UCLU (operating as Students, Union UCL) Annual Report and Financlal Statements 31 July 2025 07&S5628 (EN￿ oTrJ Wlosl 1142404 Cont•nts Reports Relerence and administrative information Trustees, report Inde￿ndent audilorfs rèp)rt on the financial statements 20 Flmnclal slatemw Statemenl ol finarKial activities 25 Balance sheet 26 Stsiemenl of cash fh)ws 27 Pmcipal accounkn'ng policies 28 Notes to the finarKial slalemenls urnve￿ty College London Union Relerèneè and administrative inf0m￿tion Trustees B Beasant A Boikova C Bracey LLan E Yildirimkaya A Chaudhary C Gab&la S Jilani S Cavuluri A Cleary R Ahmad H Mougharfoel R Wilson Chlef Ex¢¢ullve OIIKer John Dubber Senlor Pthnaymenl Team D Dominiczak IDirector of Finance) D Nichols (Director of Operations) C Salton-8ro)ks IDiroetor of Studont Experien¢el S To (Directtx of Polw, Govemance & Advocacy) Ch•rity roglstrntlon number 1142404 Company registr￿lOn number 07635628 Web8lt• w4Yw.sludentsunK)nucl.or Pagistrved address 25 Gordon Street London WC1H OAY Auditor Buzzacott Audil LLP 130 WoL*J Street Lonth)n EC2V 6DL UCLU 1 A•f•rOn￿ and admini8tralive infonna Bankers Barclays Bank Pk LorKlon Corwralg Se￿& Centro PO Box 46116 London EC4N 8WB Melro Bank One southampt￿ Row London WC1B SHA UCLU 2 Tru￿08•, report 31 Juty 2025 The INslees. who arg also dir*tots of cP*aritable coffyany Itthe Charl￿>, present their rep)rt and the financial statements for UCLU llhe Union'l lor the year ended 31 Juty 2025, which have been prepared in accordance with the Companies Act 2006 and A￿untIng and Reporting by Charities: Stste￿￿ of Recommended PraCt￿e applicable to charities preparing their accounts in accordance wilh the Financial Reporting Stsndard applicable in the UK and Reputdic of Ireland {FRS 102). aThJ effective from accounting periods commencing 1 January 2015 or later. STrUCTURE. GOVERNANCE AND MANAGEMEKr Charilablo status Students. UnM)n UCL {'UCLU') is an incorporated charity (limited by guarantee) (charity registration number. 1142404. company registration number. 07635628). It was originalty established in 1893 and rKMI operates in accorda￿e wilh thè EdueatKJn Act 1994. It has been registered with the Charity ComMiss￿n since 14 June 2011, when students. uniorts connected wf(h exeiiv highernurther education instltutions were removed from exerrption by the Ihen Charities Act 1993. UCLU is govemed by ils MernraNJum and Artides of Associal￿n last amended in July %)23. UCLU operates as Students. Union UCL folknwing a rebrarKling proigcl during the 2017118 financial ygar. Govornance UCLU is constituted under the Education Act 1994 as a d￿ritable company limited by guarantsè with inlemal regulations a￿1 rules approved by the goveming body ol University College London {UCLI. The primary aim of the Unh)n i¥ the advartemenl ot education of students at UCL for the wblic beneif(. Publlc benelll All activities undertaken by the Un￿n are to further our chaiilable purposes for the benafit ol our student members. In shapiThJ our cknjectives arKJ planning activities. the Board of Trustees hav8 had regard to the Charty Commission's published general guidanca regarding the exercising ol duty and power for the PulA￿ benefrt. Th& main benelts wh￿h have arisen during the year from the organisation's are detabled in the following secth)n$. Board ol Trust￿8 Th8 Board of Trustées ensures SbJdents' Union UCL has the necessary financial and structural abilities to cary out its aims effeetr¥ety. The Board makes decisions on legal and financial issues and ensures that the organisalion is delivering on the Fxjlilical polKy set by Ihe dem￿rat￿ bodies of the Union. In accordance with the organisalion's Memorandum and Articles, the Board CO￿￿riSes. 6 sabbat￿al Tnjstees 4 Student Trust 1 Exlernal Twstee (Alumni) 1 Exlernal Trustee IUCL Staffl 1 E￿Ornal Trustee INon-UCLI UCLU 3 Trustee8' roport 31 July 2025 STRUCTURE, GOVERNANCE AND MAPIAGEMENT {c￿linUed) Board of Tru8lee8 Iconlinuedl Members of the Board (who are also directors ol UCLU for ttle purposes ol company lawl who senied during the year and up to the date of this reFKJrt were: Trust••$ (Dlrector4) A 8￿"kova Appointed l Re$igrnd A Chaudha M Ch•LbJhary G Danaci SJI Sabbat SaL*la1￿1 Appoint8d 16 Ju Res ed15Ju 2025 2tr25 R$siwèd 15 Juty 2025 Appoint8d 16 July 2025 Sabbabc LLan HLIM Hmo Re ned IS Ju 2025 art*1 Sattst￿ Appos'nted 16 Ju 2025 E Yiltlinm Satthtical A Brown Stude Resigned 13 June 2￿25 Resigned 31 July 2￿25 Resigned 31 Oct¢)ber 2024 Resigned 15 Juty 21r25 App￿nted 16 JU￿ 2025. Resigned 24 October2025 *4ppoinfed 13 Novemb8r 2025 Appoinled 1 Novernber 2025 Appointed 1 November 2025 Raswad 13 June 2025 Aesi ed 25 Seplembèr 2024 AFvointed 16 Jul 2tr25 Resig￿ 31 Awt 2024 S Harris GHU Student SWdent F Ibralim Student H Kh￿ed Student A C*ary S Cavuluri Sb￿t StLwJent R Ahmad Student Ksio Siudent Student Student E￿ernal Extemaf S Tedros R WiLson P Barran B Beasanl C Bracey C Gabgla Extemal Extemal Appoinled 1 July 2025 The trustees hold a mtnimum of four megtings pgr acadgrnic ygar and aro responsiblé for eslaNishing and delegatin9 to the following committees: Finance Committee Risk & Audit Committee Govemance Commiltee ReffluneratK)n Coin￿ee The terms of reference for the Board and its associated comnNttees. are available on the Union wobsite: https'.Ilstudentsunionucl.ortygovemarKe UCLU 4 Trust¢￿, rwort 31 Juty 2025 STRUCTURE. GOVERNANCE AND MANAGEMEKf lo￿tInued) FIMnee Commlttee is charged by the Board of Trustees to oversee the finances of the Union, including considering strategK options for. and general oversight of 811 areas of the Union's finances. This includes approving annual bLMJgets and monitoring the linancial perfomiance of lh8 organisation. Ri8k & Audtt Cofflmitt•e is charged by the Board for examining and reviewing all systems and methods of control t￿th financ￿1 and otherwise including risk analysis and risk managem8nt" and for ensuring the organisation is Ccry￿.ng with all aspects of the law, relevant regulalK)ns and wl practw. Thè annual statutory audit is also under this comnmttee's remit. Govern•n¢* Commltt¢¢ ¢harged by the Board for promoting good pvemance and ensuring our governar￿ aTtangem8rrts are effective and compty Vdith tha goveming docuffl8nls laid down by our members. UCL, the Charity Commiss￿, and other legislative bodies and authoiilies. Rmiuneration Commliiee is charged by the Board for considering the remuneration ol thg Chef ExgCUtN8 aTrJ Sabbattsl Officers, and prok￿lS regarding broader staff remuneration. RKNiting and training of trust•gs sabbat￿al Of[￿rS (Sabbatical Trustees) are d8￿Crat￿l￿ elected each year by the membership of ihe Union in the spring election to serve from 16 Juty to 15 July. All new Sabbatical Off urs undergo a period ot irKluction and training. To ensure