2024-06-30-accounts

Company registration number. 062948S7 Charity registration number. 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION CONSOUDATED FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2024

Conwny rngistrJtion nUrn￿r. Charity registration numbgr: 06294857 1138187 UNIVERSttY OF UNCOLN STUDENTS. UNION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 CONTENTS Member5 of the Board and Professional Ad¥isofS Trustees Report (incorporating the strategic report) Report of the Independent Auditor 21 Consolidated Statement of Financial Activitss 24 Consolidated Balance Sheet 25 Consolidated Statement of Cashllows 26 Accounting Policies 27 Notes lo the Accounts 30

Company registration number: 06294857 Charity registration number: 1138187

UNIVERSITY OF LINCOLN STUDENTS' UNION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 JUNE 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Secretary

James Brooks, Group Chief Executive Officer

Trustees Date of Appointment Date of Resignation Judith Carey 20th March 2023 Sue Liburd 1st January 2019 Abbie Eke 21st April 2020 Grace Corn 21st May 2021 5th July 2024 Kirstie White 5th July 2023 Harriet Dempsey 7th July 2023 5th July 2024 Grace Smith 7th July 2023 3rd October 2023 Hannah Clarke 7th July 2023 Zuzanna Romanska 8th July 2022 5th July 2024 Lewis Parkin 7th July 2023 5th July 2024 Nicole Robson 8th July 2022 5th July 2024 Roseline Archibong 8th July 2022 5th July 2024 Hafiza Munir 18th September 2023 2nd May 2024 Ella Pike 5th July 2024 Thomas Woodcock 5th July 2024 Verandar Yuen 5th July 2024 Sarah Jane Mills 30th August 2024

Senior Staff

James Brooks, Group Chief Executive Officer

Senior Management Team

Hannah Coleman, Group Deputy Chief Executive Officer Helen Houghton, Group Director of Finance (left 23rd October 2024) Gavin Shields, Director of Commercial Services Hannah Setchfield, Chief Finance Officer (joined 14th October 2024) Emily Traves, Director of People

Registered Office and Principal address

The Engine Shed Lincoln Students' Union Brayford Pool Lincoln England LN6 7TS

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Company registration number: Charity registration number. 06294857 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity number 1138187 Registered Company number 06294857 Bankers Lloyds TSB 202 High Street Lincoln LN5 7AP Solicitors Wilkin Chapman The Maltings 11-15 Brayford Wharf East Lincoln LN5 7AY Registered Auditors Wright Vigar Limited 15 Newland Lincoln LN1 1XG External Afflllatlons Under the Education Act 1994, the Union is required to report to its members. on an annual basis, all current external Affiliations. At the time of writing. the Union was affiliated to the following organisations: BUCS (Brf(ish Universities and Colleges Sport) - British American Football Association (BAFA} Basketball England Brit15h Dodgeball Brit15h Fencing Lincolnshire Football Association England Lacrosse Rugby Football League Rugby Football Union student's Rugby Football Union United Kingdom Ultimate - Volleyball England Northem English Universities Trampolining British Canoeing University Gymnastics Cup Lincolnshire District Sailing Association - Archery GB British Universities Sailin9 Association University Darts UK East Midlands Kortball Association Page 2

Company rngistrntion number: Clwity registration number: 06294857 1138187 UNIVERsrrY OF LINCOLN STUDENTS. UNION TrUSTEES REPORT lincorporating the Strategic Report) FOR THE YEAR ENDED 30 JUNE 2024 The Trustees who are also directors of the chath for the purposes of the C¢Jry)anies Act 2006 present their report wrth the finanryal statements of the chanty for the year ended 30 June 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORP)'Accounting and Reporting by Charilies. prepariro their accounts in accordance with the Financial RepoFtng Standard FRS102 leffecbve January 20191. Vision Empower students to fvffil their potential through building a community that innovatwety represents. supports and creates opportun￿.es. Mission Our mission is to creats a supportive. collaborative. innovative commjnity that fostets indu5iVrty and b81onging. We bel>eve every student deserves a chance to succeed aThJ strive to create an environment whwe all can thrive p8rsonally, academically, and professionally. Valu0$ Quality Strong Innovative Inclu$ive Honest Dynamic Our Objectives and Aims The Education A¢1 1 W sets out Ihe powers and responsibilities of Students, Unions and we must operate within these parameters. The objecttrves of the Unwetsty of Lin¢oln Students, Union ISUI are the advancement of education at the University of Lincoln IUOLI for the public benefrt by.. promoting the interests and weware of our members during their ￿urSe of study. as well as offering repre$entstion. support and advice; being the ￿cogn￿ed representative channd ttsveen our members and UOL and any other extemal bod￿5., and providing social, cultural. sporting and recreational activths and forums. for discussions and debate, for the P8rsonal development of its memters. In pursuit of these aims, we ensure the diversty of our rnembership ts re¢c3Dised. VaK￿d and supported, and as such have established deparbnents and SeNi￿S to support our memters. Public Benefit Requirement The Truste95 have given due cons￿eratIon to Charity Commission published gUKlan￿ on the public benefft when reviewin9 the Su's aims and obiectives, and in planning fvture activities. Operating Departments thin our current Strategic Plan, the SU has devehjped three key themes that we are currentty prioritising: Student Communitse5 Student Representation Student Support & Advice Page 3

Company registration number: Charity registrdtion number: UNIVERsiff OF LINCOLN STUDEKfs' UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 06294857 1138187 Strategy Following on from the Covid-19 pandemic, Lincoln Students, Union has steadily been re-buill. The new Strategy, Ihe staff and management have a new focus. Higher EdU￿tion is undergoing a significant period of change. due to the cost-of-living crisis which is impacting the ULSU Group's income and Fls membeTS' behaviour. Lincoln Students. Union understood that il must be adaptsble and resilient to be abk to manage this change, but also to live up to its value of being dynamic and innovative. Within the year, the Students, Union Universrty grant ha5 been reduced svjnikantly due to a reduction in the University of Lincoln Student numbers and aSsO￿ated income. This has been caused by the freezing of tuition fees. the change in international Student VISA conditions and the decrease in students going to Universty. However, this ¢hange is not expected lo have a significant finanryal impact on the Group as Trustee's management team reacted quid(ty to the upcoming challenges that may be fa￿d in the academic year and thanged the size ofthe staff team lo refflect the reSoUr￿S available. The main aim for the Board going foThvard is to focus on Lincoln StLtdents' Union being innovabve - a modern Students, Union. with govemance to match. In April 2023, the Board of Trustees approved the 202>28 Strategy. following exien&ve research conducted by RedBrick over the 2022-23 period. It was agreed that the Govemance Review would follow the implemer¢tation of this Strategy to ensure that they were aligned and cohesive.. this will be one of the first key steps forthe y8ar 202>24. The goveman¢e review was undertaken. and new govemance was put in place from 1 July 2024. As ever, we a¢¢ept that our plans will evolve. be dynamic and readive to our members. needs. However, we are Committed to working towards our new Strategy. We will be detetmined yet hUrnb￿ in developing a diverse and adaptable organisation that students at the University of Lincoln can be proud of and makes an impacthjl and rec¥)gnisable diffe￿n￿ to their student experience. Achievement and Perfonnance Charitable Activities Throughout the year. we have huge strides working towards our new Strategic aims as outlined in our 202312028 strategic plan. Lincoln Students. Union continues lo maintsin its member servi￿$ as the heart of its operations and has based its 2023-28 Strategy on these tried and tested areas. The achbevements and a￿a$ ofwort( of the various departments within the Charty in the last tsvelve months have teen Olrtlined in further detail below. Page 4

Company registration number: Charlty registration number: 06294857 1138187 UNIVERsrfY OF LINCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Achievement and Perfomian¢ea continued Student Communities As an SU in 2023124, we were ab￿ to offer 42 sports dubs, 49 soc4eties and 32 academic societies in total for our members to gel involved in,. not onty doe¥ this have a considerable impact on their social live, and therefore on their overall wellbeing, but it also has a positive impact on their a(xlemic athievements. We had 2.224 unv4ue sports dub memberships and 1.956 unique society mèmberships in the academic year 2023124. this number of membership5 is 21.5% of the student population. In March 2024, the Varsity comFetition was held in Hul. with Lincoln wnning for the 51X years in a row with a tumout of over 750 students from Lincoln. 29 activities competed with over 60 different fLxlures ac*oss the day with Lincoln winning over 38- 17. In addition to Varsity, Lincoln's perf0mlan￿ in the BUCS coMpet￿On was notable. Running from 11th October 2023 to 5th June 2024, the competition saw Lincoln finishing 61st overall in the BUCS points table. The year saw 142 unique entries into BUCS events, marking a 35% increase from the previous year. These events spanned a wide range of sports, including Swimming, Tabb Tgnnis, Handball, Pod, Archery. Karate. Trampolining. Powerlrfting, and Rowing. Lincoln achieved five league victories and signfficantly reduced the number of teams finishing * the bottom of their respective18agues. from 11 in 2022123 to just 6 in 2023124. BUCS Fixturg stal" General Overvi8W'. 22-23 Season 417 156 2&24 Season Chang8 -15 Games Played ns 405 177 206 Losses Draws Win per￿ntsge 244 17 39.45% 46.42% Pla¢gmgnt In loa ues: League Placement 22-23 Season 12 23-24 Season 10 Change Given the above infomiation. it shows that performance has increased dramatically across the institution, with significandy less teams being kM)ttom of their leagues, and more team's being in those 1st and 2nd Pla￿ positi.ons. The following report is a detailed breakdown of the 2&24 Season. aeross 21 dubs and 44 different teams. Wrth the season over for all contained sports. this document takes a doser look at the Strengths and weaknesses across the institution, from a financial, competitive. and indusivrty point of view. Page 5

