Oxford Universrty Student Union (A Company Limiied by Guararrtee) Regislered Charity Number 1140687 Registered Company Number 07314850 ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 Jutry 2025 llii *AEVCLiA4* COMPANIES HOUSE OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Contents Legal and Administrative Infomation Report of the Trustees Independent Auditorfs Report to the Members of Oxford University Student Union 21 Consolidated Statement of Financial Activities 25 Consolidated Balance Sheet 26 Company Balan￿ Sheet 27 Consolidated Cash Flow Statement 28 Notes to the Financial Statements 29 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 al and Administrative Inforn)ation TRUSTEES OF OXFORD UNIVERSITY STUDENT UNION The trustees serving during the year army Sin￿ the year erKI are set out below". Sabbatical trustees Alisa Brown Shemiar Pryce Oluwaseun Sowunmi Wantoe Wantoe Addi Haran Difflan Eleanor Miller Lauren Schaefer (Appointed 1 July 2025) (Appointed 1 July 2025) {Appointed 1 July 2025) (Appointed 1 July 2025) (Vacated Office 16 January 2025) ejacated Office 1 July 2025) (Vacated Office 1 July 2025> Student trustees Fahad Al-Huda Luca Di Bona Lucy Chen Nicolas Lang Eleanor Miller Kush Vaidya Charles Chao Rong Phua Faha¢J A1-H￿Ja L￿￿ Di Bona Loue Wells (Appointed 31 January 2025) (Appointed 31 January 2025) (Appointed 1 July 2025) (ApFointed 1 July 2025) (Appointed 1 July 20251 (Appy)inted 1 July 2025) (Vacaled Office 1 July 2025) (Vacated Office 1 July 2025) (Vacated Office 1 July 2025) (Vacated Office 1 July 2025) External trustees Conall MacNiocaill Charlotte Sanderg Charlie Palmer Ben Ward Jacqueline Clements Fay Shorter (Appointed 17 September 2025) (Appointed 2 July 2025) Ivacated Office 1 July 2025) (Vacated Office 17 September 2025) REGISTERED CHARITY NUMBER 1140687 REGISTERED COMPANY NUMBER 07314850 REGISTERED OFFICE 4 wOr￿ster Street Oxford Oxfordshire OX1 2BX CHIEF EXECUTIVE Nicola Smith CHANGE DIRECTOR Emilie Tapping OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 al and Administrative Infomiation ntinued BANKERS The Co-operative Bank 13 New Road Oxford Oxfordshire OX11LG Santander Santander House Carfax Oxford Oxfordshire OX1 1HB AUDITOR Crowe U K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ SOLICITORS Warner Goodman LLP Compass House 1-3 The Avenue Southampton S017 1XG Absolute HR Solutions Limited Unit 1 The Barford Exchange Wellesboume Road Barford Warwickshire CV35 8AQ OAC Beachcroft LLP Administration Centre Portwall Place Portwall Lane Bristol BS19HS Rrader Limited 6 Beacon Way Hull HU3 4AE OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 al and Administrative Information continued SOLICITORS Backhouse Jones Solicitors The Printworks Hey Road Clitheroe BB7 9WD Mishcon De Reya Africa House 70 Kingsway London WC28 6AH OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees The 2024125 academic year has been a transfomiational year for Oxford SU. Following a change of Senior Leadership in February 2024, a strategic decision was ￿ached by the Trustees to put the charity into a period of turnaround. in partnership wrth the institution to address recurrent areas of dysfunction both intemally and wrthin the wder eco-system of the collegiate University. This report will outline transfomiational actions and interventions taken to provide a strong framework for change to safeguard the fulure and funding of the charity The board of trustees, who are also the diredors of Oxford University Student Union I"Oxford SU.), are pleased to present their annual report along wth the financial statements of Oxford. THE AIMS OF THE CHARITY Oxford SU is a students. union within the meaning of the Education Act 1994. The charitable objects of Oxford SU are the advancement of education of the students at the University of Oxford {students' and 'the university, respectively) for the publi¢ benefit by.. Promoting the interests and welfare of students and representing, supporting and advising students., Being the recognised representative channel between students and the university and any other external bodies". Providing social. cultural. and recreational activities and forums for discussions and debate for the personal development of students.. and Furthering all purposes which are chantable in law. and which are incidental or ¢onduGive to the main objects. These objectives are pursued by representing and promoting the interests of ils student membership to the University of Oxford. local and national government. the National Union of Students {NUS) and other external groups., providing welfa￿. support and advocacy serVI￿S for students experiencing difficulty or requiring help during their time at university. campaigning on such issues as may aff￿t the membership of the union.. and the provision of olher services as the membership might request or require. Oxford SU will seek at all times to: Ensure that the diversty of its student membership is recognised and that equal access to seThices is available to all its members of whatever origin or orientation,. Pursue its aims and objectives irKJependently of any political party or religious group,. and Pursue equal opportunities by taking posrtive action within the law to facilitate the participation of under-represented groups in educational. representative, social and cultural activities. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 THE AIMS OF THE CHARITY CONTINUED Public benefrt The trustees have a duty to report on 'public benefft, by explaining". the signfficant activities which are urKlertaken in order to carry out their aims for the public benefit", and their achtevements measured against those aims. The trustees confimi that they have complied with the duty in section 17{5) of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charity Commission. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 ort of the Trustees continued THE AIMS OF THE CHARITY (CONTINUED Strategi¢ Development: Risk Management - The Transformation programme was a primarily risk-based project which sought to mitigate a number of live risks to the organisation and secure its future. During the project. trustees oversaw the development of a live risk register which was revsewed monthly during board meetings. The principal risks to the organisalion are described below. with any development work seeking to mitigate those risks. The Trustee Board reviewed its risk management approach and register as part of the programme. Following the decision to put the organisation into a 12-month period of transformation, a review of essential services was undertaken in April 2024 to determine how the organisation would ¢ontinue lo operate °essential Servi￿S. only alongside delivering a full prograrnme of organisational change. Additionally. the decision was taken to redu￿ the number of eleded officers serving from 6 to 3 for this year. and a redundancy process was undertaken with the full-time staff team. The essential servi￿5 Klents'fied whith continued throughout this period were". Cornpletion of the Access and Participation plan Student Submission Continued high quality representation to the institution through committee attendan The funding. support and facilitation of Student-led Campaigns The operation of the SU Student Advice Serrfice Support for academic representation through dtvisional and course representatives Delivery of the annual SU Freshers Fair Funding and support for student media Facilitation of fundraising activity through RAG The Transforniation committee was established as a subc0mm￿ee to the Trustee board, Co- Chaired by the Pro Vice Chancellor for Education. alongside a lay trustee of the SU Truslee board. Membership of the committee was comprised of Universrty and College senior leaders, SU Sabbatical. student and lay trustees and student members. The appointment of a Change Director in July 2024 marked the beginnings of the transfom)ation period in earnest and a signrficant piece of organisalional analysis was undertaken spanning the past decade of the charty. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slatements For the year ended 31 July 2025 Re ort of the Trustees continued THE AIPIIS OF THE CHARITY (CONTINUED) Strateglc Development: This consultation was far reaching and included stakeholders from across the collegiate university, students, trustees, and staff and student officers who have worked at the charity over the 10 years. Following this consultation period. a report was submitted to the Transformation Committee containing a total of 37 recommendations spanning the areas outlined below: University and college relationships Representation, policy and insight Officer effectiveness and support stwctures Democracy and purpose. induding how the SU can best engage with common rooms Governance review Financial sustainability and income generation Internal govemance (induding people and culture) and risk management These recommendations provided the framework for the 12-month transfomation prO￿sS and were used as the guiding principles for membership facing work throughoLrt this period. The Transformation commtttee was fomially closed at the end of June 2025, and the Students, Union now embarks upon a further 12-month period of embedding the OLrtcomes of the Transformation programme, alongside the development of a new strategic plan to support funding submissions for the period of 2026-2029. ACHIEVEMENTS AND PERFORMANCE Governance Review A full govemance review was undertaken in 2024125 %thich induded student cOnsu￿ation and co- creation of new artides and byelaws for the Charty. Consultation for this PrO￿$S was undertaken through a series of all student meetings and the eslablishment of a Iransformation "task force. made up of student members. Particular focus was placed on the byelaw development prO￿s$ for the new conferen￿ of Common rooms democratic space. and this work was widely engaged vrith by common room leaders, resulting in a vote to approve the articles and byelaws in Trinity temi of 2025. and ratified by University Council in July 2025. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Democracy Review An extensive democracy review was undertaken spanning the full academic year to detemiine what the correct democratic structure for the charity would be to replace Student Council which was disbanded in April 2024. The review asked students to consider three distinct approaches to democracy spanning direct democracy, a representative model and a federative model. Additionally, the review asked students to considerthe Su's relationship wilh Common Rooms, what future elected Officers remits should cover. what they believed the Su's long temi priorities should be and how best the SU could represent marginalised student groups. The review resulted in several recommendations including" The introduction of the Conference of Common rooms. a new democratic Spa￿ which onvenes common room leaders and SU Elected representatives to discuss and vote upon areas of policy to form representative mandates for officer representation to the Institution. The Conference of Common rooms was piloted in Trinity term and will continue into the academic year 25126 to review rts effecliveness. The pivot from SU Campaigns to Part time officers to better support and retKesent marginalised stLJdent groups arKI ensure a more focused application of funding. Changes to the Sabbatical OffI￿r roles, introduced for the 2025 elections. including the removal of the hierarchy within the elected officer team. with all officers now being referred to as President and the introduction of a role dedicated to Common rooms and Communities. Officer Effectivenèss & Support The elected officer training and induction penod Ls a critul Intr￿UCtion to offI￿r roles within the charity, balancing the role of elected official and employee wrth thal of bein9 a trustee of a charity. Additionally. the complex governance structures wrthin the collegiate university and the breadth of representative work across the institution undertaken by officers require a significant and extensive period of induction and training. In 2024 the Officer inducts'on programme was reviewed extensively and a revised, enhanced programme of training and induction plans implemented to better support officers in their roles. The SU took a collaborative approach to this work, working with the institution to ensure that the induction and training sessions were co-created and delivered, working together to identify areas of best practise and development. The introduung of structured pre-meelings and de- briefs with committee secretariat alongside improved intemal support structures has resulled in a vastly improved approach to our representalive work. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 ort of the Trustee$ Continued ACHIEVEMENTS ANO PERFORMANCE (CONTINUED) In addition to formal trainings. each elected officer was matched wrth a university mentor to offer support outside of intemal structures. Regular reflective practise sessions were introduced to support and nurture team dynamics and Officers were matched up with a lay trustee partner to provide additional support for their roles on the trustee board. Relatlonshlps & Stakeholder Engagement Significant work has been undertaken over the past 12 months to map and strategically engage stakeholders a￿0$$ the Collegiate university wrth the Su's transfomation project and work more broadly. This work has paid dividends and resufted in stronger relationships and support for both the elected officers and Senior leadership. Reputationally. the decision to put the organisation through a period of significant and public change has been welcomed by stakeholders across the institution and this approach and resulting interventions has strengthened the Su's representative legrtimacy. Cntically, the relationship between the SU and the Universty has been signrficantly advanced. In July 2025 a new relationship agreement belween the trwo organisalions was ratified at university council clearly outlining the relationship between and expectalions of. each partner. along with action plans for when the relationship may be tested. The agreement also outlines the Su's responsibilities in reporting to the institution for assurance purposes, and the mechanisms and governan￿ Pro￿$$ through v4hich this assurance is provided. People & Culture Over the past year, significant progress has been made in reviewing and developing a new People and Culture strategy for the charty. Key developments inGlude a full review of employee and sabbatical officer contracts. policies. and procedures, alongside a salary and grading review. We introduced a set of organisational Team Values and procured a new online training plafform, enabling all staff and sabbatical officers to complete mandatory EDI training across a range of topics. Internal communication and govemance have been strengthened through the creation of a dedicated staff and Trustee Board Sharepoint sites. We have also introduced a trustee buddylreverse mentoring scheme, and the establishment of trustee exit interviews lo capture feedback and learning for continuous improvement. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE ICONTINUED) A key highlight has been the opportunty to take a more strategic apKYoach to HR and drrve forward the P&C plan. This has enabled us to build momenturn on long-term priorities, strengthen intemal pro￿$Se$, and embed practices that will supp)rt a positive culture across the organisation. Represenlation Throughout this period of change, the tharity has remained focused on its primary purpose work of representing students to the university. Our 3 Sabbatical officers were the elected representatives to the institution across all academic and non-academic matters. belN4een them servicing over 100 committees and working groups to represent student views on a variety of issues. student vIeV￿ were gathered through the delivery of series of engagement initiatives (separate to the wider all student consullations into democracy and governance). This work included the delivery of26 rep coms. which college reps across marginalised student groups to support our representative work. The elected offi￿r$ carried out in depth student consultation5 on issues ranging from changes to University disciplinary statutes in advance of the introduction of new Ofs regulations, to ethical investment, graduate access and the experience of students living in PPH'S (permanenl private halls). These consultations resulted in formal submissions being made on behalf of the membership to various coMm￿ees. ensunng student voice was at the centre of critical decision-making processes. A major reform implemented during 2024125 was the shift from an eleclions-based system to re¢ruitment-based approach for Divisional Rep￿sentatives. This change addressed significant challenges with a 430k representative dropout rates and ensured candidales were genuinely interested in and committed to the role. A signrficant innovation within the recruitment reform was opening all leadership positions, including divisional representative roles. to first year students. Two first years were recruited in the Social Sciences and the Humanrties Division for UG Div Rep positions. This approach challenged IraditK)nal assumpbons that leadership roles required prior Oxford experien¢e, instead prioritising commrtment. enthusiasm. and capacity for growth. The policy enabled recruitment of representatives who could dedicate substantial time lo the role and polenb.ally continue for additional years, addressing previous issues wtth single-year tenures that limited relationship building and policy continuity. All divisional representattves received coMp￿hen$1ve training immediately upon joining their roles. ensuring they were equipped to engage effectively from the outset. This immediate training approach contrasted with previous delayed or inadequate preparation. enabling representatives to contribute meaningfully to university govemance from their first committee meetings. Training covered university govemance structures and committee processes, acadernic representation principles and escalation pathways. policy analysis and evIden￿-baSed advocacy techniques, and Communication strategies for effective student Vol￿ representation. 10 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE (CONTINUED) The 2024125 cohort of divisional represenlatNes delivered rneasurable outcomes beyond standard committee participation. Divisional Representatives implemented systematic approaches to inslitutional challenges. developing comprehensive policy frameworks and research outputs that directly inf0m￿d senior leadership decision-making processes. Following the 2024 Transformation review that identified systemic weaknesses including dis¢onne¢ted course representation systems, inadequate training, and low representative retention, Oxford SU implemented comprehenswe operational improvements. The laun¢h of termly reporting systems using MS Forms provided structured data collection mechanisms. while co-developed academic representative handbooks ensured alMJnment be￿een training objectives and institutional quality assurance processes. The refoms delivered measurable impact. with 38% of representatives identrfying improved student engagement in their areas. 