham City Council and Nottingham Trent University.

Code of Standards (Leeds, Bradford and Nottingham) – establishes a minimum standard for accommodation and its management in the private rented sector in Leeds, Bradford and Nottingham.

National Code of Standards – establishes a minimum standard for high density student accommodation and its management nationally.

Property Management Service (Leeds and Nottingham) – includes a portfolio of properties that Unipol manages on behalf of private owners. The primary income in the area is rent commission.

Unipol Conferences – is the part of Unipol developed as “Unipol Training”, and is the main national trainer in the niche market of student accommodation. Income is made up of conference fees and sponsorship money. Unipol Conferences now carries out the ANUK (Accreditation Network UK) conference).

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

5. INCOME EARNED FROM OTHER ACTIVITIES

INCOME EARNED FROM OTHER ACTIVITIES
Sponsorship	2025 £ 15,000 15,000	2024 £ -
		-

During the year the Charity received sponsorship from Student Crowd to support the conference and educational activities of the Charity.

6. INVESTMENT INCOME

The group’s investment income of £5,706 (2024: £14,499) arises from money held in interest bearing bank accounts. Investment income in both years is unrestricted.

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Direct Costs Repairs & Refurbs Staffing Lease & Management charges Major Works Loan interest Depreciation/ amortisation Support Governance Direct Costs Repairs & Refurbs Staffing Lease & Management charges Major Works Loan interest Depreciation/ amortisation Support Governance		Unipol Housing £ Housing Hubs £ Code of Standards £ National Code of Standard s £ Property Management £ Conference £ 2025 Total £ 4,562,925 35,762 29,626 248,845 19,774 14,878 4,911,810 2,610,210 - - - - - 2,610,210 1,213,549 191,345 107,375 79,587 208,624 53,574 1,854,054 10,386,947 - - - - - 10,386,947 212,125 - - - - - 212,125 376,082 3,710 3,613 5,500 4,288 2,554 395,747 1,081,127 4,241 152 800 422 648 1,087,390 2,239,929 134,458 75,620 137,226 155,759 48,584 2,791,576 93,171 5,349 4,290 8,141 9,318 2,872 123,141 22,776,065 374,865 220,676 480,099 398,185 123,110 24,373,000 Unipol Housing £ Housing Hubs £ Code of Standards £ National Code of Standards £ Property Management £ Conference £ 2024 Total £ 5,125,112 69,553 35,156 238,891 30,749 22,292 5,521,753 2,406,891 - - - 2,406,891 1,162,711 208,049 68,804 215,901 198,625 45,250 1,899,340 9,551,841 - - - - - 9,551,841 323,464 - - - - - 323,464 407,789 13,616 2,818 15,187 2929 622 442,961 1,002,995 1,184 - - 263 - 1,004,442 1,266,651 399,406 88,712 196,478 94,816 43,764 2,089,827 40,649 14,258 5,340 21,479 4,496 3,731 89,953 21,288,103 706,066 200,830 687,936 331,878 115,659 23,330,472

		Unipol Housing £ Housing Hubs £ Code of Standards £ National Code of Standards £ Property Management £ Conference £ 5,125,112 69,553 35,156 238,891 30,749 22,292 2,406,891 - - - 1,162,711 208,049 68,804 215,901 198,625 45,250 9,551,841 - - - - - 323,464 - - - - - 407,789 13,616 2,818 15,187 2929 622 1,002,995 1,184 - - 263 - 1,266,651 399,406 88,712 196,478 94,816 43,764 40,649 14,258 5,340 21,479 4,496 3,731 21,288,103 706,066 200,830 687,936 331,878 115,659

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

Expenditure on charitable activities was £24,373,000 (2024: £23,330,472) of which £24,276,006 (2024: £23,248,478) was unrestricted and £96,994 (2024: £81,994) was restricted.

8. SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITIES

The table shows the cost of the six main charitable activities and the sources of income directly to support those activities.

National Code of Standards £ (480,099) - - 741,981 - - 127,911	National Code of Standards £ (480,099) - - 741,981 - - 127,911	2025 Total £ (24,373,000) 22,058,355 339,130 987,796 16,760 324,643 302,833	2025 Total £ (24,373,000) 22,058,355 339,130 987,796 16,760 324,643 302,833
389,793		(343,483) 2024 Total £ (23,350,472) 21,022,406 - 270,491 980,831 37,478 354,371 329,611	(343,483)
National Code of Standards £ (687,936) - - - 662,281 - - 93,441
	67,786		(355,284)

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

9. ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the six main charitable activities undertaken (see note 8) in the year. Refer to the table below for the analysis of support and governance costs and the comments beneath for the basis of apportionment.

