Compary v•g1gtrnth>n number. 07303101 Ch4rlty nurnbor. 1137611 (A ¢ompany lknlt•d by gual￿rt8•) TRVSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEARENI)ED 31 JVLY 202S •AEYWZ5• 2110Y2026 COMPANIES HWSE A14 #139 IA¢ompany byguar•*•l ADMINSTRA TIVE IIIFOIIJIAIN)N FOR TIE YEAR ENDED 31 JULY 2•15 Mermrandum eharmy Thjmbtf 1137811. Unfv8r5ty cl Leicester st￿lents. UnK>n also has In*rno1 ￿￿tiOnS or apkYLw8d by thg Bwd of aTrJ regulaled by the g0Ven￿ng tody of ts iknNW5ity of Le￿1818T {the uni¥￿51ty} ' LE1 7RH R Jam8$ latoohited 1 Jun• ￿24. Tesgwd >) JUM 211251 AKot S Mathart IreSvJ￿d 20 Sevthntsr 20241 A Murali Redty lapwxnteo 1 2024, resi￿1 30 ￿ne 2tr25) J V•nka&waman lapp(•￿￿ 2 Septembw 2024, rnswJn•d &) Jur*X2S) C Corryju laKtirted l J￿2025) M Sthof*kl lai¥ctsthl 1 20251 L Ru6JrKklwtsgrnd 7 Oct¢)ber 20241 S Worton lapw)inW 20 DK4mber2024. ffjswjr￿ ￿n0 20251 S sunth￿sen (aPp￿rted 1 Cthber 20251 Tz￿ {wwtsd 1 JBa N Hurf8y laporrted 20 Oecarthr 20241 R K¢#lakand* Ire$4MLI 31 W 2024) D Moore P Smith S Twrfi lapwirrted 20 Dar*rth 2024) Indepond•nt Audltar HP3 9SQ Banke Pa90 2 UNIVERsiff OFLEICESTER STUDEPtrs' uMJ(xi (A company Ilrnltsd ty ouarant¢el STATEMENT BYTHE cH￿R ANO OEpiJfY CHAIR FOR THE YEAR ENDUI 31 JULY 2025 ThLs yew h88 been a W 6U(x*ss tr oworgmisakn ha￿[¥j undwtsken and finali5e¢J a ra¥i8w of our &•)v8ma￿e. The k8y thx#J8s hava seen us amend th• shap• sbiJdurn ol bolh our full41me pwt4kn0 ele¢ted officef feams. The ￿￿¢tion in fvl offK*rs make spxe lor us to pro￿ paid effl*yThent our part-tme 2¥26. We *tre 5u(re5￿ 41 P￿SIr¥j thttr#Jes th[D￿h th# sbjdenl body in Iwn• to run Ihe annual electio￿ and in ttjm sottry OLwselws up for oar luture from Sumrner 2025. This shrft *ill Wp us bgtterreach target areas ar*J hKTr358 ervJagw￿I with 9￿pS of sludents rm ¢yJi eaw. mwy tl whom are ur¥Jer￿ja9ed. Thls yew wt byought fward the introdu¢tion of ¢44wI m￿Je1- th• L8icest8r ICQ. was a huge 5uctsss and saw Attenda￿e derThxratic WDC¢W rv4T highs *tdst *0 b*ng mtye dwnograFthral i•presenlAlive of￿1 nwmbttship. Wt hav• 8150 spent time JTrar finaSsing ourn￿s1Vderts. Ur•M sirategy2025.2028. trA$TA￿ld1rn our akns and gLide ow hdp students thrive during their urweW experienc*. f*1 a sen9e ol belonging on and *ithin thev $tiJthes and b•yond. In tho National St1￿ SUMY INSSI we retsned ow 20 status in t*)th sbJdenl vdce, aThJ r•pre5ent'TrJ Students. academic inte￿51& This i% a realty for us thfNJortad c•nIn￿)uS imwov¢nwt frrAm w2Y24 sc4xes. Fmancially Ihe Lm#)n defwered a suw of £634k 4ttwdh tIM5 was caused wedominanlly by haviry taken Ihe bjld step ol IrwJgeriry th8 SectiC￿ 75 daLtse on a historK pens￿￿ sch8m& in whith the union was scheduled 10 be payin9 into uftlJ"l ai kn12￿35. In orderto Ihg SUSS the uniw pa#J up 5 fvu liabil￿e5 to the schema and as such the cash ￿ld by rysanisation rnduced from £1.99m ID £744k. Due lo t￿ ofthe USS ponskn aThJ Ihe SUSS per61￿ bgir#J hkJl*r than t￿ ol Iha fla￿"￿t*S b lea¥e Ihe ￿￿￿Tr5 krfal assèts wK¥eased freffj £1J6m to £1.99m. Oft £1.99m b•in9 h•ld ￿ r•sm. fJ61k 15 rn5trthd lund$ 5nked lo our dLth arnj sor4•1iw. Key succ8ss•s this year ir￿ud• ov•al sabsl*tbffi seNKe Seeiry mcn than 4 In S Students r¥&TrmeThliry Ihe servt¢e to a fnond, ts de¥elown8nt of ts SU Fw(#>ank aTrJ th8 ddp48ry of 243 "mèet yarr m8ntorf evènts. TIMS yew $519 s¢w mwnbershps and 1534 $pc¥ts dub membersNps being sold aThJ keyreweswtstt￿sT￿Its werg bythg deded ¢rfll¢ertewn Indud*#J the"January st•tsrgym n￿n￿P5. campaNJn. Thet•wn akn Wied fDT ￿rI•￿ty kn'5 assodated to exam resits for kwr&auat• I￿0rnalI￿al sttthnts. J￿ra Bates Chair of Ihe Boartl of Tr￿ Deputy Chatr B¢Ard ofTNste•s St￿l￿ntS. Unim Preshlent P•ae 3 UNIVERSITY OF LEKESTER STUDENtS' UNION ¢A lknltrd ty guarantso) FOR ThE YEAR ENDED 31 JULY 2 The TN3tse3 (thj 8rn4tso Of1￿ thrity torlhesKvkhxes oflhe Ctsmpar4es Adl prewt the arwal f¢Ptyt together *ilh the 8u¢*ed stalements of Ury¥¢r51ty ol Ld¢e$ler S￿dents, Unic {LSUI (the comp8nylforthe yoarended 31 Juty 2ty25. TheTfttste8s cuthrm thatlhe Annual Report a￿1 fi￿081 5tateThnls of th&ctyroany aThJ the grDUP torryty *ith lho￿rrent roquiT8morts, tho quirements of the fAynrorry ar** Ihè 9fDUP'5 goverriry ¢J￿Mert tre wovi5b)n5 tsftr* siarement or Rec4nmeprfled Pwb"¢e. CP•itsps SORP IFRS 11Y2X "kwJftth"r4 R•K*W by Charftyes" efvdi¥9 1 January 2019. Rewt under company ITh. Lsub chalilab￿ L*f¢ts adTrran¢•mwt ofe¢*Jcab"on olStt*aonl8 atlbe uni￿r8[ty fortr* Plthk Berwfft ty. Promotin9 the intWBsts aTrJ of9￿denIS al Ihe Unr¥8r5ity dLMing Df 51udy and rBpr8SOnbn9. and athisiry sludeits.. Belng Ihe re￿nbod betr*vn $tthaerts aNJ th¢ UnN•rsty and ary othor extemal toJi8s,' and Provrfng sc and Governanc• ¢tynmitt¢* wll fows on ensuring blat the urdon Is dollv•rtng lis charft8bla a)d member5hlp ￿VIdeS 85 In thè stratsgEc plan. Thi% ¢ommthè W￿11 stsrt in tho 2Y26 )w. W managernnl ¥rAI form a c4)rn PArt of sub- committee meeting5 Mo￿rg fcfft¥ards. LSU operate$ on demomlk plftLiFkn. a¢led by si¥ seknded trustees th? f the Executive c0￿mittee. Duryg lh• ￿T, 5twJents ha¥e to bnng forward tdezs through Leicester 100 or Ihrough ourfour sbAknt t))undL% {sp￿ts. SO￿￿¢$, Lber•tth. aThJ ACad￿￿Cl. These C￿nCil$ are a key leadership rde *ilhin the SU s￿denyS ideas armj 6sues fvwdh *herg W8 discuss and decidethe best sduiK>n. Itwas agreed by b) intrc4kne a new5uslainabffity Mun¢l 25126. Tr Lo1￿$t￿r 10) 8nd'i•kn' syslgm allm sbAerts ￿ suknrt aTrJ wesent Ideas In front of 1CQ derlwrwKa￿ sdected St￿01￿. The LeKes*r 100 is tho poh.tkal de￿￿￿n￿l¥a for Unt￿ and ts ov¢rsoon by Ihe bwd to ii5k orlega L>ymthar*A. S•nlor L•ad•Trhlp Un￿e￿ty of Le1￿ Stt#lents' Unkn ￿F4)Y¢d • Ch*f E¥ee4the Offwr. Our knk Managerr*nt SLth•rnrnrtte8 of Iho Tr￿stee Board b r¢spwgNa tr thg ovemvw of M￿ager￿ent and dde9ales Ihat lo Ihe sentor M￿age￿ftt $￿ff teams via the CEO. The SUSS P•nthn Exil-Thts r8presenteda stgnffjcanltskto theorganlsakn. To m￿￿#18￿e11$k3Thj ensure we tnjty Understo￿ our exwBtwe w ?mrAoyed the seM¢¢s ol Mertels." ￿NSIOnS spetialbts. Wei9htrian$ solidtors who had both g*n6d recent exF¢ii￿¢• yi wi¢Yry otsr $tudonts' unions Ihrough a sedon 75 exbt. This Irsk wa5 OVe￿eTr by 1h& board $8t dear Iimrts of aullvjnty to proceed and addthonal appro¥al $109•s from boord. Th1¥ p8ss•d withtyJt and d811￿re*l an ex¢eMent Pag• S ¢ompgny by gw4ts•1 TRUSTEE'S REPORTl¢ontlnugd) FCA THEYEWI ￿DED 31 JULY2025 onwards whkh ￿11 alter the rwJrthroffLd offKer5 ￿ have as *Yll 45 pfDviding th8 provis￿ for deliveryofa Th￿r•rePreSentativest￿kntcOun¢l. Thswas•woved bYth85t￿l￿nt totyat anau S￿dent 9en0r81 meetsYJ Nov￿￿or 2024 wim a 78% vot¢ in favow of Ih spetial rès0jub￿. Thesè dotyjes svb5equenty 8PPfoved by tr* Try*teo Bo¥d pffjd UnNernity befwe submkBgion t> thè Charitycomissicffj. FuTrJing. Wg to ¢Jperale in an emirorYnent7Ath8re w¢ rBliant on a sInY￿ swrL¥ of fvnding. As ths fjJn¢*"ng S(w￿* the UnNersify IhD ffjk offi￿￿Th9 boYvJ tvmN)N*d 15 ￿1￿ the iVW5ity ￿'n9 requirBd lo have a sludents. unpJn underthe Eduraiion ACL However, lunding W5 will be deFendent on their financial pwftsnna￿e ￿ Wo aro of rnorhy unw8r5ithes are faang at Ihe MOM￿1. We con1WK￿ b) be abc*rt altocats rèsourc•$ and continua to rnok8 dac*irms 7Mthin t￿ cLYst8xL Repulaticfi81. Due to Ihe nature of ojr it re￿￿￿ Ihat ol ow Iwgw iisks Indude organis actNity that OCfJJrs under ¢)Jf bannEr. We sugptyt fftr ￿ sludent 9toups In self-orgènised ath¢ie* These acbvty vary throughr*Jl Ihe J*ar and can drffer bets*en group5 in drff8rent yeAts. Th6st a¢bvities are a M￿lf# Of *)Dual cyd05 01 athlti￿ a¢bvi1Tr0s Ihat haKwn In response to Cha￿￿j kcal. nationd or intematb)nal issuas. TIM5 year ￿ Ccffll￿ett to 88e signrfKant protf51 frorn $¢me of our stthlpnt kn rewd$ to Ihe ¢OThfl￿ In tr￿ East. Tlds was thallewThJ b navigat• vrti us teiThJ 8bJ£k Ihe ￿8 of a cro85 seL*on ot our sbJd8nt bo and lawin regards toour L￿1paIgnIry wort As a resum. ¢Th ofoJrgrnLps ¢fisaffilkite in order 10 bo 8bl• to pith up *owJ¢f campapJMg Wè trJnlMKM kn b& ￿nd￿l that Slky hav8 a wido rdngo of view5 of sbjdents aTrJ as we defr￿* our lima to meiliabng st&thM groups and We have madethe ￿C4S￿ to man4e riskat exh ofour suttemnfiteesto gwethe trUSteet￿ wlder ove￿￿Jhl of ¢JJr m1bgaltr)￿ within depathenL our Fecpk rnwagamgnt and ￿1n al•ath clour rneets"rys. Affill•tfjoM Th• Siudents. un￿ is affitsted to the NatiDnal Union of SbJJents INUS UK) aThJ NUS Charty. Afilklb)n to Ih8se oryanisaticffis enables th* St￿jents. Unirr* to shw Ilw n*icffl4 p)tky deositxB, inwrt knto gan1Sa*"ty￿. Such suFFort W•K•S WK4ud¢ olFw traIr￿n9 wogromffo$ •KI $tsff nefr*orf¢lr#J OFiy0rbJn￿ts. NUS Chatlty dso p[tr￿lIe supFot ty) in tho vrtitol tsisis trpr•sffl Issues. QSt oflhese affthlhjns in 2024125 £27.804. 24llS We're looking back at ￿at has been a fanlastrc year for Ihg Students. Unk)n wlth a ￿rat￿de of developfflents ar*J The kn¢rndlbk del￿ed by the SbJdwbts' Union Is teslament tc+ the hard wowk ol our membets. wr amaorwj studEnt ￿aders. cwrse. srhx4 ￿ colage reps. our lull time and partstirne officers and our $laff tgam- an tc*Jettrwto ¢rtswe $ludonis th• This year. ￿ embathed On irryjlwnenbng the oukom8s of w ￿ernar￿ rpview. For this. we su¢xessfulty 0•fr￿re(l Ihe Urith 2.0 proj& tAP and buy th$fonnabvo tharyes to our ty)vemarKe. the Strudurn of owofficw team- rnft cl paid part-tknè lorsiudents, reody l(Y 2W25r26 x*Jw(i¢ year. P•ao 6 IA¢orwny ￿m￿dbYgU•*tsII THEYEAR ENDED 31 JULY2025 We hit the grf￿￿1 nming and foTh*wd the inlro¢th of Ihe L￿•Ster 1CQ- model of our SbJd8nl Ctyjncl vthkh en9￿$$ Sludenls lo key tssues affockng thgrn. pas5 pdlw and put foN4arf and vole on meanirgfvl rec(fflTh*fvjalK￿s. We ￿$0 fevi84%Ed our t#Jard Off￿lIVeneSS and have Twslee Bo￿￿ aknigsvle I￿1$bJ￿*S. Worft was und8rtak•n frDrn 202$ to btyn the devek)WEnt ola w stratsglc pl￿. This Iocu5e(l on ￿s￿)Th and pu[F￿. andaddr8ssK￿ e[￿Tring strat&g￿teD￿c￿s. Wth th8financial resourro avallable to Ihe urion to gr¢wsvJnif¢arfy in ts r*xt Strai￿ tydE it is tr￿¢41 we able bj laryet our resources effe¢d¥ety onwork that urthwF4n$ our¢hgrllaÈ4e Pury￿. ThL8 at tre er￿ of Jity 2tr25 swjn rAI t*)ard exswted ewly 25126 •cadem￿yO¥r. Thig yearn NSS rwlts ¥*r8 for Ihe un￿. (kn 4ain LSU ranked hlgh compared to other in$tttytw nats"cffially11WI. The SU so)re improved oNEral on 23124 aThJ we a¢so Saw our score5 Improved ac1￿5 15 subj￿1 JEas. Thi5 *ThJkl not t* pos*￿e ￿lIK¥JI ts hard of our staff t88rn and the InCretht￿e 5¢udent reps al S(￿ and cthgo level ￿1 pul hwr5 of Inb) effe¢tiwty rep0$enlty $iudert ¥0￿. Jr busiM5s devekynent ha5 c0ntirX￿ lo diver5rfy gru* thI￿ght*￿ this yoar. Wo saw #n in¢r8ase of 12.5% on rwr Fresher5 inccffjè upto £54.