27% noting enhan￿d academic feedback mechanisms. and 21 OA achieving direct departmental changes or successful event delivery_ In 2024 Oxford SU commissioned three major student Policy Associate research projects, with éo focusing on academic representation issues. This represented a significant advan￿ment in evidence-based student representation. Policy associates conducted research on assessment methods and hidden Gosts of study, postgraduate research focusing on structural challenges including cost transparency, assessment accessibility, and research infrastructure and Al's impact on student academic experien￿. The policy associates addrtionally provided researth to support the Su's representations to the Racial and Religious indusion task and finish group. The Policy Associate Mo￿e1 functioned as t*idge rO￿S t)etween grassroots student experien and senior university decision-making processes, providing analytical capacity for representatives to develop infomed views reflecting bmder student COn￿ms. Campaigns As part of the transformation project, Oxford SU has reviewed its representation struciures. SU Campaigns have been integral in uplifting marginalised voices in the Oxford communrty. However, there had been persisting concerns that may not be possibly addressed under the campaign structure. This drawback often included insufficient SU resource in facilitats'ng campaign activity and activity often not being representative work. Following the democracy review and consultations with each campaign group, a decision was taken to pivot campaigns into Part time officers for the academic year 2025126 and to wind down traditional campaign activity throughout 2024125 academic year. The SU provided support to campaigns wishing to transition into a registered University society model and is due to hold elections for the new part time officer posts in Michaelmas temi 2025126. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE (CONTINUED} Nevertheless, in 2024125 the￿ were some well-attended events such as the It Happens Here symposium in Michaelmas Term which engaged 32 students and successful regular engagement as shown by Class Act with 205 engaged students across their Michaelmas event series. The Environmental Affairs Campaign also engaged with the Su's Global Climate Summrt panel which engaged 40 students. Class Act. in collaboration with the SU, delivered the Sub Fusc scheme to support low-income and working-class students to obtain sets of mortar boards. bow ties or nbbons and either an undergraduate or postgraduate gown. In 2024, 80 students were given full Sub Fusc sets and 230 applicants demonstrating a demand for a Sub Fusc scheme expansion. Due to success and high demand, the SU has allocated additional funds and reSoUr￿S to expand the scheme, including branded donation bins which will te housed at central locations. In collaboration with the LGBTQ+ Society. the LGBTQ+ Campaign delivered a Transgender Day of Remernbrance {TDoR) vigil which saw 50 attendees reflect on and raise awareness for violence against transgender communities. The SU will continue to resource and support the LGBTQ+ Society lo run TDOR. Elections The 2025 annual eleclions were lairty and property conducted in February 2025 in accordance with the Education Act 1994 and the governing documents of Oxford SU. In Hilary Temi 2025. Oxford SU announced changes lo the roles of the major office holders of the SU from 6 portfolios with a President, to 4 portfolios with no President. The decision to change the roles was approved at Trustee Boafd and discussed at Conference of Common Room during its second pilot meeting. The four roles elected were therefore.. Undergraduate OfficerlPresident for Undergraduates Postgraduate OfficerlPresident for Postgraduales Communities & Common Rooms OfficerlPresident for Communrties & Common Rooms Welfare. Equrty & Inclusion OfficerlPresident for Wetfare. Equity & Inclusion An important note is that these were the only roles elected during this election, whereas normally there would have been significantly more. This is because-. Campaigns were in the process of winding down. and the decisions within the bye-lav regarding Part-Time Officers had not yet been made (it was later agreed that these roles would be elected in the new academic year to increase participation}. Student Trustee elections had been scheduled for Trinity Terrn to allow for articles changes to be in pla￿ and therefore allow those student trustees to lake up 2-year terms. 12 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 ort of the Trustees continued ACHIEVEMENTS AND PERFORMANCE ICONTINUED) This election saw just over 50/0 turnout at 1471 individual voters arAoss all 4 roles. This was lower than anticipated, though there are likely to be several different reasons for this including as outlined above, the Transfomation programme. However. rt is important lo note that given that the number of roles had redU￿d significantly, as had the number of candidales, this is probably the direct cause of the reduction in voters. In Trinity Term 2025. Oxford SU elected 4 student trustee roles. This election saw just a tumout at 1471 individual voters across all 4 roles. Advice & Wellbeing During Transfom)ation, our Advice Servi￿ remained open as an essential fa￿t of the sludents, unions work. bul has nonetheless transformed the offering to be clear. consistent and relevant to our members. Alongside the delivery of business-as-usual casework. the Advi￿ service undertook a 360 review of the Servi￿ introducing new streamlined seff-service options for students and reviewing and updating all policies to align rn0￿ clearly with the Universities own referral networks. The Advice service data and insight work has also been used to inform Ihe Su's representative work and is regarded as a highly valued sep4ice across the institution. Oxford SU Adwce opened 330 new cases in the academTrc year 24125. The breakdown of cases managed by type is below: Academic Appeal Academic Misconduct Complaint Dispensation Fitness to Practice Fitness to Study Joint Panel on the Remission of Fees M igration Mitigating Circumstances Non-Academic Misconduct Suspension 5ignposting/Accessing Support 20 18 12 12 14 18 21 143 13 OXFORD UNIVERSITY STUDENT UNION Annual Report and Finan¢ial Statements For the year ended 31 July 2025 ort of the Trustees ¢ontinued ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Media Review Throughout 2024125 the charity has also t)een reviewing its relationship as publisher of the Oxford Student newspaper, and how the chartty can more effectively balance tts primary purpose objectives with the legal, financial and reputational risks that have arisen through the management of editorial independence required of a student media outlet. After an extensive consultation period. extemal review and cost benefit analysis exercise a decision was taken to support the Oxford Student to establish themselves as an independent cic to manage risk to the charity. Funding has been allocated to support this transition and the Oxford Student will now continue to deliver their important function in the University ecoThSyStem with the level of editorial independence required. This strategic deosion allows Oxford SU to concentrate resources on its primary purpose aclivities whilst supporting the Oxford Students, development as an independent media outlet serving the student community. FINANCIAL REVIEW In 2024-25, Oxford SU reported a surplus of £57.052 across total funds, compared to a surplus of £17,186 in 2023-24. Total funds are comprised of restricted and unrestricted funds. The unrestricted funds include general funds and the pension reserve. though the pension reserve sits at zero and is not required at Ihis time. as detailed in the report below. At the year end, the general funds balan￿ increased to £194.075 (202>24.. £137.879). The pension scheme now has a provision of £0. reflecling the fact that it is in surplus. A new Contribution schedule was agreed. effective from 1 October 2023. which incorporates the benefit improvements and changes to member contributions made since the previous valuation dale. It was also agreed that the scheme will meet its own running costs from its assets. and no additional surplus payrnents are required. Additionally, the surplus on restricted funds decreased to £20.673 (2023-24.. £19,817). Overall, the total surplus balance across all funds increased to £214,748 (2023-24-. £157,696), indicating that Oxford SU remains in a net surplus posrtion. 