a sm¢)Oth handover, incorrmng Sabbatical Officer uThJergo a 15-day shathwiThJ perM)d. Or￿e in posl, they have weekly meetings wilh th8 Chief Executive and Senior Management Tèam. which fonrts the Unv)n's Leadefship Team. have delegated reswnsibilty for overseeing the day-to-day operations of the Union and management of affairs. The Sabbatical orricer role is lo work closely wth UCL'S manage￿ent leam to ensure that student issues and ttsncems are a central part of the Universty's govemance and decision-making. They represent students to other organisalions and nalionalty as required. They are leade￿ of the Union, helping lo ensure that it is a well-run and effective charty providing a wide range ol valuable s8rvi¢os for ils members. They also ensure that polw proFosals considered by the Execijtive, Members. meetings and refere￿la are implemgnt9d. Student t￿￿te8 Positions are deff#xratulty e￿¢ted by the ￿mb9￿hLp ol the Union. They serve for one year from 1 Novwnber or 16 Juty. deperKling on when they are elected until their status as a student has eThJed. Exlgmal trusteès are appointed folh)wing advertisements placed wllmn the UCL community a￿1 nationally in the media. They are appointed for a period of four years and each aprM)intment is ratified by Un￿n ExecutNe. Unlon Exe Union ExecutlV8 is th• de￿￿ra￿ polw making LM)thy ol the UnK)n aThl is responsible for Ihe ratilication of UnM)n policy except where FX)licy was determined by a Relerendurn. UCLU Truslees. report 31 Juty 2025 STRUCTURE. GOVERNANCE AND MANAGEMEKf leontinued) R•lationship Tmith Univ•rsity Coll•g• Londoh IUCL) The rehationshp between UCL arKI th8 UnK)n is gstabli$h8d wi thé RèguL4tions ol UCL and detailed in the Union rules approved by bolh organk8ations. The Union receives an annual Bk)ck Grant Irom UCL and occupies a number ol buildings owned by UCL. Union also receives administrative SUFPOrt in a number of areas including Human Resources, IT infrastructure and payroll. Thi5 Support is irbtrinS￿ to the relationship between UCL and the Union. An estimated annual value to the Union for its free of charye occupation of UCL'S serviced accomnbxlath)n has been ir￿l￿ded in the fina￿la1 stalements. pr￿1 at a markèt value of £2.58m12024.. È2.58ml. Atthough thè Untin continues lo generate supplementary funding from various mutual trading aclivilies, it dependent on UCL'S support for this il is appreciatrve. There is no feason to believe that or equr¥alent supwrt from UCL will r￿t continue lor th8 foreSeea￿e lulure, as Ihe Education Ad 1994 imposes a duty on UCL to ensure th& financial viability ol its sludent representstNe t￿. Eny>loyment pollcy The Union contracts of ènyknyrn￿I templates continue to be prov*Jed by UCL. This allows the Union to continue to benelTI from UCL'S extensNe and proven HR procedures. policies and support from UCL Human Resources Drvision. Through ils relationship with UCL, the Union oflers competitive tem￿. coThJitions and benefits to ils staff inclvding a generous annual 18avè enlitlemenl ar)d pension scheme. UCL implemented the Pay Framewort< Agreement for all non-clinical posts a¢ro$$ the organisation in May 2W6 and the Union's arrangement lor setting pay and remuneration ol slaff is based on this agreerngnl. Thé Union uses the same coherent len grade structure as UCL, Wh￿ is based on th8 rbykdiscriminalory job evaluation scheme IHERA). The Union has a longstanthrrfj comrymtmenl lo equalty. divernty arKI inclusion. and to FKOVhding a Worf(￿9 ar￿ SOCI￿ ewronmenl in which Ihe rights and dwjnty of ils diverse staff are recognised. All slafl have an annual appraisal whth incorporates a personal developmenl ptan. The Union has excellent prwsh?n for training and developing staff. The Union is keen to build aThJ retain talent and each department works on succession planning. All staff new lo Ihe organisatton have a coryr9hènsive induction programme in place and underw regular probation and Progress revws. All slalf meety"ngs, email briefings and wsletters are used to keep staff up-to-dale with relevant issues such as strategic and financkil ￿nnIng. and stsff are invited to provKJe feettAck lo senior management through regular surveys and open meetings. We employ a larg8 nurnber of part tirN ¢asual student staff in our commercial department and other departments ensuring we provide development for students and flexible work opportunities. We also employ pem￿nent members ol stall, some of whom are r8sponsib18 tor the operat￿nal decisions taken across the organisal¢on on a daily basis. Details ol staff costs can be found in ￿te 6. UCLU Tru8t••8' r•port 31 July 2025 STAUCTUAE, GOVERNANCE AND MANAGEMENT Iconlinued) The remuneration of key management personnel is set by the Board. with the policy objective of ensuring that they are provbjed with appropriate incentivès 10 encourage onhanced pertormance aTrJ are, in a fair and responsible manner. rewarded for their individual ontribulions to thg Union's suecess. The appropriateness rel&varto ol such remuneration reviewed annualty, including referenco to corryarisons wi(h other unions to ensure that the Union remains sensit1￿ lo the broader kssues of pay and employment ¢ondrtw)ns elsewhe￿. Detail$ of key management pernonnel arKI their remuneration aro sei out in note 6. Sialement of trustees. re8pon8lbllltle8 The Iruslees (who are aLso directors ol thè UnKJn for the purposes of company Fawl are responsible for preparing the TTuslees' Report and the financial statements in accordance with applicable law and Unrted Kingdom Generalty Accepted Accounting PraCt￿e (Unitod Kingdom Accounting StarKlardsl. Company law requires the trustees to prepare finarth￿ statements for each financial yèar. Under company law the Truslees must approve the financial slalemenls unless they are satisfied that they give a true and fair view ol the state of affairs ol the charitable company and ol the incoming resources and apPl￿tK)n ol resources, including th& income and expenditure. of the charitatrAe for that pericMI. In preparing these financial statements, Ihg Trustees arg required to: sel￿t suitthe accounting polic￿ and then appty ihem consistently; ObseNe the melhods and principles in Ihe Charities SORP,. Make judgemgnts arKI estimat95 that are reasonablg and prudent: Stale whether applicable UK accounting standards have bgen followed, subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on the going coneem basis unléss rl is inappropriatè lo presume that the charitable company will conty.nue in business. The Injstees are responstile for keeping adequate accountiry records that disclose with rèasonable aecuraey al any time the financial posf(h)n ol the charitable company and enable them lo ensure that the financial statements coThyly with the Companies Act 21)J6. They