General Office Costs IT Expenditure Staff Costs Depreciation/Amortisation Other Finance Charges Audit Other Audit Services	2025 Support Governance Total £ £ £ 736,251 - 736,251 407,665 - 407,665 1,344,847 85,516 1,430,363 93,297 - 93,297 209,515 - 209,515 - 32,216 32,216 - 5,409 5,409 2,791,575 123,141 2,914,716	2024 Support Governance Total £ £ £ 486,599 - 486,599 419,763 - 419,763 964,499 64,004 1,028,504 91,819 - 91,819 127,147 - 127,147 - 25,949 25,949 - 3,250 3,250 2,089,827 93,204 2,183,031

General office costs, IT expenditure and staff costs are attributed according to the estimated time spent on each activity. Depreciation costs are attributed according to the use made of the underlying assets. Other finance charges are attributed according to the level of activity.

10. NET INCOME/(EXPENDITURE) FOR THE YEAR This is stated after charging: Auditor’s remuneration: audit of these financial statements Interest payable Operating leases and management agreements Depreciation on tangible fixed assets Amortisation on intangible assets Directors’ liability insurance Interest receivable 11. STAFF NUMBERS AND COSTS Average number of full-time equivalent employees BREAKDOWN OF STAFF PER SECTION Housing Housing Hubs & Code of Standards National Code Property Management Conferences and ANUK TOTAL	2025 £ 28,250 395,747 10,481,560 1,174,405 6,282 3,992 (5,706) 2025 No 72 52 8 3 7 2 72		2024 £ 27,077 422,961 9,655,137 1,059,907 36,354 3,876 (14,499) 2024 No 67 42 11 5 7 2 67

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

11. STAFF NUMBERS AND COSTS (CONTINUED)

Average number of employees BREAKDOWN OF STAFF PER SECTION Housing Housing Hub & Code of Standards National Code Property Management Conferences and ANUK TOTAL Staff costs Wages and salaries Employer’s National Insurance Employer’s pension costs (see note 26) Sub-total before administration charge Administration Charge TOTAL Employees receiving remuneration amounting to more than £60,000 £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £120,000 - £129,999 £130,000 - £139,999	78 55 11 3 7 2 78 2025 £ 2,727,783 275,355 260,915 3,264,053 20,364 3,284,417 2025 No 3 1 1 1 1 -	88 58 15 5 8 2 88 2024 £ 2,431,431 213,819 257,595 2,902,845 25,000 2,927,845 2024 No 4 2 - 1 1 -

Seven higher paid employees (2024: eight) had benefits accruing under the defined benefit pension scheme.

The key management personnel of the Charity comprise the trustees (who are not remunerated) , the Chief Executive, Deputy Chief Executive, Finance Director, Operations Director, Marketing and Sales Director, Hub Services Director, IT Director, Standards Director and Development and Compliance Director. The total employee benefits of the key management personnel were £824,692 (2024: £762,757). The comparative figure has been restated to included Employers National Insurance contributions.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

11. STAFF NUMBERS AND COSTS (CONTINUED)

Payments to Board Members

Payments to Board Members
	2025	2024
	£	£
Meri Braziel – Consultancy	21,000	-
Victoria Tolmie-Loverseed – expenses as a Board Member	248	-
Steve Gilley – expenses as a Board Member	131	-
Andy Welsh – Consultancy and Expenses as a Board Member	-	55
Rimsha Khan – expenses as a Board Member	-	39
Steve Denton - expenses as a Board Member	-	200

Board Members (or any person connected with them) have not received any remuneration from Unipol Student Homes. Consultancy work relates to professional service provided not for Trustee services which are unpaid.

The Charity purchased insurance costing £3,992 (2024: £3,876) to provide trustees and officers £5m of cover against loss arising from their neglect or default.

