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← Leeds University Union

2025-07-31-accounts

Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Leeds University Union

A company limited by guarantee

Trustees’ report and financial statements 31 July 2025

Company registered number 07284768 Charity registration number 1136742

Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Contents
Administrative Information 2
Trustees’ Report 4
Statement oftrustees’ responsibilities 16
Independent auditor’s report tothe members 17
Statement of Financial Activities forthe yearending 31 July 2025 21
Balance Sheet at31 July2025 22
Statement ofcash flows forthe yearending 31July2025 23
NotestotheAccounts 24

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

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Administrative Information

Charitable Status

Leeds University Union (‘LUU) is a company limited by guarantee registered in England and Wales (company number 07284768) which was incorporated on 15 June 2010. LUU was formally registered as a charity with the Charity Commission in July 2010 (registration number 1136742).

Principal Address

The registered and principal office is Leeds University Union, Lifton Place, Leeds, LS2 9JZ.

The Board of Trustees

The Directors of LUU are its Trustees for the purposes of Charity Law and throughout this report are collectively referred to as the Trustees. The Trustees serving during the year and since the year end are as follows:

Student Executive Officers and Trustees 2024-25 2025-26 Union Affairs & Communications Officer (Chair) Lucy Hart (to 03.07.25) Activities & Opportunities Officer Lydia Shale Education Officer Shivani Gug Equality & Liberation Officer Amara Relf International & Postgraduate Officer Felix Emotu (to 03.07.25) Wellbeing Officer Freshta Amiry (to 20.09.24) Union Affairs & Communications Officer (Chair) Amara Relf Activities & Opportunities Officer Lydia Shale Education Officer Shivani Gug Equality & Liberation Officer Safiyah Farid (from 30.06.25) international & Postgraduate Officer Yalian Liu (from 30.06.25) Wellbeing Officer Eden Morris (from 02.07.25)

Student Trustees External Trustees Nicolas Padula Pinho (to 03.07.25) Joshua Smith Elizabeth Wright Neil Clephan Shmuel Von Weisl (to 03.07.25) Annabel Tonge (to 12.12.24) Olivia Allen-Cotter (to 03.07.25) Damola Timeyin (to 12.12.24) Mian Feng (from 04.07.25) Nicola Rogerson (from 13.12.24) Nikita Zychowicz (from 04.07.25) Samira Cakali (from 13.12.24)

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Leeds University Union ~ Annual Report and Accounts for the year ended 31 July 2025

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Auditor Bank : Saffery LLP Lloyds Bank PLC 10 Wellington Place 6-7 Park Row Leeds Leeds LS1 4AP LS1 5JD

LUU employs a Chief Executive, Aidan Grills, who works closely with the Student Executive Officers and Trustee Board to ensure effective governance and management of the organisation. The Chief Executive is head of a Leadership Team made up of:

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Trustees’ Report

The Board of Trustees, who act as Directors for the purposes of Company Law, present their Annual Report for the year ended 31 July 2025 which includes the administrative information set out on page 2, the Strategic Report and Directors’ Report for Companies Act 2006 purposes, and the audited accounts for the year.

Structure, governance and management

The primary aim of LUU is the advancement of education of students at The University of Leeds for the public benefit.

The governance of LUU is documented in its Articles of Association and its Bye-laws, which can be found on the LUU website (www.]uu.org.uk).

The Board of Trustees is responsible for the strategic direction, governance and sustainability of LUU. The Board is made up of six Student Executive Officers, four Student Trustees and four External Trustees. The Student Executive Officers are elected through a secret ballot by the members each year, normally serving for one year in office but can serve a second term if reelected. The four Student Trustees are recruited to the Board and are recommended to the Board by an appointments panel. The Student Trustees serve for a term of up to two years and a maximum of two terms as long as they remain registered students at the University of Leeds. The External Trustees are recruited to the Board to bring a wider perspective and skill set from outside of LUU. A term for External Trustees lasts for up to four years and they can also serve for two terms.

Upon appointment all trustees receive a variety of information through their induction. Trustees are briefed on their legal obligations and other trustee responsibilities. All trustees meet with the Chief Executive before their first meeting and receive an induction information pack which includes their role responsibilities, historical and current information about LUU and information on its Strategic Plan. The trustee induction is framed around the principles of the NCVO Charity Governance Code.

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Every year the Board of Trustees completes a skills audit, and new trustees also do this during induction. Trustees engage in an annual reflective Board Development session focused on aligning Trustees with LUU’s Strategic aims and values.

The Student Executive Officers are often new to the Board every year, so they undergo a more intensive training period. This training starts after the annual election, and before they start their term of office to ensure that they are fully aware of their roles and responsibilities and can perform their duties to the best of their abilities as soon as possible. They attend training sessions on the history of governance at LUU, their legal responsibilities as trustees, briefing sessions on key issues and decisions that have been made by the Board of Trustees and receive training on how to deal with potential conflicts of interest. For 2025-26, three new Student Executive Officers were elected, after no re-elections in 2024-25.

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

The Board of Trustees is supported by five sub-committees, which meet three to four times a year and focus on certain key aspects of LUU’s governance and management, which are:

The Audit & Risk Committee monitors LUU’s risk profile, health & safety, risk management, compliance with relevant legislation and other matters which could impact on LUU’s future health. The Committee reviews and commissions internal audit work and scrutinises the annual accounts at a joint meeting with the Finance Committee.