COm￿nY registration number: Charrty r•gi5tralion number.. 06294B57 1138187 UMVERSITY OF LINCOLN STUDE1￿$. UNION TRUSTEES REPORT FOR The YEAR ENDED 30 JUNE 2024 Achievomont and Perfornianctr continu•d BUCS Fixtu1• statlstics: BUCS Club Makeup 90% 70% 50% 30% 2( BIXSMEMtQf5￿PS • ScKid MErnter5 The above graph shows the rnakevup of BUCS CILths. in twns of those that are ¢))mFebrvJ in BUCS fixtures. and those that are just part of the dubs sooally. Those wth 8 BUCS rnak&up of al0￿d 80% tend to fcKJJs primarity on BUCS, and dts not currenuy offer any attemative fomis of competth'on. Those around the 65% mark teThJ to havè a more so¢ial asrert to thwr dub, but still tend to not provide extemal CoMpetitK￿. Finalty, Ihose below 50% Iwd to provKle at least some compebtm external to BUCS have a thriviThJ social element lo their club. The FeekGocd PrcxJramme has continued to grow signifrcantty. 1,855 unliue aitendees over the academ￿ ye8r and an average weekly attendance of 485, reflecting 8 25% increase oJmpated to the prevK)us year. The prograrrwne tsffe￿ a rarvje of 5POrts induding football, badminton, table tennis, squash, basketball, volleybal. gymnasb"¢s, •Yl lacr0$5e. The ￿aph t)eJow shcw5 the attendan￿ for the academic year split be￿een the varty ol social sport séssions available. Socfrtslspori S•sslons Atl•ndnD£• 2023124 Page 6

Company registration number: Charity registration number: 06294857 1138187 UNIVERStrf OF UNCOLN STUDEKfs' UNION TrUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Achievement and Performance- continued A key development this year was the intrc#Juction of Thoughthjl Thursday sessions. which were added to the weekly social sport provision. These sessions focused on student wellbeing and fostering a sense of communty. with actFvitie5 like pumpkin carving, therapy dog visits. sipan(kpainl events, and craft sessions. This saw 301 unM]ue attendees split between the various sessions in the table pictured below. THOUGHTFUL THURSDAY'S SESSIONS 2023124 SESSION ATfENDANCE Pumpkin Carvin & Painl Isession 11 Therapy Do s {Session 11 LUSH Bath Bomb Makin H bridy Therap Do s Isession 21 Cat Café Visit LUSH Easter Bath Bomb Ma￿n Bracelet Makin & Painl Isession 21 Thera Se55ion 3 22 30 19 20 19 17 Looking ahead to the 2024r25 academic year. the programme aims to eng￿￿ 2,500 uniqu8 students and expand ils offerings by intfoducing cuttural events under the FeekGood umb￿1￿. This will fvrther enhance the programme's positive impact on students. wellbeing and campus experÈn. In April 2024, we hosted the second annual We kn Lincoln Awards Sin￿ the COVIt%19 pandemic, implementing significant changes to make the event more cost-effeclive for students. This year. the evenl saw a 79% In¢￿aSe in attendance, with 250 students joining the ￿lebratiOn. A total of 12 awards were presented, alongside Special recognition for the Activity Offi￿r$ and Fee￿Good Ambassadors. The night highlighled individual and club contributions to enhancing student life and wellbeing. The SuC￿S of this yeals event refle¢ts the growiThJ engag8ment and enthusiasm within the student Community. Feedbac obtained during Ihe in¢oming ¢ommrttee training day highlighted the want for more on&off sessions and trips to be incorporated into the FeekGood Programffe. The Programme should look lo deliver one ahemative sessionlevent pei rnonth focusing on larger-scale events. Ideas for these include a UV Sports Festsval, a Jump Inc trampoline park visit and an Alton T¢)wers trip. Cu￿Ural events such as Diwali & Holi should also move to fall under the Fee￿GOOd Pfogramme to hopefully reach a wider aud￿nce and promde provision for intemational students. Following the successful inclusion of various accessible sports during the 2023124 academic year it is recommended that ULSU build on the levels of engagement seen and conts.nue to raise awareness of these types of sessions and deliver them more frequendy. Thoughtful Thursday's delivered high levels of eTrJagement throughout the academic year and therefore recommend the continuation of these sessions and events. Some stand out sessions delivered under Thoughtful Thursday's were Therapy Dog Sessions, LUSH Bath Bomb Making and Pumpkin Carving. These should be seriously considered for rescheduling into the new academic year after selling out. The Stud&nts' Union successfvjlty hosted cullural events like D￿all and Holi, attractirwJ over 700 attende85 in total. These events were made possible through Collaborat￿nS with university departments such as ResLife and the Chaplaincy, helping lo foster a sense of community arnong the universty's diverse student bc>dy. Addiknonalty. the Union Ofganised a Christmas and Easter Student Market, which saw over 1.500 attendees combined. These markets not only created a festive atmosphere but also provided a platfonn for student-run businesses. promoting entrepreneurship and offering practical SUPFM)rt to help grow their ventures. Page 7

Company regtstratlon number: Charity rngistration number: 06294857 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Achlevement and Perforniance- conlinued Volunteering. Liberation & Campaigns We believe that preparing members for Itfe after graluation is integral to our rde in nurturFng our members. It is understood by employers and the SU that valuable skills and work experTrence can be gained through partiupating in a range of aclivthes offered by the SU, such as volunteering or work experIe￿e. and therefore have a considerable impact on a student's employabilty prospects going foThvards. To align resour￿$ and activtties approprialety. last year Volunteering was r&allocated wthin staff responsitrilities. This change aligns to the needs of our members and wth the skills and knowled9e of the staff in that area. We have a new strategy which Is in line wth the new students. community's department. We were delighted that the Lincoln Students. Union was awarded the highest award for Green Impact at level 'EX￿lIent'. The Green Impaci Award recx)gnises positive work throughout the UK through green impad and sustainability programmes. It was a very good achievement for the SU to receive this award. Redaim the night is an event held to hdp promote safety ￿th on and off campus for students. There w8r8 550 members who attended along universty and public key stakeholders. This event has grown year on year. The aim for the coming year is to attract over 1CK]O members to the evening. there is already traction from students and that the event is growing organi¢alty year on year. Representation Ensuring that students are satisfied wtth their programme of study is vtsl to their engagement and, V￿th increasing living costs and fees, rt is more and more important Ihat students COn￿der that they are obtaining value for money from their university. In response to Ihis. and to 8nsure best practi￿, in recent years we undertook a rewew of Representation and implemented several key changes. This includes the fec¥uitsnent of Programme Reps. and changing role tiUe$ tr¢￿￿ Course Rep and PG Rep to Programme Rep to refiect language used by students. It has been a very positive academic year for the student representatK)n team. There have been 804 students placed into representalion posts. Along ￿￿th students being pla￿d into posts. 224 stLJents have partiripated in academic opportunities. At the SU awards this year, we received over 640 nominations for Student Representstion, vthich reflects the positive support and feedback we have r&ived this year. Advlce Centre The orrtampus Advi￿ Centre offers comprehensive, confidential support to our members across a broad range of subjects, including academic. finanaal, and housing cOn￿M$. VbThere appropriate, members are offered referrals to relevant departments of the University or for extemal organisations or charities for fijrther assistan￿ or guidance. The relationship belween the Su's Advice Centre the Universty's Wellbeing Centre is particulaty positive and they work closely together to ensure students receive as much support as possible. In addrtion. to this relationship student union advice centre has a conts.nued relationship with student support and advi￿ within the universty regularly sharing trends and themes. Page 8

Company reglstrdtion number: 06294857 Charity regi$trnlion number. 1138187 UNIVERStrY OF LINCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Achievement and Perfornian¢e- continued Advice Centre - continued The Ad￿llce Centre have had a very successful year, wtlh some very positive feedback received. The SU Big SuNey in May 2024 identified overall thal 920A of students were aware of the Su's Adwee Centre and 920kn of students were salisfied with the service. In a(Idition to this, 89°A of those suvveyed agreed that they would recommend the Advice Centre to a friend. The overall fooffall into the Adwce Centre within the year was 6,347 unique students. As part of the overall range of support to our members, free contraceplives and sanitary products are available for students lo access, as well as a food bank for students experienang financial hardship. Considering the ￿$t-of-liVtrng crisis, we anticipate that this support will become even more crucial next year. In addition. the SU Advice Centre has been able to support students with an overall number of ffinanoal outcomes which include compensation. care packages, and foodbank for a total amount of £89,462. The A¢Greditation S¢heme has had a Gomplete reNiew of the scheme during this summer lo ensure this is up lo standard and fil for purpose. We have implemented a new brochu￿ for advertisements and pay scale, from this we generated 36.360.82 of income and supported 33 Landlord and Estate Agents wrth a portft)lio of a total of 750 properties. Marketing and Communication The Marketing and Communications department of the Students, Union (SU) plays a ¢rueial role in ensuring that our members have a dear understanding of vthat it means to be part of the Students, Union. This includes informing them about the serwces we provide. the positDie impact we can have on their student experien￿, and how to reach out to us when needed. When students are well-infomied in these aspects. it not only uphold5 and promotes the Su's reputation but also encourages positive engagement with all our services and departments. The Marketing and Communications department of the Students, Union (SU) plays a crucial role in informing our student members about the services, opportunities, and positive experiences available to them. This ensures that students understand the value of the SU and are encouraged lo engage with various departments and initiatives. Effective communication is vital in enhancang Ihe Su's reputation and driving student involvement. This year, a Three-year Marketing and CommunirAtions Strdtsgy Starting in 2024, the Head of Marketing developed a three-year strategy based on SU Stralegy. data and insights lo better target communications. Tailoring messaging by student demographics, preferenGes, and needs has led to more focused engagement. The strategy focuses on four key areas: 1. Demonstrdting SU Impact- Showcasing how SU services enhance the student experien￿, ensuring our continued relevance to the university. 2. Representation - Using insights, democratic pro￿sses. and feedback to effectively represent students at local and national levels, while improving engagement with less active groups. 3. Celebrating Students- Highlighting student ac*ievements. ensuring they feel part of the SU community and increasing their willingness to engage and advocate for us. 4. Championing the Brand- Building a stronger. more recognizable SU bland by using consistent messaging, such as 'positive impacv and 'represent your academic interests." to boost brand recognition. Page 9