14 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees contlnued ACHIEVEMENTS AND PERFORMANCE (CONTINUED) FINANCIAL REVIEW Oxford Su's reseNes policy will maintain reserves equal to Ihree months of operating costs, adjusted to reflect 750A of anticipated University grant funding A further £50,000 will be set aside to address risks identified in the current risk register. Commercial losses will also be Covered, with consideration given to salary commitments and expected profrt. Based on this calculation. the target reserves level is £191.227 In accordan￿ with guidance from the Charity Commission for England and Wales, trustees are required to detemiine, publish. implement. and monitor the charity's rese￿e5 policy to ensure complian￿ with their legal duties. As of the year-end, unrestricted general funds stood at £194,075, vthich is above the target reserves level. At the start of the 2024-25 financial year, the Trustee Board approved a surplus budget of £19,338, this was done to provide the entity with sufficient operational flexibility to continue delivering its core functions. whilst going into a transfo￿Tration. As the year progressed and the transfomiation project approathed completion, the resources required for student engagement decreased. This. combined with natural staff attrition. contributed to an increased surplus. Part of this surplus was absorbed by unforeseen operational expenses, while a portion was redirected to other inrtiatives. This resulted in a surplus of £57.052. which has been designated to support the entty's new reserves policy, ensuring future financial resilience and stability. Looking ahead. the trustees have approved a surplus budget of £35,527 The entty continues to look lo make progress on its transfomiation and is expected to generate a surplus over the foreseeable three years. These surpluses will help strengthen reserves and enable the entity to achieve rts core values. which have been further solidrfied through the completion of the transfomiation. At the year*nd. Oxford SU held restricted funds totalling £20,673 (2024.. £19,817). A portion of these funds is allo¢ated to Oxford Raise and Give {RAG) and is not available for Oxford Su's general operations. The remaining balance consists of the value of fixed assets held by the organisation. The activities of OSSL Limited, Oxford Su's trading subsidiary. are ¢onsolidated within these financial statements. 15 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Staternents For the year ended 31 July 2025 ort of the Trustees Continued Key risks and uncertainties The Board of Trustees has identifFed the follov*ing key risks that Oxford SU must priorrtise. These risks are regularly monitored by senior management and truslees. Liquidity Oxford Su's approach to managing liquidity risk is to ensure it can meet its financial obligations as they become due. It expects to fulfill these obligations through operating cash flows In cases where operating cash flows may not cover all financial commrtments. Oxford SU has access to credit facilities. Based on this year's cash ouffiows and the cash balan￿ at year*nd, Oxford SU is well- positioned to meet rts upcoming commrtments and obligations. Customer credit exposure Oxford SU may offer credrt temis to customers. allowing payment after the delivery of goods or seNices. The risk arises if a customer is unable to settle their debt by the due date. This risk is mitigated through strong. ongoing relationships with customers. Funding Oxford Su's primary sources of funding are grants from the University of Oxforij and income generated through commercial activities. Universrty funding has been provisionally secured until the 2025-26 finanaal year our C￿￿ent trading year, while revenue from commercial operations remains stable and is proieded to grow. The entity is well positioned to submit a bid to the University lo secure funding for the next three trading years, with the bid proces5 commencing in October. Reserves The entity has reviewed and updated its reserves policy in response to the heightened level of external and financial uncertainty. Maintaining a higher level of reserves is viewed as a key risk mitigation measure. ensuring the organisation can manage potential disruptions to funding. or shifts in the operations while continuing to meet its strategic objectives. University and College Relationshlps Swnificant steps have also been taken to improve the Union's relationships across the collegiate university. particulady with student representatives and senior college stakeholders. The engagement exercise initiated last year has helped clartfy the Union's role and unique value within the collegiate ecosyslem. with earfy signs of improved collaboration and dialogue. Despite this progress, these relationships remain an evolving risk to entity- Student Engagement Over the past year, the Students. Union has made progress in addressing long-standing challenges around student engagement. While some existing student engagement activities will be retained due to their success, the organisation is shrfting focus towards new inrtiatives. 16 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees continued STRUCTUR4 GOVERNANCE AND MANAGEMENT The Students, Union is govemed by its Constitution and responsible for providing representation and support to the students ofthe University. The constitution and byelaws were last reviewed in 2020 and have now been reviewed and updated as part of the Transformation project. In 2020, the Company Law Members were changed from student members to the trustee directors. In 2025, the key changes related to the interaction betsyeen the democrati¢ procedures and organisational govemance. The next review of the constitution is scheduled for 2030 in accordance with the Educabon Act 1994. Under the new {July} 2025 constitution, the Students, Union Trustee Board has provision for up to twelve members. The constrtution allows for. The Sabbatical Trustees, up to six Student trustees and a minimum of four and up to six lay trustees. Sabbatical Trustees are full time student officers of the Union. elected by cross campus ballot for a one-year sabbatical term of office. These are full time or "sabbatical. positions, and they receive remuneration as aulhorised by the Education Act. Sabbatical officers, under the new constitution may serve up to two terms rf r￿lected. The Chair of the Trustee board is reserved for a Sabbalical Officer. The Deputy Chair role is reserved for a Lay Trustee and the role of Deputy Chair will be to support the Chair. Lay Trustees are persons invited to join the board having been selected for their skills, knowledge and experience. These trustees are recruited exlemally. Student Trustees are elected by cross carnpus secret ballot for a hvo-year tem where eligible. For the first half of the year 2024125 the composrtion of the trustee board was as follows.. Three sabbatical trustees Two student Irustees Four Lay trustees Following the resignation of the Students. Union President in January 2025, the trustee board chose to C¢>OPt an additional two student tnjstees to the board to retain a student majorrty. The￿fore, the composition of the Trustee Board for the second half of 2024125 was as followts.. Two sabbatical trustees Four student trustees Four Lay Trustees Followng the introduction of the uwjated constrtution and elections held in June 2025 the composition of the board for 2025126 is as follows= Four Sabbatical Trustees Four Student Trustees Four Lay Trustees 17 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Re ort of the Trustees conlinued STRUCTUR& GOVERNANCE AND Ib1ANAGEmEP￿ (Continued) Additionally, The University of Oxford acts as a corporate trustee to the charity and is the principal funder through an annual block grant, with additional contributions from university colleges which make up the collegiate universty. All trustees are provided with a code of conduct and opportunities for training and development through external organisations. including signposting to the Chanty Commission info for Trustees. Specifically. the Sabbatical and Student trustees are provided with a full day training with a sector specialist. The Students, Union is a democratic organisation wtth the ultimate decision-making power being vested in the Trustee Board which is the sovereign body. Sub committee5 of the board were suspended as part of the transfonnation project with oversight of these areas (Finan￿, Risk, People & Culture, Media oversight) being subsumed by the fijll board throughout this period. The exception lo this was the Transformation subcommittee which reported into the Trustee board with parallel reporting lines into the instrtutions Education Committee to provide oversight to our corporate trustee, the University of Oxford. OSSL serves as the commercial ann of Oxford SU and is included within the Oxford University Sludenls. Union group accounts. Its role is to bridge the gap tse￿een commercial activities and the core functions of Oxford SU. Currently OSSL generates a streamlined revenue stream through media sales, including digital platfomis, screen advertising and events. The board delegates to the Chief Executive the power to manage the day lo day running of the Studenls, Union by implementing the agreed operating plans and annual budget and policies approved by the Trustees, and to advise the trustees in relation to such plans and policies. The Students, Union employs full-time staff to ensure effective management of tts activities and support Offiors to fulfil the charities, primary purpose of representation to the institution. As part of the Transformation project the scheme of delegated authorty was reviewed and refreshed to align with the new govemance. democratic and representation structure. There is delegated authority. through the Chief Executive, for operational decision making and accountability within the departments of the Students, Union. The Board of Trustees has an established management group to which the Chief Executive reports. This group oversees the Chief Executives objectives and Performan￿ and makes recommendations to the board on pay and renumeration for the Chief Executive. Sabbatical Officer pay and renumeration is overseen by the board of trustees except for the Sabbatical Officer trustees and was last reviewed in June 2025. Oxford Student Union is Currently only affiliated to the National Union of Students for vthich our total subscription costs for the period amounted to £20,850 Oxford Student Union is not acting as a custodian for any assets or money on behalf of any individuals or entities. It does not hold. manage. or safeguafd any fvnds or assets for others in any capacity. 