The Finance Committee monitors LUU's financial performance, appraises requests for capital expenditure and reviews our commercial strategy. The Committee also reviews the annual budget and scrutinises the annual accounts in a joint meeting with the Audit & Risk Committee.

The People and Values Committee examines issues relating to LUU workforce including staff policies, changes to pay (and specifically that of the Chief Executive), training and development and volunteering.

The Appointments and Governance Committee is responsiblefor monitoring and continuous improvement in governance arrangements at LUU. The Committee ensures that new trustees are recruited, inducted and developed properly and it also has overall responsibility for recruiting the Chief Executive. The Engagement and Development Committee examines our approach to member engagement, including through marketing and communications, external partnerships and through LUU memberfocused activities.

LUU operates on democratic principles, with Policy being acted upon by the six elected officers who form the Student Executive. During the year members have the opportunity to bring forward ideas to one of three Union Forums to help form Policy on issues which contribute to “Better Leeds”, “Better University” or “Better Union”. Forums are based on the principles of deliberative and direct democracy with policy being voted for approval by a randomly selected Student Panel of 16 students, and issues that are contentious, or don’t have a majority vote, are referred to Referendum. The Student Panel is demographically representative of the Leeds University student body as outlined in LUU's Bye-Laws.

The Senior Leadership Team

The Chief Executive is supported by five permanent senior staff that together form the Leadership Team. This team provides the strategic management of LUU, managing its operations, giving leadership to its staff and ensuring that the board and its sub-committees are kept fully informed on all aspects of the organisation and are regarded as being the key management personnel of the charity outside of the trustees.

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

Relationship with the University of Leeds

Under the Education Act 1994, the University of Leeds has a statutory duty to take such steps as are reasonably practicable to ensure that the Union operates in a fair and democratic manner and is held to proper account for its finances. LUU therefore works alongside the University of Leeds in ensuring that the affairs of the Union are properly conducted and that the educational and welfare needs of LUU’s members are met. The formal relationship with the University is governed by a Code of Practice and LUU works closely with the University and its students to develop appropriate Bye-Laws for its working practices. The University of Leeds is not a related party as defined by the Charities FRS 102 Statement of Recommended Practice (SORP).

Aims, Objectives and Activities

The primary aim of LUU is the advancement of education of students at The University of Leeds for the public benefit. LUU achieves this through:

LUU provides a variety of services and activities for students including:

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Annual Report and Accounts for the year ended 31 July 2025

during the year, up from.36,700 in the previous year. We run a “Give it a Go” programme that provides taster sessions to give students an insight into the range of activities available to them, as well as trips to many locations in the UK. We also support student-led volunteering, facilitating a wide variety of community volunteering opportunities. The Student Activities team is made up of staff and students, and also provides support, advice and help with the safe running of activities especially around health and safety, recruitment, communication, delivery and finance including fundraising and development.

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

Strategic Report

Achievements and Performance

LUU is in the second half of its Strategic Plan for 2022-26, which was launched in 2022 informed by a period of consultation with students and other key stakeholders, including the University of Leeds. This Strategy is focused on our organisation vision Together we'll make sure you love your time at Leeds’, and is based around achieving three core, measurable Strategic Impacts for students:

In order to achieve these Impacts, a series of key strategic outcomes were identified for students and forming the key focus of project work, these being:

These strategic outcomes, which were articulated using analysis of large-scale student feedback, are the targeted outcomes of the services LUU offers to students and measured through the use of quantitative feedback and key performance indicators. These services can be defined as LUU’s organisational Outputs: Clubs and Societies; Building Operations; Help & Support; Representation & Campaigning; Student Jobs; and Events. Strategic projects to improve LUU’s Outcomes are therefore linked with the corresponding Outputs to aid the focus of targeted service developments. These projects must also account to LUU's strategic Design Principles, which state that they must be Inclusive, Student-Led, Data Driven, and Climate Friendly.

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

LUU's “Strategy Map” outlining our 2022-26 Strategy:

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

The Strategic Impacts and key successes during the year, assessed against the 2022-26 plan, were as

follows:
[Strategicimpact_
Cd
Fuellingyourpassions		 Successes
e
2,800 studentjob placementsthrough
Measures: Student Feedback the year, primarily through the Joblink
e Gainingnew skills and being more service.
e Being more educated and informed roles.
e Being productive and savingtime and e The Basic NeedsHub provided over6,800
money support interactions forstudents, with
many students accessing the service
multiple times.
Inspiringyou to beyourbestself e Over 17,000 club memberships were
Measures: Student Feedback recorded across physically active student
e Having less stress and improved clubs and societies.
mental health e Over 10,000 student passengers brought
e Being in a good, or better mood home safely usingour Night Bus.
e Being fitterand healthier e Over 100,000 attendees at LUU events.
Creatingacelebratedcommunity e Positive feedback on Customer
Measures: Student Feedback Experience throughoutLUU outlets.
e Feeling safe and supported e Continued strong membership salesfor
e More friends and a wider social Clubs& Societies and use of membership
network, feeling likeyou belong system to run and track activity.
e Being more confident and feeling e Active safety initiatives including
empowered bystandertraining and reporting of
harassment.
e Over40,000 student attendees given free
taster sessions for clubs and societies at
“Giveit
aGo”sessions.

