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2025-07-31-accounts

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

Registered Company Number: 03934555 (England and Wales) Charity Registration No. 1136115

REPORT OF THE TRUSTEES AND AUDITED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 FOR THE UNIVERSITY OF PORTSMOUTH STUDENTS' UNION

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Contents of the Financial Statements for the Year Ended 31 July 2025

Page
Report of the Trustees 1 to 13
Report of the Independent Auditors 14 to 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Cash Flow Statement 21
Notes to the Financial Statements 22 to 34

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Full-time (Elected) Officer Trustees

Welfare Officer Connor Sutherland (appointed 1st July 2024, resigned 30th June 2025) Welfare Officer Verity Knight (appointed 1st July 2025) Learning Experience Officer Blessing Okafor (appointed 1st July 2024, resigned 30th June 2025) Education Offcer Blessing Okafor (appointed 1st July 2025) Development Officer Ummu-Salamah Danjuma (appointed 1st July 2024, resigned 30th June 2025) Opportunity Officer Charday Stone (appointed 1st July 2025) Academic Representation Officer Marija Solic (appointed 1st July 2024, resigned 30th June 2025) Democracy and Campaigns Officer Anwar Jawula (appointed 26th August 2023, resigned 30th June 2025) Inclusion Offier Simbarashe Dube (appointed 1st July 2025)

Student Trustees

Non-Portfolio Oliver Cripps (appointed 25th April 2023) Non-Portfolio Dorothy Ku (appointed 23rd October 2024) Non-Portfolio Vacant

University Nominated Trustee

Non-Portfolio

Mary Williams (appointed 21st April 2020, resigned 24th June 2025)

External Trustees

Non-Portfolio Victoria Turner (appointed on 29th January 2019, 31st January 2025) Non-Portfolio Ian Robinson (appointed on 29th January 2019, 31st January 2025) Non-Portfolio Richard Askey (appointed 24th April 2024) Non-Portfolio Alexander Hannan (appointed 1st February 2025) Non-Portfolio Nicholas Leggett (appointed 1st February 2025, resigned 25th July 2025)

Company Secretary

Anwar Jawula (appointed 1st July 2024, resigned 30th June 2025) Blessing Okafor (appointed 1st July 2025)

Chief Executive Chief Executive

Anna Clodfelter (resigned 21st March 2025) Fern Lewis (appointed 22nd March 2025)

Registered Office

Student Union Building Cambridge Road Portsmouth Hants PO1 2EF

Registered Company Number

03934555

Registered Charity Number 1136115

Auditors

MC Audit Limited Station House, North Street Havant PO9 1QU

Bankers

Barclays Bank Plc Leicester LE87 2BB

Unity Trust Bank Plc Nine Brindleyplace Birmingham B1 2HB

Charity Bank Limited 194 High Street Tonbridge Kent TN9 1BE

Lloyds TSB Bank Plc 25 Gresham Street London EC2V 7HN

Santander UK Plc Abbey National House 2 Triton Square Regents Place London NW1 3AN

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

REFERENCE AND ADMINISTRATIVE DETAILS (Continued)

Solicitors

Warner Goodman LLP Colman House 2-4 Landport Terrace Portsmouth PO1 2RG

The Trustees, who are directors for the purposes of company law, have pleasure in presenting their annual report for the purposes of Charities Act 2011 and Companies Act 2006, together with the accounts for the year ended 31st July 2025.

The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the University of Portsmouth Students’ Union (the Union).

STRUCTURE GOVERNANCE AND MANAGEMENT

The Union is a registered charity (Charity No: 1136115) linked to the University of Portsmouth (the University). The Union is also a company limited by guarantee registered in England and Wales (Company No: 3934555).

The Union is constituted by its Memorandum and Articles of Association and is controlled by a Board of Trustees, who act as Directors for the purposes of company law and Trustees for the purposes of charity law. Decisions are made by simple majority vote.

The Union is a students’ union, as defined in the Education Act 1994, with internal regulations and rules approved by its Board of Trustees. The Union has twelve Trustees and are made up of the following persons:

The Union’s Board of Trustees meets at least quarterly and are responsible for maintaining legal, financial and reputational stewardship. The Board of Trustees is also responsible for setting the organisation’s strategy, in line with student member priorities. The Board approves general policies and approving the annual budgets and accounts.

All Trustees are provided with the Charity Commission’s Guidance to Trustees and are given an introduction to the activities of the Union by the existing Board and the Chief Executive. Trustees are provided with training as and when required, based on individual and collective needs.

The current Governance Structure comprises of two subcommittees, Finance and Risk Committee and Student Focus & Governance Committee.

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE GOVERNANCE AND MANAGEMENT (Continued)

Student Focus and Governance Committee

The Student Focus and Governance Committee has responsibility as delegated by the Board of Trustees for decision making and actions to ensure that the Union;

The Student Focus and Governance Committee reports decisions made and is accountable to the Board of Trustees.

Membership (quoracy is 50% + 1 to include an External Trustee and a Elected Officer):

There shall be at least two meetings in each academic year, at least one before Christmas.

Finance and Risk Committee

The Finance & Risk Committee has responsibility as delegated by the Board of Trustees for decision making and actions to ensure that the Union;

The Finance & Risk Committee reports decisions made and is accountable to the Board of Trustees.