Company registration number: Charity registration number: 06294857 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Segmentation Model The segmentation model allowed us to tailor communications to specffic student personas-Good Timers, Uncertain Strugglers, Engaged Entrep￿neUrs, and Confident Careerists--as well as key groups such as undergraduates, postgraduates, and intemational students. By customising our messaging for each group, we made campaigns more relevant and impactful. This dat￿riVen approach significantly improved engagement and communication efficiency throughout the year. Student Data and Automatic Enrolment In collaboration with the Diredor of Technical Development, the Head of Marketing secured access to student data through an agreernent wrth the universty. allowng automatsc student enrolment into the SU. This has signfficantly improved our abilty to communicate wtth all students. increasing awareness and early engagement wrth SU services from the start of their university journey. Students Union Management System {SUMSI Ltd The SU continues to innovate and offer cutting-edge resources to our members, setting itself apart as unique within the sector. Our intemally developed CRM platfomi. SUMS. alk)ws our members and staff to engage seamless through an efficient and user-friendly interface,. whilst the ￿ntral database facilitates the delivery of streamlined, effective process4rsven modules which can be tailored to meet specffjic individual needs and requirements. By leveraging data insights gathered through the recording of student engagement activities, SUMS allows us to tailor our services to meet the personalised needs of each individual member. SUMS is now sector-leading system, with the following organisath)ns adopting its features and functionalty wrth their own institutions- Lincoln Students, Union Bath Spa Students, Union Bishop Grosseteste Students, Union Edinburgh University Students, Association Hull Universrty Students, Union Kent Union University of Lincoln Students, Union Loughborough Students. Union Universty of Manchester Students. Union Newcastle Universty Students, Un￿n University of Northampton Students. Union Northumbria University Students, Union University of Nottingham Students, Union Oxford Brookes Students, Union University of Sheffield Students. Union University of Sussex Students, Union University of Lincoln University of Westminster Students, Union University of York Students. Union YO￿ St John Students, Union Imperial Students, Union Reading Students, Union Across the past 12 months, we have implemented a long-tenn Strategic Plan to drive our core ambitions to ensure sustained growth, champion exceptional customer seniice, product innovation, and impact throughout all pillars of the organisation. Page 10

Company reglstratlon number: 06294857 Charity registration number. 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Lincoln Students, Union Trading (LSUT) Ltd Providing somewhere for students to SOC4alise. relax, study, and enjoy themselves is an integral part of our members. University experience" the SU now operates The Swan Pub, Towers, Plattorm and Engine Shed venues. This has again been a very Ghallenging year for the trading subsTrdiary due to the current cost of living cxisis and the change in behaviour of students. There has been a change within the LSUT leadership. Under the new leadership, the team have been able to recover LSUT to a position which was again profitable and raising the standards of the venues. This has been demonstrated by the &stsr SAVI award that was recerved. The tearn are working alongside the 'Best Bar None, regulations to help raise the standards. The &year strategic plan will concentrate on ensuring that we have competent and v￿ll-trained staff. This will ensure that the company is able to grow and expand further. This strategy will help the company return to a positive position and onrE finalised we will add in a new senior leader to take the business fnrw8rd in linp. wilh thiR %*ratp_nv University of Lincoln Commercial (LSUT) 3-Year Strategic Plan (2023 - 2026) Vision: To redefine student Stxial experien￿ in Lincoln while bolstering economic sustainabilty, crealing versatile. valuewcentric spaces that foster community. innovation. and enrichment. Values: Student<entric.' Everything we do revolves around enhancing the student experience. Community Bulldlng: To ￿ltivate a sense of belonging and indusivty. Value for Money.. Delivering qualty products and experiences at competitive prices. Operatlonal Excellence.. Efficient systems. rigorous prccesses. and continuous training Financial and Ethical Sustainability.. To support the Universty of Lincoln Students, Union's future financially and reputstionalty. We operate responsibly, ensuring our profits seNe our largèr mission of supporting the Universty of Lincoln Students. Union. Responsivene$$: Staying abreast of thanging needs. preferences, and national evenls and trends. Through efficiency, training, and staying ahead of market trends, we're ahvays evolving for Ihe better. Key Obje¢lives & Strategies: Efficiency & Profftability.. Generate a £300K surplus for The Univefsty of Lincoln Students. Union wf(hin 3 years. Develop and implemenl comprehensive process effiaencies across all outlets. Engage in proactive and regular ffinanciaF audits to Trdenlify wastage and optimise proffls. Regularly review and refine product pricing and sourcing. ensuring a balance betréeen qualty and cost efficiency. staff Training & Development.. Ensure 8 highly skilled, rnotivated. and customer-oriented team. Conduct regular training sessions emphasising customer servi￿, product knowledge. and efficiency. Invest in extemal ￿rt￿CatiOnS for stsff, particulaty for leadership roles. Foster a culiure ol continuous feedback and improvement with perfonnance incentNes. Reward and recognise high perfomiers. Diverse & Competitive Offerings: Provide an array of food and drink options catering to evolving student and public needs. Expand into more non-alcoholic offerings, keeping wrf(h global health and wellness trends. Introduce unique offerings like bubble tea. Italian santhviches. and milkshakes. Collaborate with established brands like Start)ucks or Costa for strategic partnerships. Page 11

Company reglstratlon number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Lincoln Students. Union Trading (LSUT) Ltd - continued Enhanced Customer Experience: Establish each venue as a premier choice for its target audIen￿. Operational Efficiency and Revenue Boost= Implement robust systems and processes across all outlets. Focus on staff training for improved service delivery and customer satisfaction. Diversrfy product choices and offers to Gater to broader a￿llence preferences. Venue-specific Strategies Towers: Strengthen student ownership throu9h sponsorships and exclusive offers. Develop an entertainment calendar to boost evening frthlls. Explore collaborations with renowned coffee brands for dayh.me expansion. The Swan". Reinforce rts identty as a non-sports social hub. Expand product range with modem offerings like bubble tea and milkshakes. Collaborate with suppliers for events that foster community interaction. The Engine Shed.. Prioritise staff training to adapt servtce qualty and speed of service to the type of event. Diversify entertainment through in-house bcokings and promoter collaborations. Review cost structures to ensure profrtabilty review post every events. Create an assorted entertainment lineup through in-house, promoter-led, and private bookings. Appoint a dedicated Hospitality Manager for dNerse bookings and group events. The Barge: Transfomi into a unique daytime linger spot emphasising its waterside allure. Introdu￿ a coffee-led business complementing the existing alcohol offerings. Unique food offering - Italian sanchviches Transition towards a year-round operation. Catering.. Ensure value for money across all food outlets. Emphasise speed, portion control, and qualty in food seNice. Launch a discreet delivery service expb)iting emerging market demands. 5-bedroom Airbnb operation.. Aim to maintain a Consistent 900A ￿¢upancY throughout the year, tapping into the vibrant student and visitor communty of Lincoln. Maintain our Super host status. Collaborating with local businesses and the broader Universty community, we'll curate unique Lincoln experiences for our guests. ensuring repeated bookings and positive reviews. Robust Marketing & Promotion.. Solidify LSUT Ltd.'s brand presence and boost customer engagement. Invest in targeted marketing strategies, emphasising value propositions unique to each venue. Leverage student influencers and societies for organic marketing. Introduce loyalty programs and special promotions during peak student activty periods. System Implementation.. Integrate technology and systems to further efficiency goals. Explore collaborations with delivery plaffomis like Deliveroo or UberEATS. Utilise the SUMS EPOS systems that provide real-time data analytics to optimise sales strategies. Ensure stock controls are in place and measurable to increase yield to plus 2%. Page 12

Company registration number: 06294857 Charlty reglstration number: 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Lincoln Students. Union Trading (LSUT) Ltd - continued Monitoring & Evaluation Temily staff reviews of progress to assess the progress towards strategic objectives, allowing for timely pivots and adjustments as needed. Annual operational plans in place that set objectives around these strategic principles adjusting for trends and micro environmental factors. This strategy is a sub strategy of the main Universty of Lincoln Students. Union and measurement towards objectwes are reviewed by organisational KPIS. This strategic plan serves as a roadmap to position our Commercial ann (Lincoln Students, Union Trading Ltd.) as the leading choice for students and the broader community. Through these strategic initiatives, we aim to elevate our offerings, foster communty engagement, and ensure a prosperous future, post the challenges brought about by COVID. Wrth a stsunch commrtment to our wsion and objectives, we are sel up to ensure surpluses and retums to support the activities of the University of Lincoln Students. Union. Further Key Achlevements for the Year Ending 30° June 2024 (2023124) 700 attendees to cultural events including. Holi, Ramadan and Diwali in 23124. 1,741 attend&s to our Christmas and Spring Market in 23124. 4,145 members of sports clubs in 23124. 57 % of our m8mbers will say they feel part of a communty at Lincoln in the annual SU Survey. 550/0 of our members will say that the aclivrties of the Students, Union are relevant to my universty experience in the annual SU Survey. 70 unique placed volunteers by June 2024. 1,500 unique members to attend Feel-Good Programme event by June 2024. 604 Reps appointed for 23124. Lincoln won Vansty against Hull for the é year in a row. 550 members attended 'Reclaim the night.. 1,660 Unique individuals have participated in FC Events this academic year. 671 members attended the Spring Market. Wrthin the SU elections, 5,698 students cast their votes. wtth 37.626 votes conducted in total over the academic year and a voter turnout of 33 % of the student body, which was sector leading. 820/0 of our members say the Students, Union effectively represents me and my views in the annual SU Survey. 80Qkn of our members agree that the Students, Union postirvely impacts their well-being in the annual SU SuNey. 89 /0 of our members would reccmnmend the Students, UnK)n Advice Centre to a friend in the annual SU Survey. 3,635 Students attended the Freshers Fayre. 96 % of students would recommend the Freshers. Week programme of events. The Housing Fayre saw over 1000 students attend the biggest housing fayre so far. Page 13