Related Party Transactions

Related Party Transactions	Related Party Transactions	Related Party Transactions
During the year there were the following transactions with related parties:
Expenditure	£25,000	University of Leeds - Payroll Management
During the previous year there were the following transactions with related parties:
Income	£24,072	LBU Subvention
Expenditure	£25,000	University of Leeds - Payroll Management
	£108	Leeds Beckett Union – Advertising
	£232	Leeds Beckett Union – Freshers stall

12. CORPORATION TAXATION

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13. INTEREST PAYABLE AND SIMILAR CHARGES

Group and charity

Group and charity
	2025	2024
	£	£
Included in Unipol Housing expenditure:
Bank and other loans	395,748	456,332

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

14. TANGIBLE FIXED ASSETS Group and charity

Cost At 1 August 2024 Transfer Additions Disposals At 31 July 2025 Accumulated depreciation At 1 August 2024 Transfer Charge for the year Disposals At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024	Freehold buildings Leasehold land and buildings Computer equipment Fixtures and fittings Unipol property furniture Motor Vehicles Assets under the course of construction Total £ £ £ £ £ £ £ £ 18,800,923 10,613,221 1,196,302 871,241 816,143 92,188 40,516 32,430,534 8,068 32,448 - - - - (40,516) - 245,518 440,116 - 38,333 12,353 - - 736,320 - - - - - - -
	19,054,509 11,085,785 1,196,302 909,574 828,496 92,188 - 33,166,854
	7,260,144 7,929,991 1,054,923 847,320 757,430 33,218 - 17,883,026 - - - - - - - - 562,014 525,377 69,070 6,045 7,968 3,931 - 1,174,405 - - - - - - - -
	7,822,158 8,455,368 1,123,993 853,365 765,398 37,149 19,057,431
	11,232,350 2,630,417 72,309 56,209 63,098 55,039 14,109,422
	11,540,778 2,683,230 141,379 23,921 58,713 58,970 40,516 14,547,507

Freehold land is not depreciated with a value of £1,147,284 (2024:£1,147,284

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

15. INTANGIBLE ASSETS

BLE ASSETS
Cost At 1 August 2024 Additions At 31 July 2025 Accumulated amortisation At 1 August 2024 Charge for the year At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024	Computer Software/Website £ 208,832 15,001
	223,833
	47,778 6,282
	54,060
	169,773
	161,054

16. INVESTMENTS HELD AS FIXED ASSETS

Charity

The Charity holds 100% of the issued share capital in Leeds Student Homes Ltd, a dormant company. With effect from 31st July 2015 the subsidiary ceased trading the results of the subsidiary are given below.

Turnover Interest receivable Administrative expenses Operating (loss)/profit Deed of gift to Unipol Student Homes (Loss)/Profit for the financial year The aggregate of the assets, liabilities and funds was: Total assets Total liabilities Represented by: Called up share capital Profit and loss account	2025 £ - - - - - 2025 £ - (3,187) (3,187) 1 (3,188) (3,187)	2024 £ - - -
		-
		-
		2024 £ - (3,187)
		(3,187)
		1 (3,188)
		(3,187)

The aggregate of the assets, liabilities and funds was:

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

As permitted by FRS 8 - Related Party Transactions the company has taken advantage of the exemption to not disclose transactions entered into between the parent company and its wholly owned subsidiary.

17. STOCKS

Furniture and goods	Group 2025 £ 2024 £ 2,203 972 2,203 972	Charity 2025 £ 2024 £ 2,203 972 2,203 972

18. DEBTORS

Owed from subsidiary undertaking Rents receivable Other debtors Prepayments and accrued income	Group 2025 £ 2024 £ - - 318,665 145,728 1,726,760 840,128 1,157,525 1,287,886 3,202,950 2,273,742	Charity 2025 £ 2024 £ 3,187 3,187 318,665 145,729 1,726,760 840,128 1,157,525 1,287,886 3,206,137 2,276,930

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Overdraft Loans (see note 20) Trade creditors Taxation and social security costs Other creditors Accruals Deferred income (see over)	Group 2025 £ 2024 £ 1,661,117 1,319,920 1,190,369 1,252,477 2,424,169 2,680,920 25,936 (10,999) 633,934 534,541 1,484,025 1,227,340 1,829,778 697,969 9,378,879 7,572,617	Charity 2025 £ 2024 £ 1,661,117 1,319,920 1,190,369 1,252,477 2,424,169 2,680,920 25,936 (10,999) 633,934 534,541 1,484,025 1,227,340 1,829,778 697,969 9,378,879 7,572,617