(K(). Whrfst4JJr¥*yk cm Iho laws has ¢￿IlAyed losee ir*r•ased generati￿ wth ￿ rBlryJ to£14.100. a 14>% Irom 23124. uts&lm Our rn*rnbeohip for dut%$ & gxlg16•s rexlwd S,519, wlth 1.$34 Ilvjse mgmbw5 ofsprxts ¢￿b$. Earty data analys￿ indK*es Ihatthose St￿￿5 who are acbve 5pryts dLts cff societies are 15.2% rn0￿ Ilkply to progress to the r*xt y¢aroIsludy￿￿ 10.6% likety to 9rnduate tmth 8-g¢xd" tsJnw5 d*9￿ la 111 or 2..11. This data powit ha5 bètma a poinl of the ttwry w• int•ryJ to tast ar¥1 subsequeftijy JKove the next strateg¢ W - Ihat sludents wtK* are ervjaged *ilh Iheir sluden15 ￿￿)n a￿ happler. have rr*)re friends ar¥1 gr0 up *ilh l)effer x•jeM￿￿t￿rn8$. r p8erM￿knng scheme L>Jntvw05 to grv* yèaron y¢ar•KI Ihis year was no dThYerenL W8 saw4.618 studonts Matched with a rn8ntor. whKh Is I￿ higTr*st nwnbtsT ol mentses we have ever achieved. Wth over456 mentors re¢rurt¢d and 243'me¢tJw rnenlorf events held, the prr•Jrdrrwne isshrA*ing on agement. We Wlf•ThJto•xpandtt* sehem •)tr*e Y￿aThd hopetoftdfimpattassess tt befo tr* end of 2028. appeab, Mi￿ga￿'n9 circurn5t￿Ce thms or (h5cipJnari8s. The team also conlknu8d 10 VQ#Cti¥e campaign woth to try lo supwt students of univer5ty rth aTrJ regulatron5. Our officer leam charnwned inteffjational sbjdents by >Jec￿sTu￿Y lobbythg the unN•r5fy on fees assodaied with r8sits and ¢metsUes that m*Je hftr for on Sbjty wsas addit￿NallY $tre5sfvI. We had win$ on gym membwships. rgnlguarartss. laUnC￿d a food bank hel￿ tOguKIg Ihg ￿n￿r$W$ thinking on the Uci app. We led a Suxesslul'dlsta￿e learnry da￿ was supported by 21 (4her events devdcwd by our DL p3rt line offK•r fty blat CtyMIUl¥ty of sbjdwts. We akn h•hJ eve￿5 that gng8g*J sbAents *ith wsi*)thlty. •d •warnrns6 r¥sirg ￿ top¢s Ike sexual Malth. St￿nI safety rwwANeisty. (Acmpany Ilmtt¢d bygwt•th¢l TRUSTEE'S REPORTlcontlnu•d> F(Xi ThEVE4RENDED 31 JULY2025 •¥podenco ￿￿￿tiled tr* see Iho ¢WI of wjrk a(fvocatirKJ studonts at level by our Cdlage Reps. Th8 of rAr cc4xse. aThJ ￿P5 al￿.￿* our Acaderrdc Rrf*resent•tlon leam 1ST￿ S) 588 wnpro¥irvJ Xi•e$ ￿Nal NSS. ULSIYS gross Incw* frorn all souw this lotaled t2.974.651 12024.. £2.824.3341. Totsl gxpendrtwe was e2.W.W (2024.. £2.589,5811 ￿9￿1b"Ivj in a surFlu$ tr the year of£164,691 (2W24.. £234.7531. Cmee Ihe movemt on Ihe Unths membetship ofdefined ￿r*fit pensitinschemes stakeA Into a￿oUn( VLSV$ t(4al rosefV8S inwas¢d kn £1.994,$75 12024.. £1.360.9861. or this. £1,634.C¥)2 12024.. £1.(X)3.5S)I we wrnS1￿J fwds and ￿o.57312024.. £35T.436)were restrlclgd. Whilsl lh¢ Union has¢onlnued lo bweffit fr(¥n aT￿ SUF¢*Jtoflhe UTh¥wsty. Thèamu bfodt g￿t was £1,423.C4)0 (2024.. 1W.(KKI). There was atso or* addrtthir￿1 wantret￿e0j forwtii8Cf ndlng, last ￿Or t￿lIrt9 eS5,7QO. The Unk>)ts Iradry gww*d a tr•*w £194A)412024.. £153.5751 *thich is gift atded to Ihg Union. Thg Ur*versfyQfLw￿terSt￿J8nts'Unl0nT￿Jir￿J Ltdh(4d$8SO%¢>hy*rnl￿PITh StudentUnThiLatbng8 Limited. The company1sfeg&tered aSathari￿o￿￿p￿ limited by guardnts8. SO%oflhB net irK£ PAp8 UNIVERSITY OF LEICESTER STUDEMTT IIIL¥JN IA¢tynpary IlmM¢dty TRUSTEE% RWRT {¢onllnu•dl FOR THEYEAR ENDEO 31 JULY 2025 The Unb)n *nts Io generat¢ relurrffj M tr* ¢a6h in thg twk at ary gNen Wnt. The p¥rpose Is to weld the b851 financkal retyrn *•lhin Ihe (4 risk consbJeTed ac¢8plablo. rebjm ￿ th8n ba spent on th• thaws 4mS. Oelivery of core services ts Met Ihe blxk grant thJnthvJ r￿1ved from the UAl%wsrfy. the )mmgr¢ll gwt and any ￿M￿er¢[al parwships in retym br xcess to our memtws. n¢Tat8d ￿ wy investsd ffj$ep￿ $I￿U￿1 losi4pyt t4xe acovitss ofthe iknion. The ￿ of rilk mLtst be idtrlified aThl must Ihfr ac¢epiable k*wls siatod ty I Fln*eo & A￿lt sU￿COMmIttee. IrN8s1￿ftt lisk *¥yAd also be reduced by ensurfry that the savir are divor51r￿1. B¢forgany fund$are invosled th"recicrf ol FinarKe mustwepare a rash lknfto¢nsure Mtho Unkn has k)meetits*tyknr*J tak¥￿ Anyfwds not rw41•￿￿ iThthe St￿ temi may th•n bo invèsted short4enn deposits and any fiJr¥J5 n¢4 rweded In tho rnedium4￿g can then be Investsd ¥¥lsely ffth)nger4e￿ knv¢strnents lo￿n￿ra* a gr¢*r FuThts rOtne¢d￿ $horttem oyrational newJ$ can be depts%W ￿ repulable ￿5￿"t￿b"¢￿. provh1ed that Ih•4rEed ￿k￿￿'n￿5 and limits are adhernd to. Desjosits shc#*J alway5 be UK based inslibjbons wilh dffler￿l b￿Ing Ikerws. lo reduce Ihe If￿ ￿$￿j￿Or￿l lalure. wh￿ possitle the Untoft seeks to ¢Jr4er5rfy sfvJrt4emi depxio *40$1 differert IKen5wJ. bj rethKe the ex40sure ofthe reseThes from t￿ tsilwe ofany orn ban In 0￿#￿t0 generato8 greaterrBtum, fijnds FewvBd In Ih•sh¢¥ll•m) may kmwte deposits which offer a higher ￿kd. FU￿ may a9) be invested in other fThncial pr&Ju¢ts. ¢on$iL1ored to bo low ￿Kaftd offe￿d ty re9uLated arh4 reputable knsotubons. It Ss iMpts#anl that the Utmon ean gawi &c*55 to its some urrm n¢8d ￿￿.. ther Inv8slrnent woducts US￿ trfwrfl thal **lerargo oflffies¢*s in order lo enable thi$. (ortsN1enny investrr*n15. To consid8r opr#Jtunrfl85 lor ubb5rng awa4*qe luThls. the Unv)n's truslees ha¥9 estabk5hed an cash w• ¢wrendy hold in tho bank. The Union airns io hokl, as a rrknknsjm. 3 n￿ntrts waw In free r¢5erv•s. £30,000 to mo81 Olhor M￿datory oblvJations. This woukj ¢rwbkn •i Lyderfy do¥m of in ewent ol Ihe Gdng co￿eM Aft•r making apprcs)riats •Jv4uiiie5. th? Iru5te05 ho¥0 a r•a9)r¥Jbkn •xpuckkn thal th• compary ha5 adoquate tOCOrnD?ue In ex¥$￿ forthelcrfeseethe futrJ￿ Ftythis reasffi they conlinue ioadoptthepNJ ujncembasis in prepanry thefirw*Jal slaiernents. FwlherdeI￿k re9aft*n9 adop1￿ ol thg tre Pdths. The Boa(d ofTru*es th* iisv has suff¢*nl to meet al ts L*l&ja0¢￿￿. UNIVER&TY OF LEICESTER STUDEMTS. UPKJN Ilmitsd by W¥•Dtrel TRUSTEVJ REPORT Icwdnued) FOR ThE YE*JE ÉNDED 31 JULY ZWI5 A￿ltt0r be putto the membai5. *t••8' R•sponslbllftktsSt•bMM ojmpany lawl are responsth for the Trustee's, report and the financi¥ statements ir> Aoxptsd **g)unlng Practi&Yl. Coryary law ￿q￿leS lh8 Tntst•és to preparn slate￿nts for eaL*I fmaK4al yeAr. LlThJer ¢ryany Iw Ihe Tntstees mustnol aprrn Iha ffirw*ual Stat￿￿ts unless saiisw thalthey give a Iruo and fa'r view of th9 state of affrdw5 01 the corrpany aTrJ lh8 group and of th8 in¢¢)min9 rosources ￿daPF￿cakn iThJudin4ihe inf>)I￿and ex9w￿"1U￿.oftt*CthW￿Ob1$ gvoup fDr Ihat pexod. In pr•paiiry 5tatemwts. Tru51e•s r•wirvd to.. ' obs•vè Ihe meihods arnl ￿pIeS iithE Charities SORP.. mak¢judgeff*nts a¢ccwnbng ¢$t*maies that arnrnason*f• wdert Stale whether ap￿KabI0 UK Accountiry StaTrJards hav• b88Trfolbxvl. W trj any mat*iBI dwrtures dis(*)sed and wlair*d kn the ffnanual 51*merts: prepare Ih•fjnanoal statemen15 on the e¢xbxn unl8ss it 15 in•pryoWe lo Ixtsume Ihat the Charitab￿ 9roup Cmtiryxd ￿ opsrnti eX￿aIn Ihe chanlable c￿panY aTrJ Ihe wp'$ l1z￿¢1•c(ts d￿80 th• r•*sortle acarfaty any time the finaMo1 p05iltrJi of Ihe charitable grwp and ¢Da￿e them kn •rn5ur• that the fi￿tsaI Statements com(* *i¢hthe COrnpan￿5 2C*J6. ThBy are akn ￿5p￿n￿b10 forsal￿an11Thj th8 aSSOts ofthe tharitsblo conyary wd ts gr￿P and h•rth for takry reasOna￿e steps knr the prevention ènd dthbon offrawj and otlwrryufaitkn. S¢•t•m•rt¢ ofDb¢lo•urn lo So lar as eath Trustee Is awe. theR is Th) relevant of T*fiith Ihe dwrtatile 9￿p,$ UdIt￿ is unaware. Add￿￿￿allY. ￿ch Trustee ha5 laken allthv steps thatkn Ou￿1 101ov8 tak8n a$ a Tru5t88 in c*dor to make th8msdves a￿￿e of 41 relev￿t autht h1furnoti￿ n*J80 lo establi%h that the chariiable 9roup's aL*lrttyis awa￿ ollh•i irrformatim. by S&lit• 415A ofthe Compaws 2(￿. This r0PDrt was appro¥ed bytho P*)ard ofTfvJsteeson ￿ Fetsu•y2026andsigr)8d ¢mthvirbehairty. Pagg 10 IIIDEPENDENT AUDITOR'S REPORTTOTHEAIEMBERS I NNER F LEICESTER STUDE UNK*I Oplnlon W* hav• ￿Jited ts finan¢i* slat•merrts of Uni¥•rgty d Lx•5tw Sttthrts, UTht¥n (kn"Ch¥lt￿le Cornpany") and ils subs1tha￿S rthe Grwp") tr Iha ended 31 July 2025 whth comprise ConsclKlaled Slalemenl of F￿ana￿ Acb¥rbes. the CCffjs￿*JaIed and Parent Charity Bakrte Sheets, Consol*Jated Staten*nl of Cash F￿?￿5 artd noles ￿ th8 stalemgDts. *thdirvJ a summary of 81gnrf¢ant a¢counh"ng wtiges. The ffinal￿ fr•mewk Ihat has betn appw in Ih•r prepara11￿ Is applieai4e lawand UNtod kngdun huounlry Standards, FInanU￿ Rewtirvj Standard 102 The Reporting Standard apk*cabl8 n the VK and Repthk d IT8fand (Uniled gNO a true and fay vSew oflho slateoftho group'$ aThJ ￿ dwbt49 ¢¢)mp¥Y$ affa1￿ as al 31 July 2025 and of the 9rw's aThl expeThJitur8. kn the yearthen endod: beon ycf*Ay kveparyd in with Unikny •fjrgJtyn G¥wally A￿pI•d Acc3Junb'ng P￿ctiCe.. and hav8 bsen wopared in accr*dants the r8quir8wtsofthe CompanwAca 2006 Ihe Chaftt*s kt 2011. 8aslg tor oplrt¢ Wo have been appoknted 8￿yrto￿ urnlwth8 Cc(n￿leS 21￿￿d#e(*￿1 15101 Ch•rthes NLt 2011 and r8porl in 8ccordarKe with thos• We conducted our autht in acxordwtt wrth Stsrthrds IUKI (ISAS IUK)} applcable 13w. ()Jr ospowbli bes under It￿¥ StsThJarth are fyrther d•s¢rribed in th? Au(*tofs responsibilitiesforthe autht ollhefmarK￿r slat8rnents section ol tyjr rep￿L We are I￿8F￿ndent of group and parent charitabje wnpany ￿ a0)Jrda￿A ￿ Ihe fe*. forthts report or for the opirrions we have f0M￿d. SleFthen An(lerson Iswllor Statuw A￿gIr￿) For and ￿ behaw of Knox Cropper LLP Chartar8d Accountants 15&155 London Ro•J Hemel Hempstead Hertfofdshire HP3 9SQ Date: 1V IAarch 2U26 Page 13 UNIVERSITY OF LEICESTER STUDENTS. UNION (A conwny Ilmfted by gu¥*•) GROUP STATEMENT OF FINANCIAL ACTMTIES INCORPORATING INCOME AND EXPENDrnJRE ACCOUNT FOR THE YEAR ENDED 31 JULY 2025 Unrestrl¢ted R¢strlct•d fund funds 2025 2025 Total Tolal Funds Funds 2024 2025 INCOME FROM CHARITABLE ACTMTIES: Don8tions 8nd W?8$ Clubs and scKieties 1.W21.435 1.