Company registratlon number: 06294857 Charity registratlon number. 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Internal and External Factors Financial Review The SU ended the financial year wilh a balance sheet shOv￿ng decreased assets compared with the previous year due to the inclusion of an asset ceiling cap on the pension asset. The main component of this reduction is an overall decrease of £800K to our pension surplus as determined by our actuary in the in the FRS102 pension reserve due to an asset ￿lling adjustment as explained in the pensions nole in the accounts. Without this adjustment the pension scheme would have had an asset value of £1,109k. It should be noted that the pension reserve's valuation under FRS102 is only a snapshot in time and will likely fluctuate year on year., this is demonstrated by the significant changes befvieen the 2021 and 2024 reserve value that was primarily the result of financial assumptions. The full triennial actuarial valuation, using the projected unit method, shows the true liability, and later in 2025 a new valuation will be completed. In 2022. the last triennial actuarial valuation showed a pension surplus of £618K and this figure is the one Ihat the Tnjstees continue to monitor closely. As per the standard procedure. the Trustees are promded with monthty management accounts whith are scrutinised and reviewed by the Board of Trustees. As outlined in the Scheme of Delegation doGument, all significant capttal expenditure proposals, and aLrthorisations for noteworthy overspends outside of the approved annual budget, are made to the aforementioned groups. accompanied by a full breakdown of the costs and desired outcomes. The financial policie5 are reviewed arid recommended for approval by the Finance Sub-committee. Drior to their beino aDDroved bv the Board of Trustees. Ponsion Schemes The SU operates Iwo schemes - a fvnded defined benefit penS￿n scheme and a defined contribution group personal pension plan which has been offered lo new members of staff Sin￿ 2014. The defined benefit scheme reflects the Su's status as an admitted body within the East Riding Local Authority Pension Scheme. The FRS102 rules require the inclusion of the year end valuation (calculated on the basis defined in that standard),. the resultant surplus has been detemiined to be £1,109k prior to the asset ceiling adjustment {2023'. £800k). Note 17 to the financial statements gives furth8r details. Although the pension fund deficit poses a long-term issue for the SU, the Tnjstees recognise that the FRS102 does not, of itself, affect cash flows because Ihe SU makes employer contributions to the pension fund on the basis of advi￿ from the scheme actuary as part of their report on the lriennial valuation. Following the 2022 triennial actuarial valuation, the primary employer contribution rale (cosls of new beneffts a¢ffliing or the fvture service rate) increased to 37.5'fi. Reserves Policy The cash reserves are reviewed by the Board of Trustees on an annual basis. to ensure that sufficient funds are retained and thereby allow for unexpected eventualilies as well as anticipated liabilities. The Reserves Policy of the SU is to maintain reserves which equate to approximately 12 weeks of ongoing operating costs (excluding casual staff costs on zeroThhour contracts). which currently stsnds at £1,134,970 for the group and £506,800 for the parent charity. This prowdes the SU with a strong cash Ilow position. The organisation has 24 month business continuity insurance in place to ensure that should there be an insured matter that prevents the organisation from operating, the costs will be covered by our insurers. At the year end the lotal reserves of the charitable group were £2,299,288 {2023'. £2.9H,363). Unrestricted reserves were £2,297,951 (2023". £2,943,816) and restricted reseNes were £1.338 {2023: £547>. Induded in unrestricted reserves of the group were amounts related to fixed assets of £990,950 {2023- £1.162,429) and a long-term pension debtor of £nil (2023= Debtor of £800,000). The free reserves available to the charitable group were £1,307.001 (2023= £981,38T). At 5% under the reseprfes policy calculation, induding the pension assel ceiling adjustment this is within the operational fluduation of kn 5°/0. At the year end the total reserves of the chanty were £2,193.017 (2023: £2.909.524). Unrestricted reserves were £2,191,492 {2023.' £2.908.977) and reslricted reserves were £1,525 (2022: £547). Included in unrestricted reserves were amounts related lo fixed assets of £1,274.050 (2023-. £1,359,584) and a long-term pension debtor of £nil (2023.. Debtor of £800.000). The free reserves available to the charity were £944.442 12023.. £749,393). Thi5 is above the stsled reserves policy du8 to Truslees taking measures to control income and expenditure budgets. Page 14

Company rogistration numbor. 06294857 Charity registration number: 1138187 UNIVERSITh OF LINCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Principal soU￿es of Funding The main source of income forthe SU is Ihe BIDd( Grant from the Universty of Lincoln. and secondary income through service charges and gffted surpluses from LSUT and SUMS Ltd. Structure, GovgrnaTr￿ and Managemnet Governing Documont The SU is a company limited by guarantee, as defined by the Compani85 Ad 2[￿￿. It is controlled by its goveming documenL the Memorandum of Understanding and Art￿leS ofAssociation. Recrultment and Appointment of New Trustees The aclivili8s of the SU are overseen ty a Board of Twslees, in common wilh rno¥l Charities and Students. Unions. The Board omprises of a minimum of four rnernbe￿ and must indude at least tsvo Sabbatical Officers and one Non-sludent Twstee. The curr8nt composition of the Board is as folkAVS: Three Sabbatical Off￿er$ Three Sludenl Trustees Four Non-student IExtemaD Trustees On8 Trustee nominated by the Vice Chancellor of the UnNersty of Lineknln Student Trusleas serve a lemi of one year and can be reappointed for a further one year tem. Sabbatical offi￿rs servo a lem) of one year. NOn￿tudent IExtemal} Trustees and the Vice Chan￿110￿$ Nominee serve a lern olthree years, which can be renew8d for a maximum of one further three-year tenn. Sabbatical Officers are employed by the SU and, under the EduCat￿n Act 1994, are entitled to remuneration. Under Charity Commission Guidelin8s. Sabb3tical Offi￿r Trustees do not fom the majorty of the Trustee body to ensure the SU can manage the associated Confl￿1$ of interest. Sabbatical Officers are eknted annualPM in a cross-campus ele(aion as regulated by the EduCat￿n Act 1994. Sludenl Trustees are selected from the Student Expel￿n￿ oificers by means of an interview by a Twstee Appointment panel, which includes an incumbent SIutJenl Trustee. an iicumbenl Sabbatical Officer. an incumbent Extemal Trustee and the Group CEO. The Sludent Trustees are Tecrurted on a role SFecific basis.. that they ar& elected as a student exper￿nce officer first prior lo apptyirMJ for the Student Trustee roles. External Trustees are selected and appointed lo ensure a balance of skims and expeiiencR within the Board. Extemal reGruilmenl is earned out by the Trustees. Boar(I: desired skilL8 are identified usiw a skilts matrix, v8cane*s are advertised, and suitabl8 candKlates are invtted to appty setting out the skills and expeiience that they possess woukl enhance the Board. Induction and Training of Now Trustegs A comprehènslve fomial training programme is offered each year to the Sabbatical Officer and Sludenl Trustees. Tnjstees are given specifi¢ training and invited to attend a number of in-house and events and the annual Trustee Reshdential in the summer. We Continual￿ look lo improve these programs ￿th each new set of Trustees and review Irainllig year-on-year. Organisational Structure Management accounts are eonsidered monlhty ty the Group's SenKJr Management Team. the Executive Committee and al each rneeling of the Board olTruslee$. A Scheme of De￿atIon is in place. the purpose of which is lo darify delegatsd decision-making powers. The Scheme of Delegalion is reviewed annuaty by the TFUStee Board. The Executive Committee The Executive Commiitee is an e￿cted commrttee of student represenlatrves and consists of the Sabbatscal Officers, Volunteer Officers and the Group CEO. 11 is responsible for the day-to-day development ol representatK)n and campajgning policy that affects students and has de￿ated powers for d￿e¢t￿n and oversvJhl of adivities in the SU. The rvJhts and dutv&s ol the Executive Committee are governed by Ihe Union's Memorandum of UnderstaThJing. Artiths ofAssociation and By-Laws. The Execulive Commtttee meet f0rtn￿htty and receT¥e updates and reports from mdNidual Sabbatical Officers and the Group CEO. The Commrttee reV￿W the charity's performance and administrat￿n and decide policy issues 8rising. Sabbatical Officfyrs receive an allowance that is aligned with sea￿ Point 12 on the Students, Union salary scale. Page IS

Company registratlon number: 06294857 Charty registration number. 1138187 UNIVERsrrY OF LINCOLN STUDEpifs' UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Organisational structur￿ Continued Staft Day to day management of areas of the SU is Watejj to Staff that operate wilhin the framework of polKies and procedures agreed by the Board of Trustees. A ctear staff structure ts in place and those stsff members are uhimatety accountable to the Group CEO for the performance of their duties. The Group CEO is foTmalty line managed by the Chair of the Board of Tru5tses. supported by the Deputy Chair of the Board. Membership All students registered with the UnNersty of LI1￿0￿ are e1vJ1b￿ to full membership of the SU as prescrited in the Education Aci 1994. Associate Membership is abo aval￿ble lo ￿rL￿n groups and FndNiduals in accordan￿ wllh the ULSU Group By-Laws. Elgdion Sul>Committee This group is tasked to ensure the efficient and democralK holding of elect￿ns., panel vrill oversee the planning and faulrf<alion of elections lo include publicty and support to candJates, and raising awa￿neSS lo the members. thereby ensuring a fair, and democratic profSS for all. This group also appoints rÉw Sabbattsl OfficEr p0srt￿s. Rernuneration sU￿0Mmittee This group meet annualty to reV￿w the salary ofthe Group ChEf EXeUrtp￿ and ovetsee Sabbatical Offi*r aFKI stsff Temuneralion as part of the ULSU Group's overall pay award. Equallty. D5versity & Inclusion (EDII SU￿0mmIttee This group meets a minimum of 4 times per annum aThJ ar8 tasked to oversee the wnplèmentation of the ULSU Equalty, DiveTSty & Indusion IEDII Strategy, via an agreed act•)n plan. The group oveT5ees adhererKe and commitment to EDI requirements across ULSU'S operations and audiences. including but not limited lo: Staff, Members, Sports & soc￿tE$ and Volunteer Officers. People & Culture su￿0mMittee The principal purpose of this group is to discuss and agree the proVis￿)n of HR for membets of staff and the Sabbatical Officers., the group ¥￿11 have delegated responsibility from Ihe &)ard to agree staff tsain1r￿ and de¥el¢Jpmenl and the establishment of HR poliues. Flnancè & Risk sU￿cOmMIttee This Sub-committee convene a minimum of six lines per annum and are tasked wrth policy proposals relating to financial oper81ion8 and proeedures. reviewing extemalty compiled rewrts. and planning and discussing issues prior lo the convening of the Board of TrJslees. This group is also responsible for reviewing the risk register and ensuring the correct Scrutiny of thè annual budget submission. Wider NetWOTk Repre59nlalives of the SU sit on and work very closety wilh the Carholme Commltnity Forum and West End Residents A$50cialion, to enhance the local communty and assist with the integration of students into the kxal communty. Th& SU also partners wrth Lincolnshire Sports Partnership on funding bids arbj fijnding streams. proieL#s directed at increasing partiapalion in sport, share coaching, off￿bal,$ data bases and best praclice. Related Parties The relationship be￿een the Universty and the SU is estsblished in the Regulations of the UnNersty and detailed in the Memorandum of Understanding as approved by iM)th organisations. The SU recetves a Block Grant from the University for the prov15i0n of services 10 Students, administration aThJ facil[t￿s. This support is intrinsi¢ lo the relationship between the un￿e￿ty and SU. Although the SU operates trading and sponso￿h1P adrvitEs. it will be dependent on the support of the University for the fO￿Seeable future. There is no reason to beI￿ve that this support will not continue for the foreseeab￿ fvture as the Union is a integral part of the Univetsity structure and has excdknt relationships wr¢h its Primary funder. Page 16