are also responsible for safeguarding the assets of the charitable compary aThJ hence for taking Teasonable steps for the prgvontion and delection of Iraud and other irregularilies. Each of the Iruslees confirms that: So far as each of the InJst6es is aware, there is no rel8vanl information of which the charitable company's auditor is unaware" ar The trustee has taken all steps that helshe ought lo have tsken as a trusl8e in order to makg himselllhersell aware ot any relevant audit information and establish that the charitable cotwanws audf(or is aware ol that infom1at￿n. UCLU 7 Trustse8' report 31 Juty 2025 STrUCTURE. GOVERNANCE AND MANAGeMEKf Icontsnugdl Slatemenl of tru8tee8' re8ponslblfftl•s (continued) The confirmation i8 gN•n and should be interpreted in atxordarKe with the provksions of $418 of Ihe Companies Aet 20C6. The Iruslees are reswjnsible for the maintenance and integrity of the corporate and financial infonnation included on Ihe chanlatrAe company s website. Legtslalion in Ihe United Kingdom goveming the prepa￿a￿n aThJ dksseninalion of fInar￿la1 slat&ments may differ from legislaiion in other jurisd￿￿On$. Risk managemont The Risk & Au(It Committoe ovèrsee the organisation's approach to risk management. A Strategic Flisk Flegisler k8 agreed by the Board of Trustees. Risk & Audit Committee and Senior Managemenl Team ISWD. This is reviewed on a quarterfy basis with an annual review cycle. This is UPKlated regularty alongside departmental risk r8gislers, ovèrseen by the Risk & Audit Committee. The Unw)n will fdlow tha UCL risk framework. including regular staff traIr￿ng and reviews and updates ol regisl6rs. This combined with a practical approach and sible engagement and support from Iruslees and senior management he* embed risk management across the Urion. The principal potential risks and uncertainties facing the UIMon are= Polenlial dis11yt￿n to commercial Se￿e9 thJe lo bwer Ihan usual footfal due to a number of issues beYOr￿ contrd such as: strike action. changed behaviours, estate repar works etc. Continuing increases in levels ol demand for service provision from students without a comparable increasè in grant furKJing from UCL. GDPR (Gener￿ Data Protection Regulalionl COr￿lianCe. Risk of a Cyber attack. A serious irtidenl on Un*)n preffises or by members of th8 Union's clubs and societies Ihal results in hami to staff or students and l or reputational damage. Un*)n's rnillgat￿n strategies against these are: Weekty remews ot the irnpa¢t on the Union's operations aThJ linances and maintaining a cbse relationship arKI dologue wlh UCL regarding Ihe finar￿￿￿1 operational impaGI of the cost ol living crisis and h)wer fooifall. Continuing to enha￿e and strengthen the Union's relationships With UCL and seeking increased conlribjtions from commercial i￿orne. The SU is w01￿iNJ towards Cyber Essentials CertilKalion working closely with UCL IT team. UCLU Tru$tee$' report 31 Juty 2025 STRUCTUAE. GOVERNANCE AND MANAGEMENT {continued) Risk Mailagem￿ Icontinuedl The Head ol IT and Digital is thé Union's data protection and GDPR lead. A review of the UnM)n's GDPR compliance and best practice in dala management was c0ftpl￿8d in 2019 and work is Continuing lo monrtor irylementalion of all controls. A Data sharing agreement ￿th UCL has been written and is ￿￿￿ergoIng the final stages of negotiation post legal review. A Héad of Facilities and Healih & Safety rewews impthents health and safety managemenl for the Union. i￿luding risk assessments. training provision and record$, sale w0￿1ng procedures. emergew resp)ns8 and incident response planning. Regular reviews of Unron Health and Safety kX)I￿leS and procedures, continuing to vmrk cbsety wrth UCL Comrnunicaiions and Marketiro, eontinuing and improving training for Union and c￿b9 and Societies officers aThJ ensure high qualty risk assessments lor activilies and events. There has been an irnplementation of a crit￿1 inchJent response plan and training sessions undertaken related lo the plan. Trnining for team membets includes exlemal and internal training and swnulalA)n exer¢ise$. Te$ting ot the plan is undartaken pgrl(jd￿a1Iy. The Students. Union is workwig towards achiewng Co￿vIet10n of UCL T100 safety managenwt system. The T1(Kl tool is basgd around thg Plan. Do. Check, Act management system approach which consislenl with Heatth and Safety Execulwe and Higher Edueation guidance and is based on pract￿al measures to promote continuous inwrovemenl in heatth and safety. In Augusl 2023 the SU scored a T100 compliarKe rating of 95% Upon completion of the T1W level 1 The Students. Union is now wort(ing towarts completion ol the T1(K) levd 2. UCL'S T100 safety programme is evolving. Level 2 is launching lo help departments buikl on their Level 1 success. This new level focuses on proactNe safgty and continuous wnprovemènt, moving beyond complkqnce to a fulty integrated safety culture within the Sttjdents. Union. UCLU Tru81ee8' report 31 Juty 2025 STrATEGIC REPOFrr Union PUryW•• vision. mimiofy values The obj￿1 ol Ihe Union is the adVar￿n￿nt of a(knation of Students at UCL for the public bènelrt by.. pronTh)twig the interests and welfare of slwlents at UCL during their course of study and representThJ. supporting and advising students. being the recognised representatbve chanrnl between Students and UCL and any other 9Xtomal bodies: and providing social, cvllural, sporting and recreational aclivities atMI forums for discussions ar￿ debate for the personal development of its students. Vision An outslaTrJing experience for ￿1 UCL students and lo be one of best students, unions in the UK and the world. Misslon We build a vibrant and sludent communty with real inlluence in UCL and beyond, Ihal enables students to enjoy their time at uNversity- pursue Iheir interests and passions.. see thè worfd in new ways. aThJ develop the s￿11$ and experi8n¢e lo change the worhj for the better. Values Our Va￿e9 are: Communty Democracy Empowemont Indusive Bold Sust￿nable Fun UCLU 10 Truste•s' roport 31 July 2025 STRATEGIC REPORT (continued) R•viw of 2tr24R5 Achievements The role ol the Students. UnN)n is wide ranging. Our core p￿￿oSe is that all of our members have a fanlastrc eXperI￿e of universty lrfe. We want students to be full partners in the future development of UCL. We aim to provide lanlaslic opportunrties for them lo meet friends, develcy new skills. build their confide￿& and pursue their Inte￿Sts aThJ passions. For those who lace drfficuliies and barri8rs to being able to tulty participate in arKI enjoy studgnl lrfe, we prowde high quality independent suF4)ort and ad￿e. And perhaps most importantly, we want all of our studonts to feel at home al UCL. with a stron9 sense ol Community and belonging. a￿1 leeling proud lo be students of our universty. In the past year, the Union has continued its exciling programme of renewal and development. towards our long-tern goal of working with UCL lo achieve an outstanding experience for all our students and becoming one ol the besl sludents. Un￿)nS in the world. We￿e helped tens of thousands ol *udents lo feel wekome at UCL, lo make new friends. t￿lId skilb and confidence. and foster a stronger sense ol community and belonging. We achieved our highest ever level of engagement in our sports, stvdenl socigti9s, elections and many other programmes. We are conlinuing lo nvxlemise and improve the work of the organisation to meet rising levels of demand. 