Membership (quoracy is 50% + 1 to include an External Trustee and a Elected Officer):

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE GOVERNANCE AND MANAGEMENT (Continued)

The committee meets on a quarterly basis in line with financial quarter reporting framework.

The democratic and representative framework of UPSU is as follows:

‘Have your say’ is a democratic process at the Union that enables students to get their voice heard and changes made. Every student can have a say on the Union and the University by submitting an idea through our Have Your Say platform. Ideas are then reviewed by Student Council and actioned or put out to students to a vote if further student consultation is needed.

The Board of Trustees maintains an oversight of these policies in accordance with the Board’s duties to maintain legal, financial and reputational stewardship.

Student Council is the student-led decision making body at the Students' Union. They work together to tackle issues and run campaigns which affect all parts of student life, from course based issues and ideas to lobbying and resolving challenges that affect their wider University experience.

In 24/25 Student Council was made up of our 5 Elected Officers, 10 Faculty Reps and 10 Student Experience Officers, covering the wider student experience at UPSU and UoP, including education, experience, and liberation.

UPSU concluded a Democracy Review in 2024 aimed at streamlining its democratic decision making, engage more students in the process and evaluate the full time officer positions. The next democracy review is scheduled for 2027 and the research stages will begin this academic year. While the democracy review is taking place, a yearly enhancement plan is reviewed and supported by UPSU leadership to ensure improvements are made year on year based on student and officer feedback.

Day to day running of the Union is delegated by The Board of Trustees to a Chief Executive (CEO).

To ensure effective management the Chief Executive leads a Strategic Leadership Team, with responsibility for strategic delivery and operational oversight of the Union’s activities and services.

During this financial year, the Head of Marketing & Engagement and the CEO resigned. This meant that an interm structure was put in place while CEO recruitment was underway:

To help free up capactity, the Central Admin Function Manager was uplifted to a Senior Operations Manager - Central, who led on the CEO recruitment and supported with SMT projects. Fern Lewis was apppointed as the permanent CEO after a successful interview and recruitment process in June, and with plans to review SMT Management Structure.

The four Officer Trustees and the Senior Management Team are members of the Union's Leadership Team.

The role of the Leadership Team is to review the mid-level performance of the organisation, approve operational policies and coordinate ongoing activities in accordance with the Union’s strategy and directions from the Board of Trustees. The full terms of reference for the Leadership Team can be seen within the Union’s byelaws.

The Union employs 32 permanent staff and a further 30 occasional staff for the sake of quality delivery, continuous improvement and for the management of its activities. All staff are accountable to the Chief Executive for the performance of their duties, via a line-management structure of delegated authority.

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

STRUCTURE GOVERNANCE AND MANAGEMENT (Continued)

Salary bandings for all staff were reviewed through a sector benchmarking project with Southampton and Sussex SUs, against sector comparators and taking into account post covid market shifts. They were agreed by trustees in June 2022, they will be reviewed again in 2025.

The Union operates a performance related pay framework for all staff including the Strategic Management Team. Staff are appraised against agreed annual objectives by line managers and pay awards are agreed annually by the Finance and Risk Committee. The CEO obejctives and pay award is approved by the Board of Trustee, CEO appraisal is undertaken by a panel of Trustees.

RELATIONSHIP WITH RELATED PARTIES

The relationship between the University and the Union is established in a Financial Memorandum of Understanding and a Partnership Agreement. The Union receives a Block Grant from the University. The Union also part-occupies buildings owned by the University and enjoys a positive and supportive relationship with the institution; this non-monetary support is intrinsic to the relationship between the University and the Union and the associated benefits to the student body.

Although the Union continues to generate supplementary income through mutual trading activities, it remains reliant on the University’s Block Grant.

In 2023/24, the University made significant budget reductions to protect its overall financial stability. As part of this, UPSU’s additional project funding (£250k per year for two years) was reduced by £63k, and it was confirmed that this funding would not continue beyond the project period. The Block Grant itself remained unchanged in 2024/25 (for the fifth consecutive year), with the only reduction being the removal of the Student Outcomes Change Project investment.

Following a review of the Union’s work, the University recognised that the Block Grant had been underfunded. As a result, for 2025/26 the Block Grant has been increased by £213k, with a planned uplift of £100k in each of the following two years. This will bring the Block Grant to £1,681k by 2027/28.

The Union welcomes this renewed investment and appreciates the University’s commitment to providing sustained financial support at these levels for the foreseeable future, subject to its financial position.

The 1994 Education Act imposes a duty on the University to ensure that the Union operates in a fair and democratic manner and is accountable for its finances. A joint Code of Practice and a Financial Memorandum of Understanding exists between the two organisations which is reviewed annually and approved by both the Union Finance & Risk Committee and University Infrastructure and Finance Committee.

The Union’s trading company; Portsmouth Students’ Union Trading Company Ltd (PSUT) is a wholly owned trading subsidiary company of the Union, which generates commercial income to support the Union’s charitable objectives. In 2024/25 PSUT generated an operating profit of £22,915 from its activities, of which £22,915 was gifted to the Union.

AFFILIATIONS

There were no affiliation resolutions during the year 24/25 as defined within the provisions of the 1994 Education Act.

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

RISK MANAGEMENT

The Trustees examine the major strategic, business and operational risks faced by the Union.

The Union maintains a risk register that is updated quarterly and fully reviewed annually with exceptions and occurrences reported quarterly to the Finance and Risk Committee. Where appropriate, systems or procedures have been established to mitigate the risks faced by the Union.