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

ANALYSIS OF DEFERRED INCOME

ANALYSIS OF DEFERRED INCOME	ANALYSIS OF DEFERRED INCOME
Group 2025 2024 £ £ Rental income 1,722,338 368,249 Contribution from Landlords towards capital works 101,040 101,040 Subventions, fees and funding income 6,400 228,680 1,829,778 697,969 = Rental Income Contribution from Landlords towards WC Subventions, fees and funding income Opening as at 1.8.24 (184,027) (101,040) (214,898) (Released to income) (36,285,677) - (882,112) Deferred 34,747,366 - 1,090,610 Closing as at 31.7.25 (1,722,338) (101,040) (6,400)		Charity 2025 2024 £ £ 1,722,338 368,249 101,040 101,040 6,400 228,680 1,829,778 697,969 Total (499,965) (37,167,789) 35,837,976 (1,829,778)
	(1,722,338) (101,040) (6,400)

Deferred income arose due to invoices due for payment at the start of the next financial year were raised at the end of the previous financial year and are simply timing issues.

In addition contractual capital contributions have been made by Landlords under two lease agreements for refurbishment of the properties. These amounts will be released over the duration of the leases in line with the rate of depreciation.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans Deferred Income	Group 2025 £ 2024 £ 4,478,416 5,210,471 101,327 202,368 4,579,743 5,412,839	Charity 2025 £ 2024 £ 4,478,416 5,210,471 101,327 202,368 4,579,743 5,412,839	Charity 2025 £ 2024 £ 4,478,416 5,210,471 101,327 202,368 4,579,743 5,412,839
			5,412,839

The bank loans are secured on a number of properties within the portfolio. The carrying value of these properties is £6.5mil (2024: £6.7mil). One bank lends to Unipol with loans expiring between 2027 and 2029, one loan bears an interest rate of 2.25% over base and two further loans are at a fixed rate of 3.32% and 3.87%. A further bank lends to Unipol with loans expiring between 2024 and 2036 with interest rates of 2.6%, 2.65% and 2.68% over Bank of England Base rate and eight fixed rate loans of 3.14%, 3.53%, 3.6%, 4.11%, 4.14%, 4.16%, 7.52% and 7.6%.

Deferred income arose due to contractual capital contributions made by Landlords under two lease agreements for refurbishment of the properties. These amounts will be released over the duration of the leases in line with the rate of depreciation.

Group Analysis of loan repayments 2025 £ Bank loans and other loans Within one year or on demand (see note 19) 1,319,920 Between one and two years 1,208,977 Between two and five years 2,394,916 After five years 874,523 5,798,336 ANALYSIS OF GROUP ASSETS AND LIABILITIES BETWEEN FUNDS Unrestricted funds Designated funds £ Undesignated funds £ Total 2025 £ Fixed assets - 14,109,422 14,109,422 Intangible assets - 169,773 169,773 Current assets 811,288 2,581,093 3,392,380 Creditors: amounts falling due within one year - (9,378,879) (9,378,879) Creditors: amounts falling due after more than one year - (4,579,743) (4,579,743) 811,288 2,901,665 3,712,953	Group 2025 £ 1,319,920 1,208,977 2,394,916 874,523	and Charity 2024 £ 1,252,477 1,257,282 3,094,725 858,464 6,462,948 Total 2024 £ 14,547,507 161,054 2,312,625 (7,572,617) (5,412,839) 4,035,730
	5,798,336