Company registration number. 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Risk Management The Board of Trustees considers the major strategic, business. and operational risks faced by the organi5ation on an annual basis. A risk register is established and is updated in advance of meetings. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Budgetary and financial risks are minimised by the implementation of prccedures for authorisation of all transactions and projects, as detailed in the Su's financial regulations and Scheme of Delegation. A full list of risks is available in the Su's Risk Registers. At the time of vffiting, the Risk Registers consider the various aspects of the ULSU Group's operations. including the Charity and each of the subsidiaries. The risk to LSUT remains. albeit to a lesser extent than last year, and is being monitored closely by both the LSUT Board of Directors and the Trustees.; both the safeguarding and diversification of income streams are of paramount concem for both groups in the short, medium, and long temi. Procedures are in place to ensure compliance with Health and Safety legislation for staff, volunteers and participants involved in activitTres organised by the SU. These procedures are periodically reviewed with the assistance of professional adwce where necessary to ensure that they Continue to meet the needs of the Charty. Future Developments The new strategic plan is being wort(ed on and has been well re￿iVed by all stakeholders. We are now working towards our strategic plan by setts'ng annual KPI'S vthich will allow us to achieve our strategic 5 year KPI targets. Goals to be achieved by 30 June 2028 Representation We will effectively represent our members to all of our Stakeh0￿erS As we rebuild, we will have the following aspiralions: 1 We will recognise the value and output of student input and involve them in decision making processes using innovative communication means. 2 We will increase our student insight and produce monthly reports to inform our Student Officers of current matters affecting our members to irnprove our representative abilty to represent all our members effectively. 3 We will carry out a full govemance review to innovatNely modernise our democratic decision-making to make it relevant and accessible to our members and allow a fully inclusive system of engagement for our members who wish to participate actively in our decision-making processes. 4 We will review and change the remits and accountabilty methods for our elected Students Officers, increasing the opportunity for members to support and assist the elected Student Officers with their work. 5 We will offer opportunrties for individual and group representation lo allow our members to choose the best approach for their needs. 6 We will focus on change and access, ensuring all our members have equal opportuntiies to succeed and thrive. 7 We will use our insight to amplify student voices by ensuring they are heard by the University Senior Leadership Team, professional Se￿iceS staff. academic staff. local authorities. and govemment bodies. Page 17

Company reglstratlon number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS, UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Support & Advice We will provide professional, independent. impartial Advice and always act in our members, best interests. As we rebuild, we will have the follu4ving aspirations". We will explain more precisely what students. Union Advice does to increase student awareness and utilise the service. We will reduce barriers to support. such as making appointments easier to schedule and more flexible. We will focus on financial support, including offering wothshops on budgeting. providing emergency funds, and connecting our members with exiernal financial resources. We will provide specialist legal housing advice to help our members navigate complex housing issues. We will offer digital support and advice through chat boxes, online forums, and virtual appointments to increase ac￿SsIbl[rtY and convenience. We will implement a student-based support system within our networks, where peers can contact each other and offer support and advice. We will provide 1".1 individualistic supporL where our members can meet with advisors in a private setting to discuss sensTtnie issues. 8 We will increase the visibilty of support ServI￿S through matheting and outreach efforts. We will foster outreach and collaboration with societies and academics to undetstand student needs better and create tailored support seNices. We will hold housing providers and landlords accountable for student housing standards and work towards accreditation and standsrd capacty. We will expand mental health (We￿are) support by promoting awareness of our community 11 activities, promoting the beneffts of getting active and socialising, promoting the University Counselling services, and connecting our members with exiemal partners. We will develop practical expansion plans for financial adv￿. including fundraising opportunities and financial literacy workshops. 10 12 Opportunities As we rebuild, we will have the folloNing aspirations: We will focus on building a strong sense of communty among our members by providing our members with opportunities to socialise and make friends. In addition. we will reduce the cost of 1 participation in Students. Union activities and remove all barriers to student involvement by encouraging a peer-lo*eer support mechanism to reduce the barriers of shyness and confidence that stop a student from participating in our activities. We will create a career community by creating a job netwoth and connecting our members wrth alumni, l¢xal business leaders. and professionals. Page 18

Company registration number. 06294857 Charity reglstrdtlon number: 1138187 UNIVERSITY OF LINCOLN STUDENTS, UNION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 Opportunities - continued We will expand opportunities for our members to join sports, societies, academic societies and liberationlcultural groups. We will Increase cultural awareness and diversfy the Students, Union's range of events and activities. 5 We will expand the Intemational Student ASs￿latIon and promote cuftural events on campus. We will create a visibility campaign that highlights the contributions made by diverse group of our members to the Students, Union. We V*llll promote networking opportunities through the Students. Union's digital and physical communities. 8 We will create various social events that cater to all members, demographics. We will establish peer-to-peer support systems and create a fundraising platfomi for student led projects. We will promote the mental health advantages of being part of our communities through getting active andlor socialising. We will expand our cuttural events and provide opportunities for our members to celebrate their culture and heritage. We will increase our visibility on campus by promoting our events and activities through various channels, such as social media. posters. and newsletters. 13 We will provide social groups for our members from marginalised communities. 14 We will diversify its 8vents and activities to cater to the diverse student population. 15 We will promote cultural awareness and provide opportunities for our members to leam abo different cuttures and traditions. 10 12 Page 19

Company registrdtion number: 06294857 Charlty reglstratlon number: 1138187 UNIVERSITh OF LINCOLN STUDENTS. UNION TrUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF TRUSTEES RESPONSIBIUTIES The trustees (who are also the directors of University of Lincoln Students. Union for the purposes of company law} are responsible for preparing the Report of the Trustees and the finanaal ststements in acwrdance w7th applicable law and Uniied lfjngdom Accounting Standards (United lQngdom Generally Accepted Accounting Practi￿1. Company law requires the trustees lo prepare financtal statements for each financial year vthich give a true and fair view of the stste of affairs of the charitable company and of the inccming resou￿6 and application of resources, including the income and expenditure, of the tharitable company for that peritsd. In preparing those finan￿al statements, the trustees are required to select suitable accountirKJ pjlicies and then apply them conskstentty" observe the methods and principles in the Charity SORP", make judgements and estimates that are reasonable and pr￿ent. prepare the financial stalements on the going concern basis unless it is inappropriate to pr8sum8 that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the finanoal position of the chantable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for tskKig reasonable steps for the Fyevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit infonnation of vthich the Charitable companys auditors are unaware: and the trustees havè taken all sleps that they ought to have taken to make themsdves aware of any relevant audil infomation and to establish that the auditors are aware of that infomiation. STATEMEKf OF DISCLOSURE OF INFORMATION TO AUDITORS So far as the truste8s are aware. there is no relevant infomiation (as defined by Sedi¢M 418 of the Companies Act 20061 of which the charitable company. s auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in ¢xder to make them aware of any audit information and to establish that the charitable company s audrtors are aware of that information. AUDITORS Tre auditors, Wright Vigar Limited, *ill be WOFM)sed for r&appointment at the forthcoming Annual General Meeting. ON BEHALF OF THE BOARtI. H Clarke Trustee 29 November 2024 Page 20

Company registration number: 06294857 Charfty reglstratlon number: 1138187 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF UNCOLN STUDENTS, UNION Opinion We have audited the financial statements of University of Lincoln Students. Union (the 'parent charitable company,) and its subsidiaTies (the 'group') for the year ended 30 June 2024 which comprise the Group statement of Financial Activities. the group and the Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and notes to the financial statements, including a summary of signifiGant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unrf(ed Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the stale of the group's and parent charitable companls affairs as at 30 June 2024, and of the group's incoming resources and application of resources, including its income and expendiiure. for the year then ended" have been properfy prepared in accordance with Untted Kingdom Generalty Accepted Accounting Practice; and have been preparecl in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sedion of our report. We a￿ independent of the group and parent charitable company in ac￿rdanCe vith the ethical requirements that are relevant to our audlt of the financial statements in the UK. induding the FRC'S Ethical Slandard, and we have fuffilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audf(ing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is apprq)riate. 8ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. rnay cast significant doubt on the group's or parent charilable company's ability to continue as a going Concem for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other inforniation The Trustees a￿ responsible for the other information. The other infomiation comprises the information included in the Trustees, Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 21

Company registration number. 062948S7 Charity registration number. 1138187 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERsrrY OF LINCOLN STUDENTS, UNION Opinions on other matters prescrlbed by the Companles Aet 2006 In our opinion. based on the work undertaken in the course of the audii: the information given in the Trustees, report (incorporating the strategic report and the directors, report) for the financial year for which the financjal statements are prepared is consistent with the financial statements,. and the strategi¢ report and the directors. report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and parent charrtable company and its environment obtained in the course of the audit. we have not identified material misstatements in the strategic report and the directors, report. We hav8 nothing to report in respect of the foknying matters in relation to whith the Companies Act 2006 requires us to report to you if. in our opinion= adequate and SLrfficient accounting records have not been kept by the parent ¢haritable company, or returns adequate for our audit have nol been received from branches not visited by us" or the parenl ¢haritable Company's finanrial ststements are not wi agreement with the accounting r8cords and returns.. or C8rtain disclosures of directors, remuneratton speiified by law are nol made,. or we have not re￿iVed all the infomation and explanations we requi￿ for our audit., or the Trustees were not entitled to prepare Ihe financial statements in accordance with the small companTres' regime and take advantsge of the small companies. exempiions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the Board's responsibilities statement. the Trustees (who are also the diredors of the charitable company for the pu￿OSe$ of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trust88S determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststemenls. the Trustees are responsible for assessing the group's and parent charitable company's abilty to continue as a going concern, disclosing. as applicable. matters relaled lo going concem and using the going concern basis of accounting unless the Trustees etther intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic attemative but to do so. Auditorfs responsibilities for the audit of the finan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audilols report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can arise from fraud 01 error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 22