These procedures are periodically reviewed to ensure that they continue to meet the needs of the Union. Health & Safety processes and frameworks and Finance processes are continually reviewed and updated by staff teams resulting in the embedding of excellent practice across the organisation.

Budgetary and internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. In addition, stringent procedures are in place to ensure the health and safety of staff, volunteers and participants on all activities organised by the Union.

All other types of risk have specific mitigation activities that are delegated to senior and operational managers of the Union.

OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The Union currently operates a three year strategic cycle - 23/24 was year one of the 23-26 Strategy as developed, with student consultation, in 22/23. Strategic planning for the next 26-29 strategy commenced July 2025.

Our Vision, Values and Guiding Principles: (Updated April 2023 with student consultation)

Vision:

“We have a positive impact with every Portsmouth student: students are heard, students are empowered, students thrive”.

Our Values:

A Union you can count on A Union led by students A Union for every student

A Union that makes a difference

Guiding Principles:

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (Continued)

Our Constitutional Objects: (as defined in our Article of Association)

The Union is committed to the fulfilment of its charitable objects for the public benefit through the advancement of education of Students at the University of Portsmouth for the public benefit by:

  1. promoting the interests and welfare of Students at the University of Portsmouth during their course of study and representing, supporting and advising Students; being the recognised representative channel between Students and the University of Portsmouth and any other external bodies; and

  2. providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

These are supplemented by the further object of;

‘helping members to develop their own charitable activities as active participants in civil society.’ These objects are wholly consistent with the Union’s Constitutional objects.

How we deliver our Objects:

In pursuit of these aims for the public benefit, the Union has established departments and services for use by its members and works with the University and other organisations on behalf of students.

The Union ensures diversity of its membership is recognised by implementing activity for and monitoring its participation from all sections of the student community and by electing and supporting students as champions of liberation campaigns.

The Union represents students of the University on relevant local, national and international issues by maintaining a number of quality representatives:

Student representatives are present on all policy and strategy making bodies in UPSU and across the formal governance structure in the University. In summer 2024, the collaboration and commitments for student involvement through University development and decision making was formalised in a recognised Partnership Agreement.

When reviewing the Union’s objectives and planning the Union’s activities, the Union gives due consideration to the Charity Commission’s general and relevant supplementary guidance on public benefit.

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (Continued)

Our Aims and Outcomes 2024/25:

In year one of our 23-26 strategy the KPIs and aims were set and agreed by Board from benchmarks established as part of the strategic development:

----- Start of picture text -----
2025/26
As an organisation 2022/23 2023/24 2024/25 By 2026
Question Measured via (Year 3 of
- UPSU benchmark (Year 1 of Strategy) (Year 2 of Strategy) recommendations
Strategy)
The students' union
69.72% - 103rd 70.97% - 97th 71.2% - 115th
effectively represents
Remain in score quartile
Representation students' academic NSS Q26
Score Quartile 2 Score Quartile 2 Score Quartile 2 2
interests
Ranking Quartile 3 Ranking Quartile 3 Ranking Quartile 3
Net Promoter Score [I would recommend my ] Annual Survey -2.98 -16.35 -8.98 -10 to 0
Student's Union
No lower than
The Student's Union has
benchmark & monitor
Vision had a positive impact on Annual Survey 52.00% 72.80% 82.50%
over time as they are
my time at University
new metrics
How much do you agree
that UPSU is a Union you Annual Survey 60.30% 83.50% 85.50%
can count on
How much do you agree
that UPSU is a Union led Annual Survey 42.00% 91.30% 89.70%
by students
Values
How much do you agree
that UPSU is a Union for Annual Survey 69.00% 83.30% 86.40%
every student
How much do you agree
that UPSU is a Union that Annual Survey 59.70% 79.00% 81.70%
makes a difference
----- End of picture text -----

The current 3 year Strategy is due to end July 2026 and the next Strategic cycle is currently under development

Our Functions all have annual plans to deliver objectives in line with the strategy - there are plans for Advice, Representation, Development, Projects, Marketing, Insights, Central Services and the Business

A detailed annual operational plan with supporting operational aims and KPIs in line with the delivery of the Unions strategic objectives can be obtained by request by emailing hello@upsu.net

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

Operational Outcomes 24/25:

  1. To achieve the overall budget for the union for 2024/25

  2. A. Not achieved with a deficit of £26,437 against a deficit of £16,330 on the overall budget.

  3. To achieve the budget for PSUT - trading company - for 2024/25

  4. A. Not achieved with a surplus of £22,915 against a budgeted surplus of £87,254

  5. To maintain a 5 year forward financial plan in-line with Future Union strategic aims:

A. Following the increase in the block grant and the projected growth over the next two years, UPSU has developed a five-year financial plan that includes additional fixed-term staffing to ensure long-term affordability. The plan proposes the use of approximately £100,000 from reserves over the next two years, with the understanding that if the anticipated funding increases do not materialise, the additional staffing arrangements will be reviewed in line with available resources.

  1. Business as usual - quality outcomes for UoP students

  2. A. Of the KPIs across a range of representative, welfare and development objectives for the organisation:

  3. i. 75% Success or exceeded

  4. ii. 25% Not met of removed

VOLUNTEER CONTRIBUTION

In achieving the objectives above there has been a significant contribution from The Union’s student volunteers. The Union has 4269 Unique Society members that are supported to facilitate and participate in student activities. In addition to this we had approximately 172 Course Reps, 5 Faculty Reps and 13 Student Council members.