21. ANALYSIS OF GROUP ASSETS AND LIABILITIES BETWEEN FUNDS

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

22. STATEMENT OF MOVEMENT ON RESERVES

Charity as at 31 July 2025 At 1 August 2024 Net movement in funds Transfers At 31 July 2025 Charity as at 31 July 2024 At 1 August 2023 Net movement in funds Transfers At 31 July 2024 Group as at 31 July 2025 At 1 August 2024 Net movement in funds Transfers At 31 July 2025 Group as at 31 July 2024 At 1 August 2023 Net movement in funds Transfers At 31 July 2024	Unrestricted funds: Designated funds £ 792,413 (212,125) 231,000 811,288 Unrestricted funds: Designated funds £ 729,227 (323,464) 386,650 792,413 Unrestricted funds: Designated funds £ 792,413 (212,125) 231,000 811,288 Unrestricted funds: Designated funds £ 729,227 (323,464) 386,650 792,413	Unrestricted funds: Other charitable funds £ 3,246,505 (110,652) (231,000) 2,904,853 Unrestricted funds: Other charitable funds £ 3,624,287 8,868 (386,650) 3,246,505 Unrestricted funds: Other charitable funds £ 3,243,317 (110,652) (231,000) 2,901,665 Unrestricted funds: Other charitable funds £ 3,621,098 8,868 (386,650) 3,243,317	Total funds £ 4,038,918 (322,777) - 3,716,141 Total funds £ 4,353,514 (314,596) - 4,038,918 Total funds £ 4,035,730 (322,777) - 3,712,953 Total funds £ 4,350,325 (314,596) - 4,035,730

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

23. MOVEMENT IN GROUP FUNDS

As at 31 July 2025

Unrestricted funds Designated funds: Major works reserve Dispersed Houses reserve Undesignated funds: Other unrestricted funds Total unrestricted funds Restricted funds Housing Hubs and Code of Standards: Bradford Nottingham Sponsorship Total restricted funds Total funds As at 31 July 2024 Unrestricted funds Designated funds: Major works reserve Dispersed Houses reserve Undesignated funds: Other unrestricted funds Total unrestricted funds Restricted funds Housing Hubs and Code of Standards: Bradford Nottingham Sponsorship Total restricted funds Total funds	Balance 31 July 2024 Income £ £ 584,269 208,144 792,413 - - - 3,243,317 23,953,229 4,035,730 23,953,229 - 25,000 - 56,994 - 15,000 - 96,994 4,035,730 24,050,223 Balance 31 July 2023 Income £ £ 505,477 223,750 729,227 - - - 3,621,098 22,927,693 4,350,325 22,927,693 - 25,000 - 56,994 - - - 81,994 4,350,325 23,009,687	Expenditure £ (170,978) (41,147) (212,125) (24,063,881) (24,276,006) (25,000) (56,994) (15,000) (96,994) (24,373,000) Expenditure £ (267858) (55,606) (323,464) (22,925,014) (23,248,478) (25,000) (56,994) - (81,994) (23,330,472)	Transfers £ 191,000 40,000 231,000 (231,000) - - - - - - Transfers £ 346650 40,000 386,650 (386,650) - - - - - -	Gain on Sale of Fixed Assets Balance 31 July 2025 £ £ - - - 604,291 206,997 811,288 - 2,901,665 - 3,712,953 - - - - - - - - - 3,712,953 Gain on Sale of Fixed Assets Balance 31 July 2024 £ £ - - - 584,269 208,144 792,413 6,190 3,243,317 6,190 4,035,730 - - - - - - - - 6,190 4,035,730

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

23. MOVEMENT IN GROUP FUNDS (continued)

The Unrestricted Funds are:

Designated funds consisting of the following reserves:

Major works reserve represents a provision for future capital expenditure on large complexes. Dispersed Houses reserve represents a provision for future capital expenditure on Unipol owned houses.

The Restricted Funds are:

Housing Hub and Code of Standards - Bradford - This is income from Bradford College for running its Accommodation services.

Housing Hub and Code of Standards - Nottingham - This is £35,000 from Nottingham Trent University to run the Hub and support accreditation in Nottingham together with £21,994 from Nottingham City Council to run accreditation in Nottingham.

Sponsorship - This is sponsorship funding for the conference section.

Transfers

£231,000 transfers were made in the current year (2024 £386,650) from the designated reserve to the general reserve for major works and works to dispersed houses.

24. CAPITAL COMMITMENTS

CAPITAL COMMITMENTS
	2025	2024
	£	£
Unipol had contracted commitments at 31st July for future	-	-
capital projects totalling

25. LEASE COMMITMENTS

The Charity has operating lease commitments due over the lease term as follows:

	2025	2024
	£	£
Amount due within one year	10,769,378	10,431,647
Amount due between one and five years	39,859,486	42,326,511
Amount due after more than five years	156,465,141	163,632,359
	207,094,005	216,390,517

Lease commitments include longer term management agreements where a contractual obligation exists.

The Charity budgets to receive rental income in respect of properties held on lease and management agreements of £19,466,961 (2024: £18,625,062).