¥21.43S 623.873 1.853.441 544.876 623.873 Olher a¢bvit 250.W2 250.882 214.930 176.4161 178.461 201,087 Olher irKorna 10.0 TOTAL INCOME 623 873 2 974 651 EXPENDITURE Raising ftM)tJs Cherit*J￿ 8¢tivities 55.978 2.133.246 55,978 620.736 2 753 982 61,355 2 528 226 TOTAL EXPENDMIRE 620 736 2 809 W) NET INCOMEI(EXPENDilliRE) 161.554 3.137 164,691 234,753 OThER RECOGNISED GAINSIILOSSES) Actuarial gainsl{lossesl on defined be￿fit 8chem85 NET MOVEMENT IN FUNDS 15 ,452 3,137 342.110 RECONCILIATION OF FU14DS Total 357.436 1.360.986 1018.876 TOTAL FUIIOS CARRIED FORWARD 15 3eKI 573 1,994.575 1.360.986 The Statement offfinanrAal athl1￿ incaudes all gam aThJ k)55es rwni8ed in ￿Year. Al income and eypwwjilure devive frDm ccffjtiThJing OFwakn. Details ofthe gr(￿P slatement offina￿la1 are nots 21. P8g8 14 UNIVERsfTY OF LEICESTER SIuDEN￿ IMOII IA eo¥np4Thy Ilmlt•d by GROUP BALAIICE sIEr FOR THE YEAR ENDED J1 JULY Igtrallon nwnber on03101 FIXED ASSETS T¥nglble assets In¥estm8nts Injoint Ver￿￿ . Share ofgmss assets . Share ofws 10 81.913 138.285 1226.203 {46.874) 1.1B3.737 {48,770) Shore of ngt 0s$0ts 11 1.179.329 1261242 1.034.*7 1.173252 CURRENT ASWS Oebknrs Cash at b8nk and in h*KI 13 84.331 744297 108.087 1.931,580 IW.667 CREDifoRS: orrwrts foll￿9 14 (952951 IY.1381 NET CURRENT ASSETS n1333 2.CQ5.529 TofALASSETS LESS CURRE1￿ UAB 1.994.575 3.178.781 Defined peTrsl￿ sdvn¢ l¥ 18 (1.817.795) 1,994.575 1.360.986 ThE FUNDS OF ThE CHAIU R•stiictwlthJr* 15 .573 357.436 UNestrfL*d Ggnerd ￿ndS De$8nated 15 4&8.313 1365.032 11.817.795) 1.634.( 1.634.CQ2 1.003￿50 TOTAL CHAiiifY RIllD8 1.994.575 1.360.986 nan¢?al Ststernwts on p•39$ 14kn on 4 Febrnwy 2026 syjned J Bales P￿15 UNIVERSITYOF LEICESTER STUDE14TV UIIION IA ¢ornpany IlmltÈd by ￿Trnt￿l IAJ￿BALANCE SHEET FOR THE YEAR ENDED 31 JULY 1tr2S IW•¢loTh bwmbor 07303101 2025 2024 AXED ASSETS Tangible assets Sthnonts 10 B1.913 136285 81.915 138287 CURRENT A&%Ers Debtors ¢a¥h atbar 13 97.871 1.991.580 744.297 810.127 CREDITORS: arr*>Jnts fallng 2.Q89.451 14 (76,7961 183,923} NEf CURRENT *tsSETS n3.331 2.1)05.528 TOTAL A35Efs LESS CIIRREMT UA8 815,246 2.143.815 Oefin•dtwsh)Asthem• 18 {1.817,7951 NET ASSETSWABILMESI 815246 326,020 THE FLINOS OF THE CHAFurY ResrriLXed fix 1$ 380.573 357.436 Urnostri(tsdfunds General fiThd$ 15 456.314 1.3>).C65 I1￿17,795) 454.673 131.4161 TOTAL CHARITY FUNDS 815246 328.020 As permilted by S408 c￿￿sAC¢2006. Ihodwri&L* Grfflyanyha5 pres￿¢4 its own slatomenl and related as r( w•pared grw ac£•JNS. The charilawe p)rwls sjrpknshr yewwas £489.226 {>)24.. £217.5891 Thefi￿lia1 51at•nwts cffipa9e$ 14tr) 4th February 2026 *gned on be and oth¢edlorissu•tythe8oardolTrustees Twst•• Pw16 IAcomp/ny Ilmlt•dtrrf qyai*itr•l ¢¥IOUP 8TATEMENf OF CASH PL( C￿h IIow5 froftvltol opernling •¢lhMI•s N•t eash provhjed byl(we¢J thlopernlng 17 65.658 Cash Iliwm lrnm In¥esttnq •¢O¥#l•&" Int•rnst recewed Purthase oftsngth f￿0d a$5815 Pro¢￿d$ on dlspcsal ol tangbkn tsed assets Mot cash pl￿d•dI(￿Sed Inl by In¥•sllng acd¥kng Cash from ftmnclng acllvltkn: Paymnt d SUSS liatsTrty 76. 141.1711 {11,5811 22,518 {1.348.8971 {1.348,89n Ch￿0 in ￿¥h •qulvaknts Inth• Cash and cash 8whfoMs fDr*ord (12472831 1,931,580 101.rffj1 1,8W,529 744,297 1.991.580 p￿17 UNIVEiiSITYOF LEICErnSTUDE14TS' UNK*4 rnpgny lthltqd by qUU*tho1 NOTESTOTHE FINANCIALSTATEMeNTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNnMG POL￿￿8 Urllversty of LeKester StLKl￿ts. is a wivate wttsF4)raled chatbWe company (company r8gi5ternumber073031011 knied byswarantee. Ir￿L¥pOrated m EryLqndandW￿e$. fts ragr6terad offKeand prfnopal F4aceofiwgrw ¢ Uni¥er5ityofLoice5tsrSb*JenLS'Unicffl. P•vcyGotr Bumdkng. Univorw Road. L*cesler. LetCesterShi￿. LE1 7RH. Th*<*antable company h also registered at th8 Charity Cunrnl¥kn acharity 011137811. Tha rnain Ain5 oflhe UnNersty ofLwcg8tsT Sfyxlènts. ￿th0 ofth¢ stydent¥ al Ihe unNeNty for Ihe put4ic ben•fiL A¢¢ouniing eonv¢ntlon The financi* statem8ntsollh¢haiity. r8 • b8nofft *￿￿Tr1er FRS 102. h￿be8Th prepared in acuffjdarts th8 Ch￿￿*S SORP IFRS 1021 'AccountirvJ RePo￿ry by Charities.. siatsmeni d Reconhmended Pra¢iKe aprltabfe to tharili&s proparing Ihelr ac¢ounts In xcordwce with the Reportirg Standard aF%4￿bIe in Ihe UK and RepulAicof Irdand IFRS 102llelF*clw8 1 Januwy20191'. Fnanciaj Rewrfing Slar*Jar¢ 102 The Finanoat Rewrting Stand8rd applicat4e in Ihe UK aTrJ Repubhc ￿ IrelaThl' and the Chaiit*s Act 2011. The f￿ar￿la1 sts1grr￿￿1$ have wep•¢d undw the his1￿ wsi conven￿. *41h tho ex¢¢pll)n of The ffinanty￿ 5talgrnenls are Fyvpared in St￿kn￿. whth is the bj￿110r￿I 0fty￿ thrikbl• company. Monotary arnunts ￿ these financiBI Slater￿ts ftwThJ8d to the new8St £. UnI￿rn￿ ol Le￿ter StLthrt5' uft￿ meets Ihe definitKffi of a put4K entity under FRS 102. A558ts and IIabM￿eS art initialy recowLsed at1¥51tffk￿ c¥)stOrtra￿titin vah* uthss The financial statements of the choritable company are cl¥￿￿ated in Ihoso finanual smemen ol Univ8tsty of LeK8sl8r Students. Union and these slatements are av4ab18 from the reg1ste￿d off￿. Ba$ls of cwsolldaiion The Sthièment ot Flnanclal Acl¥ities arkl Sh•et ts)nsolidate IM st*n*nls of d*ril2bk crynpany and its 5ubgdHry vnd•laknrrfJ. Th8 r85uMs are eonsolhlatgd on a 4n$ by line t•*$. al tr8[￿r)iOnS ￿ baL9r￿S wrilh the 5Lknshliary are efimina*d on consoltdation. Jwl ¥enknes aThJ assooales are ststed al IhE b*DUP'$ Sha￿ of net assets. lo Ihe •xl8nl tri5 1$ not inpawed. and the grw's shar• of tho not shwo 01 th• profits u 10ss8s ol lh¥ aGg)Jnb"rwJ bays. ￿1 Ih? fina￿1* strt￿ts arn madg ￿ to 31 202& as pernilted by sedion 408 of the Companios ALI ￿*]6 a5 it prepaTr5 arvj thè charfable ¢onyanY$ balarKe sw the ¢hwbtst4e comp￿$ net ffwment in fvnds Tn th• finandaf fftr. Golng Mncern has *Jequate resources to ￿thI¥Je in operatwd exi5tm for Ihe fc¥e8eeat4e fubJre. Fcr thi5 reason to adopt ts 9tyrYJ ¢c¢Kem y•parm9 th• finwKlal $t•lemwts. Th0¢h￿table￿rnp*Y L%h'rnitèJbyguarantee. IntP••v*rtofth8ch•ritabl•ts)mpany ￿ngW￿And , the li￿lty in rnspeth ofihg gUarnn￿ 1$ linitsd 10 £1 Fw mwhberofthe ¢thariWle compory. Pèg• 18 UNWERSITY OF LEICESTER STUDENTS. UNION {AMmp*y lim[1￿by9uan￿t48j NOTes TO THE FINANCIAL STATEMEIITS (Conllnued) FOR THE YEAR ENDED 31 JULY 2025 1. ACCOUNTING POUCIES (¢Otr*lnu•• Fundlno a¢counthg Gen•ral YuTrYs are Ur￿Strthd lthids we avilatAe for use at Ihe thscrelith tsf￿ Tn1$t￿ in fUrthe￿nCe of 9fftr4 ¢Jbi8dTrrn ofthe chwilth whth have been d￿gnat•4 Restrictéd funds are hJnd5 are tobe used in accordanc* specik restrictions I￿￿sed by raish9 and •*rinBt¢rwvJ swh fw(L5 are C￿ agalr￿ the spedk f￿￿. Thg Im ar•J u¥e ofea restsKled fiJNI 1$ set the noles to th• fmancial statements. Ineorn• Al incm Is recowMd once the clwilth o)rry>ony enbuement to Ihe rt 18 prc&ablt thai th• in¢ome ￿11 be recewy •xl Ihe amount thl i￿e re¢orrfaW• un be vn*a5urod rdiabty. anY¢ondIti￿SassoC1aled *ithth8 donated rtwn ha￿ the rec*t ofeconth￿￿ benefit from the use ol the charity of Ihe ith i% probat4e that econti￿ b**fit b• mea5wed ￿1abty. vahje ofthe grfl to Ihe charflablg t￿rry is the th8 c*witatl• Cthnpany have been wdlingto pay toobl*"n ¢yla¢thits ofe¢•Mvaent berwfft on the mathet a Mrr•sF*)nthg amount is then repJ9nwed In eyrKl6tyre in ts perbj dr•c•yL Olhw Infrn b fo￿nised In the Fwloy In ¥￿h It ￿&¥4b1& and trj ts •xient lh6 ox*1$ h Intw••t rn¢•lw•bl• IAtewt on fur￿8 held on deFWt i8 rtK*Jded rgcer¥8ble arw)uTrt can be measur rdlably by th# ¢Lrynr. this Is nollffcatb)n of Ihè Inier8St paxl or by lh• B8 Grnntg of Lwce51er •¥J othwlurvjty tr)d•s. 55 reasonable •swance that 5¥antcor•Jthns b• met and Ihe grwit wll be Expendturo to a third party, it is p￿baby• ihat a transler of ecjJnorr￿C benafits wll ba requi￿1 in se1I6m8nt and. the arnunt olihe ¢bligaknl ￿ t•measwBd relw. isdassifi8d byacts*ty. Thec(6ts ol¢ach actfvty aty rnade up ofthe total of dtrBcI costs and shwed cos15, CQ5ts nlrilwte to nh)r• than one and supprrft P)5ts lirK4uding t>)stsl are not use ol wourcas. thè porvon ofthe a￿ets we. P800 19 UNIVERsrrY OF LEICESTER STUDEIITS. U￿oN (A￿l￿p￿Y byguawlo•1 NOTES TO THE FINANUAL STATEMEIITS IcontlTruedl FOR THE YEAR ENDED 31 JULY 2025 1. ACCOUNTING POUCIES {conlknwdl Tan4lbl• fix•d a￿ts andd•w•¢latlon Tangible fixed assets are rewded at c(¥s1 and subsewentry mewed 81 Cp>St. net of deprecialW)n any lor IM￿￿rt￿￿. ffiNod a55815 c051iry more than £1,000 w• captsh.sed al other axp8nthr8 to ts s181¢n￿ in yeBT Fix￿r¢S etyty)*rt The ¢harllat4e compgFrf8 fved asset are ¥abJed at cost is T￿￿ee5. b•st estimate Olfairva￿0. as tlw ass¥s are s*ab18 ar¥J a re&at4e markat 15 r*)t r8a1ily Subsklwy urthth95 {*) Invali￿nIS kn th9￿ waniwo¥ argv**d alc4stl9sswo¥*￿ tr vnpa¥mgnL Impalrni•nf of fjx•d ass•ts An aswsment ig madg at exh dats of htslhef I1￿8 a￿ Indleath)nS Ihat a ffix8d asset may be irrwirnd or that an inpawment loss praWuS￿ has or partsalty ￿versed. 115uth . Shortfalls bewn tho carrying affi¥od a558ts ar*J thewre£0￿rats1e an￿J￿5. bewy1￿hl9hfrr of r value costs to sel ond Vahj￿n-uS8. ore rwLwJ a5 hMse* Impairnent k&s¢s Recognised impaimwli h)sses ¥e reverxd rf. and o* rf, the Yeasons lor Ihe Thpaifftent Ioss have ¢¢ased io apply. Rever5a15 01 wnpalrment ￿￿eS are wn15¢d kn ststerngnloffinand4 ad1￿1085. On vetsal d an irnpaThnent t￿, tho depreL*x is alusted lo albAtO ass•fs wing amount {*ss ary reslthjal v¥ue} o¥•r ts iemamhvj useful Wf•. SkKks are Statsd at th• kmw aThJ costs and se￿. Cos¢ mprfses of iJr•ct rnat•ria5. pann8nl l¢)ss ro¢ognrAd in wior kwiots ho5 r•vers8d. Ary excess of the C￿n9 a￿U￿t of st<¢k over its estimated sell￿9 wict IE55 CD5ts to and sall 15 r8(¥w￿ed 35 3n impalnnent ILXS 5Th ststen￿nI of finawal x¢i¥lies. Flnanclal Irthmw The tharit*e Company ¢Mtyhas finaft¢ial ass•ts and Ilablth85 of a Ihat qualfy a5 b8St financial instnjments 8nd are not tts be ola ffinantsal natyjrn. Bag'¢ finan¢d instsumonts are Page 20 UNiveRSITY OF LEICESTER STUDEIITS. LWK*I NOTes TOThE FYIANCIAL STATEIIENTS {¢onlknwd) FOR THE YEAR ENDED 31 JULY X125 I. ACCOUIrnNG POUCES l¢•nllrwAd) trar￿a¢b"9n af8 iThbal¥measured althe ￿$a¢￿ft pl￿8. Tr•aeaTrJ oiherd8bt￿5 a￿larr￿#￿ts0W6d by group uThl8rtaking5 are sub5eq• measlwed #lam(¥l￿¢4SL bw'ngthe irnnsacbon priceless any amounts a)y losses. Cashand •4ulval•nts Cash Cash oquival•nts ush arrfl M￿leS on 8h)rt4wm depogb at the bank arnl otsr short.tom) liwid inv•sbn•nts with OIWJIr￿ mailm1￿ olllwee orless. Ll*lltkn rrnvlsbons Liablitiès ar• recognised Ihere is an obfvJalyon at the Bar￿ sheet date as a fe5uIt of a evenl it i% probable thal è transfef of*¢ffioThc bef*fft be wwred in selvement, and ¢he amount oflhesetuement can b8 asts"mated rewty. arere£o3n*ed al th8￿>￿￿tha1th6Charltab1e eompanyant￿paf￿ Itwll payto 58ldethedebtorthe hhas rnLXtNedas a¢fvaneed paymor the stods ty servtes it wovi1•. Sludents, Unk>n Superanrwation S¢h¢ The part*ipates in the Stu(*ts' Unkn SupeRnr¥Aon SL*ernè ISUSSI. a defThd tenefft s¢hem¢*l*ch ¢ eXten￿ty furthdarKJ fwtofthe &ate SeccThl P8nsKJn. TheffiJTrJ is val￿1 ffta￿t v￿8 (4 the Scheme's assets was E106.697.CW ¥Mth 8S50ts r9piB$￿tsry 44% of Ihe Th• d0fiErtM￿ lundh¥J b￿15 b) £136.645.