There are 641 committee roles leading our student groups, collectively volunteering over 20,000 hours across the year. This estimation is based on anecdotal discussions with committee members at our ‘Groups Drop-In’, where most agreed that they averaged around an hour of admin per week of the academic year.

Our school reps recorded roughly 12000 hours of volunteer time and our student council members around 300 hours.

FINANCIAL REVIEW

The group’s gross income from all sources totalled £1,679,118 (2024: £1,849,638). Core expenditure was £1,566,412(2024: £1,798,657) plus a further movement in Pension deficit liability of loss of £4,147 due to an increase in inflation and revaluation of the pension (2024: £126,501) giving a 2025 total of £1,579,763 (2024: £1,716,544) and, other than the pension movement, was broadly within the stated budget with the following exceptions:

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

FINANCIAL REVIEW (Continued)

The Union budgeted an overall deficit in 24/25 approved by Trustees of £16,330. This overall budget includes payment of the in year pension deficit contribution. A deficit of £26,437 was achieved.

When comparing against the core budget only, which excludes the pension contribution, the union achieved a surplus of £114,492 compared to a budgeted surplus of £124,598.

The variance is primarily due to CEO recruitment and related HR costs totaling £14k. This overspend was partially offset by savings from a reduction in PPF Levy expenses.

The Union has continued to benefit from the recognition and support of the University, and for 24/25 the Union received £1,267,550 in block grant plus an additional £60k to assist with the additional NI contributions and the withdrawl of our Night Time Economy partner after budgeting had been set.

The Union last reviewed its reserves requirements during 22/23 assessing the required amount of charitable funds allocated to Reserves and Development funds. The updated reserves policy was signed off at Finance & Risk Committee in October 2022 - the reserves and development funds policy is as follows:

“The calculated minimum reserves is £246k.

An additional balance of reserves are designated to be utilised for the development fund. This amount will be determined periodically by the board/committee. The amount available will not exceed the difference between the free reserves and the minimum reserves.

The development fund is available for longer term Union development or to provide specific protection against the pensions related risks in future years”

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

FINANCIAL REVIEW (Continued)

Total reserves
Less: Restricted reserves
Add: Pension deficit
Less: Fixed assets		 (971,036)
(61,046)
1,579,763
-
547,681

The Union’s accounts show an updated provision for the future liabilities due to the Students’ Union Superannuation Scheme based on the 30 June 2022 valuation. The valuation of the liabilities show the amount available to pay pension benefits in the future has declined when compared to its future liabilities. The Union in common with other participating student unions has to pay its share of the increased funding shortfall and is required to pay increased contributions based on previous contributions payable and the term has been extended. A separate reserve has been created in the accounts due to the long-term nature of the liability.

The Union acts as trustee for restricted funds raised by the students’ many Clubs and Societies amounting to income of £32,148 (2024: £20,530) and expenditure of £33,933 (2024: £29,603) in addition to the grant- supported funds disbursed to them as shown in the accounts.

Student Groups at the Union raised around £7,000 in activities and fundraisers this year for local and national charities. The process has changed to increase development and independence for our groups, we let them do this all independently with little input!

The Union did not make any grants to other organisations during this or the preceding year.

The Trustees confirm that the Union has sufficient funds to meet all its obligations. The Block Grant for 2025/26 has been set at £1,481,000, this is in an increase of £213,000 and the Union is very grateful for the Block Grant funding. The commercial activities for 2025/26, through PSUT, are budgeted at £12,507.

FUTURE PLANS

The Union remains committed to furthering its charitable objectives through setting stretching targets in delivering excellent activities, services and representation to University of Portsmouth students.

Year three of our strategic plan delivery continues within the three themes:

Academic Success - All students’ academic outcomes are improved as a result of the work that we do Future Readiness - Students’ futures are made clearer and enhanced by the work that we do

Social Capital - Students are supported to find themselves, be themselves, connect and belong

Each theme has a set of commitments identifying the key outcomes that ‘students will say’, aiming to retain focus on the positive impact we deliver for students.

Strategy and commitments can be found at

https://docs.google.com/document/d/1FojCTDFtvjNHNRrqmj4XlFdGrwLmWeaN_jaK7SqUpBM/edit?tab=t.0

The Plans, Objectives and KPIs for 25/26 can be found at

https://docs.google.com/spreadsheets/d/1Kc99jbqU1kW4aP9OoKgERcsORJi55PIx7VOsID09Zc0/edit?gid=681826585#gid=681826585

Our enabling strategies remain as:

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

FUTURE PLANS (Continued)

Additional areas of focus for 24/25 include:

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Report of the Trustees for the Year Ended 31 July 2025

Trustees’ responsibilities in relation to the financial statements

The trustees (who are also the directors of The University of Portsmouth Student's Union (A Company Limited by Guarantee) for the purposes of company law) are responsible for preparing the Report of the Trustees 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 those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Appointment of Auditors

In accordance with the union’s financial procedures a formal tender process was undertaken in April 2022 to appoint auditors for (21/22) the Auditors were appointed by the Board of Trustees on 28th June 2022 and the next tender process will take place in April 2026.

