University of Nottingharn Students. Union THE UNIVERSITY OF NOTTINGHAM STUDENTS'UNION Trustees. Reportand Consolidated Flnanctal Statements Year ended 31 July 2025 Company Registration Number. 07229624 Charity Registration Number. 1136986 The University of Nottingham Students, Union Trustees, Report and Financial Statements for the year ended 31 July 2025 Index Trustees, Senior Stsff, Governance Commlttees and Professional Advisors Trustees. annual report 4-15 Independent auditor's report 16-18 Group statement of flnancial activlties 19-20 Group and charity Balance sheet 21 Group cash flow statement 22 Principal Accountlng Pollcles 23-26 Notes to the financial statements 27-40 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students. Union Reference and administrative details Trl￿teeS Chair N Maina G Samuel appointed QI July 2024- resigned 20 June 2025 appointed 02 July 2025 Officer Trustees C Asante E Chauhan l Messore J Miller N Oluwa E Taylor J Zhang A Eley YGUO S Glover R Shaheen appointed 01 July 2024,. resigned 04 July 2025 appointed Oljuly 2024,. resigned 30 June 2025 appointed Oljuly 2024,. resigned 17September 2025 appointed 01 July 2024,. resigned 04 July 2025 appointed 01 July 2024,. resigned 04 July 2025 appointed 01 July 2024-, resigned 04 July 2025 appointed 01 July 2024,. resigned 04 July 2025 appointed 02 July 2025 appointed 02 July 2025 appointed 02 July 2025 appointed 02 July 2025 Lay Trustees C Bridge ppointed 20 April 2021 M Matthews (Reynoldsl appointed 11 December 2023 J Little appointed 12 November 2024 A Batty appointed 11 February 2025 Student Trustees J Ferris Woolley A Holmes P Prathu H Maynard A Rose J Wedgbury S O'malley N Kolodziejski appointed 15 December 2022- resigned 18 December 2024 appointed 30 April 2024,. resigned 26 June 2025 appointed 11 De¢ember2023,' resigned 10 December 2025 appointed 11 February2025 appointed 11 February 2025 appointed 11 February 2025 appointcd 18 Dcccmber 2025 appointed 18 Decèmber 2025 Company Secretary E Birkinshaw Company Number 07229624 Charity Number 1136986 Principal Address Portland Building University Park Nottingham NG7 2RD THE UNIVERSITY OF NOftlNGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees, report to the members of the University of Nottingham Students. Union Reference and administrative detalls IndependentAuditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Natwest Corporate 8-10 Great Tower Street London EC3P 3HX Solicitors Browne Jacobson 44 Castle G2te Nottingham NG17BJ Payroll Bureau LivePay ICCML pay Limited) Oakham Business Park Mansfield NG18 5BY THE UNIVERSITY OF NOTtINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEfvlENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students. Union Trustees, report The Board of Trustees present their Annual Report for the year ended 31 July 2025, which includes the administrative information set out above, together with the Trustees, reptsrt and the audited financial ststements for that year. tructure University of Nottingham Students, Union IUONSU or the Union or the Students. Unionl is a registered charityand a company limited by guarantee, not havingshare capitsl and governed by its Memorandum and Articles of Association. The liability of each member in the event of winding up is limited to £1. It 15 registered as a charity with the Charity Commission. The charity is administered by its Board of Trustees which consists of up to eight sabbatical officer trustees. four lay trustees and five student trustees. The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. The Board of Trustees is responsible for setting the Union's strategy, ensuring its sustainability, and monitoring progress including oversight of performance of each part of the Union's work. They review and approve the budget and track thc Union's financial performance, have oversight of the Union's risk and fiduciary accountabilities and line management ol the chief executive. The Board of Trustees has delegat2d power for the rnanagement of certain functions to three Committees - Student Experience Committee, People, Cultureand Inclusion Committee and Finance. Riskand Compliance Committee. The Union's strategy should be aligned to the decisions or policy made by the Student Mcmbers in General Mceting. through the student democratic procedures or by Referendum. The Trustees may override the decisions or policy made by the Student members only on the grounds of financial considerations. charity or education law or other legal requirement, or the reputation or best interests of the Union. The Board of Trustees hasthe powerto make, repeal oralter Byelaws as to the management and working practices of the Students, Union. Aims and Ob'ective UONSU is governed by its Memorandum and Articleswhich record its Objects asfollows.. The Union's Objects are the advancement of education of students at University of NDttinghaTn for the public benefit by.- Promotingthe interests and welfare of students at University of Nottingham during their course of study and representing, supporting and advising students., Being the recognised repr￿entatIVe channel between students and University of Nottingham and any other external body. and Providing social, cutrture, sporting and recreational activities and fOr￿￿S for discussions and debate forthe personal developmentof members. 2024125 Im act and Performance Drafting our current strategy was cornpleted during 2021122 after an extensive process which engaged stakeholders across the student, union and university community. A mid-term review engaging stakeholders across the Union was completed during summer 2024 leading to a refreshed strategy. This was to ensure continued suitability and ensuring our resources are aligned with our strategic priorities. Strategic priority thernes did not change signif icantly, but underpinning objectives were reviewed in line with current operating environmenL Full strategic review work is being considered for 2026127 8nd following completion of the University of Nottingham's Future Nottingham project. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees, report to the members of the University of Nottingham Students. Union Our mission is.. We belleve In better, and we'll achieve It together Our vision is that we are leaders for our student community, shaping an inspirin8 and rewarding student experience. Our values define our character and guide our decisions. Our commitment is that in all that we do we will be.. Equitable- we'll b& relevant, inclusive, respectful and accessiblefor our diverse membership, takingsteps to encourage participation, celebrate differences and enhance the voices and opportunities of under- represented and disadvantaged groups. Empowering- We'll be led by our members, seeking democratic input to drive our policies and priorities, and we'll support and enable students to own and lead their personal experiences. Brave- We'll be ambitious and tenacious in pursuing our members, interests. challenging policy makers, creating new and innovative solutions and taking calculated risks to advance our influence and impact. Responsible- We'll always look to do the right things, in the right ways, holding ourselves to the highest standards or corporate and social responsibility, aligning our work with the UN Sustainable Development Goals and managing our finances and resources effectively. Collaborative We'll work together with our mcmbcrs and stakeholders, leading, learning and sharing with key partners and collaborators so we can expand our impact and continue to do better. Our key strategic priorities for the year under review were: Wè shape an Outstanding Acaderllic Experience > We improve Student Lives > We build Student Communities l. Sha in outstandin AcademicEx erience "Our members actively shape their teaching and learning experience in partnershlp with our unlverslty" All metrics from UONSU Year In Review 202S document. A copy of this document can be foundlobtained upon request frotn suwelcomehub@uonsu.com. Students, confidence that the Union represents their views and experience as.. A studentstudyingat UON 63% A student studying in the UK 72% A resident in the local area 34% Through our university representation21 work, we'vo been working on major university changes on personal tutoring, extenuating circumstances and acadernic feedback. The Union has played a significant role in influonciiig the learnlng experienco. We've celebrated excellent teaching at the Universityand had over 100 nominations for our Student-Led Teaching Awards. We put decision making in the hands of our members through our referenda. Student members voted in favour of supporting UCU industrial action. Our Activities Officer produced a 8uidance document on how schools at the University can best work with course-based student societies, which ha5 been shared with academic staff across the University. Our Advice Team handled over 1,200 Academic advice queries. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the Univers¥ty of Nottingham Students. Union 2. Im rovin Sknd nt Lives Students have a strong voice in their Students, Union, their university and their community, so they can change their lives for the better. 72% of students felt that the Students, Union positively impacts the student experience. We have had 4,573 student engagements with Su-led research projects which include surveys. focus groups & interviews. During the financial year over £360,000 was paid to students through jobs within the SU. We have run and supported a number of campaigns in the year to help promote the interests of our students and improve their lives. Our Students. Union Advice team provide impartial course. hoLJsing, and money advice 8nd information to all students forfree. Theteam handled 2,356 new cases and supportèd hundreds more students who received ongoing support for an existing advice case. 1,142 of these ￿SeS related to welfare advice enquiries- 771 cases relatingto student housing and 293 relating to money &finance. During the year we undertook a review of our democratic procedures, the-Democracy Review.. The review was a crucial step in keeping things fresh and aligned with the expectations of our student cornmunity. We asked big questionsthrough refcrcnda duringtheyear,tookfeedbackfrom forums and council and spoke to students from across our community. The review was broken into three Stag￿.. stage l.. Review the Full-Time Officer roles- stage 2= review our models of devolved student leadership - Part time officers, Faculty Reps, representstive bodies and student run services-, stage 3= review our decision-making bodies - Union Council. Followingextensive consultstion with students- via focus groups. 121 conversations and"preferendum". the new Full-Tirne Officer structure & roles which were elected in March 2025 are- President Vice President Activities & Development Vice President Education Vice President Liberation & Welfare Vice President Postgraduate & International Vice President Sports 3. Buildin Student Communi Helpingevery studentfindtheir peopleat Nottingham creating asense ofcommunityand belongingthat supports student wellbeing and builds positive connections. 64% of students felt a positivesense of belongingand 74%felt welcome atthe University of Nottingham. The Union has continued supportingstLJdents to be ableto do what they love, whether its through starting their own community in societies and sports, meeting new peopleat welcome and events, orsupporting theircommunitythroughvolunteering.we have463 student-led groupsand societies which have22,162 unique students actively engaged. We've had 30,306 unique students engaged in any aspect of Union activity. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the Universlty of Nottingham Students. Union We hosted a sutcessfLJI Varsity series event which we delivered in collaboration with UON Sport and Nottingham Trent University Students, Union. Over 10,000 people attended over the series. Thousands of student-led events have been delivered through our events process, engaging and empowering over 450 different student groups to organise. We support a huge attendance at events both run by the Union and those which ourteam have supported and empowered Durstudent groups to organise. 