Quality Management

LUU uses a number of external tools for quality assurance which link to the priorities and risks laid out in our strategic plan. This year LUU continues to hold accreditation under the Quality Students’ Unions (QSU) standard (for which we were proud to have achieved “Excellent” level in each of the 12 areas of organisational performance), as well as the Leader in Diversity accreditation with the National Centre for Diversity. In 2024, LUU was re-accredited under the Drug & Alcohol Impact scheme from SOS-UK. In 2025 LUU and has once again been accredited at the highest possible level under the national Best Bar None scheme, in which LUU were the National Winners for 2024. In 2025 LUU attained “Very Good” in the SOS-UK Green Impact scheme.

Financial Review

This year LUU has reported an overall surplus of £214k. This comprises a surplus in unrestricted funds of £244k and a deficit on restricted funds of £30k. It compares to a surplus of £156k in the previous year, which included a deficit in unrestricted funds of £72k and a surplus on restricted funds of £228k.

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

We continued to receive the full block grant from the University of Leeds, with an uplifted value of £4,7m received in the year (2024: £4.1m). The block grant is provided to help LUU achieve its primary aims, objectives and activities through student engagement, and the uplift awarded this year helped LUU reconcile a number of cost factors which have impacted financial sustainability over recent years, including sustained uplifts to the National Living Wage (NLW), high energy costs and other inflationary pressures.

Overall, our commercial trading operations returned a slightly higher contribution than in the prior year, delivering a surplus of £672k (2024: £638k). This overall picture is made up of success in some outlets and challenges in others:

The continued challenges of cost pressures through rising National Living Wage levels and energy costs were compounded by the increase to the rate of Employers National Insurance contributions along with the reduction in the threshold on which they become payable created more financial uncertainty in 2024/25. Recognising this, LUU delivered an Alignment project during the year; the outcome of this significant project is a revised organisational structure with a smaller Senior Leadership team, and a new pay grade structure which enables clear progression for our staff.

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Indirectly, the impact of campus unrest as a result of ongoing international tensions around the middle east continued to take a toll on the resources of LUU, with increased numbers of students leaning on the Union to provide advice, support and guidance.

Restricted fund activity was made up of four different projects, all supported by the University:

Our Balance Sheet remains comparatively strong with total net assets of £3.8m (£3.6m in 2024), and a cash balance of £2.4m (£3.4m in 2024). The cash balance comprises £1.3m of LUU cash, £0.1m of cash held on behalf of student clubs and societies and £0.05m from ticket sales held on behalf of event promoters. The difference between the cash balance at the end of the prior year and this year end is due to the timing of receipt of Block Grant instalments from the University of Leeds. Our unrestricted funds stood at £3.6m with a further £0.3m of restricted funds. Our general reserve is £1,.2m at the year end.

At the end of the year we undertook a review of the Fixed Asset Register and wrote off assets with an original cost value of £3,493k which are deemed to be no longer in use. These assets had a net book value of Enil.

The free reserves of the charity are the unrestricted reserves less those funds designated for future projects and the fixed asset reserve. LUU’s target level for free reserves is calculated as the costs 12

Léeds University Union Annual Report and Accounts for the year ended 31 July 2025

which the charity would be required to meet in the event that all of its operations ceased and there was no income to cover those costs. The minimum target level is calculated with reference to average salary, wages and other costs apportioned on the basis of liability risk. The calculated free reserves target level at the end of 2024-25 was £829k. Our free reserves are £1.2m (2024: £1.0m) and are therefore above the target level. This headroom is deemed appropriate given the volatility of the current economic climate. Additionally, over the next 2-5 years significant investment will be required into LUU's infrastructure and therefore it is deemed appropriate that reserves are held at above the minimum target level, so that they may be used to enable that investment in future years.

The minimum target is recalculated annually, in conjunction with budget setting, and reported to the Finance Committee to approve as the target reserves balance for the following year on behalf of the Board of Trustees. Any reserves in excess of this minimum target will be considered to be retained as contingency funds or may be designated for future strategic projects. The charity will not unduly hold reserves at an excess level. The fixed asset reserve is not included within free reserves. Where applicable, LUU will also hold restricted funds and these might include multi-year restricted project costs.

The authority to use funds which would take the level below the minimum target will continue to be managed through the existing Financial Procedures and Terms of Reference for the Finance and Audit & Risk Committees. Any request to use reserves will include an analysis and determination of the use of the funds and plans for replenishment.

Going Concern

The ongoing financial support from the University of Leeds enables LUU to sustain its activities and provide for the student experience. From 2024-25 the annual block grant was increased by the University by £0.6m, to £4.7m, with an annua! inflationary uplift thereafter. LUU is grateful to the University of Leeds for this support, for which it is reliant to enable it to meet its charitable objects. When.considered alongside a strong cash position and free reserves levels, this positive relationship provides comfort to the Trustees over going concern. LUU continues to endeavour to mitigate the impact of cost pressures, changing student preferences and campus dynamics through agile financial management, including regular cash flow forecast updates, change projects like the Alignment project and continual enterprise development work.