2024-25 mathed the sacond year of our Student Life Strategy. This sets a compelling vision lor students. extra and co Financial r•vi•w The Union has maintained strong 0￿rat￿nal finartial performarte in 2024125. The realised income aThJ expenditure (excluding unrealised gains and k)sses rek2ted to investments and the pension scheme) are ststed below aTrJ SI￿￿ a nel surplus from operations of £133k {2023124'. a surplus of E81 kl. However, the net result after accounting for capital grants of £941 k12023f24.. £198kl. gain on rgvaluats'on of investments of £37k 12023124: investment gain of £456k}, no change in pension provision12023124.' decrease of £1,093k}, and a capital grant depreciation charge of £127k 12023124: f39kl. resulls in a nèt movement in furKls of £984k (2023r24: net movement of £1.789k). 2025 E'l)00 2024 £'ooo Operaling ￿￿Orrte {exclurthng Wmtal Grants) OporalMvJ Expgnthtur818xc. Depreaation charged lo restr￿ed lundl 0￿￿1n9 surpl CapitJ grants Invastmènt rnvalualion gawi PensKJn fevaluation Depreoathon charged to Yest￿ted fund Net movement in fund¥ 17.480 {17.347 133 15.689 15.608 81 198 456 1.093 1391 1,789 37 1127) At the end 012024125. Ihe Siudenls. UnK)n is in a strorrfJ financial pOSit￿n, with growing grant fundirKJ from UCL. increased commercral income, and positive relums on its investm8nts. Our 2024125 budget arKI subsequent forecasts were cautious, and our operational stralegy was to carefulty manag8 our financial resources to ensure we stayed within budgets whilst ddivering an excdlenl serv￿8 for studgnls other stakeholders. The overall commercial performarLce in cafés. bars. retail shops. and gyrrts was strong with our highest ever commercial income. The m8rchand¢se store offered a popular range of gifts arKI stationery, as well as successful apparel lines. The convenience store at the heart of campus continued to increase sales. offering a WKle range of focrtl on the go and other essentials. The vdue.lor- money lunch options were especialty popular wrth both staff and students. Our cafés and bars ¢)n campus continued to delNer a finar￿Val ￿tUrn and provided social spacès for students. contnbuting lo their sense ol belonging and wellbeing. During the year. we have made sIgnrf￿anI improvements to our spaces. enabling us to provide the highest standard ol service to UCL sludents and stafl. In D￿e￿Ier 2024. we compleied a comprehensive relurbishmenl of our TeamUCL gym. The space benehts trom a major improvement lo the flooring, strudural repairs. improved acoustics. and new equipment lo replace the previous gym equipment that had reached end of lrfe. During the Easter bleak, Gordon's Café was reluthshed and equipped with modem and mre comfortable sealing. more attractive decor and a new layout to increase the range of food arKI irrprove speed ol servicg. The UnK)n has continued lo benefit from the recognilion arKJ support ol UCL. and this year the to1￿ revenue funding was £6.972k 1202314: £5,924k). This includes the core granl ol £4.626k1202W24: £4.287kl aThJ the Student Lrfe Strategy of £1,491 k12023124: £876kl. UCL has continued to provide a sp￿￿1¢ grant for the Studènt Social Impact SeNices (previously Volunleeringl of £476k12023124: £455k) and £295k1£2023124: £271 kl to 8UPPOrt the Union's activities on the East campus. UCLU 14 Tru8te8•' report 31 Juty 2025 STRATEGIC REPORT (corrtinued) Flnanclal vevlew (ctyrtinuedl The Universivs has also supwrt&l capital projects undertaken by the Un￿)n. These totallgd £941 k arKI included thg refuth'shment of the TeamUCL gyrn. and Gordon's Calé. At the end of the tinancial year work was also underway to refurbish the Print Rwm Café and key spaces used by student groups in t￿ Bk)omsbury Theatré building. The annual surplus was further irnprov9d by high retums from th¢ Union's cash doposrts and the increase in the Ma￿et value ol the investment portfolio. Unrestr￿ed reserves increased to £7.761k12023r24= £7.228kl. Ineluded in this increase is an achieved SUfFAus in unreslricled funds of £495k {2023r24'. surplus of £487kl and a gain on investment valuation of £37k {2023r24: gain of £456kl. This year. there was no adjustment lo the pension scheff* valuation12023124: an actuarial gain of £ 1.093k on a dgfined pgnsion scheme). Restrict8d reseNes itreased to £2,623k {2023r24'. £2.171 kl. Included in these reseryes is the Capital fund. represenliThJ th8 restrrt8d granls received from UCL lor the r8lurbishm&nl of the Un￿n'S spaces on ca￿￿uS, al £941 k {2023124.' £198kl. It also includes the Hardship Fund. created in 2022 with £1.412k in funds to help students affected by the ￿$t-of-IN1n9 crisis. The remaining luThYs al the end 012024125 were £357k. Custodlan activities.. Clubs. & Societies Funds The Union acts as custodrdn for funds raised by the students, Clubs & Socièties, amounting to a nel figure of £1.461 k12023124: £1,167k) in creditors al the year-end. The Union receNes grant suppryt for ils activilies. as noted in Tr)t• 1 of th• financial statemgnts. The Trustee Board confirms that the Students, Union UCL has sulficient funds to meet all its obligalions. Nel current assels at year-end slood al £1,8￿￿12023l24. £1,B73k} and included £1,350k12023124= £1.763kl of cash available on demand. The current assets and cash leveL8 are reviewed against movements in the inlercowy balarKe with the Univgrsity. through which grant funding is paid and stafl salaries are settled. At year-end. this balance has signifKanty Ir￿reased to £2.389k (202W24: £1.098kl. The UCL block grant for 2025r26 has been set at £5,287k12024125: £4.626kl. In aiSJiliors to the block grant. the Universty provides the Student Social Impact grant of £498k12024125: £476kl. The Specif￿ funding for the Union's aclivitbes in the East campus is set al £336k 12024125.. £295kl and reflocts UCL'S commrtmenl to the East campus and its modem facilities avaiLqtJe in the Marshgale building. The UnNersitls $upport lor the Student Lile Strategy will Continue with the third-year grant of £1,776k 12024125: £1.491k). In 2025126, wlh a limited increase in the Student Life grant, rather than 'dobng more,, we will Ictus