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006 and was approved by the Board and signed on its behalf.

Approved by order of the board of trustees on 22nd October 2025 and signed on its behalf by:

.......................................................................

Blessing Okafor (Education Officer, Company Secretary)

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

Report of the Independent Auditors to the Members of The University of Portsmouth Students' Union For the Year Ended 31 July 2025

We have audited the financial statements of The University of Portsmouth Students' Union (the 'charitable company') for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

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 Auditors 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.

Opinion on other matters prescribed by the Companies Act 2006

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

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Report of the Independent Auditors to the Members of The University of Portsmouth Students' Union For the Year Ended 31 July 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

Report of the Independent Auditors to the Members of The University of Portsmouth Students' Union For the Year Ended 31 July 2025

Our 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 a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation.

We set financial statement materiality level based on the level of income. As a not for profit organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management

16

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

Report of the Independent Auditors to the Members of The University of Portsmouth Students' Union For the Year Ended 31 July 2025

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

Paul Underwood (Senior Statutory Auditor) for and on behalf of MC Audit Limited Statutory Auditors Station House North Street Havant Hampshire PO9 1QU

Date: 22 October 2025

17

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Consolidated Statement of Financial Activities

(Incorporating a Consolidated Income and Expense Account) For the year ended 31 July 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Income from investments
4
Charitable activities
5
Other income
6
Total income
EXPENDITURE ON
Raising funds
9
Charitable activities
7
Total
Net income/(expenditure)
Other recognised gains/(losses)
22
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Actuarial losses on defined benefit schemes
Net movements in funds		 Unrestricted
funds
£
1,415,150
203,862
4,010
15,828
8,120
1,646,970
62,334
1,470,145
1,532,479
114,491
(4,147)
110,344
(1,142,426)
(1,032,082)		 Restricted
funds
£
-
-
-
32,148
-
32,148
-
33,933
33,933
(1,785)
-
(1,785)
62,831
61,046		 Total
2025
£
1,415,150
203,862
4,010
47,976
8,120
1,679,118
62,334
1,504,078
1,566,412
112,706
(4,147)
108,559
(1,079,595)
(971,036)		 Total
2024
£
1,535,780
260,842
3,839
37,363
11,814
1,849,638
69,605
1,729,052
1,798,657
50,981
(126,501)
(75,520)
(1,004,075)
(1,079,595)

All incoming resources and resources expended are derived from continuing activities.

18

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Consolidated Balance Sheet

For the year ended 31 July 2025

Notes
Fixed assets
Investments
13
Tangible Assets
14
Total fixed assets
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Total current assets
Liabilities
Creditors falling due within one year
17
Net current assets/(liabilities)
Total assets less current liabilities
Provisions for liabilities
22
Net (liabilities)/assets
Funds
Pension deficit
General funds
Unrestricted funds
20
Restricted funds
Total charity funds		 Group
2025
£'000
-
-
-
31,306
29,062
649,640
710,007
(101,280)
608,727
608,727
(1,579,763)
(971,036)
(1,579,763)
547,681
(1,032,082)
61,046
(971,036)		 Group
2024
£'000
-
-
-
46,971
27,360
755,352
829,684
(192,735)
636,949
636,949
(1,716,544)
(1,079,595)
(1,716,544)
574,118
(1,142,426)
62,831
(1,079,595)		 Charity
2025
£'000
1
-
1
-
61,049
624,790
685,839
(77,113)
608,726
608,727
(1,579,763)
(971,036)
(1,579,763)
547,681
(1,032,082)
61,046
(971,036)		 Charity
2024
£'000
1
-
1
-
90,272
721,677
811,949
(175,001)
636,948
636,949
(1,716,544)
(1,079,595)
(1,716,544)
574,118
(1,142,426)
62,831
(1,079,595)

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 22 October 2025 and were signed on its behalf by:

....................................................................... Blessing Okafor (Education Officer, Company Secretary)

Registered Company Number: 03934555 (England and Wales) Charity Registration No. 1136115

19

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Statement of Cash Flows and Consolidated Statement of Cash Flows for the year ending 31 July 2025

Group
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(109,722)
Net cash provided by (used in) operating activities
(109,722)
Cash flows from investing activities
Interest income
4,010
Cash provided by investing activities
4,010
Change in cash and cash equivalents in the
reporting period
(105,712)
Cash and cash equivalents at the beginning
755,352
of the reporting period
Total cash at the end of the year
649,640		 Group
2024
£
18,739
18,739
3,839
3,839
22,578
732,774
755,352		 Charity
2025
£
(100,897)
(100,897)
4,010
4,010
(96,887)
721,677
624,790		 Charity
2024
£
24,179
,
24,179
3,839
3,839
28,018
693,659
721,677

20

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Cash Flow Statement for the year ended 31 July 2025

1) Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period (as per the
statement of financial activities)
Adjustments for:
Interest income
Finance cost of pension deficit
Pension deficit repayments
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 Group
2025
£
108,559
(4,010)
4,147
(140,928)
15,665
(1,700)
(91,456)
(109,722)		 Group
2024
£
(75,520)
(3,839)
126,501
(134,220)
16,455
20,916
68,446
18,739		 Charity
2025
£
108,559
(4,010)
4,147
(140,928)
-
29,224
(97,889)
(100,897)		 Charity
2024
£
(75,520)
(3,839)
126,501
(134,220)
-
42,119
69,138
24,179