8,000+ students attended club nightg at Freshers/Welcome and 2,800+ attended Grad Ball. Our events were supported by our student run media groups, such as TEC providing lighting and sound equipment &coverage from ourTV station NSTV and student radio URN. strate ic Thematic Plannin During the 2024125 year we embarked on the organisation wide Strategic Thematic Planning ISTPI. The plan has been created to enable us to focus our ernergy and resources on delivering the ref reshed strategy and underpinning enabler plans. A set of 9 projects was created to enable delivery, which will determine the focus of work for the Students, Union for the remainder of the strategy period. This focus means that activity not in the plan will need to be stopped or put on hold. Each project has a Senior Leadership Team & Officer Sponsor, along with a Project Manager selected from our Management Team. There is a detailed project plan in place for each area with key dcliverables and a timetable. Feedback was sought from dedicated staff working groups, all staff consultation. student consultation, University consultation, with sign off by Trustee Board in June 2025. The projects are.. Outstanding Academic Experience Improving Studcnts. lives Building Student Communities Social Enterprise I Soci21 Enterprlse 2 Systems & Data Resilient & Sustainable Organisation Engaging Communications Brilliant People All projects cornmenced in Term l of the 25.26 academic Year. rn nd mana ement The Union is subject to regulation by the Charity Corllmission and Companies House. The Union complies with all the statutory requirements which apply to it. Governing Document UONSU is governed by its Memorandum and Articles of Association. The 5-year review of the Union's Memorandum 2nd Articles of Association w2s completed in 2019120 to meet the requirements of the Education Act 1994. Arnendrnents to the governing document were approved by SU General Meeting 2nd the University's Council in accordance with our set down reoLJirements. A review of this document is currently underway, to be conipleted by the end of 2025126 academic year. Offl¢ers During the year in review the Executive Officer committee consisted of up to eight students elected annually by a cross campus secret ballot of the UONSU membership. The eight posts were Education Officer, Liberation Officer, Welfare 3nd Wellbeing Officer, Activities Officer. Sports Ofticer. Community Officer. Postgraduate Officer and Union Development Officer. These were full time, or'sabbatical,, posts remunerated as authorised by the EdLication Act alld Charities Act. Following the Democracy Review and for election periods from March 2025 onward, the Executive Officer cornmittee consists of up to six students elected annually by a cross campus secret ballot of the THE UNIVERSITY OF NOThINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 202S Trustees. report to the members of the University of Nottingham Student5, Union UONSU membership. The six posts are.. President Vi¢0 President Activities & Development, Vice President Education, Vice President Liberation & Welfare, Vice President Postgraduate & International and Vice President Sports. These are full time, or'sabbatical., posts reTnunerated as authorlsed by the Education Act and Charities Act Our Officers provide the political leadership for UONSU and are the lead representatives of students for UONSU internally, across University of Nottingharn, the city of Nottingham and nationally. Recruitment and Training of Tru5tses The SU President Ipreviously Union Development Officer) serves as Chair of the Board for the duration of their tenure as an Officer, having been appointed following a secret cross-c8mpLJS ballot of students. As of autumn 2020, all otherfull time Officers are Trustees, having been elected to their Officer position followinga secret crosS-￿mp￿S ballot of Union members. OfficerTrustees mayservefora second term if they are re-elected as an Officer of the Union. Lay Trusteès are appointed fora term of three years. Lay Trustee appointment is madefollowing external opcn recruitment An Appointments Committoo is convened from members of our People, Culture and Inclusion Committee, Officers and senior leadership team. Recommendations are made by the Appointments Committee in accordance with our Byelaws. Lay Trustees may serve for a total of two terms. Student Trustees are appointed by an application and selection process which is openly advertised to all Union members Istudèntsl. An Appointments Committee is convened from members of our People, Culture and Inclusion Committee. Recommendations are made by the Appointments Committee in accordance with our Byelaws. Student Trustees can serve one term of up totwo years.The length of term can be affected by the point of study and the timing of the academic year, $0 recruitrllent processes are in place to manage fairly high turnover. The Union is required, by agreement with the Charity Commission, to have more unpaid than paid Trustees. An initial induction meeting with the Chief Executive ensures new Trustees understand the role, the context of the Union and expectations of the meetings before they attend their first meeting. A Board induction for all Trustees is followed by subject induction briefings for each Committee led by the appropriate senior mana8ementteam member. The Board also have an annual training and induction day. During 2024125 we appointod, trained and developed 3 student trLJStees to use their unique skills and expertise on student life at UON to ensure students are at the heart of our decision making. We also hosted our third annual Student Trustee Networking Event and welcomed over 30 participants from acro￿ the country to participate in a )etworking event designed to develop their leadership skills, enhance their understanding of governa ice and expand their personal and professional networks. Delegation The Trustees delegate the day-to-day mana4yement, the development of strategy and overall leadership ofthe Charitytothe Chief Executiveand a Senior ManagementTeam.The Chief Executive reportstothe Chair ofthe Board. The Scheme of Dele4tt..d Authority ISODAI documentsets out delegations in detail and is reviewed on an annual basis by the Trustee Board. Pay Policy and Senlor Staff The Remuneration Committee review tb.e salary for the Chief Executive annually using dats from across comparable students, unions and the clarit/ sector to provide a benchmark for their decision making. Directors. remuneration is considered al.?n8 Wlttri the whole organisation's pay and reward policy by our People, Culture and Inclusion Committee wihich is a sub-committee of the Trustee board. During the 2023124 year a Reward Review project Nas undertaken to realign the Pay & Reward Policies to reflect our commitment to attracting & retaining Brilliant People. This resulted in a new spinal pay point system which was implemented from 01 Augknst20£4. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students, Union Employment The Students, Union is committed to engaglng with its employees to ensure team members are kept up to date on the success and challenges of the Students. Union, its performance and other information that may be important or of interèst. A variety of methods are used to achieve this, inclLJding team meetings, briefings, away days, email bulletins and a staff enga8ement forum. Where changes which might impact team members are being considered, we take 3 collaborative and consultative approach to ensure different views can be taken into account. We also undertake an annual staff engagement and satisfaction survey the results of which. and the arising action plan, are overseen by our People, Culture and Inclusion Committee and shared transparently across the organisation. The Students, Union is an equal opportunities employer and has a responsible approach to employment 2nd social leglslation. We're trying hard to become a more inclusive workplace and to better represent the student community that we serve. We value diversity, promote equity and challenge discrimination- this is fundamental to our values and enriches life on campus. The Students, Union is committed to the development of our staff, and we provide equal opportunities for the training and career development of all employees. The Students, Union is an -we Invest In People" Investor8 In People IIIPI accredited employer. Accreditation was awarded May 2024 and will be review annually. An action plan is in place to move us to the next tier in line with the Believe In Better people strategy. Relationship with the Unlverslty The Education Act 1994 ltlys down the statutory duty of the University of Nottingham to take such steps as are reasonably practica5 to ensure the Students, Union operates in a fair and democratic manner and s held to appropriate account for its finances. The Students, Union works alongside the University of Nottingham to ensure that its affairs are properly conducted, and the needs of the University of Nottingham Students, Union membèrs are met. The Chair of Trustees and Chief Executive report annually to University Council, Finance Committee and University Executive Board IUEBI on the performance and progress of the Union. and on our use of the University's annual core f unding. UONSU receives core funding Ipreviously block grant) from the University, and occupies building5 owned by the University, which also pays for some repairs, services and utilities. This non-monetary support is intrinsic to the relationship between the University and UONSU. As recommended by the Charities, SORP, for due compliance with the reouirements for Students, Unions provided for in the Charities Act 2011, an estimated value to UONSU for this support ha5 been included in the financial statements, priced at £602,500. UONSU, and its wholly owned subsidiary UNU Services Limited, Continues to generate SLJpplement3ry funding from various mutual trading activities much of which has been developed as a result of a close and collaborative relationship with tho University. Public benefit The Trustees considor this matter, in conjunction with the guidance contalned in the Charity Commission's general guidance on public benefit. As a registered charity, The University of Nottingham Students, Union works directly with and for and supports and benefits around 35,000 students registered to study at the University of Nottingham in the UK. In planning our work, we ensure that the strategy and the primary goal of all our activities are linked to our core aims and therefore are for the direct benefit of our member students. In addition, our work SLJPPQrts the local Nottingham community, prospective students and a number of national organisations. We have an extensive community volunteering pro8r3mme, who meet regularly with City and local councillors and members of the community, particularly where students are residents, to work positively with them so students are positive and active members of their community. This work is further enhanced due to the strategic partnership entered into with Nottingharn Trent students, Union during july 2022. The partnership airns to support civic engagement and student needs within Nottingham City. Between us we represent c68,000 residents who are part of the student population and represent 8.5% of the total population of the city. THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION {A COMPANY LIMITED BY GUARANTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Notllngham Students, Union Any activity that the Union undertakes in which it has core skills but which is not for the direct benefit of the Union's members, is funded and resourced separately. This is always a very small part of our work but is usually undertaken to support the aims of the University of Nottin8ham, the Union's main funder. Societies and student groups Funds raised by the societies and student groups are administered by the Union for the specific benefit of that society or student group. These funds are treated as restricted in our financial statements. Principal Risks and Uneertainties The Board of Trustees has examined the major strategic. business and operational risks faced by UONSU. The Union has a Strategic Risk Register. The Finance, Risk and Compliance Committee IFRCI oversees the detailed review and tracking of UONSU'S risks as part of its delegated aLrthority from the Trustee Board and updates the Board of Truste￿ regularly. The Board of Trustees review tho risk register on an annual basis. The Risk Register is managed operationally by the Senior Management Team and an escalation process is in place for any issues that occur that require urgent notification. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Budgetary and internal control risks are minimised by the impletnentation of procedures for authorisation of all transactions and projects. Proccdurcs are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by UONSU. Insurance is in place where we are not easily able to mitigate risk. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. There are a number of significant risks affccting the Union. Our primary financial risk rel?t.es to funding from the University. Followinga review in 2023124, our Core Fundingwas confirmed through the2026127 academic year. with an annual inflationary uplift. The review also established key partnership principles that will shape future funding arrangements and informed the development of our three-year financial plan. Core Fundingfor2024125 is£2.494m12023124=£2.410ml. However,the Universityis experiencing signrficarrt financial challenges, which it is addressing through its Future Nottingh3m programme. Measures takcn include reducing recurring staff costs by resizing professional semices and raising capital through the sale of property assets. Within this context, securing additional increases to Core Funding beyond the existins agreement is not considered feasible. We remain aware of the risks of changing student attitudes and preference5, the impact of national higher education and immigration policies on both our parent institution and ourselves and changes in the broader economic and political climate. Durin8 the 2023124 we undertook a review of our finances, engagingwith stakeholder5from the Trustee Board, FRCand Senior LeadershipTeam to agree a robust set of Financial Principles. The overall financial objective is to be a strong financially sustainable organisation to enable the best possible student cxperience over the medium to lon8 term. These principles are reviewed annually in line with the budget cycle and no significant changes were proposed in 2024125. There are a nurnber of risks associated with our specrfic oper2tions, for example our student societies, activitie& These have established control procedures in place, and these are subject to regular review with a detailed Quality Student Groups project underway in Autumn 2025. Our legacy defined benefit pension scheme Istudents, Union Superannuation Scheme -SUSSI is currently In deficit and we are making payments as part of a deficit recovery plan. Further detail on this is provided in the notes to the consolidated financial statements. We re￿1ve formal updates on the scheme at least annually from the pension scheme trustees and the Board of Trustees consider the impact on UONSU accordingly. The imp3Ct of SUSS is considered by Trustees as part of our routine business and strategic planning. Once finalised and received, the valuation of the scheme as at 30 June 2025 will be reviewed and considered by FRC. 10 THE UNIVERSITY OF NOftlNGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees, report to the members of the University of Nottingham Students. Union Flnanclal revl Principal sources of funding The principal sources of funding are the core funding from the Univèrsity of Nottingham, funds generated directly by our student groLJPS, the profit donated by UNU Services Limited, sponsorship income and income from investments. A copy of the University's Financial Statements for the year ended 31 July 2025 can be obtained from httP5.'l/www.nDttingharn2c.uklFABSIFinancelPublicationslGlobal-reviews- and-f inanci21-statements.aspx Financial Overview The Union eontinues to manage its f inances to support delivery of its strategy and ensure its long-term sustainability. Our Core Funding from University was increased by £84k to £2.494m for 2024125, with an inflationary uplift in following years. The Core Funding agreement with UON covers until 2026127 so we can plan with some certainty. In the year we have closely managed our f unds given the significant impact that the ongoing cost of livins crisis, challenges in the HE sector, Government policy changes IN I & NLWI 3nd world events had on the SU and the widercommunity we operate in. We had targeted a contribution of £390k profit from Social Enterprises for the 202412025 financial year and due to the challenges in year, we delivered a profit of £254k. As a group, excluding Student rÈstricted funds, we generated a core deficit of £26k, which was an acceptable result. We saw an unrealised loss on our investments of £2k, but it is worth bearing in mind that our capital is invested f or the long term and the value can go up as well as down. Overall, we delivered a linal cornbined unrestricted deficit of £28k. FY 2025 FY 2024 Core Idefi¢itl Unrèalised investment Ilossllgain Transfer of funds Impact of pension scheme triennial valuation Movement in unrestricted funds Movement IN restricted Istudentl funds Net movement in funds 126,2991 (13,307) 12,1231 75,208 94,892 (28,4221 108,199 310.023 141,795 281.601 249,994 Investment policy The Trustees review the Union's investments policy on an annual basis. The policy exists to provide a framework for the management of our long-term reserves. The Union Trustees have agreed to retain suitably qualif led advisers to assist in meeting their regulatory obligations with regard the monitoring of the long-term reserves. Our current independent financial advisers are Henwood Court Financial Planning Limited IHenwood Courtl, and our investment portfolio is operated day to day by Rathbones Brothers plc (Rathbonesl in line with our Investment Policy, Risk Tolerances and Ethical Restrictions. Trustees approved the investment objectives as set out below.. The Union seeks to produce a defined targeted financial return aligned to the organisation's financial requirements within an acceptable level of risk. The investment objective for the short-term fund is to retain certainty of value. The investment objective for the long-term fund to malntain the long-term spending power of the capitsl and protect it against the effects of inflation. The long-term reserves should be invested to grow at least in line with the Consumer Prices Index ICPII. Due to the nature of the reserves, the board need to keep 100% of the long-term reserves in investments that Can be realised within three rllonths. Trustees have identified the key risks to the investrnent as set out below.. The Trustees have identified that the key risk to the long-term reserves is inflation, and the assets should be invested to mitigate this risk over the long term. 11 THE UNIVERSITY OF NOTTINGHAM 5TUDENT5' UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Tru5tees' report to the members of the University of Nottingham Studerts. Union A conseqLJence of not achieving the targeted returns could potentially mean that a number of employee positions within the union could not be sustained. The Trustees understand that this is likely to mean that Investments will be concentrated in real assets and that the capitsl value will fluctuate. The Trustees attitude to risk was defined as low-risk appetite, as determined by completion of Henwood Court Risk quostionnaire. Followins discussion on the above risk ¢h8racteristics. in conjLJnction with an assessmentof time horizons and investment objectives, it was recommended and approved at June 2025 Trustee Board that the Union's portfolio should follow Rathbones Risk Profile 4 on a scale of 1-6 for 2025126. This Is a change from 2024125 when risk profile was level 3, which was difficult to action in practice due to the Union's ethical restrictions. The Ethical Restrictions currently in place for operation of the portfolio are as follows= To not invest either directly or indirectly in fossil fuel compani To not invest either directly or indirectly in tobacco-related compani25 No investment in aerospace ordefencecompanies Regarding sustainability, for example investment in construction and mining which could be contrary to the trLJStees' objectives there are no specific restrictions however, Rathbones will have a proactive engagement on the Unions, behalf should any spccific investment have a negative impacton the Union's investments As at 31 July 2025 the value of our investment portfolio is as follows: 2025 2024 Listed Investments portfolio value L594,754 1567 325 Performance of investment: During the year cash of £nil12024.. £nill was drawn down from investment to bank. During the year an unrealised year end valuation loss of £2,12312024= gain £75,208) was posted to the accounts. During the year the portfolio delivered income of £29,552 an estimated yield of 2.4% 12024.. £27.417 income., estimated yield 2.6%). Consolidated portfolio performance to 31 July 2025 (before fees, after cash drawn downl 42.4%12024'.-39%I. Reserves policy The Trustees review the Union's reserves policy on an annual basis as part of the annual budget cycle. This excludes the restricted reserves we hold on behalf of the Student Groups. Trustees approved the formal pollcy statement as set out below- The financial viability and long-term sustainability of the University of Nottingh2m StLJdents' Unlon IUONSUI is closèly linked to the financial health of the University of Nottingham IUONI. Ir) recognition of this interdependence, the Trustees aim to maintain free reserves in unrestricted funds at a level equivalent to approximately three months of unrestricted core charitable expenditure, representing our "Core Activity Fund" This target Is based on the following rationale-. Risk Mittgation: Given UONSU'S significant reliance on the core grant provided by UON, the Trustees consider that maint3iningthis level of reserves will provide adequate protection against short-term liquidity challenges as well as longer-term cost pressures or fluctLJations in funding. 12 THE UNIVERSITY OF NOTTINGHAM STUDENT5, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students. Union Nature of Cost Base" UONSU'S cost base is prirnarily made up of payroll-related expenditure. A three- month reserve level is deemed proportionate and sufficient to support coro operational continuity during a period of financial uncertainty. The reserve level is intended to enable UONSU to= Maintain delivery of critical core services as required under the Education Act 1994 and as agreed with the University. These services include the elected Officers, representation development, the education network, advice services, and academic representation. > Cover essential central cost5 necessary to support the above core services. These include health and safety, human resources, finance, insurance, IT infrastructure, a modest provision for senior management, and 2ssociated overheads. > Provide a financial buffer sufficient to support the estimated costs of scaling down operations, including costs related to organisational restructuring, should such a need arise. Unrestricted funds held surplus to the reserves target may be designated by Trustees for the purposes of strategic projects andlor capital investment. Our approved Core Activity Fund target at 31 July 2025 is £500,000131 July 2024.. £650,000). In accordance with Charity Commission guidance, Trustees must be able to demonstrate and justify the retention of any unrestricted funds held beyond the level stipulated in the organisation's reserves policy. As these funds remain charitable in nature, they must be applied to furthering the charity's purposes and not retained without a clear and leEltimate rationale. As at 31 July 2025 we estimate our free reserves as follows.. 2025 2024 Unrestricted funds Add back pension deficit Less tangible fixed assets (net of UON funding still to rele2£e f rom deferred income) Free Reserves 11,817,683) 11,789,261) 2,658.472 2,730,205 {147,9211 1101,1661 692 868 839,778 Free reserves held at 31 July 2025 are in excess of our Core Activity Fund target of £500k12024 - in excess of reserves target of £650k for financial yearl. Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that UONSU has adequate resources to continue in operational existence for the foreseeable f uture. Following the University'5 confirmation of our Core Fundlng through tc> the 2026127 academic year, the Trustee Board agreed a set of f inancial principles which were applied to the 3-year period from 2024125 to 2026127. The principles when applied to the mid-terrn forecasts brought the budgeted 3-year position to break even. Changes to the fisc81 and operating environment during the 2024125 academic year have required the organisation to review th2 mid-term financial plan and moved the plan to an unsustainable worsening deficit. These changes included Government changes to N LW & ERS Nl,. reduction in secondary spend from the University; inflation & cost of living pay increases stagnating profit growth of Social Enterprises., rising costs such as insurance are higher than uplift in our Core Funding agreement. With no changes to the size & shape of the Students, Union, the future sustainability of the Union could not be assured. Therefore, costs to the organisation needed to be reduced by c£200k through a mixture of increasing THE UNIVERSITY OF NorriNGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students. Union contribution from social enterprises and reducing expenditure. The strategic refresh also requires a refocus of resources to deliver core priortties. Changes to our social enterprises have been made to increase profitability, which has included the closure of Portland Printing Services in September 2025. Our Student Voice and Policy & Impact Teams have been restructured. These actions reduce the efficiency target to £165k. A recruitment freeze has been in place since February 2025 and by report date 11 staff have left the organisation delivering a saving of c£203k in frozen vacancies on a recurring basis which exceeds the efficiency tar8et. The structure of the organisation needs to be considered againstourstrategy vs vacancies being held in areas which increase pressure on the organisation or create additional risk. The group ha.% net liabilities of £56,125 at 31 July 202512024.. group net liabilities of £337,726). However, £2.658m of this is ￿USed by a legacy pension scheme. The pension is dueto be repaid gradually until fully repaid in 2037 as part of a formal plan with the pension scherne trustees and our internal plans are prepared to manage spend and activity around this commitment. Excluding the pension. the remaining balance sheetshows a net asset positicin of £2,602,34712024= £2,392,480) and a strong cash position. We continue to closely monitor trading performance & financial sustainability internally and this is overgeen by our Trading Board and Finance, Risk and Compliance Committee. Our cash position remains strong, end the Trustees expect to have sufficient cash and reserves for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the financial statements. Further details regardingthe adoption of the going concem basis can be tound in the Accounting Policies. Trnstees, responsibllities The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standards and applicable lawl. Under company lawtheTrustees must not approvethefinancial statements unless they arÈsatisfied that they givea true and fair viewof the state of affairs of the Group and the Students. Union and of the income and expenditure of the group for that period. In preparing those financial statements. the Trustees are required to ensure the Union.. Selects suitsble accounting policies and then apply them consistently., Observes the methods and principles in the Charities SORP., Makejuclgments and estimates that are reasonable and prudent- States whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepares the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for ensuring adequate accounting records are kept that are sufficient to show and explain the Union's transactions and disclose with reasonable accuracy at any time the financial position of the Union and enablethemto ensurethatthefinancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. TheTrustees are responsibleforthe maintenanceand integrity of the corporate and financial information included on the charitable ¢ompan¢s website. Legislation in the United Kingdom governing the preparation and dissefftination of financial ststements may differ from legislation in otherjurisdictions. During the year, an indemnity from UONSU was made available to Trustees against liabilities that might be incurred by them in defending proceedings ag31nst them in respect of the affairs of UONSU. The value of the indemntty in place duringtheyearwas £l.000,000. 14 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees, report to the members of the Unlversity of Nottingham Students. Union Dlsclosure of information to auditors Each of the persons who are Trustees at the time when this Trustee's report is approved has confirmed that.. so far a5 that Trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information needed by the charitable company's auditor in connection with preparing its report and to establish that the charitable company's auditor is aware of that information.. Audltors The auditors, Crowe U.K. LLP, were reappointed during the year at our Annual Members, Meeting in accordance with section 485 of the Companies Act 2006. This report was approved by the Board of Directors on C-Lb (2026 and signed on its behalf by.. G Samuel Chair of Trustees THE UNIVERSITY OF NOftlNGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 202$ Trustees. report to the members of the University of Nottingham Studènts. Union Oplnlon We have audlted the fitsancial statements of Uraiversity of Nottingham Students, Union I'the Parent Charitable Company'l and its subsidiary I'the Group'l for thè year ended 31 July 2024 which comprise the Statement of financial activities, the Balance sheet. the Statement of cash flows and the relèted note5, including a summary of significant accounting policies. The financial reporting frarnework that has bee 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 Rèpublic of Ireland, (United Kingdom Generally Accepted Accounting Practice). Ill our opinion the finÉncial statements- give a true and fair vlew of the state of the Group's and of the P3rent Charitable Company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditLJre for the yearthen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2008. Basis for opinion We conductèd our audit in accordance with Irjternational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are f urther described in the Auditors, responsibilities for the audit of tho financial statements.£éction of our report. We are independent of the charitable company in accordancc with the ethical requirements that are relevant to our audit of the financial staternents in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fvlfilled our other ethical responsibilitics 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 relatingto 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. B¢15ed on the work we have performed. we have not identified any material uncertainties relating to events or conditrons that, individually or collectively, may cast significar>t doubt on the Group's and of the Parent Charitable CoMpan￿S ability to continLte as a going cor>cern 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 seetions of this report. Other Information The other inform2tion comprises the inforrnation included in the Annual report other than the financial statements and our Auditors. reportthereon. The Trustee are responsible forthe other information contained within the Annual report. Our opinion on the financial statements does not Cover the other iTrformation and, except to the extent otherwise explicitlystated 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 whetherthe other information is rnaterially inconsistent with the financi31 ststements or our knowledge obtairted in the CQLtrse of the audit, or othenvise appears to be m2teri211y misststed. If we ider)tify such material inconsistÈncies or apparer>t 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. Opinion on other matters prescribed by the Companies Act 2006 16 THE UNIVERSITY OF NOTTINGHAM STUDENTS, UNION IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustees. report to the members of the University of Nottingham Students. Union In our opinion, based on the work undertaken the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements the Trustees, Report has been prepared ir) accordance with applicable legal requirements Matters on which we are required to report by ex¢eptlon In the light of our knowledge and understandin8 of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to YOLJ if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,, or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration spècified by law are not made., or we have not received all the information and èxplanations we require for our audit., or the Trustees were not entitled to prépare the financial statements in accordan¢e with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Stratesic report. Responslbllltles of trustees As explained more fully in the Trustees, responsibilities staternent, the Trustees (who are also the directors of the charitdble company for the purposes of company lawl are responsible for the preparation of the financial statements and f or bèing solisfied that they give a truè and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free frDm material rnlsstaternent, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and of the Parent Charitable Company's ability to continue as a going ¢on¢ern, disclosing, as applicable, mattèrs related to £oing con¢ern 2nd using the going concern basis Of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realigtsc alternative but to do so. Auditors, responsibilities for the audit ol the financlal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the f inancial statetnents as a whole arè frèe f rom material rnisstatement, whethèr due to fraud or error, and to issue an Auditors, report that includes our opinion. Rea50n2ble assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnisstatement when it exists. Misstatements can arise from fraud or error and are considered tnaterial if, individually or in the aggregate, they Could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial statements. Irregularitles, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect tnaterial misstatements in respect of irregularities, including fraud. The extent to which our procedures Ère tapable of detecting irregtjlarities, including fraud is detailed below: We obtained an understaNdin8 of the legal and regulatory f rameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material arnounts and disclosures in the f in8ncial statements. The laws and regulations we considered in this conteKt were the Companies Act 2006, Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, wè considered provisions ot other laws and regulations that do not have a direct effe¢t on the financial statements but compliance with which tnight be fundamental to the Group's and of the Parent Charitable Company's ability to operate or to avoid a material penalty, We also THE UNIVERSITY OF NOTTINGFIAM STUDENTS, UNION (A COMPANY LIMITED 8Y GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 T￿stee$. report to thè members of the University of Nottingham Students. Union considered the opportunities and incentives that may exist within the Charitsble company forfraud. The key laws and re8ulations we considered in this context were General Data Protection Regulation, health and Safety legislation and employee legislation. Auditirng standards limSt the required audit procedures to identify non-compliance with these laws and regulations to enouiry of thè Directors and other management and inspection of regul8tory and legal correspondence, if any. We identified thegreatèst risk of material impact on the financial st2tèments from irregularities including fraud, to be in the following areas.. the override of controls by management, including posting of unusu?1 journals,. inappropriate treatment of non-routine transactions and areas of estimation