on 'doing bett8rf. hamessing thg leamings $0 far lo enharte the delNery ot our programm8 and actiwties. UCLU 15 Trustee8' report 31 Jthy 2025 STRATEGIC REPORT (Continu￿1> Fina￿la1 l•vi￿ (Cr￿tInued) The portfol*J of our existing and well*stablished ￿lletS will remain unchanged. The cafés operate at lull capacity, and we do not anticipate any maior changgs. However. the recenl rafurbishment ol Gordon's Calé arbd tho rofresh of the Print Room Cafg are oxp8Ct8d to have a positive iThyacl on trade. MerchaTrJi%e sales, including our offerings lor the graduation ceremonies, grew from strength to strength in 2024125. and we will build on this success. The Students. Un￿n is proud to offer high-qualty products and an excellent level ol service across all our commercial outlets. However, any further eXpanS￿n de￿ndS C￿ more floor spa¢0 being made availablé to us on campus to serye UCL stLKlenls and statt. In Ihg Spring of 2025. UCL have pul Iheir support bghind thè UnN)n's vision for Ihe Bloomsbury Theatre, positioning the Theatre as a key pillar of studonts. experiencé at UCL. The Theatra will remain a highqualrty, prof8ss•Jnal Wesl End-standard theatre with a strong commercial offering. The transfer of the Theatre's operations and finances to the Siudenls, Union will lake place in 2025126 and will have a signrfwit irnpact on tsjr port101￿ of services provided lo the UCL community and bèyond. Futur• rfunding and wng concem assessmenL Thanks lo large ir￿lease$ in Ihe Union's Ir￿Me budgeted in 202S126. all departments are sulliciently furKled lo deliver their operatKJnal pL3ns and maintain servic8 18vals working towards bnger-lem Strateg￿ targets. We will maintain ligm control of spending in all areas. Total lund levels remain healthy. With the UCL fuThYing conlirmed. the Un￿n is financially stable. and wel-resilienl should trading ¢onditK)ns change in Ihe coming year. Re8•rves level*ndpolicy The Union's reserves provide finanuat stabifity and the means for the continued development ol our prir￿1Pal acbv"rties. The Union is heavily dgpendgnl on the annual grant received from UCL and would be al r￿k rf those funds were reduced. In the event of a reduc1b￿ in irKome and io ensure continuity of activities and scope for review, it 15 the Injstees, FKlicy to maintain free reserves {equivalenl lo general funds excluding Ihe pension liablityl of a minimum ot six months. running Costs. The charity had lotsl r8sèrves of £10.383k12024: £9,400kl at the balance sheet dale. This included reslrKted funds ot £2.623k12024: £2,171kl and designated funds of £4.787k12024: £5.020kl. After deducliThJ Ihese furKls Irorn total reseThes, the frne reseTV•S on 31 July 2025 were £2.974k12024.. £2,209k), equNalenl lo 5.88 months, average running cosls (2024.. 4.82 monlhsl. The Union is taking steps lowards birilding free res&rves by growing ils commercial offer and having polKies and procedures in place to ensure cost corbtrol. The Union's rese￿0 wlKy 15 reviewed annually lo assess whelher a six-month reserve adequatdy coveis ong)ing fironoal obligatK)ns and strategic OPFQrtunili8S. UCLU 16 Tru$1￿, roport 31 Juty 2025 STRATEGIC REPORT (continued) Flnanclal review Icorrtinuedl The Unh)n's investment objectNes are lo balance the current and future needs by. mainta￿Ing lat least) the value of the M)vestments in real terms,. oducing a consistent and Su￿nable amount to SUkwI expenditure: and delivering these objectives With￿ acceptsble levels of risk. The polw to invest Su￿U$ funds is agreed by the Finance Commillee. Inv¢stm¢nts are p￿ced after agreement with the Investn*nt Team at UCL Other than investments in UCL fund, all other assets musl be held ￿ a reslrKled portfolio (where capttal has lo be preseNed). Investments within the UCL Fund follow UCL'S Investment Polw including its ethical considerations. which are surnmaTised below. While the guhding principle of UCL'S inveslmenl policy is lo generate funds, whelher through incom& or capital growth. with vthich to further the work of UCL. other than linancial criteria being appropriate, UCL will not invesl in a particular business in Ihe following circufftstances.. Where such inveslmenl mighl Confl￿1, or be inconsislenl, with the aims, objects or activities ot UCL. Thus. for example. inv8stmgnl in the tobacco industry would be inconsistent with and would con11￿1 with UCL'S research into cancer. Vlhere such investment might hamper the worf( of UCL either by alienating financial supporters or potential finaneial supporters., or by having a material impact on applicatK)ns from potential students. Where such inveslment, while r¥)t excluded by wrtue of lil or lil) a￿Ve. is considered by UCL to be unethral. The investment polry o*'ective is lo oblain a minimum yiekl of base rale plus 0.5%. Our listed im*estments. Y￿ued al £4,551k on 1 August 2024 in the UCL Unilied lund, relurned an incomè yield 012.21%. and an unrealised capital gain of £37k. taking the valuation to £4,587k as al 31 Juty 2025. Other average treasury Invest￿nIS, such as fixed-term deposit accounts of E2,0IOk, retumed an income yield o12%12024: 3%). The Union is reviewing ils investment strat8gy to Protéct th8 higfvinllath)n economvs long-term investmgnt gains and income yiekj objective as much as possiye. UCLU 17 Tru8te•8' r•port 31 Juty 2025 STRATEGIC REPORT (continued) Future pla Future plans Students, Union UCL has the ambition to be one of the best students. unions in the UK and th8 wofld. We want lo be the best organisation tt)at we can for our members. providing oulstanding seprfices arKI facilrlies for students. and achieving real influence across UCL and We are continuing to grow aThJ expand our Ser￿eS lo provide in¢reased support for our $ILthnts and increase our commercial activities to generate addrt*)nal incomg. As set out in our Making Pknre Happen Siralegy 2025-30. key objectives for thg ngxl ygar will include= Eff•div• Inllu•nc•: The Unh)n is the representatr4e botty lor all UCL students. we have onè of th8 Lirgest collective student voices in the UK. We want to support our Officers and AcadenNc Representatives lo help shape the future ol UCL and achieve positive change for our students acioss London and al nat￿nal level. We also want to continue lo dèvelop our gleetions. communication and engagement with our members, lo ensure a healthy and vibrant denNxracy, wrth all our students having inflUer￿￿ on our decision makn'ng. Amazing Experignco . We want all our students to have an amazing experience at UCL oulsKJe of the classroom, whlh Ihe best eXtra-CUrr￿Ular offer in the UK. We want our sludenls to have fantastic opportunities pursue their interests and pasS￿￿n$, with ¢JPPOrtunrties to leam new 5kilL¥. try newthings. growtheir experience and conhdence. and develop new Iiiendships. We want