2) Analysis of changes in net debt

Group
Net cash
Cash at bank and in hand
Charity
Net cash
Cash at bank and in hand		 At 1.4.24
£
755,352
755,352
At 1.4.24
£
721,677
721,677		 Cash flow
£
(105,712)
(105,712)
Cash flow
£
(96,887)
(96,887)		 At 31.3.25
£
649,640
649,640
At 31.3.25
£
624,790
624,790

21

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

1 Accounting Policies

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The consolidated financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity. The Charitable company does participate in a defined benefit scheme and at the date of this report the liability on this scheme was £1,579,763 which is repayable by annual instalments. This liability is currently ring-fenced in the unrestricted reserves. The trustees have considered this factor in their assessment and they do not consider there to be any significant concern in being able to continue as a going concern.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Portsmouth Students' Union Trading (Company Number 06320382) on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Support cost allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with the use of resources.

Critical accounting judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. These estimates and judgements are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

During the current financial year, the trustees did not make any critical accounting judgements or identify any key sources of estimation uncertainty that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Donated services and facilities

The University of Portsmouth provides the charity with office space and sports facilities at no charge. As required by Charities SORP (FRS 102), the donation of these facilities is included as an incoming resource within note 2 and a matching outgoing resource within the statement of financial activities at the trustees' estimate of their value to the charity.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

22

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

1 Accounting Policies - continued

Trade and other creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

The University of Portsmouth Students' Union participates in the Students' Union Superannuation Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the pension scheme trustees on advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to University of Portsmouth Student's Union. Under the terms of FRS 102, the discounted present value of future cash flows under a deficit funding arrangement is included as a liability in these accounts and the change in that valuation from year to year is taken to the statement of financial activities.

With effect from 30 September 2011 the scheme was closed to future accrual. Payments to the SUSS continued after the closure of the scheme in the form of deficit funding and levies.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical costs less accumulated depreciation and anyaccumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings 10% and 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date, the entity assesses whether there is any indication that a tangible fixed asset may be impaired. If such an indication exists, the recoverable amount of the asset is estimated. The recoverable amount is the higher of fair value less costs to sell and value in use.

Fixed asset investments

Fixed asset investments comprise the entire share capital of the charity's subsidiary trading company, Portsmouth Students' Union Trading Limited. The investment is valued at cost.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

23

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

1 Accounting Policies - continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

The subsidiary has entered into a deed of covenant to donate all of its distributable profits to the parent charity, thereby reducing its current tax liability to nil.

Deferred Taxation

As the charity is exempt from corporation tax on its charitable activities and has no taxable temporary timing differences, no deferred tax is recognised.

Irrecoverable VAT

The charity qualifies for exemptions in respect of its income from charitable activities. As other activities are standard rates, a proportion of VAT paid by the company is recoverable in respect of those activities. The amount irrecoverable will fluctuate from year to year in accordance with the levels of income generated by the various activities. The irrecoverable amount is offset against charitable services costs.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligationthat probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of theobligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2 Donations and legacies

Block grant received
Additional grants received
Donated Facilities		 2025
£
1,267,550
60,000
87,600
1,415,150		 2024
£
1,267,560
186,620
81,600
1,535,780

24

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

3 Other trading activities

Income from trading subsidiary
Commercial partnerships
Retail Income
4
Income from investments
Bank deposit interest		 2025
£
104,286
99,576
203,862
2025
£
4,010
4,010		 2024
£
145,260
115,582
260,842
2024
£
3,839
3,839

All investment income is derived from assets held in the United Kingdom.

5 Income from charitable activities

Development - Group income
6
Other Income
Events
Postage
Other
7
Charitable activities costs
Development
Representation
Welfare
Other charitable activities		 Direct
Costs
£
70,594
199,069
37,148
-
306,811		 2025
£
47,976
47,976
2025
£
2,639
1,221
4,260
8,120
Support
costs
(note 8)
£
385,322
390,888
385,322
35,735
1,197,267		 2024
£
37,363
37,363
2024
£
9,702
1,765
347
11,814
Totals
£
455,916
589,957
422,470
35,735
1,504,078

25

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

8 Support costs

Central
Operations
£
Development
384,856
Representation
390,422
Welfare
384,856
Other charitable activities
10,521
1,170,655
Support costs have been apportioned on a basis that is consistent with use of r
Support costs, included in the above, are as follows:
Central Operations
Salaries and training
Membership engagement
Central admin and overheads
Irrecoverable VAT
Governance costs
Auditors' remuneration
Auditors' remuneration - non audit services
Central Admin
Management accounts
Trustee Expenses		 Governance
Costs
£
466
466
466
25,214
26,612
esources.
2025
Total
activities
£
854,451
41,148
269,533
5,523
1,170,655
2025
Total
activities
£
9,160
2,500
6,502
7,250
1,200
26,612		 Totals
£
385,322
390,888
385,322
35,735
1,197,267
2024
Total
activities
£
993,650
52,194
359,156
6,054
1,411,054
2024
Total
activities
£
9,307
2,300
5,588
10,500
1,014
28,709