uncertsinty. Our audit procedures to respond to these risks included enquiries of rnanagement and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for blases and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the fin2ncial ststements, even though we have properly p12nned and performed our audit in accordance with aLJditin8 Standards. For example, the further removed non- compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the finar>cial statements, the less likely the inherer)Ily limited procedures required by auditing standards would identify it. In addition, as with 8ny audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional ornissions, misrepresentations. or the override of internal control& We are not responsible for preventing noncompliance and ￿nTr0t be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities for the audit of the f inancial statetnents is located on the Financial Reporting Council's website at- wvw.frc.org.uklauditorsrespDiisibilities. This description forrns part Of our Auditors. report Use of our report This report is made solely to the Group's and Df the Parent Charitable Compan¢s membèrs. as a body, in accordance with Chapter 3 ot Part 16 of the Companies Act 2006. Our audit work has been undortaken so that we might state to the chaiitable Union's members those matters we are required to state to thèm in an Auditors, report and for rso other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, orforthe opinions we have formed. Hèlen Blundell LLB FCA FCIE DChA Sénior Statutory Auditor for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 20 March 2026 18 The University of Nottingham Students, Union13 company limited by guarantee) Financial Statements for the year ended 31 July 2025 Group statement of financial activities for the year ended 31 July 2025 Ilncorporating tha income and expenditure accounti Unrestricted funds Restrlcted funds 31July 2025 31 July 2024 INCOMING RESOURCES Donations and grants Incomin8 resources from generated funds othertrJding 3¢tivities Income from investments Income from Charitable activities Note 3,104,009 3,104,009 3,076,000 4,153,109 82,385 4,153,109 82.385 4,221,908 76,408 Operation of Students, Union 267,565 3,520,305 3,787,870 3,966,329 rotal group IneomingresoLtrces RESOURCES EXPENDED Expenditure on ralsing funds Expenditure on Charitable activitles 7 607,068 3,520,305 11.127.373 11340,645 3,921,814 3,924814 3,982,422 3,561,073 150,480 3,210,282 6,771,355 L50,480 7,028,896 154,540 Pension deficit charge Interest on pension fund deficit Total resources expended 17 17 7 633,367 3,210,282 10 843,649 11165,859 Net lexpenditurellincome 126,2991 310,023 283.724 174,786 Unrealised gainlllossl on investment li 12,1231 (11231 75,208 Net movement In funds before transfer5 Transfers between funds Net movement in funds after transfers Total funds brought forward Total lunds earried forward 28.422 310 023 281.601 249,994 128,4221 11.789,2611 11.817,6831 310,023 1,45L,535 281.601 1337,726) 249,994 1587,7201 19120 1,761.558 156J251 1337,7261 All activities during the current and previous period are classed as continuing. There are no recognised gains or losses for the year other than those Included in the Statement of Financial Activities. The accompanying accounting policies and notes on pages 23 to 40 form an integral part of these financial statements. The Charity has taken advantage of Section 408 of the Companies Act 2006 to not publish its own St3teEnent of Financlal Actlvitles. The Charity's net movement of lunds in the year was £268,35912024.' £360,5021. 19 The University of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2025 Group statement of financial activities for the year ended 31 July 2024 lincorporating the income and expenditure account) Unrestrrcted funds Restricted fund5 31July 2024 INCOMING RESOURCES Donations and grants Incoming rè50urcesfrom generated funds Othertradinga¢tlvitles Income from investments Incomefrom Charitable a&ivities Note 3,076,000 3,076,000 4,221,908 76,408 4224908 76,408 Operation of Students. Union 225,406 3,740,923 3.966,329 Totslgroup Incoming resourcès RESOURCES EXPENDED Expèndithreon raising funds Expenditure on Charitable activities Pension deficit charge Interèst on ponsion fund deficit 7 599,722 3,740.923 IL340,645 3,982,422 3,524,660 154,540 3.982,422 7.028,896 IW40 3,504236 17 17 Total resources expended 7,66L623 3,504,236 11,165,859 Net income/lexpenditurel 161,9011 236.687 174,786 Unrealised Ilossllgain on investment Transfers between funds Net movement in fundsafter transfers Total funds brought forward li 75,208 94,892 75.208 194,8921 108.199 11,897,460) 141,795 1,309.740 249.994 (587.7201 Total funds earned forward 19120 (1,789,261) L45L535 (337.7261 The accompanying accounting policSes end notes on pages 23 to 40 torm an integral part of these financial statemen 20 The University of Nottin9ham Students, Union la company limited by guarantee) Financial Statement5 for the year ended 31 July 2025 Consolidated Balance sheet as at 31 July 2025 Group Charity 31July 2025 31 july 2024 31 July 2025 31 July 2024 Note Fixed assets Tanglble fixed assets Investments fixed assets io 381.833 386,319 124.819 107.319 li 1.594.754 1,567,325 L894,754 1,867,325 1,976,587 1,953,644 1019,573 1,974,644 Current assets Stock.. goods for resale Debtors Cash at bank and in hand 12 13 160,876 555,922 125,144 598,290 107,260 292,922 1.596.131 2,328,597 760,886 1,466,315 2B12,929 3,052,031 868,146 1,759,237 Creditors.. amounts falling due within one year 14 11,687.1691 12,613,1951 1497,6061 11,568,618) Netcurrent assots Total assets less current liabllltles 625.760 438,S36 370,540 190,619 2,601347 2,392,480 1390,112 2,165,263 Defined benefit pension scheme 16 12.658,4721 12,730,206) 12,658.4721 12,730,206) Net liabilitles 156,1251 1337.7261 268,360 1564,9421 Funds Unrestricted funds Restricted fLEnds 19 19 11,817,683 1,761,558 11,789,261) 1,451,535 12,029,918> 1,761.558 12,016.4771 1,451,535 Total funds 156,1251 1337,7261 {2683601 1564,9421 The Trustees have prepared group financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. The financial statements were approved by the Board of Directorsl*tb 2026 and signed on its behalf by.. AMUEL Chair of Trustees and Students, Union President Company number.. 07229624 The accompanying accounting policies and notes on pages 23 to 40 form an integral part of these finantial gtatements. Thè University of Notringham Students, Union {a company limited by guarantee) Finan¢ial Statements for the year ended 31 July 2025 Consolldated Statement of Cash Flows for the year ended 31 July 2025 Group 31July 2025 Group 31July 2024 Note Net ¢ash used byoperatingactlvltles 21 1652286 910.4551 Cashflowsfrom investing activities Purchase of fixed assets Proceeds from the sale of inv&stments Purchase of investments Investment income 133.0121 232.904 1423,3191 297,285 1262.4S7) 82.385 180.180) 24,6961 76,408 1374.3231 Neteash provided bylused inl financing activities Change in cash and cash equivalents in the reporting period 1732A661 U,284 778 Cash and cash ￿Ul¥alents at thebeginning ofthe year 2328597 3,613,375 Cash and cash eouivalents at the ¢nd of the year 1596.131 2,328,597 The accompanying accounting policies and notès on pages 23 to 41 form an integral part of these financial ststements. The University of Nottingham Students, Union la CDmp?ny limited by guarantee} Finan¢i81 Sialements for the year ended 31 July 2025 Principal accounting pollcies l Accounting Policies General information The University of Nottingham Students, Union is a private limited company limited by guarantee and domiciled in England and W31es. Registered company number 07229624 and charity number 1136986. The Registered office 15 The University of Nottingham Students. Union, Portland Building, University Park, Nottingham, NG7 2RD. BasK5 of preparation and a¢countlng Thefinancial statements h3vè been prepared under historical cost convention except that certain investments are held at market value. Thefinanclal statements have been prepared in accordance with the St3tement of Recommended Praetite150RPI 'Accounting and Reporting by Charities,, 3pplicable to charitiès preparing their financial statements in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP IFRS10211 issued in October 2019, the Financial Reportlng StancSard applicable in the UK and Republic of Ireland IFRS1021. the Charities Act 2011 and the Companies Act 2006. Effective for periods ending after 01 January 2026, financial statements will be prepared in Èceordance with the revised Charities SORP IFRS 1021. The princlpal changes introduced by the revised SORP relate to.. Enhanced reporting on impact and public benefit- expanded narrative reportlng reqLJirements within the Trustees, Annual Roport Income recognÉtion clarlfications- Additional guldance regarding perforrn3nce related intome 2nd grant recognition Lease accounting updates- Alignment with FRS 102 in respect of lease recognition and measurement Presentation and disclosure requirements- Enhanced narrativ?. and quantitative digclosLJres in relatlon to related parties., Trustpp remuneration., governance,, risk managcmcnt., reserves policy reporting statemèfits of Cash Flows- amendments to presentation requirements Management are 2ssessing the impact but do not expect it to be material, The University of Nottingham Students, Union meets the definition of a public benefit entity under FRS 102. The financial statements are presented in Sterling, and this is the functional currency of The University of Nottingham Students, Union, and the financial statetnents are rounded to the nearest £1. Group linanelal statements These financial statements comprise the results of The University of Nottingham Students. Union and its wholly owned trading sub5idi3ry, UNU Services Limited consolidated on a line-by-line basis. No separate Statement of Financial Activltles or Income & Expenditure Account is presented for the Charity because it has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Golng Concern The financial staternents have been prepared on a going concern basis. Following the University's confirmation of our Core Fundlng through to the 2026127 academic year, the Trustee Board agreed a set of financial principles which were applied to the 3-year period from 2024125 to 2026127. The prlnciples when applied to the mid-term forecasts bought the budgeted 3-year position to break evell. Changes to the fiscal and operating environment duringthe 2024125 academic year have requlred the organlsatlon to review the mid-terrn fin3n¢lal plan and moved the plan to an unsustainable worsening deficit. These changes included Government changes to NL W & ERS Nl., reduction in secondary spend from the University-, inflation & cost of living pay increases stagnating profit growth of Social Enterprises.. rising costs such a5 insurance are higher than uplift in our Core Funding agreement. With no changes to the size & shape of the StLJdents' Union, the future sustainability of the Union could not be a￿Ured. Therefore costs to the organisztion needed to be reduced by c£200kthrough a mixture of increasin8contribution fromsocial enterprises and reducing expenditure. The strategic refresh also requires a refoEUS of resources to deliver core priorities. niversi Ing am ents nion a company limited by oijaranleel Financial Statements for the year ended 31 July 2025 Principal accounting policies Changesto oursocial enterprlses have been madeto increase profitability.which has includedthe closureof Portland Printing Servicès in September2025. Our Student Voiceand Policy & Impact Teams have been restructured. These actions reduce the efficiency tsrget to £165k A re¢ruitment freeze has been in place slnce February 2025 and by report date 11 staff have left the organisation delivering a s3ving of c£203k in frozen vacan¢Ses on a recurring basis which exceeds the efficiency target The structure of the organisation needs to be considered against our strategy vsvacancies being held in areas which Increase pressure on the organisation or create additional risk. The group has net liabilities of £56,125 at 31 July 202512024= group net liabilities of £337.7261. However.