(i*). ￿￿nd￿l tts dsartha fvJrKf1rvJd8f￿é￿fjh¥j 2037. Yueaslng by S% eath y6¥. Th seh oflhe undetyng assets and l•blth$ can be dyecty 8trtXft￿ h) the Union. In dEficftandts eM￿oyerhaS enlOr•d inkn an aw7)ertto￿Thl Ihe defiottr* enbty shll ￿¢￿¥ze a IAbilty for the paydb18 Ih3t*iS8 frixn the aw*W￿l1.AS tt* ¥weem*)t Lmb12037, a discount rale of4.7% h8S aF¥*iThdebThni*rnJlhe r￿1 F¥e￿l¥a￿J8 01th8(£¥th￿￿ rw th8 ￿0d. UNlversltl•s SupraMu•dDn Sch•n• Th6 Ufii￿ pantipatss in UnNwsify"os SLwaMu•lion Sctsre. Tr* assets of are Wd a sewate Iru5tee-8dnlln*tered fvnd. B8cawe oltro ofthesel￿, Iho 85sets om not attributed to lThJniidu4 urmC￿$ and a c0ntritytst￿n rate is 58t. The Ur#cffl is Ih8r8fove •wsed tD ￿t￿￿al rfsk5assLKialed Y￿01her unkns. enWoye•s arnl Ls ￿al￿e ￿ idonbfytts sha of the undedyry assets liabthliqs of Iha $c￿m￿ on a eorts*t8nt ￿&SOna￿a basL%. As requlred by Seclon 28 ot FRS 102"EftWoyeettheffits", Ihe Iherefore ac￿Jn￿lorthe scheme as rf it worn a dofinod coniTibution S&￿￿e. As 3 res￿1. Ihe an￿t ¢Wed 10 Ihe wofft and k1$5 accijunt rnprosenis the c4nkn.buttr￿s payablo trj the x4vne. S*￿e ts Un*Jn has entered into an agio•ment (tho Rèeov•ry Fl*) thal dato￿lneS each •mF4oyerT*itrthi Ihe frjnd the ovwall deficit. tho Unpjn rec4wls•s a for thg CrfflIrth￿. ns pay* that artse frc4n the agreement {to the extent they relate lo the defidti rnlat8d expnws bdr¥J recoynls*d thrwgh Ihe prthaThd 4¢¢x¥rt Th8 charitable ccfflpany aL80 conlribJt•s b tha NUS Aw P•sion the gDvemmont gpproved NEST s¢hwne. Th• annual payat40 arg¢14rpJ lo the slalemenl offiftanoal Pago 21 UNIVERsifY OF LEICESTER STUDENTS. UIKJN IA Gompany I￿￿¢￿1 byquaran*•l NOTESTOTHE FINANC14L STATEMENTS I￿n￿l￿dI FOR ThE YEAR ENDED 31 JULY 2025 1. ACCOUNTINGPOLICIE31¢(rfth Jrpordtim lax0nrfslrKrrn¥￿g￿ns1o￿eeX1>I1￿aIthe5ear88p￿&)tschaiitatsle a¢￿￿￿•$. The NJTrtharitabl• $ub5h*aries be subject io CCrfpryaticffiTaXc￿ ￿y￿￿not￿ft aMl8d ttsi ¢h8rilatyb paf8nt wilhin 9 monttK8 of the baknce s*￿et d*. The cost ol aThy Urm￿d hdklay is th• porknd In ￿￿￿Ye9.$ n¢fits. Crfll¢al a¢¢ounttng •sttrnatos andarnaG and JUdg*￿nI The charity makes esb"maies aTrJ asymplkms cuwrir¥J ts luiuf¢ WKI ￿kn￿ledge3 IW Ihe r•5ulling xrxjunkng estirnate$ asswnptiors ￿. by dgfinibon, sddDrn gqual to rolated acbjal re5u115. osb'mate5 as$w)Ption5 thathavÈ a sp3riftant risk ofrAuyTrJ amateriBI èdlU5t￿Tht P•rtswyft defitstcontthiK (Nl ofFdtskn5 by Lhyversty ￿L￿Cester ¥ahAd th• bènefft it r•¢•Nas trom faL¥kliBS 0*y￿d ty tho Universty on a r￿- free bath. at trustees. eth.mate of martet at £498.43512024.. £48S,4411. Many olthe ¢Gsts irKuffed by Ihtr as Supp￿ staff ¢4)sls and sorvic* c4sts are Sha￿ bèt**en thIiEs. The UnTh's Is b) al￿￿te these costs w the basis of INCOIIE FROM DONATIONS LE&ACIES fvnd$ 1.423.0 498.43S 1,921.435 1.423.(IXI 1.368.iyJ) 498.435 485.441 1.921.435 1.853,441 Pago 22 UNIVERSITY OF LEICESTER slliDENTV UNION (A company Ilmited by ouarante•l NOTES TO THE FINANCIAL STAYEMENTS ¢onllnued FOR THE YEAR ENDED 31 JULY 2 OTHeR TRADING ACTI Th• Urwveryty of L•(•sler Sbjdwfs Urth￿ o¥m5 1r*￿ of thg sharn of its subslrfiary. UnNer5ty afLe￿￿ter Sbjdents. Union Trad4vJ Lld. a conyaty wl¥¢h ts ir*fjrpxated In England and Wths (company 028215061. Tho rngi51eTed offke of Un(vw5ts of Leic*stsr S￿dents. Unin Tthg Ltd IhB same as uni￿r￿OI Lwcostsr S￿¢Y￿1.9 Unl￿. The SUbs￿l•ry parkipates trddwKJ a¢b¥rti•s relaiing lo tha d￿riIatIe D)m￿y. Its ta¥abJe wofits o)nsdidated in tI￿e fvAndal statenwts Os bekvK. St•l•m•m of In¢• 202S 250.882 (7,0041 214.930 ,0201 Cc6t of safes 243.878 207.910 148.9741 154.3351 194.9)4 153.575 Distr*>ution topw8rtdHrty sthaxl 153 57$ The netass•ts ofUINvW ofLe¢es*r Sb*lert5' Trthbj Lbj at31 Jthy 2025 a￿￿ntS bj £212024: ￿ net ass¢tsi. T•l*l fund5 Totsl funds 2024 Share oll0lntv￿tUr& Bank int8f8St recei¥ed 144.362 144.362 124,521 76.$66 178,461 178.461 201.087 Page 23 UNJVERSITh OF LEICESTER STUDENTV IINK IA Company lknhed by guarantwl NOTES TO THE FINANCIAL STATEMEMT8 OR T 031JV ANALYSIS OF EXPEIIDtfuRE BY EXPENDITU￿ TTrE Unwyty of Lekester Sludeots, Urw)n TAdY I6￿N) 9.478 55.978 61,355 Costs ofrnlsiw 9.478 55,978 61J55 599,654 20.386 166,178 13.591 1(6.631 6.795 2¢XJ.621 31.811 332.Ird4 951064 9)7238 170,ts)6 349,77$ 359.831 79.989 193,415 125,735 758.670 979,677 839.424 I￿.551 132.362 148.881 1.072 1.124 348 IC6.959 . 145.565 146.769 Eng8g8rn8nl Oats S lll$isht Corn￿￿￿$ Sp)rts & Sc¢ietw Grwrt P¢¢r mentorr*J 31M11 1,136.758 87.953 Iy9271 1753.982 2.528.226 1.183258 1.558.749 I809,￿ Z,S89.581 Pap 24 UNIVER3rrY OFLEICESTER STUDEMTS LWION (Aeorryny lirniledbyguJwts•l NOTES TO THE FINANCLAL STATEMEllfS (contlnii•d) FOR THE YEAR EfrIDE0 31 JULY 2025 ANALYSIS OF EXPENOITURE BY ACTIVITES In tr aCC￿n￿4 prfKie5. The effttl d Ihi5 1eall0ca￿ rm the eyThliluT h•athny 15 $hw h8r8.. Artlvlll¢s Total 2025 2024 SuFP)rt & repr•s•rrtalx Weffar• Engagement Data & InswJht Cornrnunit$85 SpsJrt5 & So(¥ei•S Grnmt Peor Thnt 550.517 401.547 W.(64 X17238 118.379 n.716 231. 349.775 359.831 115,699 193.415 125.7&5 183.741 979.6n 839.424 1C68.9M 132.3ff2 148.881 1.124 145. 146.769 1,156.986 2,753.982 2,528,226 1.124 Totsl 1,596, 8upport Costs conyls•d:. 2tr25 318.114 282.708 DeP￿￿10ft 67.953 498.435 20.711 61.996 485.441 18.177 Insurarus NUS sub￿n￿￿)ft Pension S<*eme Fu MarkebThJ costs orw and tel¢ Bank tharges 88,065 1259 2.401 193.554 2,681 248,591 Total 1.1￿.986 1.133.601 Pa99 25 IINIVERSITY OF LEICESTER STUDEN￿ UI NOTESTO The FINANCIAL STATEMENTS le•nllThwdl FOR THE YEAR ENDED 31 JULY 2025 NEf INCOMEIIEXPEMDrw Th1$ 1$ after ¢tr•9WVJ 2024 .ovm&J by ts chaiiiailt syt 67.953 61. and xo)unts 21.360 20,4C#) 21,3eo 20.4CiI STAFF COSYS 1.038.942 877.440 72.5 58.630 0￿er pensth costs 58.333 1.1832KI 1.008.826 Full 93 £60,000 was.. 2024 £60.￿1 - £70.0 £70.1]01- £80.thxI Director ol Mernberthp Sews, ￿reL* ofFin¥K¢ Ihe Ch*f Ex8uJbvo Olficer. Chmg the year. key managernent per5ts1nd received r•muneralion empkn>ws natiMal insuranc Con￿￿￿tIOns1 d£3tK.41412024'. £364.1731. P•ge 26 iINIVERSITY OFLEICESTER STUOENT* Ullk)11 {A¢ompany Ilmlled by guarnntw) NOTESTOTHE FINANCLAL STATEMENTS {¢¢¢rtini FOR THE YEAR ENOED 31 ULY 2025 Er C COrr￿U M Scttof￿d R Jarrns A Kcte S Maihari A R•SJy TL*al 2.038 243 243 2.142 2,281 25.676 26.914 24.529 4,042 22.492 77.552 1142 .493 24.634 86.166 21 There **re no OtheitrLLStoe*￿￿¥theyeaTl2024.. £Thll. Sr¢12024: Eiyhtl Irustees re¢0 rdnknJrsemenl of wAperMs Wi rel8licfj to tr¥4el ar•J subs"sknce £3.167 Q024.. £6.790). TANGI8LE FIXED A%%ETS Flxtur•s and •wlpm?Tht Al 1 August 2024 Addhions 517,78B 11.581 18,7891 131 ￿ty202$ D•p￿d￿lI￿rt At 1 August 2W24 Charge fort￿ ye Ellrninatal w d*J05 379.503 67.953 18.7891 At 31 Jvty 3T24 438,667 Plet l>ook vah Al 31 Juty 2015 81.913 A131 Juty 2024 13Q285 Pag• 27 UNIVERSttY OF LEICESTER STUOEKrs uMIxi NOTES TO THE FINAMCL4L STATEAIENTS (¢othiM FOR THe YEAR ENDED 31 JULY 2025 11. Injolnt Sh¥* of n•1 ass•ts At 1 A¥g¢Jst 2024 Sh*¢ olpr¢ 1.034.967 144.362 At31 July 2025 1.179329 CHAIIJTY 2025 25 ikiverwty ofLor•#gr Sttthn15' Tr¥thry L*J 11 PRIIICIPAL SUBSXIIAftIES, JOWTVEIMJRES ANDASSOCIATES #. Prlndpal $uhldiarl¢s ilnl¥•i•lty olL•l￿$t0¢ Ststhrts. UnloTrTrtdln9 Lll Sub$iiliary namè Company rfjgi5tr*ft nu Bas15 of control Equty 5hareholdwy % 02Kd1506 b. PrfnElp•l Jolnt ￿l*U￿¥ Tt* Unwsity of Le¢es*r sI￿J¢￿ts. Tra￿ Lld. a 9)% CthTwsh* kn Il* •ntity Campus C•ntsF Buldin9. 1411 Lane. Let￿t•r. LtiTh5ters1w￿ LE2 7DR. Stthl•nl Lelty Limrt•J ltradY¥J •$ Su*} 15 a ¢4mp•ry lThthd by guwant•• *d therelorehelj as an trh*slmBrt in UmEf5ity ofLeresw Sknlents. Urw)n TrnL1irvJ Lld at nil val￿. flfjcting its rncOV•ra￿ v*• lo UnNwstyolL8K85terSbJdMts' un￿ TAdThJ Ltd and Il*•fwe The woup cons￿[uteS 9)% oftr* 0￿r￿sh￿. thw*f<¥* the groLV'S Sha￿ of hwn8 15 £911,126 12024: £869.8511 a)d shart olexpe￿*1Urn L% £766.76412024." £745.3311. The woup¥ thare 01 Ihe totsl ass•ts ts £1.226203 (2024.. £1.083.7391 and I￿1•1 f•bl*s of£46.87412024: £48.7701. Page 28 UNIVERsifi OF LEICESTER STUDENTS uii NOTES TO THE FINANCL4L 8TATEIAENT8 Ir•thw•d) FQR THE YEAR ENDEO 31 JULY 20 13. IJEBTORS Tra(J• 17267 8.514 41,193 33,661 3,025 19.992 Othw debtc Pmpayments and acc•Jed 1.935 65.129 3.025 47266 1,935 6,LW7 84.331 108.087 97,871 1& eREDifoR$: Amowts • wlttran •n• Trade (¥edtr¥ 15.466 24.016 14.156 27.095 12.572 40.315 94.138 15.466 13.342 12,572 35.165 83.923 cn&g1s and deleTh￿ 47.911 D•fwred Incorn• Oeferred incryne •1 1 3.150 Rèsourcrt def•t78d durhig the >•ar 6.525 13.19)) 3.150 Deferr￿ kncorrffj 0131 J 3.19) Page 29 VNiveRSITY OF LEICESTER STUDENTS. UMON IA cornpgny lknlted by guarnth•l NOTES TO THE FINANCIAL STATEMENTS Ic¢Krtlnued) FOR THE Y 25 1S STATeii£NTOF FLIW)S Balan￿ at 31 J￿Y 2025 Rtttrlcted lth clubs and s￿18￿"£8 Poor MMttyirwJ Fund RFU D8v8hJpment Fu￿1 348.353 623.873 (620,421) 13151 351,805 2.975 6,793 5.793 357.436 823,873 1620.736} 360,573 General reseryes 4S6.313 1206.416 (2.189.224) {473.5051 456213 2.