Risk Management and Control

The strategic risk register of LUU receives regular updates which are considered by the Audit and Risk Committee at each meeting with a review by the board on an annual basis. Operational risks are managed at a team level with mitigations controlled through operational planning. The key risks faced by the charity revolve around its reputation with both the. University of Leeds and our student members. The University is a significant funder of the charity and we work in partnership with the University to deliver ever improving services for the students. The relationship is maintained by developing close working relationships with senior members of the University team by our trustees, particularly the elected student executive, and by the Directors Team with other senior Leaders in

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Annual Report and Accounts for the year ended 31 July 2025

LUU. To meet our aims, the students need to be well represented and supported by LUU. We invest in representation and democracy teams to ensure that engagement with students is effective and any potential risk in this area is mitigated. The Strategic Risk Register is reviewed in line with the Strategic Plan during the year.

LUU invests in internal audit services through RSM. During 2024-25, they undertook two Financial Healthcheck audits on key risk areas (income, payroll, other expenditure), a Stock audit, and an audit of Groups and Societies internal controls, as well as a Follow-up audit on previous actions. Our Risk and Compliance Working Group continues to oversee the implementation of the key recommendations from the audit activity, reporting to the LUU Audit & Risk Subcommittee.

The Union faces on-going financial and control risks which are mitigated through a robust budget management process and comprehensive data protection policies supported by training.

Future Plans

Going into the fourth year of the 2022-2026 Strategy we plan to continue work on some core strategic projects to align work with this new strategic mandate (reference alignment and ways of working and workspace migration etc). A series of Supporting Strategies help to frame project work to make targeted developments led by the members of the Directors Team but reviewed by trustees. These Supporting Strategies are split across the Social Outcomes (based on regular student insight) and priority areas which support all LUU work:

Supporting Strategies consist of 6- and 12-month project sprints, which allows senior management and stakeholders to regularly review and adjust projects as necessary and direct resources to where they are most needed.

A key focus for strategic work in the next year will the development of the next strategic plan cycle which will run from 2026-30. Planning for the next cycle includes working closely with the University on key areas of partnership, developing the measurements of our strategic performance, and identifying and prioritising key issues impacting students. The process will also involve extensive engagement with students and other stakeholders.

Aseries of Impact Funded Projects have been developed in areas of key partnership between LUU and the University of Leeds: Students as Partners, Student Opportunities, and Wellbeing & Student Success. This restricted funding cycle runs to the end of the coming financial year, and we are working closely with the University to develop another round of strategic impact projects which will align to our 2026-30 strategy cycle.

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Custodian Activities - Clubs and Societies and RAG

LUU acts as custodian for funds raised by the students’ many clubs and societies and these funds are separately identified in the accounts. £3.3m was handled by LUU during the year with a balance of £0.99m remaining at the end of the year. This includes the annual RAG proceeds from fundraising events that are distributed to its intended charities. The RAG proceeds came to £21k in the year and £21k was held at the end of the year.

Trustees’ statement

We wish to thank all staff at LUU for their continued commitment and hard work to make this another successful year at LUU.

Auditor

In accordance with section 487 of the Companies Act 2006, a resolution for the reappointment of Saffery LLP as auditor of the company is to be proposed at the relevant Board of Trustees Meeting on an annual basis.

This Trustees’ report (comprising the Strategic Report and the Directors Report) was approved by the Trustees and signed on their behalf.

Amara Relf Chair

Joshua Smith Trustee 11 December 2025

Leeds University Union University Square Leeds LS2 9JZ

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Statement of trustees’ responsibilities

The trustees (who are also directors of Leeds University Union for the purposes of company law) are responsible for preparing the Trustees’ 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:

The trustees are responsible for keeping proper 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.

In so far as the trustees are aware:

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 reparation and dissemination offinancial statements may[differ] from[legislation][in] other jurisdictions.

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

Leeds University Union Independent auditor's report to the members

Opinion

We have audited the financial statements of Leeds University Union for the year ended 31 July 2025 which comprise the statement of financial activities, balance sheet and 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:

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's 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 annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other

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Annual Report and Accounts for the year ended 31 July 2025

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.

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:

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 Trustees’ Annual Report and Strategic Report.

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 Trustees’ Responsibilities Statement set out on page 16, the trustees (who are also 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.]

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Annual Report and Accounts for the year ended 31 July 2025

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 to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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22 December 2025

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

Leeds University Union

Leeds University Union Leeds University Union
Statement ofFinancial Activities fortheyear yearending 31July2025
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2025 2024
£000 £000 £000 £000
Income
Donations:
University Grant 4,721 = 4,721 4,307
Incomefrom charitable activities:
Bars 2,513 - 2,513 2,511
Venues 1,294 - 1,294. 1,163
Shops 3,720 - 3,720 3,671
Student Services 1,776 433 2,209 2,239
StudentAdvicefunding 10 - 10 14
Student representation & affiliations 34 - 34 36
Student Activities/Volunteering 161 - 161 128
funding
Other trading activities:
Rental Income 75 - 75 90
Media Sales& Conferences 351 - 351 315
Investment income 135 - 185 73
Other income 56 - 56 38
Total 14,846 433 15,279 14,582
Expenditure
Expenditure on charitable activities:
Bars 3,045 - 3,045 2,962
Venues 2,030 - 2,030 1,979
Shops 4,479 - 4,479 4,366
Student Services 2,514 463 2,977 2,788
Student Advice 499 - 499 460
Student representation & affiliations 807 - 807 783
Student Activities/Volunteering 1,151 - 1,151 1,033
Media Sales & Conferences 77 - 77 55
Total 14,602 463 15,065 14,426
Net surplus/(expenditure) 2-8 244 (30) 214 156
Reconciliation offunds:
Total funds brought forward 3,341 287 3,628 3,472
Totalfundscarriedforward 3,585 257 3,842 3,628

The notes on pages 24 to 37 form part of these financial statements.