£2.658m of this is caused by a legacy pension scheme. The pensioll is due to bè rèpaid gradually until fully repaid in 2037 as part of a formal plan with the pension s¢heme trustees and our internal plans are prepared to m3n3ge spend and activity around this commitment Excluding the pension, the rèmaining balance sheet shows a net asset position of £2,602,34712024.. £2,392,480) and a strong cash position. We continue to closely monitor trading pertormance & financial sustsinability internally and this is overseen by our Trading8oard & Finance. Riskand Compliance committee. Ourcash position remainsstrongand the Trusteesexpect to have sufficient Cash and reservesforthe foreseeable future. In￿mIng resources All incoming resources are recognised once the Croup has entltlement to the resources. it is virtually certain that the resources will be received and the monètary value of in¢oming reSoUr￿S can be measured with sufficient reliability. The followlng policies are applied to particular categories of income= Voluntary income received by way of grants, don3tions and gifts and is included in fijll in the Statement of Financial Activities when re￿1Vable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity. are recognised when the charity bÈ¢omes unconclitionally entided to the grant. Donatéd services and facilities are included atthe value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these financial statements. Invostment incomè is included when re¢eivable. Incoming resources from charitable trading a¢tivityare accounted for when earned. Incoming resources from granty where related to performance and specific delivérables, are accounted for as the charity é3rNs the rightto consideration by its performan¢e. Voluntary help and donations in kind The charity benefits frotn the provision of serviced accommoddtion by the University of Nottingham. Similar facilitics in a similar location would have a rental costof approximately£602,50012024..£646,0001 perannum and so thi5 amount has been included in these financial ststements. The vzlue of these services has been calculated using estimated marketvalues applied to either space utilised or level of service provided. Resour¢e5 expended and basis of allocation of costs Liabilities are recognised as resources expènded as soon as there Is a legal or constructive obligation commitbng the Group to the expenditLJrè. All expenditure 15 accounted for on an accruals basis. Overhead and other costs not directly attributable to partiGularfunctional activity categories zre apportioned over the relevant categories on the basis of management estim2tes of the amount attribtjtable to that activity in the period, either by reference to stsff time or space occupied, as 3ppropriate. The irrecoverable element of VAT is inclLtded with the item of expense to which it relates. Governance costs comprise the costs of running thtt charity, including strategic planning for its fLrture development, external auditand all the costs of complying with constitutional and st3tutory requirements. such as the costs of Board and Committee meetings and of preparing statutory financial statements and satisfylng publlc accountability. Redundancyand termination payments Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the pointthe group is demonstrably committed to either.. terminate the employment of an employee or group of employees before normal retirernent date- or provide termination bènefits as a result of an offer made in order to encourage voluntary redundancy. The groLJP is considered to be demonstrably committed only when it has a detailed formal plan for the termination and is without rèalistic possibllity of withdrawal from the plan. 24 The University of Nottingham Students, Union la company limited by guarantèe) Financial Statements for the year ended 31 July 2025 Principal accounting pollcles Leases Rentals paid under opèrating leases are chaiged against income on 3 Straight-line basis over the lease term. Taxatlon The Unlon is a registered tharity and as such is exempt from income tax and corporation tax under the piovisions of Section 478 of the Corporation Tax Act 2010. There is no similar exernptlon for VA T, which is included in expenditure or in the cost of assets as appropriate. The Union's subsidiary Company. UNU Sérvices Limited, as a tradingentity, is subject to UK corporation tsx 2nd the principle of deferred t3xation. Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the finanei31 statements and recognitlon In the tax computation. A net deferred tax asset is reeognised only if it can be iegardert as more likely thall notthatther& will be suitable taxable profits from which the future reversal Df thè underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to Feverse. Defeired tax assets and liabilities are not discounted. Tangible fixed assets, depreciatlon and Impalrment The cost of tangible fixed assets represents the purchase price plus any attributable expenditure. Assets are capitalised when they meet the technical criteria and reach the £5,000 capitalisation threshold. Depreciation is provided to write off the cost, less estimated residual values, of 811 fixed asset& evenly over their expected useful lives. It 15 calculated at the following rate& UNU refurbishments Clubs SRS motors & others Eouipment IT Projects Union refurbishment Computers & Laptops 3- 10 years 3 years 3 years 3 years 3- 10 years l year The carrying value5 of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be retoverable. These circumstances include consider3tion of the ability of the asset to be operated as planned and thereby provide the expected revenue streams associated with that asset. Invèstments Fixed asset investments comprising listed investments are initially recognisecl at their transaction cost and then are subsequently measLJred at their fair value at the balance sheet date unless the fair value cannot be rneasured reliably in which case they are measured atC05t le55 impairment. Any investments gains or losses, whether realised or unrealised, are recognised in the Statement ot Financial Activities. Fixed asset investments Comprising investments in subsidiary undertakings are valued at cost less any provision for impairment as they are not readily saleable and therefore a reliable market value 15 not avai13ble. stock. goods forresale stotk is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price. Penston costs The Union participates in the StLJdents' Union Superannuation Scheme ISUSSI, a defined benefit scheme which is èxternally funded and cont13Cted out of the State Second Pension. The fund is valued at least every three years by a professionally qualifl¢d Independent actuary with the rates of contribution payable being determined by the trLJStees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence. no shzre ol the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS102. the pension liability has been valued based on the discoLJnted future cash flows of payrnents under the agreed recovery plan. The Universty of Nottingham Students, Union (a Company limited by guarantee) Financial Statements for the year ended 31 July 2025 Principal accounting policies The SUSS was closed to further accrual on 30 September 20ll. From 2011 the Union participated in the National Union of Students Pension Scheme INUSPSI which is a defined Contribution scheme. We ceased to participate in 2017 and all eligible employees were transferred to Scottish Widows defined contrlbution scheme. The Union nowsolely participates Inthescottish Widowsdefined contribution scheme and the pension costcharge in the financial ststements representsthe contributions paid by the Union to the Scheme in respert of the year. rinancial instruments The Union only hasfinancial assets and flnancial liabilities of a kind that qualify as basic fInancial instruments. Basic financial instruments are initially recognisèd at transaction v21ue and subsequently measured at their settl&ment value. Funds and fund accountlng Unrestrictèd funds consist of funds which the Charity m2y useforgeneral purposes atthe Trustees, discretion.this includes designated funds which are designatéd forspecific purposes. Restricted funds represèntincome contributionswhi¢h are allocatedto a particular purpose in accordance with the donor's wishes and funds of societiesJclubslassoci2tions which are managed by those organisations and whose use is restricted by theirconstitLJtions. Judgements in applying accountlng poli¢ies and keysources of estimation uncertalnty In preparin8 the Financial Statements, management is required to make estirnates and assumptions which affect ret>orted income, cxpenses, assets, liabilities and disclosure of Contingent assets and liabilities. Use of available information and application of judgementare inhcrent in the formation of estimatès, together with expectstions of future events that are believed to be reasonable under the circumstances. Actual results in the fvturc could diffcr from such estimates_ There is uncertainty around the estimated discount rate used for the pension deficit calculation. Histtsricallythe rate used has been eoual to the average return on Corporate Bonds maturing ataround the same time. This is an estimate b8sed on judgement and may differfrom thatapplied by our auditors. Contingentliabilities A contingent liabiltty is either a possible but uncertain obligation ora present obligation which is not recognised in thefinancial staternents because- a transfer of economic b&nefitto settle the possible obligation Is not probable,. or the amount of the obligation cannot be estimated reliably. 26 The University of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2025 Notes to the financial statements Donations andgrants Unrestricted Restricted Total Total 2025 Funds 2024 Funds Block grant from University Hall Cammittee grant from University Other grants and donations Donations in kind 2,494.059 2.494,059 2,410,000 20,000 7,450 602.500 7,450 602,500 646,000 3,104,009 3,104,009 3,076,000 3 Trading turnover Retail 2,324,395 1,117,315 155,324 556,075 1324,395 2,397,121 1,117,315 I,IOG.919 155,324 156,184 556,075 56L685 CateringlRestaurants Print shop Events & Advertising 4,153,109 4,153.109 4,221,909 4 Income from charitable aetlvltles So¢ieties Medics Sutton Bonnington 860,612 115,426 309,59& 860,612 115.426 309,598 895,929 144,891 298.963 128,447 HC Cascade Funds SRS Volunteering Sports Associated Bodies other IEvents & prornotion income) 79,153 119,337 48,835 1,866,846 48,589 71,909 3,520,305 79,153 119,337 149,527 48,835 152,712 L866,846 1.945,340 48,589 25,115 339,474 225,406 3,787.870 3,966,329 267.565 267,565 student groups with a turnover in excess of £25,000 wero Chem Env, Christian Union, Dance, Enactus, Economics, Geogrzphy, Islamic, Law, Malaysian Nottingham. Travel., Med Soc, SCRUBS., SB Guild, SB Fest. SB Women's Rugby, Vet Soc, April Vet Soc,. NTL, TEC, URN; Athletics, American Football, Archery, Badminton, oat, Boxing, Cheerleading, Cycling, Football Mens, Gymrastics, Hockey Ladies, Hockey Men5, Ice Hockey, IMS, Korfball, Lacrosse Ladies, Mountaineering, Rambling. Equestrian. Rugby Union Mens, Rugby Union Ladies, Sailin8, Skydive, Snowsports, Sub Aqua, Surf, Tennis. Thai Boxing, Triathlon, VollEy Ba15, Water polo., This includes donatiolls and sponsorships. 27 niversi ,i?p. ,a =opin2P. J Financial Statements for the year ended 31 July 2025 ee Notes to the financial statements 5 Total resources expended Costof Stsff Costs Other Costs 2025 Total Soles 2024 Totsl lal Costs of generating funds Reta51 CateringlRestsurants Print Events & Advertising UNU Services Limited overheads 1,695,943 315,893 47,887 266.089 449,283 504,690 103,478 16L308 L414 2276,640 2,319,320 152,511 973,094 996,466 23,115 174,480 160.035 427,398 396,366 70.202 110,235 70,202 2,325,812 L218,760 377,242 3,92L814 3,982,421 Ibl Charitable activities staff Costs Direct Costs Support Costs In ktnd 2025Totsl 2024 Total costs Unrestricted funds StLJdentadvi¢e centre Student voice campaigning Student communities & grants Governan￿ costs 286,273 606,424 3.18S 35,325 184,011 407,960 97,134 215,351 570,606 L265,060 560,222 L301,3S2 54Q,237 324,012 549,405 290,015 1,703,670 1,634,644 21,736 2L736 28,412 1.432,934 362,526 L163,ll2 602,500 3,561073 3,524.660 Other student activty spend Restricted fund& student activities 3,210,282 3.210.282 3,504,236 1,432,934 3,572,808 L163,112 602,500 6,771,355 7,028,896 Support costs and in-kind costs are those costs which cannot be directly attributed to a charitsble activity but support the delivery of the activity. These are allocated on the basis of management estimates of the amount attributable to th8t a¢tivlty In the year. elther by reference to staff time orspace occupied. as appropriate. 