18 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 ort of the Trustees continued STRUCTUR& GOVERNANCE AND MANAGEMEKf (Continued) Risk Management The trustees have considered the major risks to which Oxford SU is exposed and have satisfied themselves thal systems or proCedU￿S are established in order to manage those risks. The risk register is monitored by the board. Fundraising Oxford SU carries out fundraising activrties to support both Oxf¢yd Raise and Give (RAG) and rts own campaigns. Funds are raised through student-led events and sponsored challenges, with support from Oxford SU staff. During this finanaal pericwj. no complaints have been received in lation to any fundraising activrties. Although Oxford SU does not subscJibe to any fomial fundraising standards or regulatory schemes, it has developed robust intemal processes and guidelines to ensure that its fundraising efforts are effectively managed_ These standards are designed lo protecl vulnerable individuals and members of the public from undue intrusion. excessive persistencR, or pressure to donate money or propety. Oxford SU is confident that its controls safeguard the privacy of intjividuals and ensure that all fundraising activities. whether for RAG or SU campaigns. are conducted ethically and responsibly. 19 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Slalements For the year ended 31 July 2025 STATEMENT OF TRUS.TEES' RESPONSIBILITIES The Trustees (who are also directors of Oxford University Student Union for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial emen s In accor an￿ wi app Ica awan ni om enera ccep Accounting Practice (Unrted Kingdom Accounting Standards). Company law requires the Trustees to prepare financial slatements for each financial year. Under company law the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resour¢es and application of resources, including the income and expenditure, of the charitable group for that pericfvj. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Chartties SORP. make judgments and estimates that are reasonable and prudent-. state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the chantable company wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 arKI the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the yevention and detection of fraud and other irregularrties. PROVISION OF INFORMATION TO AUDITOR In accordan￿ with ￿rnpanY law, as the ¢ompanls dirertors, we ￿rtify that.. so far as we are aware. there is no relevant audit infomiation of which the company's auditors are unaware" and as the directors of the company. we have tsken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit infonnation and lo establish that the charity's auditots are aware of that infomiation. AUDITOR The auditor, Crowe U.K. LLP. will be proposed for reappointment in accordance with section 485 of the Companies Act 2CrfJ6. The trustees have agreed on these financial statements which have taken advantage of the small companies exemption5 provided by section 415A of the Companies Act 2006. Approved by the trustees and signed on their behalf by: Chair of trustees: OILwaseun BlessirvJ Sowunmi Date. 94101 1 2fi£O 20 cr￿ U.K LLP Crowe R+ RG1 1A2 Td +44 (01118 95972T2 Fa*. *44 I￿118 9584640 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION Opinion We have audrted the financial statements of Oxford Unprfersty student Union for the year ended 31 July 2025 whith comprise the Consolidated Statement of Financial Activities, the Consolidated Balan￿ Sheet, the Company Balance Sheet. the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has teen applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial. Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Rewblic of Ireland, {the United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of ￿ group's the tharitab￿ companls affairs as at 31 July 2025 and of the group's income and expendtture for the year then ended,. have been properly prepared in accordance y￿th the United Kingdom Generally Accepted Accounting Practice: and have been p￿pared in accordance with the requirements ofthe Companies Act 2006 and the charit￿ Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of Ihe group in accordan￿ with the ethical requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audrt eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have conduded that the truslees. use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work VR have performed. we have not identffied any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the Gharity's ability to continue as a going con￿rn for a period of at least ￿e1ve months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. 21 Crowe Cru** U.K. LLP R+ ￿￿.￿Jir 2 ￿9rnVe Street Reading RGI 1AZ Td." +44101118 959 7222 Fax.. +¥ (01118 958 4640 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION ICONTINUEDI Other infomiation The trustees are responsible for the other information. The other infomation Gompri5es the infomiation included in the annual report. other than the financial statements and our auditols report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othemise expliatly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the other information is materially inconsistent V￿th the financial staternents or our knowledge obtained in the audrt or otherwise appears to be materially misstated. If we identify such material inconsistencies or appa￿nt material misstatements. we are required to determine whether this gives rise to a material misstalement in the financial statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, annual report for the financial year for which the financial staternents are prepared is consistent with the financial slalements." and the trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audrt. we have not identified material misstatements in the trustees. annual report_ We have nothing io report in resped of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records arKI retums; or certain disc105ures of trustees. remuneration specified by law are not made.. or we have not received all the infomation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in a¢cordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report. 22 Crowe cr￿ U.K. LLP Charte￿￿A&￿t9￿ts R+ euibjing 2 Biagraye Stre Reading RG1 1AZ T81.. +44101118 959 7222 Fax.. +44101118 958 4640 INDEpENDE￿r AUDITORS. REPORT TO THE MEMBERS OF OXFORD UNIVERsrrY STUDENT UNION (CONTINUED) Responsibilities of trustees As explained more fully in the trustees. ￿SponSIbl1111eS statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees detemine is ne￿$sary to enable preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's or the charitable company's ability to continue as a going concem, disclosing. a5 applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonal￿e assuran￿ about whether Ihe financial statements as a whole are free from material misstatement. whetherdue to fraud or error. and lo issue an auditorfs report Ihal includes our ownion. Reasonable assuran￿ is a high Sevel of assuran￿, bLrt is not guarantee that an audit conducted in accordance with ISAS {UKI ￿11 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matenal rf, individualty or in the aggregate. they could reasonably be expected to influence the economic dea'sions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non<0mplian￿ with laws and regulations. We design pr¢xedures in line viith our responsibilities, outlined aèove, to delect material misstatements in resped of irregularrties. including fraud. The extent to which our wocedures are capable of detecting I￿egUla￿ties, ind￿ing fraud is detailed below.. We obtained an understanding of the legal arKI regulatory frameworks within which the charitable company operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in thi5 context were the Companies Act 2006 and Charities Act 2011 together with the Charities SORP (FRS 102) 2019. We assessed the required complian with these laws and regulations as part ofour audrt procedures on the related financial statemenl items. Auditing standards limtt the required audit procedures to identify non-complian￿ with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. rf any. 23 Crowe cr￿ Ll.K. LLP ch￿e￿0A¢￿%mf8￿l$ R+ Buldirvj 2 B*r#￿ Stoei R¢wJir*J RG1 1AZ Tel." +44101118 7222 Fax". +44 101118 958 4640 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD UNIVERSITY STUDENT UNION ICONTINUEDI We identified the greatest risk of material impact on the financial statements from irregularities. including fraud, to be within the override of Controls by management. Our audit procedures to respond lo these risks induded enquiries of management about their own identification and assessment of the risks of irregularities. sample testing on the posting of joumals, reviewing accounting estimates for biases. reviewng regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with g0veman￿. Owing lo the inherent limitations of an audtt. there is an unavoidable risk that we may not have delected some material misstatements in the financial slatements, even though we have property planned and performed our audit in accordance with audiling standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limrtations are particulady significant in the case of misslatement resulting from fraud as this may involve sophisticated schemes designed to avoid delection, including deliberate failure to record transactions, collusion or the provision of intentional Thisrep￿Sentat1Ons. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". vhwi.frc.or .uklauditorsres nsibilities. This description foms part of our auditols 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 2006. Our audit work has been undertaken so that we might state to the chantable company's members those matters we are required to state to them in an audilols report and for no other purpose. To Ihe fullest extent permitted by law, we do not a￿p1 or assume responsibility to anyone other than the chanlable company and the companls members as a body. for our audtt work. for this report. or for the OFinions we have fomied. Alastair Lyon Senior Statutory Audttor For and on behalf of Crowe U.K. LLP Slalulory Auditor R+ Building 2 Blagrave Street Reading RGI 1AZ Date.. 27 January 2026 24 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Consolidated Statement of Financial Activities Note Unrestricted Funds Restricted Total Funds Funds Total Funds 2025 2025 2025 2024 INCOME FROM: Donations l Grants 872,980 34.785 31,461 904,441 34,78S 930, 537 33,573 Infrastructure support in kind other trading activities: Commercial activity ChariLible activities for students: Welfare Other income 168.453 168,4S3 155. 082 4,225 2,459 4,225 2,459 1,114,363 4,244 11,358 1, 134, 788 Tolal income 1,082,902 31.461 EXPENDITURE ON: Raising funds: Commercial activitie5 Charitable activities for students: Advice and represenlalion Welfare 136.687 136,687 116.250 724.908 165.111 30,605 755,513 860, 623 140. 729 Total expenditure Net expenditure and movement in funds Funds brought forward 1,026.706 30.605 1,057.311 1.117,602 56,196 57,052 17,186 137.879 19.817 157,696 140,510 Funds carried forward 194,075 20,673 214,748 157.696 All operations are continuing. The notes on pages 29 to 46 fomi part of these a¢¢ounts. 25 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statemenls For the year ended 31 July 2025 Consolidated Balance Sheet as at 31 July 2025 FIXED ASSETS Note 2025 2024 Tangible assets 10 5.161 7,095 5.161 7, 095 CURRENT ASSETS Stocks 11 2.018 2, 664 292,053 Debtors 12 286,793 Cash at bank and in hand 179,923 169.807 468,734 464,524 CREDITORS: Amounts falling due within one year 13 (259.147 (313,923) NET CURRENT ASSETS 209,587 150,601 TOTAL ASSETS LESS CURRENT LIABILITIES 214,748 757.696 LONG TERM LIABILITIES Pension scheme funding deficrt 14 NET ASSETS 214,748 157,696 REPRESENTED BY RESTRICTED FUNDS 15 20,673 19,817 UNRESTRICTED FUNDS General funds 16 194,075 137,879 Pension ￿serve 16 TOTAL FUNDS 214,748 157.696 The notes on pages 29 to 46 fomi part of these accounts. The surplus for the financial year dealt with in the financial statements of the parent company (OUSU) was £43.430 <2024. surplus of £4.481) These accounts were approved and authorised for issue by the trustees and signed on their behalf.. Chair of trustees.. Oluwaseun Blessing Sowunmi Date. 26101 1 2D£ 26 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Com an Balance Sheet Registered Company number 07314850 as at 31 July 2025 FIXED ASSETS Note 2025 2024 Tangible assets 10 5,161 7,095 5,161 7.095 CURRENT ASSETS Stocks 11 2,018 254,826 152,581 2.664 271,315 158,185 Debtors 12 Cash at bank and in hand 409,425 13 1212,612) 432, 164 (280, 714) CREDITORS: Amounts falling due wthin one year NET CURRENT ASSETS 196,813 151,450 TOTAL ASSETS LESS CURRENT LIABILITIES 201,974 158, 545 LONG TERM LIABILITIES Pension scheme funding deficit NET ASSETS 14 201.974 158,545 REPRESENTED BY RESTRICTED FUNDS 15 20,673 19.817 UNRESTRICTED FUNDS General funds Pension reserve 16 181.301 138, 728 16 TOTAL FUNDS 201.974 158, 545 The notes on pages 29 to 46 form part of these accounts. These accounts V￿re approved and authorised for issue by the trustees and signed on their behalf Chair of trustees.. Oluwaseun Blessing Sowunmi Dale.. Lioi 1 27 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Consolidated Cash Flow Statement Note 2025 2024 Cash flows from operating activities Net cash providedlused by operating activrties 19 13,717 24,097 Cash flows from investing activities Payments to acquire of fixed assets 10 13.601) Net cash used in investing activities 24,097 Increase l (Decreasel in cash and cash equivalents in the year 10,116 24,097 Cash and cash equivalents brought forward 169,807 145. 710 Cash and cash equivalents carried forward 179.923 169,807 The notes on pages 29 to 46 form part of these accounts. 28 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements Company infomiation Oxford Universlty Student Union {'Oxford SU,) is a charitable company limited by guarantee, incorporated in England and Wales. The address of its registered office is 4 Worcester Slreet, Oxford, Oxfordshi￿, OX12BX. Oxford SU is a students, union within the meaning of the Education Act 1994. It is devoted lo the educational interests and welfare of the students of the University of Oxford (the'university,) and exists to further the educational purposes of the university. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2015) I'charities SORP,), the Financial Reporting Standard applicable in the UK and Republic of Ireland {'FRS 102,) and the Companies Act 20C6. Oxford SU meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transadion value unless othefwise stated in the relevant accounting policy note. The financial statements are presented in Sterfing (£). The group finan¢iaS statements ¢onsolKlate the financial statements of Oxford University Student Union and its subsidiary undertaking drawn up to 31 July each year. As pemiitted by section 408 of the Companies Act 2006 and in accordan￿ Charities SORP 2015, no separate Statement of Financial Activities has b*n presented. Going concern Oxford SU has positive funds of £214,748 (2024". £157.696). The Trustees have a reasonable expectalion that Oxford SU has adequate resources to conb'nue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of current changes to irrflation rates including the abilty of Oxford SU to continue to carry out its charitable objectives. the impact on future Ir￿Me and cash collections and the financial position of the bwder group. They continue to believe the going con￿rn basis of accounting appropriate in prepanng the annual Finanoal Statements. Significant judgements and estimats$ Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include.. Valuation of a present value of future pension deficit contributlons In accordance wilh the requirements of FRS 102, Oxford SU has made provision for the present value of required future pension defi¢it contributions. The contributions required are estimated by managemenl with the assistance of a qualified actuary. The present value is then calculated using an appropnate discount rate. Further details of the esb'mate. including the key assumptions used. are given in note 14. 29 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued Accounting policies Income All income and capital resources are recognised in the accounts when entitlement to the income or endowment arises, there is a probable economic benefit to Oxford SU and the amount can be reliably quantified_ The infrastructure support provided by the universty is accounted for as income and expenditure of the year at an estimated value to Oxford SU by reference to the aKernatives available on the commercial market. Grants are accounted for under the perf0mlan￿ model as permitted by the Chanty SORP. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-temi liabilities. Expendilure includes irrecoverable VAT and comprises the direct and indirecl costs of delivering public benefit. Expenditure on raising funds comprises the costs associated with attracting voluntary income and the costs of commercial activities of OSSL Limrted Charitable expenditure comprises those costs incurred by Oxford SU in the delivery of ils activities and services for its beneficiaries. It includes both costs that can te allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance cosls include those costs associated wrth meeting the constitLrtional and statutory requirements of Oxford SU and include the audrt fees and costs linked to the strategic management of Oxford SU. All costs are allocated between the expendrture categones of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. however. salary costs are apportioned on the basis of time worked on each activily. Fixed assets and depreciation Fixed assets comprise major rtems of equipment. Fixed assets are staled al cost, net of depreciation and any provision for impairmenl. The useful economic life of all assets is deemed to be four years over which depreciation is charged on a straight-line basis. In the period of acquisition, a full yea¢s deprecialion is charged. An asset purchased with a cost of over £1,000 are caprtalised. Expenditure on asset costing under £1,000 is recognised as an expense in the year of purchase. Stocks Stocks are stated at the lower of cost and net realisable value. In determining the cost of goods purchased for resale the first in first out basis is used. Debtors Short term debtors are measured at transaction price. less any impairment. Loans receivable are rneasured initially at fair value. net of transacb.on costs. and are measured subsequently at amortised cost using the effective interest method. less any impaimient. 