%A.416 12.189.224) 1473.9)51 Desi4natsd lunds Capital aTrJ stratagK wopcts fiffjd Shar8s of net ￿orn from Joint ventur8 P¢n5￿ Res¢r 1.330,1)65 1875.3921 4S4.673 1.034.967 1.817.795 547.237 144.362 1,179,329 468.898 1,348,897 468.898 473.505 144.362 1.360.ge6 2.974.6S1 1.634,002 1.9Y4.575 Total fvnts 12.341.Ob21 Paye 30 IINIVERsifY OF LEICESTER STUDENTS. UI•ON NOTES TO THEFINANCIAL STATEMENTS I￿rt￿U•￿ OR THE YEAR ENOED 31 JULY 2tr25 1& STATEhlENT OF FUNDS (contlnwd) Growb- prl•ry•ar Balance Bolanco at 31J Restrlct•dfvnds ' Cluts aTrJ Soa¢ties Pew Mentority Furvj RFU Devdopmerrt ￿nrf Cent•nary Fund 295.975 544,876 {492.4981 348,353 5.793 10.0 (10.OtM)) 305.058 554,876 {5014981 357.436 UnThstrtLl#d fvnds Genertl resgrve¥ 8.313 2.144.937 11.999.018) 1145,9191 456.313 4%,313 2.144,937 {1,999.0181 1145.9191 456.313 Q•slytsd fund8 capIt￿ aThl str•teOc $Yoi￿t¥ lund Shares ofntrl wKorn* fr¢>m joint veThlur8 Pension Reserve 1.291.678 3B.387 1.330.065 910.446 1.9U.619 257.505 124.521 1.￿J4.967 1,8t7,795 547,237 1.360.986 19.292 107.532 19.292 145.919 124.521 Tolallunds 1,018.876 2,824,334 12.4822241 Page 31 UNiveRStrY OF ￿ESTER STUDEpifv UPION NOTES TO THE FINANCIAL STATEMEIITS FO JUL 1& STATEMENT OF FUNDS (¢oDthw Balance at 2025 R•s¢rlctsd lund8 Clubs and Swetss Peer Montortng FuThJ RFU DeVelopTh￿t 348.353 623.B73 If20,421) (315) 351,￿5 1975 &793 5.793 357.436 623.873 {620.736} 260.573 4S6.314 2.150.438 12.133,2471 1473,$051 456.314 2.150.438 (2.133247) 1473.5051 D•$Igna￿ fun Capital arwj stratw woJe(*5 I.3￿.065 18TS.392) 454.673 n*on Rgsw¥e 11,817,795) {487.7301 468,898 1,348,897 468.898 473.￿5 454.673 Tolal funds 326,020 2,774.311 R285.0851 815.246 Page 32 UNIVERsifY OF LEICESTER STUDEIIT¥ Ill￿￿ IA ¢ompany Ilmlt¢d by 9uarantsel IIOTES TO THE FINANCIAL STATEIIEMTS {eonthu•• FOR THE YEAR ENDED 31 JULY2025 1& STATeiiENT OF FUNDS (¢OnlIn￿a) ¢h*lty- prlory•ar 8•lon￿ at 31 July R•strlct•dfwMIs CJuts$ and Sooeties P•ef Mentrying FurKI RFU De¥dopmenl Fund Centenary FUT 295.975 544.876 1492.4981 348.353 5.793 10.IJX¢ 110.(rf)O) 305.058 SS4.876 1502.498) 357.436 Unr•stsld•d fund• G￿traI reserves 456.314 2,W.$02 11.937.663) {145.9191 4$6.314 4￿.314 2.083.582 11.937.663) 1145.9191 456.314 D•$lgn•t8d lun¢ts Capital and 5trategk w*c15 1291.678 fund Pension Rosep 38.387 1.330.065 1.W.6191 {652.941) 19,292 107.532 11.817.795 19292 145.919 1487.noi Tolal funds 1(fj.431 2.638.458 11420.8691 Pag? 33 IAcwpw Ilmit•d by9WThtthI Y202S I& STATEMElIt BJNOS Ihè ￿kno1¢ ￿trol vest *llh tre Uri The Unth •ThJ ha¥0 •3r*•d to work ￿ pathershp to devdop a I￿￿¥•r9fy-WNJ8 peer Unfversty ho￿ •¥eed ofWto suwlth"s sthemg. Unfver5ity. Pensiondesign8tedfU￿ffiY r*tes toftwth Setasldtifr*fv￿reeOThln￿tiOftstWrds thgscheme. in lighl of Ihe revaluak• and th8 kTh)vm Cha￿r￿ by the Sthe￿￿. On 191h September 2024. Ihe Un*Jn frrth tha Skntht unl￿ SuFwannualbJn Sckn and tr998r8d the Secl*in 75 *Jebt and 5tratsgk proJKts d￿9That0d r*wtserts b)a ramaining funds desi9nated lor investhenl in sirntegK woiects relatifig kn Ihe Iuy-tenn developm•nt of the UThDn aller takir¥J atg)unt of tho req￿re￿ needed io wderty down th6 Unty)n the ovent of th& i6akn ¢easY4 *) oporate in tr* [￿e Ihe W of the Chal￿￿85 lth>'w the se¢XOr. Pagts 34 UNIVERSITY OF LEICESTER STUOEPITV UIIION IAcompany IlmSt•d by gua￿1•¥) NOTES TOTHE FINANCIAL STATEMEMfs leMlkwd) FO E YEAR EMDED JI JULY 2f25 Gwoup- GuTh•nty lunds 2025 funds 2025 T8r*e wets 81.913 1.179.329 81.913 1.179.329 828,529 (gS,2951 Curr•nl a5501s 195.2951 380.573 1A34.(h)2 1,994,575 Group- prfor y fund$ fvnds 2024 2024 Tangiwe ffxed assots 138.285 1.lJ34.967 1.191.7 138285 1.1)34.987 2.W,667 191,138 {1,817.795111.817,7951 Current a55•t5 Cr*thttys due one 357.436 550.451 194.1381 pe￿•￿ s¢hem¢ I￿ 357.436 456.313 2.365,032 11.817.795) 1.360.986 fvnds 2025 zozs 2$ Taryble ffixed assEts FLY￿ ￿et inveslrnents assets cre￿￿S due knltlwn ono 81.913 81.913 449.554 (T6,￿> 810.127 IT6.￿> 360.5n 454.673 815,246 hwlty- prtOT y•* fvnds 2024 ds 2024 Tan9ble assets 138285 138.285 Current assets Credit¢y5 duB wilhin on8 1,191.7 1(0&451 18&9231 11.817,795111.817,79 I83.￿) 357.436 456J14 1.330.06S 11.817.795) 326.W20 Pap 35 UNIVERSITY OF LEICESTER STU0E•I￿ UNION IAcompaThy ￿rn￿ed ty guaRrrteel NOTES TO THE FINANCIAL sfA7EMENT51¢¢)nllnu•dl FOR THE YEAR ENDED 31 JULY X125 17. RECONCILIATION OF NEf 1lOVEIIEKf w Flll*)S TO NET CASH FLOW FROM Net MK4mell•xpendi￿￿I ft¥th• y la5 p8rStatement ofFwbarKaal AdiTr&ilTresl 164,￿1 67,953 61. 119.4671 176,5661 lThtefe$¢ie¢ew1 P4.099} {Iweaseydectea8e in dBblors 1r￿rea￿[detyea$el ￿ C￿￿01$ 23,756 1.157 144,362 P5229) 14,692 124.5211 Nel ¢ash wowl¢J•d byuused kn) •p•ralln9 aEll¥l 1& PEIISION GOlIMITI￿NTs Tht Unlcffj partiQPalos In ihe Sttthts Lhkn sw>e￿INAl￿ Scheme. is a dthi•¢* bonefrt scheme whose Ir￿M￿e[SI￿ consists of empkyees of stLvJents' relat￿ bJdi95 throu9hout the ￿nty. BenefiLs in resped ol $er¥ire up to 30 Selknknr 21K13 are acuued on a salary"bass, ￿ beneffts in r¢speuofseN¢e tTom 1 C4aober 2003 8c¢nHng on a Average Revdued Eamuy (CARE) Wrth ellect from 30 September 2011 the Scheme djsed to aLTnd. Thè most te¢ent valvolton of the Sd*ne wa* earri8d tyjt as •t 30 June 202Z and showed th8¢ the mthel vaue oltho S￿8￿￿$ awts wa5 £1C6.700,INJO With th8se ass•ts ropfysenting 44% olthe value of bonefils that h•J ac£rued to memters aftera1b￿2 for expected lukn8 inu8as85 n eamirys. The an ortgow bag.s amoLmted w e136.600.LW. The assurnptsj￿ havethe mosl $wJnikant effe¢1 w>onthe Rsuhs ¢llh8ValuabOna￿11 lating to IhE fate of rebjm on In¥e5biients atwj the rates of in¢re&se in salark8s Pe￿￿ft$. . LNscount rats.. Bank ol gtl + 1.s% pa. ¢*wwJirg Imr a twm of 13 years to gitts cuN• + 0.25% ￿. caps and ctllas. Employer expressed twms inlwded to fuN*r¥J ¢ef*Jt by 1 Uay 2037 and wdl Incre￿ by at18ast S% e*h yèar. a150 Ind￿ an fry ¢451 of the org¢qro adnthk8trati¥e operaliond expense5 of running the Stherne of £5.038 pa. Swptuses OT deficits whKti arise at future ￿￿tab)n$ also *rya¢l Urtr)nS futu￿ wi1J￿￿￿Tr C¢¥nm1th￿L In addl￿On lo the Fund. Page 36 (A company Ilm*•tl by guarnnl••l FOR ThE YEAR ENDED 31 JULY 2025 19. PEIISIOII COMMITIIENTS Iconttnii•d) Th8 frablty Fyovhkd for kn iespld cltrb• SUSS d•fiut d8cMas•J b) El.817.795 (2024.. t1.817.7951 at 31 Juty 2025. 2025 aalarte ￿wjhtfOm¥1 uy rrtrt payin8nt rnade Deffi￿ thJnd￿g c4)ntsfyAk Athaiial gain 1.817,795 11.ll5,OC¥)I 123.8971 On 19th Septe￿r 2W24. the lthion Studgrt Unton Supgr¥walbJn Sch8m8 d trigg8r*d SeiXh)n 75 debL Unlver511hs SU￿R￿nUdth>n Sch￿￿ IUSS) 8.2% 01 sal¥ies o¥¢r Ih¢ pwifyJ 1 2022 wb"131 2024. al pwl Ihe ￿10 would 4n¢vase to 6.3%. No deficit ￿￿ery p￿n was required ur*Jer ￿ 2023 ¥￿uall0n because the s¢h•m• in surylus on a techwa ts￿. Tl* insbtuts￿ was no I￿g•r requirèd to maka dgficit rno)very conthtAtt#Jns frtyn 1 Janw 2024 and acf4Jrrting¥ r81oas8d thg outstsndlng 1th￿a￿dIabl6 •a￿J•ialv￿uakn oftho ROb"r•￿TrI IrK¥rn Bwldgr* asa131 March 20231th8 datel ond wa8 earried rArt the prOj￿d ui¥rmetho¢ sin￿ Ihe lnstibj1K￿ carmt #Jenbfy its thare ol USS Reb"rwn8nt IrKW* 8￿h￿r Idthed benefftl ass•ts and k"8L*blies. Ihe foUty*irg dèsdosures Ih05• Rl*vaftt tWe assets and liabilities as a The 2023 valuation was Ihe sw48nth vafrjafjrn fur the Sd￿ vThJer the sd*me-spgufic fiJr¥JirvJ rOgm￿ ¥itroduced by Ihg Portths Act 2004. Wh￿ f8ouires schemes ty) have suffloenl aThJ approwate assets to cover 1hextethnK￿ FYovistyJTh8. Al the ¥ah￿tiOn date. the ￿lue ofth? assets ofthe 5themowd$ £73.1 tsuwandthe￿l￿eOllho $themv'$ le¢hr#￿1pmy*i)As*as £65.7 billh)n lndicath.ng a S￿p￿S ￿£7.4 arKI a fimdiThJ rnlb)rA 111%. The cefflpany pwbdpates in tho saLqry sacrTrk* pwtsion sd￿￿&. The staff raxts (note 41 sho the pensiMat4e $￿ary irKbJdes Ihe orry4oyeB sa* sxrifice elunont. The eompary As at 31 Juty 2025 the Unr¢m h•a 3 Meff￿ the Sk**n>). The totsl pertsl)n ￿51 lexc4Jdiry il*saltry sar4ik• pens•)n d¥nanL Ghènges in a5sumpbonslor ¢*l¢ulab"ry the pen￿n Scher￿ Iobthty aThJ deficit fvrrfliry cCrfrtrilyJL￿SI for tr* ¢ompany wa5 £25,330 ￿24.. £28.4681 The tola (￿l￿b￿n$ The NUS AegL￿ Pertsty S¢**me the ￿ar •nounted to £5.77312fd4.. £5.6971. Atlho yoar end. tho charilable ry48d £1,73212024'. £8301. The corthbultrw paKJlo The NaiK¥￿1 EM[*)yT￿l SaVwigsTn￿I INEST) during lh8 yaar amounted to£27,23012024.. £25.0591. At1￿Year8￿. thedwrifaN8 ¢)we(1 £3,517 (2024.. £3,686). P*g• 37 UNIVERSffY OF LEKesTER STUDEHf¥ VI￿N IAeomp•ny Ilmii•d by guar•*•èl IIOTES TO THE FIIW4CIAL STATEMeNTS (¢ontlnuerfi FOR THE YEAR ENDED 31 JULY 2WI5 RELATED PARTf TrAM&4CTIOI•S Cornpany Unl¥•rslty ol L•l￿St•r Slud•nts' Unl•n Trndhig Ltd UnNew5ty of Lewter Sbxknts. TrnthvJ Ltd gift a#￿ £194.W year 12024.. £153A751 charitabla CO￿￿9 baT* actJ)urt and J¥0 ts thaflatle v¥haryeO for the use ol $tslf *nounlDig kn £46.5th) (2024". £51.7661. At the ￿ erKI. UnNwsrfy ¢fL•l￿ster Stydents. Unh)n Tradkng Ltrl £49DI12024.. £33,661}kn Ihe caryany. Group and ¢4xnpany unI￿r￿ty0t LÉlc*sl•r The majority oltP* st￿￿ent Ltrxffis" fiJnthrvJ ts d8fNed frorn ts Un￿sty of L•rxter. is a r•lat•d party as Ihe StrJd¢rtl Vnkn5' prrnlp81 acbth5 wo￿1￿￿ ser¥iG85 to h8 ￿udent The Sluden1 Unirm rec•ws a bkn(* Irom the Un￿¥sity of L￿*s1Or £1.423.000 12024: £1.368,QXI. grants are prtyinJed by Urwernty frKprr4ect support ofnll12024.. Owin9 the ywthe grw nude S￿¢$ of£9,04012024". £33.267lto the UriwrsityofL**thrand made Purcha￿ of £30.59613)24: £58.9721 from the Uruwrsrty of Lgwter. Alth8 ywgnd. £4.(th12024.. £30.432) of LeKest¢r. addlw ts Slud•nl ￿P*S Its i￿*¥j bas1* 7Ns 1$ und•r an ir4Dmal cens• suti￿tIO the SI￿ Un•Jn mawrtaining Ih? tsAklr¥J kn a gwd siai•ofrylr. a r•sull eslNnatod valw lo the st￿ Ufi￿ IDr the free seryred aLrCrfM￿ètIon ha5 b8•n In th8 aC￿unty. b￿Valu￿a ot£498.43512024.. £48S.441)ba$8¢ mArkntrKt4$v+ilhin Le*Attr. DLWiry tha >par lh8 m•J8 sal05 rl £23W2 12024.. t18.049) tr> Unth L•ttsN5 Limrfed. Olher partyes *• fv S*)balJ¢al 0ffl¢4ts TnJs*es as deiaqed kn the Trusle8s' rgpo managemrrt p¢rstyrnl B SI¥￿ In 8. Page JB UNIVERsiff OF LEICESTER STUDENTS UNKIN (A company Ilmlted by guarantee) NOTES TOTHE FINANCIAL STATE¥ENTS Icorflnwdi FOR THE YEAR ENDED 31 JULY 2025 31 JULY 2024 lund5 2(124 Funds 2024 WCOME FROM CHAR￿ABLE ACYIVTfi&8: Donaoons and Clubs ar￿ stt*Oes I￿53.447 1.853.441 5M.876 544.876 214,930 214.930 201.LVJ7 201.087 10.