28 The University of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2025 Notes to the financial statements 5 Total r850urces expendedfor prior year Costof Staff Cost$ Other Costs Sales 2024 Total (al Costs of generating funds Retail CateringlRestaurants Print Events & Advertiging UNU Services Limited overheads 1,748,970 306,222 47.128 255,968 393,199 491,414 91,466 140,398 31,908 177,155 2,319,320 198,830 996,466 21,441 160,035 396,366 110,235 78,327 2,358,289 1,148,385 47S,749 3,982,421 Ihl Charitable aetlvltles Staff Costs Direct Costs Support Costs In kind 2024 Tots1 Costs Unrestricted funds Studènt advice centre Student voice campaigning student comtnunities & grants Governance costs Digital Project 286,514 588,131 9,014 98,374 160,247 372.249 104,447 560,222 242,628 1,301.382 517,668 328,124 489.928 298,924 1,634.644 28,412 2&412 1,392,312 435,511 1,050,837 646,000 3,524.660 Other student activity spend Restricted fund5.' Student activitiès 3.504,236 3.504,236 1,392,312 3,939,748 1,050,837 646,000 7,028,896 29 The University of Nottingham Students, Union (a company limited by guarantee) Financial Statements for the year ended 31 July 2025 Notes to the financial ststements 6 Support Costs PremIses Legal Other 2025 2024 Cost Prot Studènt advice and support R&present3tion and campaigns student activities Governance Staff costs forcentral servicés (after restructurel 626 1914 118,392 237 17281 166,902 39,130 129,192 21.736 863 168.089 286,n4 2L736 5,864 148,675 315,968 28,412 551.917 663,250 663,250 120,932 38,403 981,317 L140,651 L050,837 Premises Lègal other 2024 Cost Prot Costs Studentadvice Ènd support Representation and campaigns Student activities Governance Staff eogts lor central services lafter restructure) 946 1.482 3,436 2,013 2,429 144,233 122,383 15,682 177,903 28,412 551,917 125,341 19,593 905,903 1,050,837 5,864 148,675 315,968 28.412 551,917 Analysis of staff ¢osts. trustee remuneration and expenses and the eost of key management personnel Total staff emolumentsforthe period of both the University of Nottingham Students. Union and UNU Services Limited were as follow 2025 2024 Salary costs Social security Pensions 1734668 2,621,533 232,748 190,881 268.942 197,139 3.236,357 3,009,553 The average number of indlviduals employed by the Group during the perioLI was". Monthly paid Casual Stltdent Stsff ?nd Coaches 85 148 86 122 233 208 30 The University of Nollingham Students, Union la company limited by guarantee) Financ181 Slatem8nts for the year ended 31 July 2025 Notes to the financial ststements Analysls of staff costs.trustee remLEneration and expenses and the c05t of key managemènt personnel Icontinuedl The number of staff whose emolutnents for the year linGluding taxable benefits) exceeded £60,000 were as follows.. 3LJuly 2025 Number 31 July 2024 Number £60,000- £69,999 £70,000 - £79.999 £80,000-£89,999 The key management personnel of the parent charity, the Union, and the Group comprise the Officer Trustees, the Chief Executive Officer. Director of Centra1 Services, Director of Commercial & Partnerships and Director of Metnbership Services. The total employee benefits of the exec team of the Union were £297,26012024'. £231,632). This excludes Off icer Trustees, see note 8 below. 8 Trustees, remuneratlon and expenses Trustèes are all voluntary roles, and No trustees were remunerated in respectof their roleas a trustee. However, as is commt)n with many Studcnts, Unions, Officer Trustees are rernunerdted in respect Of their role as an electcd officer. Payment to Officer Trustees was agreed and minuted prior to incorporation and is inrludpd in the organi53tions governing document. All Officer Trustees have written contracts of employment with the Union 5ettin8 Out the necessary terms, and the trustees ensure that it15 only a tninority of trustees that receive payrnent. The Trustees who were remunerated for the year were C Asante, E Chauh3n, N MaiNa, l Messore, J Miller, N Oluwz, E Taylor, J Zhang. Payment to the Officer Trustees was agreed and minuted prior to incorporation. Each of the OfficerTrustees is paid a salary of £24,64812024.. £23,688) per annum. The total salary cost for the OfficerTrustees to the Union was £222,781 including Nl & pensio￿ c05ts12024.. £220,049). Cost of Trustees meetings including expenses of non-execLJtive trustees were £34412024.. £9841. Auditors. remunerntlon The auditors, remuneration (inclusive of irrecoverable VATI during the period was £15,57412024.. £15,141) including fees for UNU Services Limited. Thése costs are included in governance costs, Financial Statements for the year ended 31 July 2025 Notes to the financial statgmenls 10 Tangkblefixed assets UNU Rèfurbishment SRS Motors & others E(iuipment computers Gmup Clubs&HC Total Cost At l August 2024 Additions Disptssa15 At 31 july 2025 617,893 24,560 615,293 108,452 17,933 44.675 L295,794 133,012 642,453 723,745 17,933 44,675 L428,806 Deptreciation At l August 2024 Charge for the year Disposals At 31 July 2025 338.893 46,545 507,973 90,953 17,933 44,675 909,474 137,498 385.438 598,926 17,933 44,675 1,044972 Net bookvalue At31July2025 257,015 124B19 381,833 Net book value At 31 July 2024 279,000 107,319 386,319 SRS Motors& Others Equipment computers Charity Clubs & HC Total Cost At l August 2024 Ad(Jitions Disp05alslwrite off At 31 July 2025 615,293 IOS,452 17,933 44,675 677.901 108,452 723,745 17,933 44,675 786,353 Depreciation At l August 2024 Charge fortheyear Disposals At 31 July 2025 507,973 90,953 17,933 44,675 570,581 90,953 598,926 17,933 44.675 66L534 Net book value At 31July 2025 124,819 124,819 Net book value At 31 July 2024 107,319 107.319 32 The University of Nottingham Students, Union la company limited by guarantee) Financial Stalernenls for the year ended 31 July 2025 Notes to the financial statements 11 Flxed assetinvestments Group 2025 Charity 2025 2024 2024 C05tand net book value: Investment in subsidiary undertaking Listed investments 300,000 1,567,325 1.594.754 300,000 1,567,325 L594,754 1,594.754 1,567,325 L894.754 1,867,325 Group and Charity 2025 Listed investments Valuè at l August 2024 Additions IN the year at cost Dispos81 proceeds ValLJation loss 1,567.325 262,456 1232,9021 12,1231 Market valuè at 31 july 2025 1,594,754 No cash was drawn from the investmont during the yearto 31 july 202512024.. £Nill As at the date of approving these financi21 statements the investrnent valLJe 15 not materially different from the 31 July 2025 valuation. Investment in subsldlary undertaklng The investment in subsidiary ulldertzking represents LOO% of the ordinary share capit21 of UNU Services Limited1022235221, a company whose principal activities are those of the provision of retail Shopping, cateringlrestaurants, event5 and printing facilities to students and staff at the University of Nottingham. UNU Services Limited dDn2tes its trading protits to the Lh3rity. UNU Sèrvices Limited is resi.￿t￿red at Portland Building, University Park, Nottingham, NG7 2RD. The audited financial statements of UNU Scrvices Limited forthe year ended 31 july 2025 show the following.. 2025 2024 lal Profit and Ios5 account Sales Cost of sales 4,105,177 13,473,056) 4,190,299 13,473,331) Gross profit Administrative expenses 632.121 1448,7581 716,968 1509,0911 Operating profit Interest Receivable Other income 183,363 22,923 47,932 207,878 18,970 31,610 ProfitllLossl on ordinary activities before taxation Taxation 254,218 258,457 Distribution of reserves Igift aid payment to Charity ProfiLlllossl for the period transferred to reserves 1269,2081 1368,9751 114,9901 1110,5171 he University o Nollingham Students, Union 18 comoany limited by ou8ranle.el Financial Statements for the year ended 31 July 2025 Notes to the finan¢ial slatements Fixed asset investments leontlnuedl 2025 2024 Ibl Balancesh¢et Fixed assets 257,015 279,001 Current assets Stocks Debtors Investmènts Cash at bank and in hand 160,876 609,773 125,144 720,849 835,245 862.282 L605.893 1,708,275 Creditors= amounts fallin8 due within oney&ar 0,350,691) IL460,067) Netcurrent assets 255,202 248,208 Netassets 512,218 527,208 Capital and reserves Called up share capitsl Profitand loss account 300,000 212,218 300,000 227.208 Shareholders'funds 512,218 S27,208 12 Stock Goods for resale Group 31July 2025 Charlty 31 July 2025 31 July 2024 31 July 2024 Finished goods and goods for resale 160.876 125.144 13 Debtor5 GFOUP 31 July 2025 Charity 31 July 2025 31 July 2024 31 July 2024 Trade debtors other debtors 492JlS 538,258 $8J29 245,408 Prepayments and accrued income 60.862 60.032 49,131 47,514 598,290 107260 292,922 The Universty of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2025 Notes to the financlal statements 14 Creditors: amountsfalling due withln one year Group 31 July 2025 Charlty 31 July 2025 311uly 2024 311uly 2024 Trade creditors Other taxation and social security Amounts owed to group undertaking Accrualslother creditors 308,597 44,067 1,216,434 69,247 196,637 23,045 155,561 122.364 9ll,742 69,247 415,481 172,140 1,334,505 1,327,515 1,687J69 2,613.195 497,606 1,568,610 Group 2025 Charlty 2025 2024 2024 Deferred income at 01 ALJgust 2024 Resources deferred during year Amounts released from previous periods 486,0941 180,7541 183.1041 Deferred incomè at 31 July 2025 350 037 486.446 37.S67 Included in deferred income are grants 2nd other illLome received in advance of entitlement for the 25126 academic year. 486,446 349,685 132,524 434,676 92.120 28,5SI 132,524 40,350 180,7541 15 Contlngent liability The Trustcos have Concluded that there are no posslble material liabilities that have not already been provided for within the accounts. 16 Defined benefit pension schem¢ Ilablllty 31 July 2025 311uly 2024 31 July 2025 31 July 2024 Pension scheme liability (note 171 2.658,472 2.730.205 2,658.472 2,730,205 2,658,472 2,730,205 2.658,472 2,730,205 17 Pension5 The Union participates in the Students, Union Superannu2tion Scheme ISUSSI, which is a defined benefit scheme whose membership consists of employee5 of students, unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a 'fin31 salary" basis, with benefits In respect of service frotn l October 2003 accruing on a Career Average Revalued Earnings ICAREI basis. With effect from 30 Septetnber 2011 the scheme clased to future accrual. The valuation of the SUSS scheme carried out as at 30 lune 2022 showed that the market value of thè schemes assets was £107m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings.130 June 2019-. £119m, representing 46%1. The deficit on an ongoing funding basis amounted to £135m 12019.. £141tnl. The recovery plan ha5 been extended from 01 August 2035 to 01 May 2037 with & target of buy-out with an insurance company. The Union awaits flnalisation and receipt of a valuation of the SUSS scheme carried out as at 30 jU￿e 2025. Financial Ststements for the year ended 31 July 2025 Notes to the financial statements The 2022 valuation recommended a monthly contribution requirément by each Unlon expressed in tnonet&ry terms intended to clear the ongoing funding deficit by the year 2037. Contributions will increase by at least 5% each year_Thesecontributions include3n2llowance forcostof theongoingadministrativeand operational expenses of runningthe Scheme. Surpluses or deficlts which arise tt ftrture valuations will also impact on the Union'sfuturè contribution commitment Thetotal contributions paid into the SUSS by the Union in respect of eligible employees for the yearended 31 July2025 amounted to £222,21312024-£211,6301 includingfunding deficitcontributions of £222,21312024.. £211,630). For accounting purposes, the SUSS is reported in accordance with the relevant accoLJntlng standard - FRS 102, where the value of the pension deficit is based on the discounted ftjture cash flows of payments under the agrèed recovery plan. At31July 2025. the pension defictt was valued at£2.658m P024.