The charitable company has no recognised gains or losses other than the net incoming resources for the year.

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

Leeds University Union

Balance Sheet at 31 July 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Note|2025|2024| |£'000|£'000| |Fixed|assets| |Tangible|assets|9|2,363|2,290| |Intangible|assets|10|-|26|40| |Total|fixed|assets|2,389|2,330| |Current|assets| |Stock|in|hand|330|356| |Debtors|and|prepayments|11|1,207|1,381| |Cash|at|bank|and|in|hand|12|2,370|3,414| |NUSSL|deposit|13|6|6| |Total|current|assets|3,913|5,157| |Liabilities| |Creditors:|amounts|falling|due|within|one|year|14|(2,460)|(3,859)| |Net|current|assets|1,453|1,298| |Total|assets|less|current|liabilities|3,842|3,628| |Total|net|assets|3,842|3,628| |The|funds|of the|charity| |Restricted|Funds|16|257|287| |Unrestricted|Funds:|©| |Fixed|Assets|Reserve|16|2,389|2,330| |General|Reserve|16|1,196|1,011| |Total|unrestricted|funds|3,585|3,341| |Total|charity funds|3,842|3,628|

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The notes on pages 24 to 37 form part of these financial statements.

Approved on behalf of Leeds University Union on the 11 December 2025 by:

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----- Start of picture text -----
Amara Relf S = Chair
Joshua Smith Me Trustee
Company registration: 07284768
----- End of picture text -----

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Leeds University Union

Statement of cash flows for the year ending 31 July 2025

==> picture [446 x 253] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Note|2025|2024| |£000|£000| |Cash|flows from|operating|activities:| |Net cash|(expended)/generated|19|(696)|1,667| |Cash|flows|from|investing|activities:| |Interest|income|—|eS|73| |Purchase|of tangible|fixed|assets|(480)|(358)| |Purchase|of|intangible|fixed|assets|(3)|z| |Net cash|used|in|investing|activities|(348)|(285)| |Cash|flows|from financing|activities:| |Repayment|of borrowing|:|:| |Net|cash|used|in|financing|activities|-|:| |(Decrease)/increase|in|cash|and|cash|equivalents|(1,044)|1,382| |in|the year| |Cash|and|cash|equivalents|at the|beginning|of the|3,414|2,032| |year| |Cash and|cash|equivalents|at the end|of the year|2,370|3,414|

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The notes on pages 24 to 37 form part of these financial statements.

23

Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

Notes to the Accounts

1 Accounting Policies

The Union's Articles of governance require the Trustees to prepare accounts for each financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial information:

(a) Accounting Convention

The company is limited by guarantee and has no share capital. It is registered as a charity under the Charities Act 2011 (registered charity number 1136742).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2015) - (charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Going concern

In considering whether or not there are any material uncertainties about the company’s ability to continue as a going concern, the Trustees have taken account of several key points: -

24

Annual Report and Accounts for the year ended 31 july 2025

Leeds University Union

After careful consideration of the above, the Trustees have concluded that there are no material uncertainties about the company’s ability to continue as a going concern.

{b) Incoming Resources

All income and capital resources are recognised in the accounts when it is probable that they will be received. Income is deferred only when the company has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Grant income is recognised in the year for which the award is made against the activity it is attributable to. The element of grant that has been received in advance has been treated as deferred income in line with the above policy. Rental income is recognised on a receivable basis. investment income comprises interest received on cash balances. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the Goods have passed to the buyer, usually upon cash receipt at the point of sale. Revenue is measured at the fair value of the consideration received, excluding discounts and VAT.

(c) Resources Expended Charitable expenditure comprises the direct and indirect costs of delivering the public benefit. It is accounted for on an accruals basis and is recognised when the liability is incurred. Overhead costs are apportioned to activities on a basis consistent with the use of the resources. Expenditure includes irrecoverable VAT. Governance costs include those costs incurred in defining the strategic direction of the charity in particular constitutional and statutory requirements. General support costs associated with the central functions of finance, IT and human resources have been allocated across the departments on a basis consistent with the use of those resources.

(d) Cash on hand and cash equivalents

Cash, for the purposes of the cash flow statement, comprises cash in hand and deposits repayable less overdrafts payable on demand. This includes cash held on behalf of LUU’s clubs and societies and the RAG society.

(e) Fixed Assets and Depreciation Expenditure on individual capital items or groups of related items costing less than £1,000 are written off to the income and expenditure account in the year in which they occurred. Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Leasehold|buildings|Up|to|50|years| |Leasehold|Improvements|10|years| |Fixtures,|Fittings|and|other|equipment|5 years| |Computers|and|other|IT equipment|4 years|

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

Expenditure directly related to the build of new web sites is capitalised as an intangible asset. Amortisation is charged to the profit and loss ona straight-line basis over the useful lives of the

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

intangible assets. Intangible assets are amortised from the date they are available for use. These assets are amortised over four years.