30 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financlal Statements continued Accounting policies {continuedl Creditors Short-tem trade creditors are rneasu￿d at the transaction price. Other financial liabilities, are measured initially at fair value. net of transaction costs. and are measured subsequently at amortised cost using the effective interest method. Financial instruments Basic financial instruments indude debtors and creditors. Debtors and Creditors are initially recognised at transaction value and subsequently measured at amortised cost. Taxation Oxford Su's profrts a￿ not liable to taxation so long as they a￿ denved from trading wrth junior members of the universty. No FKovision has teen made for a current or deferred lax wrthin its wholly owned subsidiary on the grounds that OSSL Limrted transfers its taxable profits by gift aid to the Oxford UnNersty student Union arKI therefore no tax asset or lia￿lItY will be realised. Pensions Oxford SU partiopates in the University of Oxford Staff Pension Scheme {'OSPS') This scheme is a hybrid pension scheme. providing defined benefits as well as benefits based on defined contributions. The assets of the scheme are held in a separate truslee-administered fund. Because of the mutual nature ofthe scheme. the assets are not attributed to individual employers and scheme-wide contribution rates are sel. OxFord SU is therefore exposed to actuarial risks assoaated with other employers, employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 'Em￿OYee beneffts" Oxford SU therefore accounts for the scheme as if it were a wholly defined contnbution scheme. As a result. the amount thar9ed to the profit and loss account represents the contributions payable to the stheme. Since Oxford SU has entered into an agreement {the Recovery Plan) that detemiines how each employer within the schemes will fund the overall deficit. Oxford SU recognises a liability for the contributions payable that arise from the agreement {to the extent that they relate to the deficit) with related expenses being recognised through the profft and loss account (note 14). 31 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements contlnued Net expenditure for the year Net expendrture for the year is stated after charging.. Depreciation of owned assets Auditoff s remuneration 2025 2024 5,535 17,300 4, 634 16,500 Expendilu 2025 2024 Directly attributable costs Support costs Total costs Directly attributable cosls Support costs Total costs Commercial activities Advice and representation Weware 136,687 136.687 116,250 116,250 215,271 540,242 755,513 237,150 623,473 860.623 47,046 118,065 165.111 88.737 51,992 140,729 399,004 658,307 1,057,311 442.137 675.465 1.117.602 Further details of the costs included in the above headings are provided as follows-. Advice and representation - elected staff salaries, Oxford SU campaign expenses and communicalions expenditure. Welfare- student advisor salaries ¢ontra¢tor support. 32 OXFORD UNIVERSITh STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued Expenditure (continued) Governance costs Included within support costs are governance costs of £71.799 (2024.. £46.872>'. 2025 2024 Elections and Referendums 2,792 9.767 1,895 17,600 39,745 3.227 3,420 1,086 25.945 13, 194 Student officer training Board expenses Auditor's remuneration Legal and professional 71,799 46.872 Staff costs The average weekly number of persons employed during the year was". 2025 No. 2024 No. Elected staff Student advisors Office staff Total 16 2025 2024 The total cost of their remuneration was: Wages and salaries Social security costs Other pension costs 494,219 47,791 47,436 572, 100 50, 963 60,090 Total employees. remuneration $89.446 683. 153 33 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued Staff costs (continued Two employee's remuneration {exduding employer pension and national insurance contributions) exceeded £60,000 in the year. The remuneration of key management personnel (including employer pension and national insurance contributions) was £266.968 (2024= £306,472) This relates to the chief executive. change director and the remunerated trustees. Staff costs include settlement costs of £37,453 {2024= £54.296). Staff Trustee Remuneration and Related Parties Transactions No trustees received any ￿MUneratIon in the year in their capacity as trustees, but. as permitted by Article 6.6.6(a) of Oxford Su's Articles of Association, the following truslees received remuneration for other seNices as sabbatical officers during the period. The figures include employer pension and national insurance contributions. 2025 2024 D Hussain 32,502 J Lynam 30,421 K Aliu M Clement 29, 554 30, 830 26, 686 32,980 N Harris R Chapman A Haran Diman 15,565 35,025 3,327 3,141 3.327 E Miller L Schaefer 33,301 A Brown 3,097 3,097 SPry O Sowunmi 3,097 3,097 96,279 W Wantoe 192, 768 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued Staff Trustee Remunerntion and Related Parties Transactions (continued) Three external trustees had expenses reimbursed in the year in respect of travel expenses to board meetings £555 and six staff trustees reimbursed for standard business expenses £4.280 (2024: £367). Three staff trustees received company loan support totaling £4,482 for accommodation. which will be fully repaid to the entty by the end of their temis in accordance with established agreements. 10. Tangible Fixed Assets Group Office equipment Oxford SU Office equipment Cost at 31 July 2024 31,429 31,429 3,601 Additions in the year 3,601 Disposals in the year Cost at 31 July 2025 35,030 35,030 Depreciation at 31 July 2024 24,334 24.334 Charge for the year 5.535 5,535 Disposals in the year Depreciation at 31 July 2025 29.869 29,869 Net Book value at 31 July 2025 5,161 5,161 Net B¢)ok value at 31 July 2024 7,095 7,095 11. Stocks 2025 2025 2024 2024 Group Oxford SU Group Oxford SU Finished goods and goods for resale 2,018 2.018 2.664 2.664 35 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Flnancial Statements ¢ontinued 12. Debtors 2025 Group 2025 Oxford SU 2024 GroLJP 2024 Oxford SU Trade debtors 39,864 1,681 76,184 9. 835 Amounts owed by group Undertakings VAT recoverable 25,236 12,315 46,405 9,507 4,231 9,187 Prepayments and accrued Income 27,415 215,284 310 1.6t 205,078 490 Other debtors 215,284 205,078 286,794 254.826 292.053 271,315 Other debtors include £210,188 (2024-. £205,708) on deposit wrth the University of Oxford, held temp)rarily whilst altemative banking facilrties are arranged. 13. Creditors 2025 Group 2025 Oxford SU 2024 Group 2024 Oxford SU Trade creditors 29.219 195,153 34.775 2,884 195.153 14.575 24,642 227, 761 61,520 21.739 Other creditors (salaries) Accruals and deferred income 227,761 31.214 259,147 212.612 313,923 280,714 14. Pensions The Oxford University Student Union participates in the Univetsty of Oxford Slaff Pension Scheme {OSPS). This scherne is a hybrid pension scheme, providing defined benefits as well as benefits based on defined contributions. The assets of the scheme are held in a separate trustee-administered fund. Because of the mLrtual nature of the scheme, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The company is Iherefore exposed to aduarial risks associaled wrth other employers, employees and is unable to identify ils share of the underlyin9 assets and liabilities of the scheme on a consistent and reasonable basis_ As required by Section 28 of FRS 102 "Employee benefrts., Ihe company therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a resull. the amount charged to the profrt and loss account represents the contributions payable lo the scheme and any defi¢it recovery contributions payable under a scheme Recovery Plan. OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Flnancial Statements continued 14. Pensions (continued) Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation). the trustee of the scheme musl agree a Recovery Plan that detemiines how each employer within the scheme will fund an overall deficit. The company recognises a liabilrty for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 14. Critical aceountlng Judgements FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically wrth a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that detemiines how the employer will fund a deficit resulls in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the ￿Sulting expense in profit or loss in accordance with section 28 of FRS 102. The company is satisfied that OSPS meet the definition of a multi-employer scheme. Key sources of estimation uncertainty {rf the deficit recovery scheme deficits or charges are material to the company a note should be made)- The pension deficits recorded are dependent on estimates of future employment pattems and interest rates. The effects of changes to these assumptions are shown in note 14 Al 31 July 2024. the