(￿? TOTALINCOME 554 876 2 824 334 EXPENDtTVRE Rai￿￿ funds 61.355 2.025.T28 61.3S5 12 498 2 $28 226 TOTAL EXPEIIDMIRE 2498 258 $81 ET 181375 52.378 234.753 MER RECOGNISED GAINSIILOSSÈS} ActL*8ri81 gansllk)g¥es1 r dofinod ber*ffl TMOVEIAENT IN FUNDS 15 289.732 52.3n 341110 FLINDS Total fv[￿ 713.818 305.058 1,018.876 TOTAL FU14DS CARRED FORWAIU) 1.003.550 357.436 1.360.986 P4• 39 **University of Leicester Students’ Union Limited Audit Findings Report Year Ended 31[st] July 2025** **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** The Board of Trustees University of Leicester Students’ Union Limited 8[th] January 2026 Dear Trustees, ## **Audit findings for the year ended 31[st] July 2025** This Audit Findings Report highlights the significant findings arising from the audit and sets out the key matters which we are required to formally report to those charged with governance in accordance with International Standard on Auditing (UK) 260. As you will appreciate, our audit procedures are designed primarily to enable us to form an opinion on the accounts as a whole. Our procedures include such tests of the accounting records and internal control systems as are, in our opinion, necessary for audit purposes. Consequently, whilst our procedures may identify certain weaknesses which may exist, the audit procedures in themselves should not be relied upon to reveal all the weaknesses which may exist in the system. This report has been prepared for your sole use and we assume no responsibility to any other party in respect of its contents. The report should not be disclosed to any third party without our prior written consent. This report is not exhaustive and deals with only the more significant matters which came to our attention during the audit. Other matters of lesser significance have been discussed with the relevant staff during the course of our audit work. In conclusion we would like to take this opportunity of expressing our appreciation to all your staff, particularly Nicola and Lindsey, for their assistance and co-operation during the course of our audit. If you have any queries on any of the points in this letter, please do not hesitate to contact us. Yours Sincerely ## **Knox Cropper LLP** **1 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** **----- Start of picture text -----**
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|Audit Overview|Pages 3-4| |---|---| |Materiality and Audit Adjustments|Pages 5-6| |Key Audit Risks and Conclusions|Pages 7-8| |Internal Control Observatons and Recommendatons|Pages 9-12| |Emerging Issues|Pages 13-17| |Leter of Representaton|Pages 18-20| **2 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Audit Overview** ## **General** The purpose of our audit is to gather sufficient evidence to allow us to conclude that the transactions and balances disclosed in the accounts are unlikely to be materially misstated, to establish that disclosures reflected in the accounts comply with the requirements of legislation and relevant accounting standards, to assess whether the accounting policies adopted are appropriate and consistently applied and to assess whether judgements exercised and estimates made in the preparation of the accounts are fair and reasonable. ## **Audit Report** We confirm that we have completed the audit to our satisfaction and intend to issue an unqualified audit opinion on the Financial Statements. This means that we have no material reservations over the figures or information disclosed in the financial statements. The wording of our audit report is in accordance with the standard text for unqualified audit reports prescribed by the Financial Reporting Council. Our report also includes a section which is specific to this audit setting out our response to the risk of material misstatement in respect of irregularities arising from non-compliance with laws and regulations, including fraud. ## **Estimates and Judgments** The estimates and judgments made by management affecting the financial statements are depreciation, accruals and prepayments. We have concluded that management have exercised judgments and calculated estimates in a fair and reasonable way. ## **Accounting Policies and Disclosures** The accounting policies which have been adopted in the financial statements are in accordance with Generally Accepted Accounting Practice and are, in all material respects, appropriate to the organisation’s operations and in compliance with FRS 102 and the Charity SORP 2019. Adequate consideration was given to the potential impact of changes in legislation and accounting standards which arose during the year. No significant changes arose during the current year which affected the financial statements and therefore the form and content of the accounts are consistent with the preceding year. **3 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Professional Ethics and Independence** We confirm our compliance with the Ethical Standard issued by the Financial Reporting Council. We confirm that we have not carried out any non-audit work which could impair our independence and there are no other matters in relation to our audit engagement which we consider should be brought to your attention. ## **Other Audit Matters** In accordance with UK auditing standards, we confirm the following matters in relation to our audit of the financial statements: - a) We have not identified or been made aware of any incidents of fraud or suspected fraud. We would emphasise that our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. - b) We have not identified or been made aware of any incidents of non-compliance with laws and regulations which could have a material impact on the financial statements. - c) We have not identified or been made aware of any related party transactions other than matters which have been disclosed in the financial statements. - d) We have received all requested third-party confirmations which represent an essential element of our audit evidence. - e) Apart from the matters set out in this report, there were no significant matters discussed with management during the audit which we are required to bring to your attention. There were no significant disagreements with management or any limitations placed on the scope of our work. No significant difficulties were encountered during the audit. **4 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Materiality and Audit Adjustments** ## **Materiality** Materiality is used both to plan the nature and extent of audit testing and to evaluate the effect of misstatement. In accordance with ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to include details in this report of all unadjusted errors which are below materiality unless they are clearly trivial. Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these. Omissions or misstatements are regarded as material if they would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement. Our assessment of materiality for the year ended 31[st] July 2025 was calculated as follows: ||£|**Explanaton**| |---|---|---| |Overall Materialityfor the Financial Statements|44,425|Accounts materiallymisstated where total errors exceed this value| |||| |Performance Materiality|33,319|Workperformed to capture individual errors at this level.| |||| |TrivialityLevel|2,221|Unadjusted errors above this level are reported.| **5 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Audit Adjustments** All material adjustments arising from our audit work have been discussed with management and appropriately reflected in the financial statements. These adjustments were as follow: |statements. These adjustments were as follow:|||| |---|---|---|---| |**Reconciliaton to management accounts**|**Charity**|**ULSUTL**|**Total**| ||**£**|**£**|**£**| |**Surplus/(defcit) per management accounts**|**239,267**|**194,904**|**434,171**| |Clubs and societes income|623,873|-|623,873| |Clubs and societes expenditure|(620,421)|-|(620,421)| |USS actuarialgain(changes in assumptons)– scheme no longer in defcit|51,606|-|51,606| |SU Lets surplus foryear|144,362|-|144,362| |**Surplus/(defcit) per statutory accounts**|**438,687**|**194,904**|**633,591**| We confirm that no misstatements were detected during the audit which remain uncorrected in the financial statements other than matters which are both individually and cumulatively clearly trivial. **6 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Key Audit Risks and Conclusions** The following schedule sets out the key risks which we identified as part of our audit planning. It sets out our approach to ensuring that these risks did not give rise to any material misstatement in the financial statements and our audit findings. ## **Risk** **Audit Approach Audit Findings** - **1 Completeness of income** Completeness of income is always We carried out testing on the various We are satisfied following the review of considered high risk and audit procedures income streams and the controls around income documentation and analytical need to be devised to address this risk. them. We also performed analytical procedures that income is not materially procedures for testing income trends. mis-stated within the accounts. - **2 Classification of income** Income received by the Charity could be We reviewed the underlying supporting This was tested as part of our income and subject to restrictions and therefore documentation for income to ascertain expenditure testing. Classification of income may need to be treated as whether restrictions applied and we income appears to be fairly stated in the restricted income. reviewed expenditure from these funds to accounts. ascertain whether the imposed restrictions were being adhered to. - **3 Payroll costs** Payroll expenditure is a substantial part of total expenditure therefore this is an area, which although not a high-risk area, will be thoroughly reviewed due to its materiality. We performed a proof in total on the Payroll expenditure appears to be fairly payroll costs by agreeing the payroll reports stated in the accounts. However, there was to the accounts. We also performed an issue with the pension administration. substantive testing on a sample of We have included a point in the Internal employees, including checking contracts of Control Observations and employment. Recommendations section below. **7 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **4 