Company registration number: 06294857 Charfty registration number: 1138187 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF LINCOLN STUDENTS, UNION Auditor's responsibilities for the audit of the financial statements- continued The extent to which our procedures are capable of deteding irregulaiities, including fraud is detailed below: Our work is perfomied to include an assessment of the susceptibilty of the entity's financial statements to material misstatement. including the risk of fraud. Qbving to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS {UK). In identifying and assessing risk of material misstatement in respect of irregularrties, including fraud and non-compliance with laws and regulations. our procedures included the following.. We plan our work to gain an understanding of the signrficant laws and ￿gUlationS that are of significance to the entty and the sector in which they operate. We perfomi our work to ensure that the entity is complying with rts legal and regulatory framework. We obtained an understanding of how the company is complying wtth those legal and regulatory frameworks by making inquiries lo the management and people charged with govemance. We assessed the susceptibilty of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures perforned by the engagement team included.. Substantive procedures perfomied in accordance with the ISAS (UK). Challenging assumptions and judgments made by management in ts significant accounting estimates. Identifying and testing joumal entries, in particular material journal entries and an assessment of year end joumals. Assessing the extent of compliance with the relevant laws and regulations. A ftJrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websf(e at.. mwl.frc.org.uklauditors￿$pQnSib1I1ties. This description forms part of our audf(off s report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken so that we might state to the Gharitable companys members and its TNstees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. James Sewell BA (Hons) FCA CTA {Senior Ststutory Auditor) For and on behalf of Wright Vigar Limited Statutory Auditors, Chartered Accountants and Business Advisors 15 Ne￿and Lincoln LN11XG 29 November 2024 Page 23

Company registration number: 06294857 Charlty reglstratlon number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Note Unrestricted Restricted Funds Funds 2024 2024 Total Funds Total Funds 2024 2023 Incomin Resources Incoming resources from generating funds Income from donations Income from other trading activities Investment income Income from charitable activities Total incoming resources 1.719,555 3.776.443 32,954 418.536 5.947,488 3.700 1,723,255 3,778,443 32,954 418.536 5,951,188 1,554,600 3,985,502 22,213 312,223 5,874,538 3,700 Resources Ex enditure Costs of generating funds Costs of raising funds Expenditure on charitable activities Total resources expended (3.266,233) 2,333,392 (5,599,625) (3,266,233) (3,267,865) {2,362 2,335,754 2,569,584 (2.362) {5,601,987> (5,837,449) Net (outgoingylncomlng resources 347,863 1.338 349,200 37,089 Other recognised gainsllosses Actuarial gainsliosses on defined benefft 17 Gainsnosses on disposal of investments Gainsllosses on revaluation (949,000) (949,000) 408,000 12) 282,780 45,275 45,275 Transfer between funds Net movement in funds 20 547 (645.866) (547) 791 (645,075) 727,867 Reconciliation of Funds Total funds brought fofward Total funds carried fonvard 20 2,943,816 2,297,951 547 1,338 2,944,363 2,299,288 2,216.496 2,944,363 Page 24

Company rggistratian numbor. 06294857 Charity rngis￿ti0n number. 1131187 UNIVERSITY OF LINCOLN STUDENTS. UNION BALANCE SHEET AS AT 30 JUNE 2024 2024 Group 2024 Company 2023 2023 Group Company Fixed Assots Intangible Fixed Assets Tangl￿e Assets Investments in subsidiaries 10 11 12 471.300 519,651 471.300 302,749 500.002 1,274,050 471,300 691,129 471.300 388,281 500.002 1,359,584 990.950 1,162429 Currant Assets Stock Debtors Cash at bank arKI in hand 92.760 529.623 1,410.789 2.033,173 13 237.048 797.344 1.034,392 486,931 1.418,217 1,969.592 434,893 734.703 1,169,598 Creditors.. Amounts falling due within one year 14 (724.834) (115.425) (968,492) (419,656) Net cumnt assets 1,308,338 918,967 1,001,100 749,940 Totsl Assets Less Curront Uabilitiv. 2.299,288 2.193,017 2,163,529 2,109,524 Creditors.. Amounts falling due after one year Pension AsseV(Liabilityl 15 17 (19,166) 800,000 800,000 Net assets 2.299.288 2,193.017 2,944,363 2,909,524 ofthe Restricted reserves Unrestricted funds Revaluation reserve Total charty funds 1.338 2,008,007 289.944 2.299.288 1,885 1.901.188 289,944 2.193 017 547 2,653,872 289 944 2.944.363 547 2,619,033 289,944 2 909,524 20 The trustees have prepared the group a￿CUrrtS in accordance Y￿th sertion 398 of the Companies Aci 2006 and section 138 01 the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and consts'tute the annual a￿ount$ required by the Companies Act 2006 and are for circulation to members of the company. These Financial Statements v4ere approved by the Board of Twsteeson 29 Nov8mber 2024 and were signed on its behalf by.. Approval H Clarke pO￿tIon Trustee The nots¥ on pages 26 to 42 fom part of these financial ststements. Page 25

Company registration number: 06294857 Charity registration number: 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 Group 2023 Group Cash flows from operation activities Net Cash incomel (expenditure) (645,075) 727,867 Adjustments to cashflows from non-cash items: Depreciation Amortisation 185,361 186,910 10 Investment income (32,954) (4,205) 45,275 149,000 (600,597) (22,213) 4,480 {282,780) 51,000 563,264 (Gains)Ilosses on disposal of assets Gainsl{losses) on revaluation FRS102 Actuarial adjustment Working capital adjustments Decreasel (increase) in stocks Increase in debtors Increasel (decrease) in creditors Decreasel (increase) retirement benefit obligation net of actuarial changes Net cash flows from operating activities Cash flows from Investlng actlvltles Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets {28,316) {42,693) (243,658) (12,269) (67,254) (66,639) 13 14 17 949,000 33.736 408,000 9,102 32,954 22,213 189,539) (233,955) 34,588 11 11 Net cash flows from Investing activities 21,998 211,742 Cash flows from financing activities Loans introduced in the period Repayment of loans and borrowings 15 15 (19.166) {222,319) Net cash flows from financing activities 19,166 222,319 Net increase in cash and cash equivalents (7,427) (424,960) Cash and cash equivalents at 1 July 2023 1.418,216 1,843,176 Cash and cash equivalents at 30 June 2024 1,410,789 1,418,216 Page 26

Company wlstration number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Charity Ststus The charity is a private limtted company, limited by guarantee, incorporated in the United Kingdom and consequently does not have share capital. Each of the trustees is liable to Contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. Details of the registered offce of the charity can be found *ithin the referen￿ and administration part of the twstees report. AGcounting Policies (a) statement of Compliance and Basls of Preparation The University of Lincoln Students, Union meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transactional value unless otherwise stated in the relevant accounting policy notes. The accounts are prepared in pound sterling and rounded to the nearest pound. The financial statements have been prepa￿d in a¢¢ordan¢e wilh Chartty Commission Ststement of Recommended Practice - Accounting and Reporting by provisions of the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their axounts in accordance Nlith the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006. {b) Basls of Consolldatlon The financial statements consolidate the resulls of the charity and its Ytholly owned subsidiary undertakings on a line-by4ine basis. A separate Statement of Financial Activities and income and expenditure account for the charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The Charity had net incoming resources of £349,200 prior to other losses of £994,275 being £949,000 pension adjustment and £45,275 write down of The Barge asset (2023.. £693,648 including £408,000 actuarial gain and £282,780 revaluation gain). Inter-company transadions. balances and unrealised gains on the transactions befvrfeen the charity and its subsidiaries are eliminated in full. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Going Concern The trustees have considered the impact of the Gurrent economiG climate on the Gharity and they are satisfied that the charity has sufficient headroom to continue operating for at least the next Iwelve months. For this reason the accounts have been prepared on a going concem basis. Id) Incoming resources All income is recognised once the charity has entitlement to the income, it is probable that the income wll be received and the amount of the income can be measured reliably. Grants are recogni5ed when the group has legal entiuemenl to the fvnds and any condrtions linked to the grants have been met. Where performance condib'ons are attached to the grant and are yet to be met, the income is deferred and re¢ognised as a liabilty in Ihe balance sheet to be released On￿ the conditsons are sats'sfied. Page 27

Company registrallon numbor: 06294857 Charlty registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS, UNION ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Accounting Policies (continued) (e) Resources expended All expenditure is recognised once there is a legal or constructive obligationto that expenditure, it is probable that settlement will be ￿Uired and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading aggregating similar costs to that category. Where costs cannot be directly attribulable to particular headings they have been allocated on a basis consistsnt with the use of resources. with central staff costs allocated on a basis of time spent. The charitable group is registered for VAT and its incc*ne and expenditure are shown net of VAT, to the extent that it is recoverable. Raising Funds These are costs incurred in attr&ting voluntary income, the management of investments and those incurred in trading activilies that raise funds. Charitable Activities Charitable expenditure comprises those costs incurred by the chartty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directty to such actibities and those costs of an indirect nature necessary to support them. Support Costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the number of staff employed for that activty. Governance Costs These include the costs attributsble lo the charity's compliance with constitutional and statutory requirements including audti, strategic mangement. trustees meetings and reimbursed expenses. (o Taxatlon The charty is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charttable company for UK corporation tax purposes. Accordingly. the charty is potentially exempt from taxation in respect of income or capital gains received wf(hin categories covered by Chapler 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivety to charttable purposes. Tangible Fixed Assets and Depreciation Fixed assets are stated at cost less aGcumulated depreciation. Items costing £5,000 or more are capitalised at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lrfe. Fixtures, fitting and equipment - straight line over three to fift￿n years. Page 28

Company rngistration numbgr: 06294857 Charity registration number. 1138187 UNIVERSITY OF LINCOLN STUDE￿rs, UNION ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Accounting Policies (continued) (g Intangible Fixed Assets Intangible fixed assets are initialty measured at cost. These are reviewed annually by tru5tee5 in line wtth an assessment of the fair value of the future incoming reSoUr￿S and adjusted where materially different. Intangible assets are therefore stated on the balance at cost or fair value less accumulated amortisation and impairment. (h) Stocks stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Cost is detemiined using the fsrst in, first out method (FIFO). (i) Accounting for Retirement Benefits Retirement b8nefits to employees of the Charitable company are provided by the East Riding Pension Fund {ERPF). This is a defined benefrt scheme. The ERPF is a funded scheme and the assets are held separately from those of the charrtable company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities on an actuarial basis using the projected unrt credit method and discounted at a rate equivalent to the current rate or return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennialty and are updated at each balance sheet date. The amounts charged to the operating surplus are the current seNice costs and the costs of scheme introductions, benefft changes, settlements and curtailments. They are included as part of staff costs incurred. Net interest on the net defined benefrt liabiltylasset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and the interest income on the schemes assets, calculated by multiplying the fair value of the scheme assets at the beginning of the year by the rate used to discount the benefrt obligations. The difference between the interest income on the scheme assets and the actual retum on the scheme assets is recognised in other gains and losses. Wrth effect from 1 April 2015 the scheme was frozen and no longer available to new employees. From 1 July 2015 employees were able to jcxn the defined contribution scheme wfÉh the People's Pension. Contributions are expensed as they becon* payable. u) Investments in subsidiary companies The investments in wholly owned subsidiary companies are valued at cost less any diminution in value, which in the directorfs opinion is not matenally dtfferent from market value. (k} Fund Accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charty. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 29