instilulion's balan￿ sheet included a liabilrty of £0 for future contributions payable under the deficrt recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2024 valuation. because the scheme was in surplus. Changes to contribution rales were implemented from 1 January 2024 and from that date the institution was no longer required to make deficit recovery contributions. The remaining liability of £9,082 was released to the profit and loss account. Further disclosures relating to the deficit recovery liability be found in note 14 37 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 14. Penslons (contlnued) Schemes accounted for under FRS 102 as defined contribution schemes University of Oxford Staff Pension Scheme The University of Oxford Staff Pension Scheme {OSPS) is a multi- employer hybrid scheme set up under trust and sponsored by the Universily. It is the Fension scheme for support staff at the University. participating colleges and other related employers. New members joining the scheme build up benefits on a defined contnbution basis. Members who joined before 1s1 October 2017 build up benefrts on a career average revalued earnings basis. The latest full actuarial valualion for the OSPS scheme was completed as at 31 March 2022 The funding posrtion of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m al the valuation date. As a result. the recovery plan agreed at the last valuation is no longer required and the deficit conlribution ended on 30th September 2023. A provision of £9,082 was made at 31 July 2023 {2022: £344,214) to ac¢ount for defI￿t recovery payments up to 30th September 2023. The Trustee and the University have agreed a new conlribution schedule which took effect frorn 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets. including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund lother slalutory levies. The table below summarises the key aduarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can found at hlt s'.Ilfinance.adrnin.ox.ac.ukJos S4Jocuments Date of valuation= Value of liabilrties.. Value of assets". Funding surplus I Ideficit).. 3110312022 £914m £961m £47m 38 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial StalementS For the year ended 31 July 2025 Notes to the Financial Statements continued 14. Pensions (continued) The nnci al assum tions used b the actua Rate of interest (peri¢)ds up to retirement Rate of interest (pefiods after retirement were". Gitis, +2.250 Gills, +0.5% RPI Breakeven RPI cup4e less 0.50h pa pre-2030 and 1.0% pa post-2030 RPI inflalion assumption less 1 % pa pre-2030 and 0.10fi pa p)st-2030 RPI +pa cpi Pensionable Salary increases Funding Ratios.. Technical provisions basis.. 'Buy-out' basis-. 105% 62% Non-financial assumptions- Non-Pensioners." 105% of standard S3PxA medium tables for both ma￿S and females Pensioners." 105% of standard S3PxA medium tables for both males and females Non-Pensioners'. 105% of standard S3PxA medium tables for both males and females Pensioners.. 105'h of standard S3PxA medium tables for both males and females 16.50h D8 for members from 0111012023 100kn 112% 114% DC members in relation to 4% 16% 18% cost plan - from 0111012023 3110312025 Post-retirement mortality - base table Post-retirement mortality - improvements Recommended employer's contribution rate {as Ok of pensionable salaries).. Effedive date of next valuation.. Pension charge for the year These amounts include £47,436 contributions payable to defined contribution schemes at rates specified in the rules of those plans. 39 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 15. Restricted funds Oxford SU and Group Asat August 2024 Asat 31 July 2025 Income Expenditure Oxford RAG 18.480 30.242 (29,477) {1.100) {16) {12) 19,245 119 Class Act Campaign LGBGTQ Campaign Disabilities Campaign CRAE Campaign 1,219 100 50 38 1.187 1,187 19.817 31.461 (30,605) 20.673 31 Juty 2024 Anatysis Oxford SU and Group Asat August 2023 Asat 31 July 2024 Income Expenditurn Oxford RAG 21.793 35.893 {39.206) 18,480 Class Act Campaign 620 (620) It Happens Here 381 (381) LGBGTQ Campaign 100 100 Disabilities Campaign 50 Women's Carnpa￿n 2.731 (2.731) CRAE Campaign 1.187 1,187 22,224 40.531 {42.938) 19.817 40 OXFORD UNIVERSITY STUDENT UNION Annual Report and Finan¢ial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 15. Restrictsd funds (continued) The restricted funds of Oxford SU pnmarily relate to the Raising and Giving (RAGI division, which is composed of a team of volunteers. At the beginning of each academic year. this team selects four charities to support. Throughout the year, they organize various fundraising activities and events to raise funds for these selected charities_ Additionally, Oxford SU runs a variety of carnpa￿ns aligned wtth the interests and concerns of the sludent body. These campaigns focus on addressing key social, political, and academic issues pertinent to students at Oxford. with the aim of enhancing student welfare, representation, and engagement. 16. Unrestricted funds Group Asat 1 August 2024 Asat 31 July 2025 Income Expenditure General funds 137.879 1,082.902 (1.026.71X) 194.075 Pension reserve 137.879 1.082.902 (1.026.706) 194,075 Oxford SU Asat 1 August 2024 Asat 31 July 2025 Income Expenditure General funds 138.728 952,582 (910,009) 181,301 Pension reserve 138.728 .952,582 (910.009) 181.301 41 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 16. Unrestrided funds {¢ontinued) 8elow is the analysis of unrestricted furKls at 31 July 2024. 16. Group Asat 1 August 2023 Asat 31 July 2024 Income Expenditure General funds 127.368 1,085.175 {1,074,664) 137,879 Pension resenie (9.082) 9.082 118,286 1,094,257 {1.074.664) 137,879 Oxford SU Asat 1 August 2023 Asat 31 July 2024 Income Expenditure General funds 140,922 931,212 (933.406> 138,728 Pension reseThe (9,082) 9,082 131.840 940,294 (933.4061 138,728 General funds are funds available to be spent on Oxford Su's general purposes as detemiined by Ihe trustees. The pension reserve represents the net present value of the future contributions required over ten years to clear the funding deficit of the OSPS pension scheme. See note 14 for further details. 42 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Slatements continued 17. Analysls of net assets between funds Restricted funds Unrestricted funds Total funds Tangible fixed assets Current assets Current liabilities 5.161 448,061 {259.147) 194,075 5,161 468,734 259,147 214,748 20.673 20,673 Below is the analysis of net assets between funds as at 31 July 2024.. Restricted funds Unrestricted funds Total funds Tangible fixed assets Current assets Current liabilities Pension scheme funding deficit 7,095 444.707 (313.923) 7,095 464,524 (313,9231 19,817 19.817 137,879 157,696 18. Financial commitrnents Al 31 July 2025 Oxford SU had future minimum lease payments under non-cancellable operating leases as follows- 2025 Group 2025 Oxford SU 2024 Group 2024 Oxford SU Other Other Other Other Within one year Between one and Iwo years Between two andfNe years. 400 300 400 300 400 400 400 700 700 43 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statement$ For the year ended 31 July 2025 Notes to the Financial Statements continued 19. Reconciliation of net movement in funds to net cash flow from operating a¢tivities 2025 2024 Net movement in funds 57,052 5.535 5.260 646 77.186 Depreciation Increase in debtors 4, 634 1, 740 232 Increase in stock Decrease in creditors (54,776 9.387 (9,082) 24,097 Increase By in pension provisions Net cash flow Providedlused by operations 13.717 Analysis of changes in net debt At1Aug 2024 Cash flows Other changes At 31 Jul 2025 Cash at bank and in hand 169.807 10.116 179,923 169.807 10.116 179,923 21. Investment In OSSL Llmlted OSSL Limited, registered number 07322922. is a wholly owned subsidiary of Oxford University Student Union. The address of the company is 4 WorrEster Street, Oxford OX1 2BX. The activrties of the company comprise primarily printing and distribution of student publications and running student events such as the annual freshers. fair. The book value of the investment in OSSL Limrted in the company accounts of Oxford University Student Union is £nil (2024.. £nil). 44 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 22. Members. liability The company is limrted by guarantee and has no share caprtal. 9 guarantees were in place at year-end from trustees. In the event of the company being wound up. the liability of the members is limrted to one pound. 23. Control relationships ultimate control of OxFord SU rests with its membership 45 OXFORD UNIVERSITY STUDENT UNION Annual Report and Financial Statements For the year ended 31 July 2025 Notes to the Financial Statements continued 24. Comparative consolidated statement of financial activltles Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 INCOME FROM: Donations Infrastructure support in kind Other trading activities: Commercial activity Charitable activities for Students: Welfare Other income 890,000 33.573 40,531 930,531 33,573 155.082 155,082 4.244 11,358 1.094,257 4,244 11,358 Total income 40.S31 1,134,788 EXPENDITURE ON: Ralsing funds: Commercial activities Charitable activities for Students: Advice and representation Welfare 116.250 116.250 817,685 140,729 42.938 860,623 140,729 Total expenditure 1,074,664 42.938 1.117,602 Net movement in funds 19.593 118.286 (2,407) 22,224 17.186 Funds brought forward 140,510 Funds carried forward 137,879 19,817 157,696 46