26. PENSION SCHEMES

The charity is not a member of the University Superannuation Scheme (USS) or the University of Leeds Pension and Assurance Scheme (PAS) and has no obligation for past deficits but indirectly contributes to the schemes and one other principal pension scheme for the Charity’s staff, the University of Leeds Defined Contribution Plan (DC Plan). The assets of the schemes are held in separate trustee-administered funds. USS and PAS are defined benefit schemes which are externally funded and are valued every three years by actuaries, the rates of contribution payable being determined by the trustees on the advice of the actuaries.

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES NOTES TO THE GROUP FINANCIAL STATEMENTS Year ended 31 July 2025

26. PENSION SCHEMES (continued)

The DC Plan, which was introduced from 1 March 2013, is the main auto-enrolment vehicle for staff. The investment of scheme contributions for the DC Plan is managed by The People’s Pension.

The triennial valuation of Universities Superannuation Scheme showed that as at 31 March 2020 the scheme had a deficit of £14.1bn. A further report was commissioned as to the funding position as at 31 March 2022 that showed the scheme deficit had reduced to £5.6bn. Employer contribution level is 21.6% of salary.

The triennial valuation of the University of Leeds Pension and Assurance Scheme as at 31 March 2020 showed that the Scheme had a deficit of £66.2m, equivalent to a funding level of 87%. Given the unusual market conditions prevailing in March 2020, a further valuation was carried out as at 31 March 2022. This valuation showed that there was a surplus of £24.2m, equivalent to a funding level of 105%. During the year the employer contribution rate was 16%, with the employee contribution rate at 7.5% both unchanged from the previous year.

A further valuation of the USS pension scheme took place in March 2023 and the scheme now holds a £7.4bn surplus. As a result the employer contribution dropped to 14.5% in January 2024. The University continues to pay the annual PPF levy and the cost of any ill health early retirement benefit enhancements.

The pension cost for the year was £260,915 (2024: £258,062).

Document ID: 8bb1e44c3ff882912b8b62d6eaec9bf5859036d27e7305767da46060884be663

UNIPOL STUDENT HOMES

ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS 2024

LEGAL AND ADMINISTRATIVE INFORMATION

BOARD

The University of Leeds

Leeds Beckett University

Leeds University Union

Bradford College

Co-Opted Directors

Chair of Unipol

Deputy Chair (Partnerships) of Unipol

Deputy Chair (Finance) of Unipol

Deputy Chair (Properties and Portfolio) of Unipol

Ms Meri Braziel

LEGAL AND ADMINISTRATIVE INFORMATION

Secretary

LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED)

EXECUTIVES OF UNIPOL STUDENT HOMES

BANKERS

SOLICITORS

LEGAL AND ADMINISTRATIVE INFORMATION

AUDITOR

TRUSTEES’ REPORT

Values

TRUSTEES’ REPORT

Purposes, Activities and Public Benefit

Overview of 2024-2025

The Unipol Mission

Improving Standards

The Public Mission

TRUSTEES’ REPORT

Strategic Report and Achievements and Performance - 2024-2025 Year

Overview

The Financial Framework

TRUSTEES’ REPORT

a. Health and Safety

b. Sales and Marketing

c. Portfolio management

d. National and Local Codes of Standards and Housing Hubs

TRUSTEES’ REPORT

e. Key risks and mitigations

Fundraising

Financial Review

TRUSTEES’ REPORT

Investment Powers

Policy on Reserves

Finance

TRUSTEES’ REPORT

The 2025-2026 budget

Structure, Governance and Management

Structure

Governance - The Board

TRUSTEES’ REPORT

Conclusion

Statement of responsibilities of the Trustees of Unipol Student Homes Limited in respect of the Trustees’ annual report and the financial statements

Disclosure of information to the auditors

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Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor responsibilities for the audit of the financial statements

Use of our report

BHP LLP

UNIPOL STUDENT HOMES CONSOLIDATED AND CHARITY BALANCE SHEET 31 July 2025

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UNIPOL STUDENT HOMES CONSOLIDATED CASH FLOW STATEMENT Year ended 31 July 2025

Note 2 Analysis of changes in net debt

1. ACCOUNTING POLICIES

Accounting convention

Basis of consolidation

Preparation of financial statements – Going Concern basis

1. ACCOUNTING POLICIES (continued)

Fund accounting

Unrestricted funds – Designated funds

Unrestricted funds – Other Charitable funds

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