Management Override of Controls** This represents a key risk for all We checked that controls were applied We did not find any instances where organisations and we are required to consistently throughout the year and management had overridden controls. specifically check to ensure that there is no reviewed a sample of journal adjustments evidence of management override during to ensure they are valid. the year. - **5 Related party transactions** Identification of all related party We reviewed and assessed the controls in This was tested as part of our income and transactions conducted throughout the place to identify and disclose related party expenditure testing. We requested that year. transactions and looked out for related related party declaration forms were party transactions during our review of the completed by all trustees and senior accounting records. management. No issues noted were noted. - **6 Joint Venture** There is a risk that the joint venture has not We reviewed the audit file of the joint We are satisfied following the review of the been correctly accounted for and there is a ventures auditor to ensure that we are audit file of the joint ventures auditor that risk of material misstatement in the joint satisfied that there are no material the joint venture has been correctly ventures accounts. misstatements and that the audit work has recognised in the accounts. been satisfactorily completed. **8 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Internal Control Observations and Recommendations** We are required to report to you, in writing, significant deficiencies in the internal controls and the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all deficiencies in the system and, as a result, the matters reported may not be the only ones which exist. We have categorised the internal control deficiencies using a colour-scale rating system. The key to which is as follows: Control weakness is not significant but we recommend that it be addressed to comply with good practice Control weakness is serious and needs to be addressed Control weakness is of critical importance and needs to be addressed as a priority ## **Matters Brought Forward from the Previous Year** > **Updated Observation Recommendation Management Response Risk Rating 1 Personnel Records - Last year Last year** Part of our audit testing involved a review We recommend that the Union always of personnel files. We do this to ensure hold the signed contract of that a valid contract of employment exists employment on an employee’s for all members of staff. In a few instances, personnel file. An exercise should be personnel records held did not always undertaken to obtain signed contracts contain a signed contract of employment of employment for all employees. or the contract was missing. ## **Current year Current year** We are pleased to report that all This issue has been resolved. employees tested this year had a signed contract. **9 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** **2 Bank reconciliations - Last year** During our testing we found that there were a few older reconciling items, which need to be resolved. Included in the bank reconciliation at the year end is the payment for the July credit card statement, which reduces the actual bank balance and has created a negative bank balance in the accounts. The payment does not go through the bank account until 1[st] August 2024 and should not be a reconciling item. **Current year** We noted that the credit card payment was correctly not included in the bank reconciliation this year. **Last year** We recommend that old reconciling items are reviewed and reconciled in a timely manner. Management should consider writing off old reconciling items after a set period. The credit card payment from the current account to pay off the credit card should be posted on the date that it is paid. **Current year** The above recommendation is still valid in relation to the outstanding reconciling items. However, we found that there was one older reconciling item, which need to be resolved and there were items that were included in the bank reconciliation that have gone through the bank before the year end but have not been entered on Sage yet. These are not reconciling items. **10 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Matters Arising in the Current Year** > **Risk Observation Recommendation Management Response Rating 1 VAT review** VAT does not appear to be materially Given the complex nature of VAT within misstated. However, there are a couple of the charity sector, we recommend that areas that a VAT review would look at in the Union considers having a VAT more detail to ensure that the Union is review undertaken. recovering all input VAT that it can and that it is accounting for VAT on societies income correctly. VAT in the charity sector is complex and any changes to the Union’s activities or changes in VAT regulations could impact on the VAT compliance of the Union. **2 Pension auto-enrolment obligations** There were a couple of employees who had Consideration should be given to put in not been correctly auto-enrolled into the extra checks of the payroll by the pension. One employee should have been Union’s payroll department to ensure auto-enrolled into the pension scheme that they are satisfied that the payroll because their pay was over the earnings and pensions have been correctly threshold. However, they had not been processed. enrolled because the annual threshold was used instead of monthly threshold. As the We understand that management will employee is paid monthly, this is the review the payroll to ensure that there threshold to use. The other employee was are no further issues with other enrolled into the scheme one month late. members of staff. **11 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** **----- Start of picture text -----**
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- **3 Funds review** The Union has total funds of £1,994,577 at We recommend that the designated the year end. £2,509,394 of these funds are funds are reviewed to ensure that they designated, £1,179,329 relates to the share are still appropriate and can be of net income from the joint venture and justified. £1,330,065 has been designated for capital and strategic projects. As the designated funds are greater than the total reserves, the General reserves of the Union are now in deficit by £875,705. **12 |** P a g e ## **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Emerging Issues** ## **Charity Legislation** ## **Charities Act 2022** - The provisions of the Charities Act 2022 have now been fully implemented. - The Act does not impose any additional obligations on charity trustees. Instead, it simplifies the administrative steps which trustees are required to take when making certain decisions. - The main provisions which were implemented in October 2022 were: - The power to pay trustees for the supply of goods to the charity - A simplified process for dealing with situations where an appeal fails to raise sufficient funds or raises too much - The power to make certain ex-gratia payments without charity commission approval - The main provisions which were implemented during 2023 were: - The power to spend small permanent endowments and borrow up to 25% from any permanent endowment - A relaxation of the requirements when charities are selling land, including a widening of the list of experts who can advise, and discretions on how to advertise. - The main provision implemented in March 2024 was: - The power to make amendments to the charity’s governing document without Charity Commission approval, except for 'regulated alterations' (such as a change to the objects) which will continue to require approval. ## **Company Law legislation: Companies House Reform** ## **Economic Crime and Corporate Transparency Act** - The provisions of the Economic Crime and Corporate Transparency Act 2023 are in the process of being implemented, enhancing Companies House's role in ensuring the accuracy of the register. - Under the provisions, Companies House has greater powers to query, challenge and remove information on the register which appears to be inaccurate or inconsistent. - With effect from Autumn 2025, identification checks will be carried out on all existing directors, persons with significant control and officials with responsibility for filing with Companies House, such as a company secretaries. This will affect all charitable companies, trading subsidiaries, and corporate trustee companies. **13 |** P a g e **----- Start of picture text -----**
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## **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** - The provisions relating to the requirement to file all accounts using approved software is not expected to be implemented until late in 2026. ## **Employment and Payroll Legislation** - The salary costs of charities will have increased from April 2025 due to the increased rate and lower threshold for employers’ national insurance and increases to the national minimum wage. - A number of changes to employee rights have also already been implemented including the right to request flexible working hours, redundancy protection for employees on maternity leave and statutory right to a week’s unpaid carers leave. - **The Employment Rights Bill** contains provisions to provide employees with rights and protection from their first day of employment, including parental leave, sick pay and protection from unfair dismissal. Sick pay will also be reformed with no lower earnings limit or waiting period. Significant changes to zero hours contracts are also proposed. - From 6 April 2027, all benefits will be required to be processed through the payroll instead of through P11Ds, with the exception of beneficial loans and living accommodation. This will require up to date and accurate information being available in real time. ## **Accounting and Reporting** ## **Changes to Charity Financial Reporting** - **Financial Reporting Standard (FRS) 102** has been updated and is effective for accounting periods commencing on or after 1 January 2026. All charity Financial Statements are required to comply with FRS 102. The two principal changes in the updated standard are: - The requirement to account for most operating leases, including property leases, on the balance sheet. As a result, for those charities that lease assets, there will an increase in assets and liabilities on the balance sheet. - The requirement to implement a five-step revenue recognition model for income derived from exchange contracts (trading/business income). Charities will need to carefully assess their revenue recognition accounting policies to ensure they are compliant with the new requirements. - **The Charity Statement of Recommended Practice (SORP)** is in the process of being updated and a consultation draft was issued in March 2025 (available at charitysorp.org). and. Its effective implementation date will also be for accounting periods commencing on or after 1 January 2026. The draft revised SORP: - Incorporates the changes to FRS 102, referred to above. **14 |** P a g e **----- Start of picture text -----**