The company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date. Intangible assets are tested for impairment in accordance with FRS 102 Section 27 Impairment of assets where there is an indication that an intangible asset may be impaired.

The building is leased from the University over a 15-year period, commencing on 16 September 2016. The previous lease, dated 2001, had a 50-year lease period, and leasehold building assets were being written down over that lease length. When the current leases came into effect, the life of these assets was shortened to match the end of the current lease (September 2032). The intention to implement a reversionary lease with the University of Leeds which would come into effect at the end of the current 15-year lease enables the life of those leasehold building assets to be reextended. With effect from 2023-24 their lives were extended to match the original depreciation charge.

(f) Leases Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease.

(g) Pension Costs

LUU participates in the University of Leeds Pensions and Assurance Scheme providing benefits based on final pensionable pay. The Union is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore accounts for the scheme as if it were a defined contribution scheme. LUU also participates in two defined contribution schemes. The amount charged to the income statement represents the contributions payable to the schemes in respect of the accounting year.

(h) Stock

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

(i) Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amounts prepaid.

(j) Creditors

Creditors are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are recognised at their settlement amount.

(k) Financial instruments

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognized 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.

(I) Fund Accounting

LUU administers and accounts for

a number of charitable funds as follows:

(m) Tax

LUU is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 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 2010 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. No tax charge has arisen in the year.

(n) Clubs and Society funds

LUU acts as custodian for the student clubs and societies, processing payments, processing receipts and holding the balance of their funds on their behalf.

2 Surplus for the financial year

The surplus for the financial year as shown in the statement of financial activities is stated after charging:

charging:
2025 2024
£000 £'000
Auditor's remuneration - audit ofthese financial statements 18 17
Depreciation and amortisation on owned assets 424 427
Operatingleaserentals 374 374

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

3 Charitable and Other Activity Costs

Purchases Staff Depreciation Support Total
Costs 2025
£000 £000 £000 £000 £000
Bars 961 1,027 102 954 3,044
Venues 683 621 12 716 2,032
Shops 2,881 639 . 958 4,478
Student Services 342 2,065 - 570 2,977
Student Advice 6 207 . 286 499
Student representation 56 387 - 364 807
Student 346 274 - 531 1,151
Activities/Volunteering
Media Sales & 3 58 . 16 77
Conferences
Total Costs 5,278 5,278 114 4,395 15,065
Comparative Charitable and Other Activity costs:
Purchases Staff Depreciation Support Total
Costs 2024
£000 £000 £000 £000 £'000
Bars 980 946 84 952 2,962
Venues 625 674 2 678 1,979
Shops 2,819 581 - 966 4,366
Student Services 151 2,105 - 532 2,788
StudentAdvice 8 191 - 261 460
Student representation 43 402 - 338 783
Student 314 236 - 483 1,033
Activities/Volunteering
Media Sales & 2 37 - 16 55
Conferences
TotalCosts 4,942 5,172 86 4,226 14,426

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

4 Support Costs included in Note 3

Use Staff Premises Premises Marketing Marketing Governance Governance Other Total
£000 £000 £000 £000 £000 £000
Bars 22% 523 292 6 5 128 954
Venues 16% 425 138 6 7 140 716
Shops 22% 552 223 7 6 170 958
Student Services 13% 333 109 9 6 113 570
StudentAdvice 7% 182 30 4 4 66 286
Student 8% 243 34 16 4 67 364
representation
Student 12% 328 65 5 7 126 531
Activities/
Volunteering
Media Sales & <1% 9 3 - . 4 16
Conferences
Total Costs 100% 2,595 894 53 39 814 4,395
Comparative Support Costs included in Note 3:
Use Staff Premises Marketing Governance Other Total
£000 £000 £000 £000 £000 £000
Bars 23% 450 325 12 5 160 952
Venues 16% 359 451 12 6 150 678
Shops 23% 474 256 13 6 217 966
Student 13% 283 114 17 6 112 532
Services
Student Advice 6% 154 30 9 4 64 261
Student 8% 203 34 31 4 66 338
representation
Student 11% 279 67 9 7 121 483
Activities/
Volunteering
Media Sales & <1% 8 5 - - 3 16
Conferences
Total Costs 100% 2,210 982 103 38 893 4,226
5
Unrestricted		 funds
At beginning Incoming Outgoing Atend of
ofyear resources resources year
£000 £'000 £'000 £000
General funds
Fixed assets 2,330 483 (424) 2,389
Net current assets 1,011 14,363 (14,178) 1,196
3,341 14,846 (14,602) 3,585

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

6 Restricted funds

At beginning incoming Outgoing Atend of
ofyear resources resources year
£000 £'000 £'000 £000
Impact Funding 48 380 (392) 36
Basic Needs/Creative Connections 30 53 (71) 12
' IT Cloudspace Migration 203 - - 203
Other Restricted Funds (all < £2,000) 6 - - 6
287 433 (463) 257
7 StaffCosts
2025 2024
£°000 £000
Wagesand salaries 7,110 6,760
National Insurance 531 406
Pensions 232 216
Total Costs 7,873 7,382
The average staffing was as follows:
2025 2024
Monthly salaried staff 179 168
Weekly paid student staff 313 360
__
492528

During our busiest week of the year, we employed 598 (2024: 569) students on a weekly paid contract. Included in staff costs above are redundancy costs of £87k which were paid to 5 employees.