all our students to have the opportunty lo gel acltve with excellent sports provision- have the chance to develop their crealivty through involvement in the arts. music and cullure. aNJ connecl with the I(￿ cornmunty Ihrough fantas￿ voluntèering opwrtunilies. We recognise the Vil￿ importar￿e of activities like sports, musie. volunteering and our wider co- curricuL4r prograrnme in building communty. helping to create a strong sense ol belonging for ￿1 our members and supporting student wellbeing. Vibrant and Inclu¥Sve Community- UCL is a diverse community ol sludenls from all corners of the wortd, in an amazing cty. doing amazing things. We believe ihal we ara uniquely placed to buikl, support and energise this commvnty, making it stronger and fostgr a greater sense of belonging lor every sludenl. We want our spaces lo be the centre of the student community al UCL, places where our m8mbets feel genuinely al home. spend lime wrth their friends, and inwortantty, somewhere whero they can access 5UPPOrt and advice when they are in need. As London's Global Un￿e￿ty, we want lo be a global students. union. where all our sludgnls have opportunities to see and experience the world in new ways by engaging across our diverse sludent community. We want to support our students lo get tt)e most out of INing and studying in London, wlith opportunrties to VL¥rt and engage in the best ol the cty and nation's ctsllural opp)rtunilies. Excellent Union - We want to be a fantaslic, efficient. well-governed and etteclive charity, Ihal is one of the best student organisaliorts anywhere in the worky, so Ihal we can effectively rgpresant ar￿ prOV￿e fantastic services for all our mernbers. We want to work wilh UCL to UCLU 18 TruWo0s' report 31 July 2025 STRATEGIC REPORT (continued) Future plan8 {conlinuedl gain their help in Slgrdf￿anty improving aTrJ expandiThJ the ur￿On'$ building and laciliti8S, including our sports facilities; we know that we can provide better Serv￿e5 and experiences lor our Mer￿er5 wilh better spaces. We want lo be the bost possible employèr ol staff ensuring we invest in the staff experience recognising that's how we will be able lo provide amazing sevvices to our If we do all this. thgn we will have built thg foundalions ol a Union that can go on to achieve our ambition of being one ol the best students. unions in the worhj. We are now two years into defivering UCL'$ Sludent Lile Strategy. This fo¢u$e$ on expanding our activity in six key areas for students: SF)Ort arKI Physical Actimty Arts Volunteering Intercullural gngagement Departmental societies Ibrant sludènt lrfè in the heart of London Over the next year we wll contr.nue lo deliver the main priorities set out in the strategy. Tlis Trustees. Report. comprising the Directors. Rep)rt and Strategic Report was approvod by the board and signed on bts behaw by: Anam Ch¢budhary Truslee D￿0 . 27 Novombor 2025 UCLU 19 Ind•pendent audilor'8 r•port 31 July ￿25 Indopgndent audhor'8 report to th• momb•rn of UCLU Opinion We have audited the financial statements of UCLU tor the year ended 31 Juty 2025 which comprise the Ststgmènt of Financial Activities. the Sheet. the Cash Flow Statement and notes lo the financial slalements. including a summary ol signilicanl accounting $y)I￿leS. The financial rerx)rting framewo￿ that has been applied in their preparation is applicable law and Uniled Kin￿￿Orn Accounting Standards. including Fina￿la1 Reporting Stsndard 102 'The Financial Rewrting Standard aPplUb￿ in Ihe UK and RgpUbl￿ of Irdand, Iuniled Kingdom Generally Accepted Accwnling Praelic•l. This report is mado solely to the charitatAe companvs members. as a body, in accordan¢e with Chapter 3 of Part 16 ot the Companies Act 2(J%. Our audit work has been undertaken so Ihal we might slate to the Charitable CoMpan￿S members those matters w8 are required to state to them in an auditorfs report and lor no other purpose. To the lullesl extent permitted by Lqw, wé do not accept or assume r8sponsibilty lo anyone other than the charilable company and the Charitable company's merrtjers as a tody. tor our audit woth, for this report, or for the opinions we have tormed. In our opinion. the tinancial ststements: give a true aThJ fair view ol the slate of the charitable coryany's aff&rs ag al 31 July 2025 and of rts i￿Orne and expenditure for the year then ended; • have been property prepared in accordance with Unrted Kingdom G8n8rally Accepted Accounting Pradice: and have been Pfepared in accordance with ihe r9quirements of the Corrwiies Act 2C*)6. Ba$i$ for oplnlon We condu¢led our audil in accordance with Intemationd sL￿dards on Auditing {UKI {ISA$ {UKI and applicable law. Our responsibilrties under those standards are further described in the Auditorfs reswjnsibilities for the audit of the linancial slalements section of our re￿rt. We are independent ol the charilable cornpany in accordance with the ethical r9quirem8nts that are relevant to our audit of the fina￿al state￿￿nts in the UK, including the FRC'S Elhieal Standard. and we have fullilled other ethical r8sponsibililies in accordance vAlh thes& requirements. We bglievè that the audrt evidence we have obtained is S￿￿￿18nt and appropriate to provide a basis lor our opinion. Concluslons relatlng to going ¢on¢om In auditing the financial statemenls. we have corKluded that the trustees. use of Ihg g(in9 cor￿eM basis of a¢Gounting in the preparation of the finwKial statements is appropiiale. Based on the work wé have pertonned. we have nol idenlilbed any material uncertainties relating to events or condtlions that, individualty or collective￿. may cast significant doubl on the charty's abiltty lo conlinue as a going concem for a ￿rIOd ol allgast Iwelve months from wh9n the financial statements are aulhorized for issu8. Our responsibrfities arHJ the responsibilities ol the Intstees with respect to going concern are described in the relevant sections of this reFQrt. UCLU 20 Independenl audftor's report 31 Juty 2025 The Trustees are responsible for the other infonnation. The other infonnation comprise$ the information i￿luded in the annual reF)Ort other than the financwdl statements and our auditor's report Ihereon. Our cyinion on the financial slatements does not cover the other information and, except to the exlgnt otherwise expl￿1￿ stated in our rwrt. we do not express any forrn ol assurance conchJsion thereon. In connection with our audit of ihe financial statements. our responsibility is to read the other Inf0￿￿3t10n and. in doing so. consider whether the other infomiatKin is materialty inconsistent with the financial slalemènts or our krthAedge obtained in the audit or otheNiise appears to be malerialty mi%slaled. 