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## **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** - Categorises charities into 3 tiers, based on their income, which determines the amount of disclosure required. For example, in future, only charities with income exceeding £15m will be required to produce a cash flow statement. - Substantially revises the reporting requirements of the Trustees Report with a greater focus on impact reporting and areas considered to be of key concern to stakeholders including sustainability reporting, going concern reporting, reserve reporting and additional details about volunteers. ## **Consultation on Charity Financial Thresholds** - In April 2025, the Department of Culture Media and Sport commenced a consultation into raising a number of financial thresholds to reflect inflation since the thresholds were first set. These thresholds include the financial thresholds above which charities must: - Register with the Charity Commission - Submit an annual return - Prepare accounts on the accruals basis - Have an independent examination of their financial statements - Have an audit of their financial statements - The government response to the consultation is planned for September 2025. ## **The Charities (Annual Return) Regulations 2024** - These regulations came into force on 1 January 2025, outlining the information required for annual returns for financial years ending on or after this date. New questions include details on high-value donations and whether charity property is held by a holding trustee. ## **Recent Charity Commission Guidance** ## **Updated Guidance on Charities and Investment (CC14)** - This revised guidance was drafted in August 2023 following the **Butler-Sloss** case. - The guidance makes it clear that trustees have discretion to take other factors into account, apart from maximising financial return, when setting the investment policy. Such factors may include: - Avoiding investments which conflict with the charity’s objects - Avoiding investments which might cause reputational damage - However, trustees’ personal opinions or preferences should not be taken into account. **15 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Updated Guidance on Decision Making for Charity Trustees (CC27)** - This updated guidance, which was issued in September 2024. states that the trustee decision making process should follow 7 key principles. - Trustees should clearly record their decisions and take responsibility for them, 'jointly' and 'collectively', even where delegated. ## **Updated Guidance on Trustee Meetings (CC48)** - Trustees should review their Governing Document to consider whether it needs to be updated in relation to Trustee Meetings, including procedures for on-line meetings and decision making by telephone and e-mail. - Changes such as these to the Governing Document no longer need approval from the charity commission. ## **Guidance on Internal Controls (CC8)** - The restructured guidance, which was issued in April 2023, is now more concise and it covers issues that were not in existence or widely relevant to the sector when first drafted. New sections cover the use of mobile payments systems, such as Google Pay and Apple Pay, and the receipt of donations in the form of cryptoassets, such as cryptocurrency and NFTs. - Existing advice on more traditional risks, including the risks relating to fundraising and public collections, making payments to related parties, and operating internationally has been updated. There is also a new section on accepting hospitality. ## **Guidance on Social Media Use** - This guidance, which was issued in September 2023, recognises the increasing importance of the use of social media to engage with beneficiaries and the wider public. However, it also highlights the risks and the need for mitigation. - The guidance states that where social media is used by the charity, there should be a policy in place (appropriate for the size of the charity) to mitigate the risk of reputational damage and to assist the charity to promote its charitable purposes. ## **Guidance on Accepting or Refusing Donations** - Although there is an expectation that Charities will accept most donations, there may be occasions when Trustees refuse a donation. A decision to refuse a donation may be for operational reasons (for example, the conditions attached are unacceptable) or for reputational reasons (the donor may not be acceptable). - Trustees should base any decision on the best interests of the charity and should not take into account personal opinions. **16 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Cyber Security** The Charity Commission has issued further updated guidance on the measures Charities should take to mitigate the threat from cybercrime and on how to report incidents of suspected and actual cybercrime. **Governance Codes** ## **Revised Charity Governance Code** A new version of the Charity Governance Code is expected in 2025, offering updated best practice guidelines. This will help charities review their governance structures, ensuring they are transparent and accountable. Charities should review the updated code upon its release while continuing to utilise the existing code. - https://www.charitygovernancecode.org/en/front page ## **Review of the Code of Fundraising Practice** The Code of Fundraising Practice is undergoing a comprehensive review, with a 'soft launch' scheduled for 2025. The revised Code aims to be more principles-based, shorter, and easier to use, with new rules on unstaffed collections and fundraising platforms. A six-month transition period will follow the launch. https://www.fundraisingregulator.org.uk/more-from-us/get-involved/code-review-2022-24 **17 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Letter of Representation** International auditing standards require us to obtain, from the trustees, a number of specific representations and also confirmation of any other material representation given to us during the course of our audit which forms part of our audit evidence. The representations should be made on the basis of enquiries of management and staff with relevant knowledge and expertise. The following is the full list of representations which we will require to be formally provided to us in a letter, signed on behalf of the trustees, prior to signing our audit report. ## **Confirmation of Responsibilities** 1. We have fulfilled our responsibilities as trustees under the Companies Act 2006 and the Charities Act 2011 (“the Act”) for preparing financial statements, for the year ended 31[st] July 2025, which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charity SORP). 2. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit. 3. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that: - so far as each Trustee is aware, there is no relevant audit information of which you as auditors are unaware; and - each Trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information. ## **Estimates and Judgments** 4. We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102. 5. We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act. **18 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Post Balance Sheet Events and Commitments** 6. We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements. 7. We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements. 8. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Related Parties** 9. All grants, donations and other incoming resources, receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms and conditions in the application of such incoming resources. ## **Related Parties** 10. We confirm that we are aware of the definition of a related party as set out in FRS102 and the charity SORP. 11. We confirm that we have disclosed to you all related parties and related party transactions relevant to the charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act. 12. We confirm that the charity has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements. ## **Laws, Regulations and Contractual Agreements** 13. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its operations, non-compliance with which could affect the financial statements. 14. The charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance. **19 |** P a g e **University of Leicester Students’ Union Limited Audit Findings Report for the year ended 31st July 2025** ## **Internal Control and Fraud** 15. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year. 16. We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others. ## **Going Concern** 17. We confirm that, having considered financial projections which reflect the charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the charity’s financial statements should be prepared on the going concern basis. ## **Uncorrected Misstatements** 18. We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole. **20 |** P a g e