The total employment cost of the Senior Leadership Team (SLT) was £569,000 in the year (2024: £543,000). The salary of the Chief Executive is determined by the People and Values Committee with reference to market salary levels. The salaries of the remainder of the Leadership Team are determined by the Chief Executive, again with reference to market salary levels.

Five employees were paid more than £60,000 in salary and one participates in the University of Leeds Pensions and Assurance Scheme.

Salary Employees
£60,001 to £70,000 3
£70,001 to £80,000 1
£100,001to£115,000 1

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

8 Trustees Remuneration and Expenses

As well as having a role as a Trustee of LUU, the Student Executive Officers perform a full-time role for a year to be the voice of students. They listen to how students want things to be done, work with LUU staff, the Board of Trustees and partners to make it happen. They represent students to the University of Leeds, external organisations and the wider community.

Each of the Student Executive Officers was paid a salary of £23,589 during the year with a total cost to LUU of £139,185 (2024: £150,708) which includes national insurance and pension contributions. The level of salary is set out in their contract of employment. For most of 2024-25 we had 5 Officers in post (2024: 6). There is a period of overlap between outgoing and incoming Officers.

Trustees of the Board were reimbursed £594.93 in 2025 (2024: £410.45) for personal travel and subsistence expenses in performing their role as a Trustee.

9 Tangible fixed assets

Leasehold Leasehold Fixtures& Equipment Total
buildings improvements fittings
£000 £7000 £000 £'000 £'000
Cost
Brought forward 1 Aug 2024 3,535 1,859 1,921 1,518 8,833
Additions in the year - 59 241 180 480
Disposals in the year - (1,497) (1,005) (991) (3,493)
As at 31 July2025 3,535 421 1,157 707 5,820
Depreciation
Broughtforward 1 Aug2024 2,264 1,704 1PS53, 1,222 6,543
Charge forthe year 75 32 184 116 407
Disposals in the year (1,497) (1,005) (991) (3,493)
As at 31 July 2025 2,339 239 532 347 3,457
Net book value
Asat 31 July 2025 1,196 182 625 360 2,363
At31July2024 1,271 155 568 296 2,290

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Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

10
intangible fixed assets
£000
Cost
Brought forward 1 Aug 24 132
Additions in theyear 3
Impairments in the year ;
Asat 31 July2025 135
Depreciation
Brought forward 1 Aug 24 92
Charge fortheyear 17
Impairments in theyear :
As at 31 July2025 109
Net book value
As at 31 July2025 26
At 31 July2024 40
11
Debtors and prepayments
2025 2024
£000 £000
Trade debtors 232 238
Sundry debtors and prepayments 177 267
The University ofLeeds 798 876
1,207 1,381
12
Cash at bank and in hand
2025 2024
£000 £000
LUU cash 1,326 2,196
Cash held on behalf ofstudent clubs and societies 992 956
Cash from ticket sales held on behalf ofevent promoters 52 262
2,370 3,414

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

13 Deposits

NUS Services Limited holds a deposit of £6,090 from LUU in respect of payment for monthly supplies of brewed and other products approximately equivalent to 0.01% of trading turnover.

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----- Start of picture text -----
14 Creditors: amounts falling due within one year
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14
Creditors: amounts falling due withinfalling due withindue withinwithin one yearyear
2025 2024
£000 £000
Trade creditors 292 270
Sundry creditors, accruals and deferred income 1,135 2,152
Clubs and societies 992 956
The University ofLeeds 41 481
2,460 3,859

15 Capital commitments

LUU had the following commitments for capital works at 31 July:

2025 2024
£000 £000
Authorised and contracted 93 200

16 Analysis of Net Assets between Funds

Unrestricted Restricted Total
Funds Funds ;
£'000 £000 £'000
Fixed Assets 2,389 - 2,389
Net CurrentAssets 1,196 257 1,453
3,585 257 3,842

Unrestricted funds are made up of the Fixed Assets Reserve of £2,389,000 and the balance remaining is the General Reserve of £1,196,000. .

The Fixed Assets Reserve represents the net book value of our fixed assets. The residual unrestricted funds represent the General Reserve of the charity.

The restricted funds include Impact Funding and other specific project funding from the University of Leeds, as well as various smaller grants received to undertake specific projects such as helping our work in the Leeds community.