11 we identrfy such material irKonsislencies or apparent material misstatements. we are required to detemiine whether there is a material misslalemenl in the finanual slalemenls or a material misstsiement of tho other inlormatKJn. If. based on the work we have perfomed, we conclude that there is a material Th¥sstatement of this other infomiation. we are required lo report that fa We have r￿thIng to rep)rt ￿ this regard. Opinion8 on other matters pr0xrib￿ by the Companies Act 2006 In our opinion, based on the work undertak8n in the course of the audit.. tho informatHJn gNen in thg Trustees, Tèport for the linancrdl year for which the financial statements are prepared is consistenl with the financial slalements: and • tho strategic report and the directots. report included within the Tntstees, report have been prepar¢d in accordance with applicable legal requirements. Mattern on Twhich we w• r•quir•d io rfjport by exc•plion In the light of the knowledge and understanding of the charitable company and Its environment obtained in the course of the audil. we have not Klentilied material misstslemenls in the Trustees. report. We have nothing to rep)rt in respect of the folbwing matters in relation lo which the C(ryanies Act 2￿6 requires us to reFQrt to you if. in OUT opinbon.. + adequate a(￿untIng records have nol been kepl,. or • the financial statements are not in agreement with the accounting records and returns,. or • certa￿ disch)sures of Trustees. rernuneralbon speThfied by law are not made,. or we have r￿1 received all the info￿na￿)n arKJ explanations we require for our audit. Regponslbilities of TNstoes As explained mre lulty in the Tnjslees, res￿￿1b11itieS stslement. the Trustees (W￿ are also the directors lor the purpow of company lawl arg resporkSi￿è lor tha preParat￿)n ol the financial statements aThJ for being satisfied that they gprfe a true and fair view, and for such Intem￿ control as th6 Trustees detemiine is necessary lo enable the preparation of financial statements thal are Iree from material mFsstslement. whether dug lo fraud or error. UCLU 21 Ind•pendent auditor'8 report 31 Juty 2025 Re8ponsibiliti•s ol Trustees Icontinuedl In preparing the tinancial siatements. the Trustees are responsible for assessing th& Charitable company's ability lo conlinue as a goiNJ concem, disch)sing. as aF¢)licable, matters reLated lo wing concem and using the going concern basis ot a￿oUnting unless IheTruslees either intend lo liquidate the rharrtable company or to cease opgrations. or have no realistic altemalive but to do so. Auditorf• reSpO￿lbilItI*J for the audll ol the flnanclal stst•m¢nts Our obj￿￿•$ are to obtsin reasonable assurance about whetherthe finar￿la1 state￿nIS a$ a whole are free from material misstalemenl. whether due to fraud or error, and lo issue an audilorfs report that indudes our opinion. Reasonable assurance is a high18vel ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or 8rror and are C(￿ider9d malarial rf, iThJivMJualty or in the aggregaté. they eoukl reasonably be expected to inlluerKe the econorn￿ decisions of users taken ¢)n the basis ol these financial statements. Irregularities. including fraud. are irtslances of non•eomph'ance with laws and regulakn'ons. We design procedures in line with our reswnsiknlilies. oullined above. to detect material mi8Stalements in respect of irregularikn'es. including fraud. The extent lo which our p￿￿ed￿r&S are capatAe of detecting irregularities, induding fraud is detailed below.. How the audit was considef•d capable of detscting Irregularities including fraud Ouf approach to identifying and assessing the risks ol material rrmsstalemenl in respect of irregularilies, including fraud and non-conwliance wilh laws and regulakn'ons. was as fdlows.. • The engagement partner ensured that the engagement team cdlectivety had the appropriate coryelence. capabilities and S￿lIS lo identify or recogrlse non-compliance with applicable laws and regulations; • We obtained an understarKling of the legal and regulatory frameworks that are applicable lo the charitable company and determined Ihal the most signilicanl frameworks which are direclty relevant to speCrf￿ ass8rtions in the financial statemgnts: • We focused on Speci1￿ laws and rewlati(bns wh￿h we considered may have a direct malerial effect on the accounts. • We assessgd the exlent of compliarKe wrth the laws and regulations idenlrfied above through making enquirigs of representatives ol management and th8 review ol minutes of Board of Trustees n￿lingS. We assessed the susceptibilty of the charitable company's finanual slalemenls to material misslatemgnt. including obtaining an understanding of how Iraud nNgM occur, by: • Making enquiries of where management considers there was susceplitrflty to fraud and knowledge of a￿￿al. suspected and alleged Iraud; arKI Considering ihe intemal controls in place to Thitigate risks ol fraud arthj non-compliance with laws arKI regulations. UCLU 22 Independent audltofs report 31 Juty 2025 Audltorfs respon8ibilitie8 for Ihe audil of the financial slatem•nts Iconlinued) How the audlt wa* Cons1￿ eapth of detecting Inwlorftles Includlng Iraud (conlinued) To address the risk of fraud through management bias and overrhde ol controls. we: Perforrn￿ anatyttal wc¢eduw lo identify any unusual or unexpected relationships" • Tested and reviewed joumal entries to identify unusual transactions; • Tested Ihe authorisation of expeThJilure' Gained an understanding ol the processes in place for the management of the charilable company's inveslments: and • Investigated the rationale behiThJ signfficant or unusual transactions. In responsé to thé risk of irregularities and non-compliance with laws and regulations, we designed prc¢edures which included, but were r￿1 limited to.. • Review of the minutes of meetings of those charged with govemance. Enquiring of management as to actual and p)tenlial liligatK)n and claims,. and + Agreeng accounts disclosures to undetlying SUFPOrting documentati)n. As a resull ol Our KK￿edureS we dhj not Klentify any key audit matters relating lo irregularilies. There are inhgrgnt limitatitins wi audit procedures described above. The more reffw)ved that laws and regulations are from financkil transaelions. the less likoly it is that we would become aware of non-conwlkqnce. Auditing standards also limit the audit prcKedures required to identify non<0M￿lance wrlh laws and regulations lo enquiry of the trustees and other management and the inspection of regulalory and legal c0rrespc￿denCe, il any. Material misstatements Ihal arise due to fraud can be harder to detect than those that arise from error as they may invofve deliberate Cor￿QaiMent or collusion. A lurther description ol our resFonsibilities for the audit ol the financial slatgmenls is looaled on the Fina￿la1 Repjrting Cou￿11'S websf(e at