Company registration number. 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Nat incoming resources for the period are stated after charging 2024 Group 2024 2023 Group 2023 Company Depreaation Auditors remuneration audit of the financial statements 185,361 82,570 186,910 77.700 14,275 4,250 6.260 2,150 10.085 4,000 5,250 2,000 - non-audit seNices Income from Donations and Legacies 2024 Unrestrictad 2024 Rastricted 2024 Total 2023 Total Donations University of Lincoln - Block Grant Other grants 2.115 1.695.827 21,613 1,719.555 2,115 1.695,827 1,554,800 25,313 1,723,255 1,554,600 3.700 3,700 Incom from Other Trading A¢livi1ies 2024 2024 Unrestricted Restrictod 2024 Total 2023 Total Trading income Sales of goods and servi￿8 3.776.443 3,776,443 3,776.443 3,985,502 3,776,443 3,985,502 Investment Incomo 2024 Unrestricted 2024 Restricted 2024 Total 2023 Totsl Interest on short term depostts 32,954 32.954 32,954 32,954 22.213 22,213 Page 30

Company registrdtion number: 06294857 Charity registratlon number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Income from Charitable Activities 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Activities Other Groups and societies 37,938 474 380,124 418,536 37,938 474 380,124 418,536 6,939 1,510 303,774 312,223 Cost of Raising Funds Fundraising trading". costs of goods sold and other costs.. 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Trading subsidiary costs including staff Depreciation, amortisation and other similar costs 3.163,442 102,792 3,266,233 3,163,442 3,158,655 102,792 109,210 3,266,233 3,267,865 Page 31

cl)￿￿￿ r891stratlon numbor. 06294857 Charty T¢gistr•Wtsn nurtr.' 1138187 UNIVERsFfY OF LINCOLN STUDENTS. UNION sTATEmETr￿ OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Exp•ndlturo on Charltabk Activiti￿ (Group} 2024 2023 Support Costs Dlyecl C4)sts Support Cosis Dlrect Costs Totsl kdowm of Costs of Char l• Activilios opportunib.es Support and Adw"ce Sustsinability Accommodation RepresentstKJn Scueb"es 235,095 63.136 12,162 666.716 250,041 55,566 222,259 250,040 901,872 313.1TI 67,727 265.623 432.787 354,568 238,099 63,136 12,162 45,193 175,450 342,308 876.348 781,494 293,060 65,125 260.498 293,059 1.019,593 356.196 77,287 305,S91 468.509 342 308 1693.236 2 569 584 182.746 354,568 891.072 1.444.682 The total expèndituro on charitable ac11v￿e$ atlributale to unrestiicaed fijnds was£2,333,39212023'. £2,569.5641 and to restiitd fiJr)ts was £2,36212023." £nill. Anatysls of Governanc• and Support Costs Support Costs Allocatèd to Charitsbl• Aciivitss Governance Finance costs costs Slaff costs Administration costs including deprnciation othersupport costs Totsl 2024 Total 2023 Opportunibes Support and Athe Sustsin8bility Accommodati Representatson 21,900 8.212 1,825 7,300 8.212 47.450 1.157 434 471.210 176.704 39,268 157.070 176.704 33,619 12.607 2.802 11.206 12.607 72.841 47,531 17,824 3.961 15.844 17.824 102.983 91,359 34,260 7,613 30,453 34.260 666,778 781.494 250,041 293.OSO 55,566 65,125 222.259 260,498 250,040 293,OS9 1444 682 1 693.236 433 2.507 Support cosls are dlctated b￿ on Staff nwntrer5 emF&)yed fty thwTtthle acbwty. Anaty$ls of g<)vèmane• and support eosts 2024 2023 Unrestrict funds Totsl Total Audrtorfs remunerab"on- audrtfees Pension valuats.on lee5 Leg￿ Fees 8,410 2,110 34,652 45.172 8,410 2,110 34,652 45.172 7.250 2,110 26,350 The total audtto¢5 remuner3b.on acros5 the group is £19.140 (2023". £15.5001. Page 32

Company regbtration number: 06294857 Charfty registrallon number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 10 Intangible Fixed Assets (Group) Intangible Assets Totsl Cost At 1 July 2023 Additions Disposals At 30 June 2024 471,300 471,300 471,300 471,300 Depreciation At 1 July 2023 Charge for the Year Eliminated On Disposals Revaluation At 30 June 2024 Net Book Value at 1 July 2023 Net Book Value at 30 June 2024 471,300 471,300 471,300 471,300 Intangible Fixed Assets (Company) Intsngible assets Total C08t At 1 July 2023 Additions Disposals At 30 June 2024 471,300 471,300 471,300 471,300 Depreciation At 1 July 2023 Charge for the Year Eliminated On Disposals Revaluation At 30 June 2024 Net Book Value at 1 Juty 2023 Net Book Value at 30 June 2024 471.300 471.300 471,300 471,300 Intangible Fixed Assets Carried at Revalued Amounts The fair value of the company's intangible f￿ed assets were revalued intemally during the year, an independent expert was not involved. The assets were revalued based on the value expected to be achieved if sold based on known fulure income. Had this class of asset been measured on a historical cost basis, their carying amount would have been £72,543 {2023: £72.543). Page 33

Company rngistration number". 06294857 Charity registration nUM￿r. 1138187 UNIVERSITY OF UNCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 11 Fixed Assets (Groupl Fixtures, Fittings & Equipment Totsl Cost At 1 July 2023 Additions Disposals Impairment At 30 June 2024 1,765,110 89,539 {60,356) 45,275 1.749.018 1,765,110 89,539 (60,356} 45,275 1,749,018 Depre¢lallon At 1 Juty 2023 Charge for the Year Eliminated On Disposals At 30 June 2024 Net Book Value at 1 July 2023 Net Book Value at 30 June 2024 1,073,981 185,361 29,974 1,229,369 691,129 519,651 1,073,981 185.361 29,974 1,229,369 691,129 519,651 Flxed Assets (Company) Flxtures, Fittlngs & Equipment Totsl Cost At 1 July 2023 Additions Disposals Impaimient At 30 June 2024 838,501 72,694 (60,356) 45,275 805,564 838,501 72,694 (60,356) 45,275 805.564 Depreciation At 1 July 2023 Charge for the Year Eliminated On Disposals At 30 June 2024 Net Book Value at 1 July 2023 Net Book Value at 30 June 2024 450,220 82,570 29,974 502,815 388,281 302,749 450,220 82,570 29,974 502,815 388,281 302,749 Page 34

Company registratlon number: 06294857 Charity registration number. 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 12 Fixed Asset Inveslments Group Details of undertaklngs Details of the investments in which Ihe charity holds 100% of the nominal value of the ordinary share capital are as follows.. Aggregate Profrt l(Loss) Amount of In the Perlod Capltal and Reserves Subsidiary Undertakin Country of Inco oration Princi al Activi Lincoln Students, Union Trading Limited Organisation of events to generate income for the benefft of Universty of Lincoln Students. Union. United Kingdom 35,022 458,690 Pnmsion and development of systems management software lo United Kingdom generate income for the benefil of Universty of Lincoln Students, Union. students. Union Management Systems Limiied 35,864 147,036 Charity Subsldlary Undertakings Total Cost Al 1 Juty 2023 Additions Disposals At 30 June 2024 500,002 51Y).002 500,002 500,002 13 Debtors 2024 Group 2024 Chaiity 2023 Group 2023 Charity Trade Deblors Amount5 owed by group members Other Debtors Prepayments Accrued income 247,404 4,995 142.082 1.667 32,4C 55,904 237.048 272.487 6,064 322,560 34,001 68,301 3,967.00 434,893 1.667 201,277 79,276 529.623 33.558 128.907 51,979 486.931 Page 35

Company mgistrntlon number. 06294857 Charity rngistration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 14 Creditors 2024 Group 2024 Charity 2023 Group 2023 Charity Amounts falling due wtthin one year. Bank loans Trade creditors Amounts owed to group members Other creditors Taxats'on and Social Security Accruals Deferred income 10.000 153,729 207,795 30,818 83,620 218,965 133.833 1&J,675 27,821 15.235 37.985 3.567 115,425 170.521 199.219 420,437 14,586 968,492 32,897 168,791 129,247 724.834 419,656 2024 Group 2024 Company 2023 Group 2023 Company Deferred Income Deferred ino)me at 1 July 2023 ReSour￿S deferrèd in the period Amounts released from previous periods Deferred incomé at 30 June 2024 14,586 5.101 3,&$7 5,101 3,￿7 51.939 14,586 51.939 14,586 14,633 5,101 14,633 5,101 14.586 15 Creditors 2024 Group 2024 Company 2023 Group 2023 Company Amounts falling due after more tr¢an one year. Bank loans Other loans 19,186 19,166 16 Employees 2024 Group 2023 Group The aggregate payroll costs for the year v￿re. Wages and salaries Social security costs Pension costs 2.736.281 240,246 87.6 3.064,222 2.811.657 239.298 128,760 3 179 715 The monthly average of persons {induding senior management team) employed by the group during the year was.. 2023 Group Group Sabbatical Offir%rs Management & Administration Bar staff Part-time officers Student slaff 57 40 10 15 73 183 71 160 Page 36