26

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

9 Raising funds expenditure

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Other activities|62,334|69,605| |Net income/(expenditure)| |Net income/(expenditure) is stated after charging/(crediting):| |2025|2024| |£|£| |Auditors' remuneration|9,160|9,307| |Auditors' remuneration - non audit services|2,500|2,300| |11,660|11,607| |Staff costs| |2025|2024| |£|£| |Wages and salaries|1,015,315|1,236,300| |Social security costs|88,133|74,219| |Other pension costs|22,608|26,168| |1,126,056|1,336,687| |The average monthly number of employees during the year for the group was as follows:| |2025|2024| |64|99|

----- End of picture text -----

10 Net income/(expenditure)

11 Staff costs

The average number of employees with emoluments (excluding employer pension contributions and employer National Insurance contributions) above £60,000 in this or the preceding year is as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£70,001 - £80,000|1|1|

----- End of picture text -----

The key personnel management of The University Portsmouth Student's Union are considered to be the CEO, Deputy CEO, Director of Student Engagement and the Head of Central Services. The total remuneration paid in the year ended 31 July 2025 amounted to £240,445 (2024: £220,605).

27

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

12 Financial Performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary Portsmouth Students' Union Trading Limited (Company Number: 06320382).

The summary financial performance of the charity alone is:

Turnover
Expenditure on charitable activities
Other recognised gains/(losses)
Net Income
Total funds brought forward
Total funds carried forward
Represented by:
Unrestricted funds
General Funds
Pension Deficit
Restricted funds		 2025
£
1,616,786
(1,504,078)
(4,147)
108,561
(1,079,595)
(971,034)
547,683
(1,579,763)
61,046
(971,034)		 2024
£
1,780,033
(1,729,052)
(126,501)
(75,520)
(1,004,075)
(1,079,595)
574,118
(1,716,544)
62,831
(1,079,595)

13 Financial Performance of the subsidiary

Portsmouth Students' Union Trading Company Limited (company number 06320382) is a wholly owned trading subsidiary incorporated in the United Kingdom. A summary of the trading results is shown below.

The summary financial performance of the subsidiary alone is:

2025
£
Turnover
203,862
Cost of sales and administration costs
(61,950)
Management charges
(118,997)
22,915
Donations of profits to parent charity
(22,915)
Net profit
-
Retained in subsidiary
-
The assets and liabilities of the Portsmouth Students' Union Trading Company Limited were:
2025
£
Total assets
84,478
Total liabilities
(84,477)
Total net assets
1
Aggregate share capital and reserves
1		 2024
£
260,842
(69,224)
(112,189)
79,429
(79,429)
-
-
2024
£
107,497
(107,496)
1
1

28

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements

For the year ended 31 July 2025

14 Tangible fixed assets – Charity and group

Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
15
Stocks - Group
Stocks
16
Debtors
Trade debtors
VAT receivable
Amounts owed by the subsidiary		 Group
2025
£
28,822
240
-
29,062		 Group
2024
£
27,360
-
-
27,360		 Fixtures &
fittings
£
215,248
-
215,248
215,248
-
215,248
-
-
2025
£
31,306
Charity
2025
£
502
2,818
57,729
61,049		 Total
£
215,248
-
215,248
215,248
-
215,248
-
-
2024
£
46,971
Charity
2024
£
510
-
89,762
90,272

Amounts owed by the subsidiary are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

29

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

17 Creditors: Amounts Falling due within one year

Trade creditors
Social security and other taxes
Accruals
Deferred income
Other creditors
VAT payable		 Group
2025
£
11,403
-
87,041
-
2,837
-
101,280		 Group
2024
£
2,048
19,137
96,488
63,376
3,287
8,400
192,736		 Charity
2025
£
9,952
-
64,965
-
2,196
-
77,113		 Charity
2024
£
2,048
19,137
85,793
63,376
3,106
1,542
175,002

18 Deferred income

Deferred income relates to additional block grant income received in advance to offset some of the inflation for the 2024/25 year.

Group
2025
£
Balance as at 1 August 2024
63,376
Amount released to incoming resources
(63,376)
Amount deferred in year
-
Balance as at 31 July 2025
-
Analysis of net assets between funds - Group
fund
£
Fixed assets
-
Current assets
648,961
Current liabilities
(101,280)
Provisions
(1,579,763)
(1,032,082)
Unrestricted		 Group
2024
£
-
-
63,376
63,376
Restricted
fund
£
-
61,046
-
-
61,046		 Charity
2025
£
63,376
(63,376)
-
-
2025
Total
funds
£
-
710,007
(101,280)
(1,579,763)
(971,036)		 Charity
2024
£
-
-
63,376
63,376
2024
Total
funds
£
-
829,684
(192,735)
(1,716,544)
(1,079,595)