-£2.730rnl. Reconciliation of openlng3nd closing provisions Perlod Ending 31July 2025 Provision at start of period Unwinding of the discount factor Deficit contribution paid Remeasurements- impact of any change in assumptions Provision at eod of period ststementof Flnanclal Activities impact 2,730.206 150,480 (222,2131 2,658,472 Period Ending 31July 2025 Interest expense Remeasurements- irnpact of any change in assumptions Remeasurements- amendments to the contribution schedule Contributions paid in respect of future service Costs recognised in income and expenditure account NPV Assuwnption5 150,480 150,480 31 July2025 % per annum 31 July 2024 % per annum Discount rate 6.0% 6.0% The discount rates shown above are the equivalent slngle discount rates which, when used to discourrt the future recovèry plan contributions due, would givethe same results as using high quality corporate bond yield curves to discountthe same recovery plan contributions. There is uncertainty around the estitRated discount rate ijsed forthe penslon deficit calculation. This is an estimate based on judgement and may ditter from that applied by our auditors. In addition to the above contributions, the Union also pays its share of the scheme's lèvy to the Pension Protection Fund. The Unionoffers eligible employees the opportunity to join the Scottish Widow5 scheme, a defined contribution scheme. The total contrlbutions paid into the scheme by the Union in respect of eligible employees for the year ended 31 July 2025 amounted to£268,94212024.. £197,139). 36 The University of Nottingham Students, Union18 Gompany limited by guarantee) Financial Statements for the yèar ended 31 July 2025 Note$ to the financial statements 18 Commitments under operating leases As at 31 July 2025, the Group and Charity had future minimum lease paymènts under non-cancellable operating leases as follow5.. Group 2025 Char]ty 2024 2025 2024 Bulldlngs Less than l year Greaterthan l year and not later than 5 years 172,391 162,788 145,516 196,803 317,907 359.591 Print Shop Less than one year Greater than l year and not13ter than 5 years 3,360 13,440 2,240 15,680 3,360 321267 375,27L 19 A¢¢umulated funds- Group At31 Ju5y 2024 At31 July 2025 Gainslllosse51 ltransfers Incoming Outgoing Restricted funds Societies Medi Sutton Bonington HC Cascade Funds SRS Volunteering Sports A¥ociated Bodies Derby Students NMA Physio & Rehab Association RF Sponsorships RF Depreciation 405,792 108,736 158,037 128,177 860,612 115,426 309,598 1856,2951 193,2901 1324,0411 iioo,0001 121,3171 1119,4421 171,5511 11,582,128) 15,1921 (13,9531 11,2401 121,8301 410,109 130,871 143,594 28,177 57,836 107,003 146,017 636.633 16.493 14081 4,167 1,932 79,153 119,337 48,835 1,866,846 8,741 12,306 771 22,381 107,108 168,733 351,916 12,845 1,239 4,636 1,381 2,835 4,390 7,225 1,451,535 3,520,303 13,210,280) 1,761,558 Unrestricted Funds General fund Pension fund 940,945 12,730,206) 7,384,855 222,213 T,482,8871 1150,4801 12,1231 840.790 12,658,472) 1337,7261 11.127,371 110,843,647) 12,1231 156,1251 Societies. funds consist of the fund5 of individu31 societies, raised from membershlp fees, donations and sponsorship, each society manages Its own affairs by comrnittee. Medics funds consist of thefunds of individu21 medical school related societies, rai5edfiotn membership fees, donations and sponsorship, each society manages its own affairs by committee. Sutton Bonington funds are held on behalf of the Guild who generate additional income. mainly events, on top of the Grant from the University, also SB czmpLJS-b3sed societies, raised from membership fees. donations and sponsorship, each society manages it5 own affair5 by committee. The University of Nottingham Students, Llnion (a company liinited by guarantee) Financial Ststements for the year ended 31 July 2025 Notes to the flnancial ststements HC IHall Committee) fundsare held on behalf of the committeesof Hallsof Residencewho gène￿te additional income, mainly events, on top of the Grantfrom the University. Cascade Funds consist of funds administered on behalf of UON to specific projects which mèèt the funding requirements. We do not make a charge for admlnlstration of thesefullds. SRS (Student Run Societies) covers the 3Ctivitiesof theradio station URN, TV station NSTV, student magaxne Impact, CD library, TEC PA & Lighting, New Theatre and Karnival. Volunteering funds 3re funds raised to support the volunteering activltles of the Union and are specific to indlvidual projec Sports funds COllSiSt of the funds of indlvidual clubs, mised from membership fees, donations and sponsorship, each club manages its own affairs by committee. In additional specific fund5 are received from Donors to cover contributions towards Kit. Coaching Development 8n(f pre-season training. Derby. NMA and other are a posltlvè in expenditure column asthese relate to refunds of ¢ost5 in the year for deposits forevents cancelled prior yeardue to Covid-19. 19 Accumulated funds- Prioryear At31 July 2023 At31 July 2024 Gainslllosses) ltransfers Incomlng Outgoing Restricted funds Societies Medics Sutton Bonin8ton 427,328 100.189 156,501 152,367 87.443 74,746 268,424 27,578 18371 4,864 1,305 895,929 144,891 298,963 128,447 149.527 151712 L945.340 8.563 13,990 511 9,047 1917,4661 1136,3431 e97,4281 U52,637) 1129,8621 158,7251 11,861,848) 123,2961 1,9131 (7391 18,9711 405,792 108,736 158,037 128,177 107,108 168.733 351,916 12,845 1,239 4,636 1381 HC SRS Volunteering Sports Associated Bodies Derby Students NMA Physio & Rehab Association Other 9,832 16,9971 2.835 94.892 13,504,336) 194,892 1,309,740 3.740,923 1,45L535 Unrestricted Funds General fund Pension fund 889,836 12,787,296) 7.388,094 211,630 17,507,086) 1154,5401 170,100 940,945 P,730,2061 1587.7201 ll,340,647 lll,165,9621 75,208 1337,7261 20 Analysts of group netassets between funds Group Tangible lixed 0S5ets Long-term Net current assets Fund balances Liabilities" Restricted funds General unrestricted funds 1,761.558 U,135,7981 1,76L558 11,817,683) 381,833 (L063,n81 38L833 62S759 IL063,n81 {56.1251 38 The University of Nottingham Students, Union la company limited by guafftnteel Financial Ststements for the year ended 31 July 2025 Notes to the financial statements Group- prloryear Tangible fixed assets Long-term assetsl Liabilities. Net current assets Fund balances Regtricted funds General unrestFlCted funds 1,451.535 11,012,699) 1,451,535 11,789,261) 386,315 11,162,880) 386,335 438,835 ILL62,8801 1337,7261 Fixed asset investments less defined benefit pension scheme liabilities. 21 Reconciliation of net movement in funds to net cash inflow from operatlng activities Group 2025 Group 2024 Net movernent in funds for the period Interest receivablc Depreciation charge Loss on sale of fixed assets IliicreasellDecrease in stock.. goDd5 for resale Decreaselllncreasel in debtors (Decreasolllncreage in creditors due within one year IDecreasellln¢re35E in creditors duè after one year Net fair value lossllgainl recognised 281,601 182.3851 137,498 249,984 176.4081 88,007 135,7321 42,368 1926,0261 174734 2,123 9,993 189,2181 1960,5251 157,0911 175,2081 Netcash (used inllprowded by operatlng actlvltSes 16522861 1910,4651 22 Post Balance sheet event- SU Print Shop At the balance sheet date UNU Services Limited was in consultation with atfected staff regarding closure of the SU Print Shop. Followingconsultation period, the decision was taken during thè 31 July 2026 financial year to close the SU Print Shop. This ceased ta tradè 05 September 2025, with 3 imp2Cted staff being rnade redundant. 23 Related party transactions The University of Notiingham is incorporated by Royal Charter and is an exempt charity for the purposes of the Charities Act 2011. It is governed and regulated by Statutes, c)ne of which stales thatthere shall be a U￿10￿ of Students. From this the Union derived its own charitablestatus.The University provides a gr2ntto the Union which funds the Union's activities. The University is expected to révièw the Union's financial statetnents to ensure its compllanee with the Education Act 1994. Whilst the University ha5 no control Dr significant influence ovei the Union's policy decisiong, the Trustees consider it relevant to provide information in relation to transactions between the Union and thE University, The University of Nottingham provided £2,494,00012024'. £2.410,0001 Df core funding to the Union dLJring the year, together with Halls grant funding of £O12024- £20,000). Recurring grants of £012024.. £100,000) for Accessing Participation &Opportunities Fund were received within theyear and were Dald outto individual students in line with University Qualifying criteri2. Unspent funds of £9,00012024.. £0] were returned to the University in respect of the completed Accessing Participation project. One- off grant funding 01 £7,075 12024.. £7001 for projects was received in year. Additional one-off grant funding of £012024.. £46,535) was paid to UNU Services to cover costs of refurbishrnent of our Student Venue, Mooch. The University of Nottingham also trades commercially with the Union for the provision of services such as catering, printing and events. During the year CDThmercial income of £1,071,768 12024.. £1,072,985) w3S eceived from the University across the Group. The University of Nottingham Students, Union la company limited by guarantee) Financial Statements for the year ended 31 July 2025 Notes to the financial ststements Thè University of Nottingham is the owner of the premises which it lets to the Union under a licence agreement Under the licence the University provides servicè SLJch as power, cleaning, custodial services and 13ndlord's repairs. In return it receives lease charges, principally from the tradin8 activities of UNU Services Limited, which, historically, have been calculated in different ways lor dtFferent premises. Leases totalling £115,419 have been chargèd duringthe year12024." £157,2T/) During the year the Union received free provision of office and student facing spaces from the University o* Nottingham which have been valued at £602,50012024'. £646.0001. These are treated as donations in kind in the financial ststemènts. In addition. the University will carry out alterations and other maintenance of the premises and addttion81 cleaning and porteringfor which itcharges. The University also provides dats, telephoneand Dostsge services to the Union for which it charges. During the year other goods and services were purchased from the University totalling £5,54212024.. £23,828). During the year IT support services were purchased frorn the University of Nottingham totslling £42,81212024.. £47,566). Duringthe year agency fees fortemporary staff were paid to the University of Nottingharn totalling£O12024.. £3,660). The Union and UNU Services Limited used the Salaries Office of the University a5 a payroll bureau, a service for which the University makes no char8e_ This arrangement ceased in July 2024 and a new external payroll buièau was appointed. Going forward the cost of which will be covered by Unlverslty. On 31 July 2025 the Union was owed £295,956 from the University of Nottingham12024= £227,Olll. On 31 July 202Jf the Union owed £837,680 to the University12024-£1,591,0901. This included £794.235 for historic lease charges yetto be invoiced by the University12024-. £673,0791. The Union is the beneficial owner of UNU Servicès Limited, a company limited by sha￿S. The shares are held in trust for the Union by honorary trustee5. Shared services are supplied at cost between the entities in the groLJP. The taxable protitof UNU Servicès Limited is donated to thc Union under Gift Aid, and in 2025 donation amounted to £269,20912024-. £368,974). On 31 Ju5y 2025the Union owed£155,56112024..£415,4811 to UNU Seriices Limited. 24 Controlling and ￿t]rnate controlling party During the yeèr the Unlversity of Nottingham Studènts, Union was under the control of the University of Nottingham Students, Union Board of Trustees, who are élso the Company Law Members under the Arlicles of Assoclation. Tlie L51timate policy decision-making body of the University of Nottingham Stu(Sents' Union is the combined student body. 25 Affiliations During the yearthe group paid affiliation fees to National Union of Students £37.500 (2024.. £37,500) and British University and Colleges Swrt£nil12024.. £nill. 40