Company rogistratlon numb•r. 06294857 Charfty regbtratlon nUrn￿r. 1138187 UNIVERSITY OF LINCOLN STUDENTS, UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 16 Employees - contlnued The number of employee5 whose emoluments fell wllhin the following bands was.. 2024 No 2023 No £60,001- £70,000 £70,001- £80,000 £80.001-£90.000 £110,001- £120,000 £130,001-£140.000 As part of its responsibilities, the Board ensures the pay of its senior managers is fair. not excessive and justifiable to the membership team and the Union's wider stakeholders. When setting the remuneration of the Senior Leadership Team. the Remuneration Committee comprising of nominated Tnjslees and an Independent Advisor, comparatwely benchmark and consider the roles of the senior management team in the operation and management of the ULSU Group as a whole. Notably. the Charrty and its four commercial subsidiaries. of which are significant operations wtth wd8483thing national civil and statutory responsibilities. The Board adopts the principles of openness and transparency around Senior Executive pay. Al ULSU Group staff remuneration policies can be found at https".Illincolnsu.comfyour-unionlhow-we-are-nJTrlstaff-rewards-poliues. The total employee beneffts paid to the key management ofthe group was £382,403 {2023'. £501,903). In the year the senior management consisted of al various times; James Brooks IGroup Chief Executive Officer), Hannah c0￿man IGroup Deputy Chief Executive Offi￿r), Helen Houghton {Group Head of Finan￿}, and Gavin Shields (Director of Food and Beverage}. The Group made total payment on redundanaes of £14,978 {2023'. £nil) vthhin the year. The Group made ex-gratia payments to employees totslling £nil {2023'. £16.0001 within the year. A total of £102,38112023'. £120,822) was paid in remuneration to 8 sabbatral officèr trustees {2023.'51 as follows.. Salary Nl Pension Total N lQrchin Z Romanska Bugi H Clad(e H Dempsey G Smith H Munir T Adam5 308 23.124 317 25,733 2,259 25,427 25,643 12,688 9,870 1.919 159 1,897 1.902 1,171 303 690 57 685 23.055 11.517 9.5C6 431 61 13 92.829 7.351 2,201 102,381 17 Pension Commitrnents Defined Benefit Scherne On 1 July 2012, the Students. Union became an admitted body of the East Riding Pension Fund IERPFI, administered in accordance with the Local Govemment Superannuation Regulations 1986 {as amended). On that dale, ten employees transferred their membership of the LGPS into the Student Union Section of the ERPF. The University agreed that the employees, accnjed pension benefits shoubJ be transferred to the Student Union Section with no pension liability at the date of transfer. The Student Union Sedion was therefore fully funded on 1 July 2012. Page 37

Company registration number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 17 Pension Commitments - continued The ERPF scheme was frozen to new entrants on 1 April 2015. At 30 June 2024, there were 4 active members, 19 deferred pensions and no pensioners (2023.. 4 active members, 19 deferred pensioners and no pensioners). An actuarial valuation of the fund at 30 June 2024 resulted in a surplus of £1,109,000. However, because a minimum funding requiremnet exists in the ERPF for contribLrtions relating to future service in accordance with the prevailing view held by LGPS practitioners, an asset ceiling adjustment has been applied which reduces the surplus to £Nil. The Universty of Lincoln Students Union d￿S not have an inherent tight to a refund of contributions. The University of Lincoln Students Union may have a recognisable surplus arising from the economic value of potential reduced future contribLrtions. The Universty of Lincoln Students Union has not recognised any surplus as at 30 June 2024 because the Contributions paid are greater than the projected FRS102 value of service costs at this time. The following disclosu￿ a￿ prepared by Hymans Robertson LLP. the Plan actuary. The total cost relating to the defined benefft scheme for the year recognised in the statement of financial activities as a credit was £12,000 {2023: £40.000 expense). Princi al assum Discount rate Pension increase rate Salary increase rate tions 2024 2023 5.100/0 2.90 % 2.750/0 2.75% Post retirement mortali tions Current UK pensioners at retirement age- male Current UK pensioners at retirement age- female Future UK pensioners at ￿tIrement age- male Future UK pensioners at retirement age- female assum 2024 20.6 years 23.5 years 21.4 years 25.0 years 2023 20.8 years 23.7 years 21.5 years 25.2 years Amounts re nised in the Accounts 2024 2023 In the Statement of Financial Position Fair value of Plan Assets Present value of Obligations Asset ￿l14ng adjustrnent Pension AsseU(Liabilty) 2,216,000 1,831,000 (1.107,000) (1,031,000) 1.109,000 800,000 Defined Benefrt Obli ation Changes in the defined benefft obligation are as foll0v￿.. 2024 Present value of obligations at 1 Juty 2023 Current service cost Interest cost Contributions by schemes participators Actuarial gains and losses Present value of obligations at 30 June 2024 1,031,DOQ 32,000 54.000 37,000 47,000 1,107,000 Page 38

Company registratlon number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 17 Pension Commitments - continued Fair Value of Schemes Assets Changes in the fair value of scheme assets are as follows: 2024 Fair value of assets at 1 July 2023 Interest income Participants contribLrtions Employer contributions Actuarial gains and losses Fair value of assets at 30 June 2024 1,831,000 98,000 37,000 137,000 113,000 2,216,000 Anal sis of Assets The major categories of scheme assets are as follows.. 2024 2023 Cash and cash equivalents - 10 Equty instruments - 75°/0 Property- 80 Bonds- 16% 22,160 36,620 1,662,000 1,318,320 177,280 164,790 354,560 311,270 2.216,000 1.831,000 Return on Scheme Assets 2024 2023 Retum on scheme assets 113,000 88,000 The pension scheme has not invested in any of the group's own financial instruments or in properties or other assets used by the group. 18 Ultimate Controlling Party During the year the Universty of Lincoln Students, Union was under the control of the University of Lincoln students, Union Board of Trustees. The ultimate deasion-making1)ody of the UnNersity of Lincoln Students Union is the combined student body. 19 Trustee Expenses Trustee expenses were paid to 3 trustees for the year ended 30 June 2024 totalling £247 (2023.. £300). Page 39

Company rggi¥traiitsn number: 06294857 Chirlty r•glsts3tlon numb•r: 1138187 UNIVERsrrY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 20 Funds Group Balance at 1 July 2023 Funds Transfer Incoming Resourc Other Balance at Expended gain￿{108$esI 30 June 2024 Unreslricled funds Designated funds Revaluation Reserve Total unrestrictsd lunds Restricted reserve$ Totsl funds 2.516,346 137,526 289,944 2,943,816 547 2,944,363 547 5,567,364 380.124 {5.245.057) {354.568) (994,275) 1.844.925 163.082 289,944 2,297,951 1,338 2.299,288 547 547 5.947.488 3.700 5,951,188 15.599.625) 2,362 5,601,987 (994.2751 994,275 Balance at Prior Year 1 July 2022 Adjuslment Incoming Resources Resources Other Balance at Expended gainsl(Ios8esl 30 June 2023 Unrestricted fvnds Designated funds Revaluation Reserve Total unrestricted funds Reslricled r8serve$ Total funds 2,034,961 173.824 7,164 2,215,949 547 2,216,496 5.566,509 308,029 {5.493.122) (344.327) 407,998 2,516,346 137,526 289,944 2.943,816 547 2.944,363 282.780 690,778 5,874,538 15.837.449) 5.874.538 5.837.449 690.778 Charity Balance at Prior Year 1 Juty 2023 Adjuslment Incoming Resources Resources Other Balancft at Expended gainsl{losses) 30 June 2024 Unrestricted funds Designated funds Revaluation Reserve Total unrestricted funds Restricted Teserves Total funds 2.481,$07 137.526 289,944 2.908,977 $47 2,909,524 2,275.705 380.124 {2.024.831) (354.568) 1994,275) 1,738,106 163.082 289,944 2,191,132 1,885 2.193,017 2.655.829 3,700 2,659,529 {2,379.3991 2,362 2,381.761 1994,2751 994,275 Balance at Prior Year 1 Juty 2022 Adjuslm•nt Incoming R•sourc•s Resources Other Balance at Expended gain$l{losses) 30 June 2023 Unre51ricted ftinds Designated funds Revaluakn'on Reserve Total unrestricted funds Restricted reserves Totsl funds 2.034.341 173.824 7.164 2.215,329 547 2.215,876 2.353.290 308,029 (2.314.122) (344,327) 407,998 2,481,507 137,526 289,944 2.908,977 547 2,909,524 282.780 690.778 2.661.319 {2.658.449) 2,661,319 2,658,449 690,778 Restrict•d Funds Restricted funds represent a donation made speoficalty for Vtheelchair Basketball. The amount remaining al the year end relates lo Wheelchair Basketball totalling £1,338 (2023.. £nill. Page 40

Company regblrntlon number: 06294857 Charity registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS, UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 21 Related Party Transactions During the year the charity had the folb)wing related party transactions: Lincoln Students Union Trading Limited {Subsidiary) The Universty of Lincoln Students. Union received £199,440 {2023: £183.612) from Lincoln Students. Union Trading Limited during the year for inter-company charges. The Universty of Lincoln Students, Union paid £33,830 (2023: £42,026) Lincoln Students, Union Trading Limited during the year for inter-company charges. At the balan￿ sheet date the amount due from Lincoln Students, Union Trading Limited was £952 (2023.. £93,803) Student Union Management Systems Limited (Subsidiary) The Universty of Lincoln Students, Union received £150.000 (2023: £415.559) from Student Union Management Systems Limited during the year for inter-company charges. The Unrversty of Lincoln Students, Union paid £99,277 (2023.. £5,710) Student Union Management Systems Limited during the year for inter-company charges. At the balance sheet date the amount owed from Student Union Management Systems Limited was £141,130 (2023.. £77,148) Close Family Members Business Interests During the period the charty paid fees of £47,196 (2023: £13.688) to Wilkin Chapman LLP, a business in which a husband of a trustee is a partner. These fees were undertaken on an amis-length basis. Page 41

cr￿panY registrntlon numbgr: 06294857 Charlty registration number: 1138187 UNIVERSITY OF LINCOLN STUDENTS. UNION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 22 Operating Lease Commitments Group Minimum lease payments under noTrcancdlable operating leases fall due as follows: 2024 2023 Due within one year Due betsveen 2-5 years Due over 5 years 119,985 249,969 149,947 187,375 82.420 369.954 419.742 Charity Minimum lease paym8nls under non-cancellable operating ￿aSeS fall due as follows.. 2024 2023 Du8 Wlthin one year Due belween 2-5 years Due over 5 years 119.985 249.969 149.947 187,375 82.420 369.954 419,742 Page 42