19 Analysis of net assets between funds - Group

30

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

20 Movement in funds - Group

At 1.8.24
£
Unrestricted funds
Pension deficit
(1,716,544)
General funds
574,118
Total unrestricted funds
(1,142,426)
Restricted funds
Sports and societies
62,073
Ring fenced funds
758
Total restricted funds
62,831
TOTAL FUNDS
(1,079,595)
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
Pension deficit
-
General funds
1,646,970
Restricted funds
Sports and societies
32,148
Ring fenced funds
-
1,679,118
Comparative for movement in funds - Group
At 1.8.23
£
Unrestricted funds
Pension deficit
(1,724,263)
General funds
648,284
Total unrestricted funds
(1,075,979)
Restricted funds
Sports and societies
71,146
Ring fenced funds
758
Total restricted funds
71,904
TOTAL FUNDS
(1,004,075)		 Net
movement
in funds
£
(4,147)
114,491
110,344
(1,785)
-
(1,785)
108,559
Resources
expended
£
-
(1,532,479)
(33,933)
-
(1,566,412)
Net
movement
in funds
£
(126,501)
60,054
(66,447)
(9,073)
-
(9,073)
(75,520)		 Transfers
£
140,928
(140,928)
-
-
-
-
-
Actuarial Gains
/ (Losses)
£
(4,147)
-
-
-
(4,147)
Transfers
£
134,220
(134,220)
-
-
-
-
-		 At 31.7.25
£
(1,579,763)
547,681
(1,032,082)
60,288
758
61,046
(971,036)
Movement
in funds
£
(4,147)
114,491
(1,785)
-
108,559
At 31.7.24
£
(1,716,544)
574,118
(1,142,426)
62,073
758
62,831
(1,079,595)

31

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

20 Comparative for movement in funds - Group - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Pension deficit
General funds
Restricted funds
Sports and societies
Ring fenced funds		 Incoming
resources
£
-
1,829,108
20,530
-
1,849,638		 Resources
expended
£
-
(1,769,054)
(29,603)
-
(1,798,657)		 Actuarial Gains
/ (Losses)
£
(126,501)
-
-
-
(126,501)		 Movement
in funds
£
(126,501)
60,054
(9,073)
-
(75,520)

Sports and societies

Sports and societies is in relation to funds set aside for students to run various sports clubs and societies

Ring fenced funds

Ring-fenced funds are held separately for the Participation Fund and the Gender Expression Fund.

Transfer between funds

The transfer between funds represent the pension contribution paid by the charity in the year.

21 Pension Commitments

The charity operates a defined contribution scheme. The total contributions paid into the scheme by the Union in respect of eligible employees for the year under review was £22,608 (2024: £26,168).

22
Provision for liabilities
Provisions		 2025
£
1,579,763		 2024
£
1,716,544

The charity is a Participating Employer in the Students' Union Superannuation Scheme which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the United Kingdom. Benefits in respect of service up to 30 September 2003 are accrued on a " final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30th September 2011 the Scheme closed to future accrual.

The most recent Triannual Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106.7m (2019: £119.1m) excluding AVC's and incurred pensioners with these assets representing 46% (2019: 46%) of the value of benefits that have accrued to members. The deficit on an ongoing funding basis amounted to £136.7m (2019: £140.9m).

32

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

22 Provision for liabilities continued

The actuarial valuation of the Scheme as at 30 June 2022 revealed a funding shortfall (Technical Provisions minus value of assets) of £133,645,000. To eliminate this funding shortfall, the Trustees and NUS (the Principal Employer) have agreed that additional contributions will be paid to the Scheme by the participating unions as follows:

The funding shortfall is expected to be eliminated in 13 years 7 months of 1 October 2023, which is by 1 May 2037.

This expectation is based on the following assumptions:

During the year ended 31 July 2025, the University of Portsmouth Students' Union made a deficit contribution which amounted to £140,928 (2024: £134,220).

At the balance sheet date the charity had monthly commitments to pay deficit funding contributions of £9,145 increasing in line with the recovery plan of 5% per annum until 31 July 2033.

Provision at start of the period
Effect of unwinding discount and changes in rate
Deficit contribution paid
Provision at the end of the period
Income and expenditure impact
Effect of unwinding discount and changes in rate
Assumptions
Rate of discount		 2025
£
1,716,544
4,147
(140,928)
1,579,763
4,147
4,147
31.07.25
% per annum
5.55%		 2024
£
1,724,263
126,501
(134,220)
1,716,544
126,501
126,501
31.07.24
% per annum
4.75%

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

33

Docusign Envelope ID: DDA09390-87C9-4604-805C-20E42B2EFE14

The University of Portsmouth Students' Union Notes to the Financial Statements For the year ended 31 July 2025

23 Related party transactions

The charity's trustees, as detailed on page 1, were reimbursed or had expenses paid on their behalf totalling £6,766 (2024: £10,258) in respect of travel, subsistence and training.

The University of Portsmouth Students' Union (UPSU) operates a trading subsidiary, Portsmouth Students' Union Trading Company Limited (PSUT). PSUT is wholly owned by UPSU and was established to handle the sales of clothing, merchandise, advertising and exhibition space on behalf of the students' union.

A monthly management charge is made by the charity in respect of the operation and administration of this company. £118,615 (2024: £112,189)

Annually the company pays their profit as a donation to the charity as per their deed of covenant agreement. £22,915 (2024: £79,429)

As at the end of the reporting period, the entity had a debtors balance of £57,730 (2024: 89,762) with company.

The University of Portsmouth is, by virtue of the provisions of section 22 of the Education Act 1994, required to take all practical steps to ensure that the charity operates fairly and democratically and accounts for its finances. During the year under review, the charity received grants totalling £1,267,550 (2024: £1,267,560) from the University of Portsmouth.

24 Trustee Remuneration and Benefits

As authorised under section 6 of the Articles of Association, a total of £116,902 (2024: £96,563) was paid in remuneration to 7 (2024: 8) elected officer trustees.

Pension contributions paid by the Union on behalf of five (2024: five) of the trustees listed above totalled £2,927 (2024: £1,875).

25 Ultimate controlling party

The charitable company is not under the control of another entity or any one individual.

34