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

17 Leasing commitments

At 31° July, LUU had commitments under non-cancellable operating leases as follows:

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£'000|£'000| |Motor|Vehicles| |Operating|leases|payable|within:| |1|Year|5|9| |2|to|5|Years|4|9| |9|18| |Plant|and|Machinery| |Operating|leases|payable|within:| |1|Year|2|-| |2|to|5|Years|7|-| |Building|9|:| |Operating|leases|payable|within:| |1|Year|418|418| |2|to|5|Years|1,672|1,672| |Over|5|years|470|888| |2,560|2,978| |Total|lease commitments|2,578|2,996|

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18 Lessors

LUU has several leases with tenants with terms varying between 5 and 10 years. Rents are fixed for 5 years and most leases include provision for rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At 315 July,LUU had contracts with tenants for the following minimum lease payments:

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£000|£000| |1|Year|68|53| |F|2|to|5|Years|66|94| |Over|5|Years|-|=| |134|147|

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

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Leeds University Union

Annual Report and Accounts for the year ended 31 July 2025

19 Reconciliation of net expenditure to net cash flow from operating activities

2025 2024
£000 £000
Net income forthe year 214 156
Adjustments for:
Depreciation and amortisation 424 427
Interest receivable from investments (135) (73)
Decrease/(Increase) in stock 26 (55)
Decrease in debtors 174 139
(Decrease)/Increase in creditors (1,399) 1,073
Net cash provided byoperating activities (696) 1,667
Netdebt Ati August CashFlows Other non-cash At 31 July
2024 movements 2025
£000 £'000 £000 £000
Cash atbank and in hand 3,414 (1,044) - 2,370
Debt due within oneyear - - - -
Debt due after one year - - - -
Netfunds 3,414 (1,044) - 2,370
Comparative Net debt At1 August CashFlows Other non-cash At 31 July
2023 movements 2023
£000 £000 £000 £000
Cash at bank and in hand 2,032 1,382 - 3,414
Debt due within one year - - - -
Debt due after one year - > - -
Netfunds 2,032 1,382 : 3,414

35

Leeds University Union Annual Report and Accounts for. the year ended 31 July 2025

20 Prior year Statement of Financial Activities

Statement of financial activities for the year ending 31 July 2024

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2024 2023
£7000 £'000 £000 £'000
Income
Donations:
University Grant 4,104 203 4,307 4,040
Incomefrom charitable activities:
Bars 2,511 - 2,511 2,339
Venues 1,163 - 1,163 1,360
Shops 3,671 - 3,671 3,321
Student Services 1,784 455 2,239 2,280
StudentAdvicefunding 11 - 11 27
Student representation & affiliations 36 - 36 -
Student Activities/Volunteering 128 - 128 202
funding
Other trading activities:
Rental Income 90 - 90 77
Media Sales & Conferences 315 - 315 255
Investment income 73 - 73 14
Coronavirus
JobRetention Scheme		 = = : =
Grant
Other income 38 - 38 41
Total 13,924 658 14,582 13,956
Expenditure
Expenditure on charitable activities:
Bars 2,962 - 2,962 2,763
Venues 1,979 - 1,979 2,173
Shops 4,366 - 4,366 4,009
Student Services 2,357 430 2,787 2,636
StudentAdvice 460 - 460 626
Student representation & 783 - 783 772
affiliations
StudentActivities/Volunteering 1,033 - 1,033 936
Media Sales & Conferences 55 . 55 60
Total 13,996 430 14,426 13,975
Net surplus/(expenditure) 2-8 (72) 228 156 (19)
Reconciliation offunds:
Total funds broughtforward 3,413 59 3,472 3,491
Totalfundscarriedforward 3,341 287 3,628 3,472

36

Leeds University Union Annual Report and Accounts for the year ended 31 July 2025

21 Pensions Costs

LUU has three separate pension arrangements. A defined benefit arrangement through the University of Leeds Pension and Assurance Scheme (PAS), which is closed to new entrants. The People’s Pension Scheme which is a defined contribution scheme managed by B&CE and provides flexibility for staff to make contributions with LUU matching them to a maximum of 6% of salary. The arrangement also provides a three times salary death in service benefit through a registered group life policy through UNUM. A third scheme, Nest, also a defined contribution scheme, has been used to auto enrol those staff eligible under the new legislation starting in November 2013.

For the defined contribution schemes the cost charge for the year represents contributions payable by the company to the schemes and amounted to £175,729 (2024: £159,021). Contributions amounting to £27,126 (2024: £25,188) were payable to the schemes at year end and are included in creditors.

Members of staff who were already contributing into the PAS scheme were able to continue to do so. The assets of the scheme are held in separate trustee administered funds. PAS is a defined benefit scheme externally funded and valued by an actuary every three years. The rates of contribution payable are decided by the pension trustees based on the advice of professionally qualified independent actuaries.

A triennial valuation was undertaken as at 31March 2023, which showed that there was a surplus on the scheme of £131.4m, equivalent to a funding level of 133%. The employer contribution rate was reduced from 16% to 14.8% with effect from 1 August 2024, and the employee contribution rate was reduced from 7.5% to 6.9%, also effective from 1 August 2024. A contribution rate of 0.5% applies to provide death in service cover within PAS for members of the DC Plan. The University will continue to pay the PPF levy, the cost of benefit augmentations and the cost of any ill health early retirements.

PAS final salary members who are promoted to a USS eligible grade are now permitted, under USS rules and with the agreement of the University, to remain in PAS. Members are made aware of this choice.

The assets of the PAS scheme are not separable and therefore the proportion of any surplus or deficit arising in the scheme cannot be attributed to members-employed by the Union (either past or present). The Union accounts for the scheme as if it were a defined contribution scheme.

Employer contributions to these schemes are charged to the Income and Expenditure Account in the year in which they are paid and are included within the disclosure of individual activities in these accounts.

37