WVrt¥.Irc.org.uklauditorsresponsibilities. This description fomis part ol our audilorfs rewrt. UCLU 23 Independent auditorfs r•port 31 July 2025 Use of our r•pwt This report is rrsade solety lo the charilable corryan￿$ members, as a t*)dy, in accordance th Chapter 3 ot Part 16 of the Companies Act 2006. Our audit work has been uThJertaken so that we might state to the charitable companls members those matters we are required to stale to them in an auditols report and for Th) other purpose. To the lullesl extent Permittéd by Lqw. we (kn nol accepl or assume r8swnsibilty to anyone other than lh8 charitable mpany and the Charital￿e compansls members as a t>ody. for our audit work, forthis report, or for the Opin￿)nS w9 have lorrned. Shachi ￿akenTr)re For and on behalf of Buzzacott Autht LLP. Statutory Auditor 130 w0c￿j Street London EC2V 6DL Date: 4 December 2025 UCLU 24 Statement of financial adivltles (including irbcome and •xpendlture account) Year to 31 July 2025 Totsl Unrostrhaod Agslrktsd I￿lS Toial 2024 nd• Incom• from.. Gtants 8nd donations Charitsb10 aCti￿lI&s TrAdlng . Nth.trat*w Inveslments Tolal I1￿(￿￿ 9,547 1,114m7 10MIO82 8.499.711 360.820 8ml.531 649,546 8W.175 218,M7 18.420,470 172.351 652,326 201.1gYJ 15.525,578 6.172,351 652,326 201.190 360.820 15,886.398 890.175 218,667 17J05,663 1,114,•)7 E¥p•nthlurn rn: c*arfl￿19 . Tiathg . N￿-tradi￿j Tolal ewwKllur8 107,491 5*070 161S61 4W092 &871.924 17.474016 8.012. 7.IY25.154 15.028,orJ 8,012.869 pJ)8,830 7.6&3.984 ,8￿ 15,646,853 ,31s,854 10M1￿4$s Net Incom• (0xp￿dI{￿re) 451246 1248.0101 239.545 Other rncogrAaed galn8 and Ioa8e* Aeiuarid gdii on dèh'r*J b8nelil penson scheThs Unrealised gain on 16 1.ria3.044 1.093,044 456.431 456,431 N•1 •n¢•n• l•xpenditi*el 451248 3.472 2.037.OXI 1248,0101 1,789,(r20 Transler Iwv Not movement Irb fund8 451246 983A72 2.(Q7.09) 1248.0101 1,789.020 Balances broughl forvmrd 7228,452 2,171,4TT 9,399.929 7.760.6n 2m1723 10283.401 5.191.422 7,228.452 2.419.487 2,171.477 7.610.909 9,399,929 The slatemerrt of financial aclNities includes al ￿nS and losses recognised in the above two years. All amounts derive from continuing activities. The notes on pages 32 to 43 lo￿ part of Ihgse financial statements. UCLU 25 Balanee sheet 31 July 2025 2024 2024 Notes Ax•d as8el• Tar4JUe fix￿1 assets Imiesthionts 1,896,139 6.597.290 8.493.429 966,470 6.$60.272 7.526.742 Curr•nl •u•t8 Stocks Debtors Ca8h al b￿k and in hand 10 734.120 11 1906.109 1A49.938 4WO,167 336.351 2,085,814 1.763.168 4,185,&33 UabSlltie• Creditors.. amounts laliNJ dua within one year 12 {3.100.195) 12.312.1481 1.889.972 1,873.187 Net assets gx¢ludlng P•n￿Ort lo￿83.401 9,399.929 Pe1￿ s¢hwne 16 T4Jlal nel 10,383,401 9.399,929 Roprwnt•d by: Restricted resorvss Unrestricled rese￿eS . Desrynatgd funds . General fund . Pension reserve 14 1622.723 2,171.477 15 15 I973.rn1 15 15 4.786308 5,019.548 2.208.904 2.973.770 2,208.904 Total funds 10.383.401 9,399,929 These ffinancial statements were approvod by the Trustee Board and signed on their bahall by: Anam Choudhary Trnslee 27 November 2025 The notes on pages 32 to 43 fom part ol those financial statements. Conyany Registration number 07635628 UCLU 26 Statomont of cash flow6 Year to 31 Juty 2025 2025 2024 Cash flow8 from op•ratln9 actlvlt508: Nel i￿rne Oop￿tiatIOn (Gains) invesknents (Lctssygan on dist￿ ol fixed asset Interest Ilrtrgasèl in slctk IlrKreaseVthrease in debtors (Gains) on d8ltned pensiM scheffle liabilb8S Incre&8e in cre(Itor5 ¢••h prov[d￿ from op•ratlng aetlYltl•• 983.471 1.789.019 345.877 321.097 137.0181 1456.431 122.1811 74,548 1123.5801 194.9051 (397.7691 1125,8241 (820.295) 1,013.436 1,093.0441 373.397 1,801,293 765?16 694,421 Cash Iltxs from Inv•st5n9 aclivities: Interest rg¢0iv*g Prc¢eeds from Sale ol Equ1wi￿ Pur¢hasè of tangblè th.xèd assets N•t ea8h (usod Inl In￿StIng actlvltles 123A80 94,905 25.019 15.185 (1.256.252) 1724.6491 (1.107,6S31 1614,5591 Change in cash and ca3h equivalents in Ihe year Cash and cash equbvalents at the begiming ol the year Total e•sh and cash •quS¥alents at the erKI ol the y 1413,230} 1,186.734 3.772.703 2.585.969 3.359.473 3.772.703 An4ly•i• ol c￿h co¥h •qurv•l•nts Cash in hand and at b￿k Cash held by investment managers Total cash and eqilvalents 1.349.938 2.IXJ9.535 3,359A73 1.763.168 2.009.535 3.772.703 At 1 August 2024 Cash lknws 31 July 2025 R¢¢on¢lll•tlon of n•t debt Cash at bank and eash w) harKI Cash h&ld wth invest￿￿nt maroge Total ca8h and c88h •qul¥alent$ 1.763.168 2.009,535 3.772.703 1413.YJOI 1,349.938 2,009.535 3,359.473 1413,2301 UCLU 27 Prfnclpal a¢counling poli¢ie8 Year to 31 Juty 2025 The principal accounling policies adopted. judgements and key sources of 8stimation uncertainty in the preparation of th8 linarKial slateff￿nt$ aro laid oul below. Ba818 ol prepar•lion Thes* finanaal statements have been prepared lor the y8ar to 31 July 2025 and are presented in sterfing and arè rounded to the nearest pound. Th9 finantial reporting framork that has been applied in Iheir preparation 1$ applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounth'ng Praclicel. including FAS102 Yhe Financial Reporting Standard applicable in the UK and ReputrAic ol Irelan¢f. and the 2015 Charities Stalemenl of Rècommended Practice l)asgd thereon- the Charities SORP. UnNersty Collegg London Union mèets the definition of a publK benefft entrty undor FRS 102. The Trustees corrider that thèrè is a reasoftaLle expectation that the Union has adequate resources to continue in operational existence forthe foreseeable future and, for this reason, they conttnue lo adopt the going cOr￿￿M bas￿ in preparing the annual financial slatemenls. The Trustees have made llis assessmenl in respect lo a period ol al least one year from the dale ol approval of these financial statements. During the 2024125 the Union's free reserves irKreased and sland al £2.974k12023124'. £2.208kl. The Union is commrtted lo rebuilding its free reserves by diveTsilying the Commerci￿ otter. working with sustiwnabl8 and eth￿1 suppliets, arKI investing in Ihe spaces it occup￿. The ouuook for the nexl 18 mnlhs r@r￿n5 Positive. The Uni)n benefits from the i￿reaSed levd ol collaborab'on with the Uriversty and an increase in overall funding levels. including the block grant and the Students. ￿fe Strategy. The trustee5 aré of the opinion that UCLU have Suff￿￿ent resourc9s lo mggt its liabtlttie$ as they fall dug. Crftlcal accounting estimates and areas ol lud9￿￿ent Preparation ol the fina￿la1 stalem8nl$ requires the Trustees and management to make significant judgements and estimates. The items in the fina￿la1 statements whgre these juthJements and estimates have been made include: valuation of donations in kind received during Ihe year: • estimating the useful econonic ￿le of tangitle fixed assets.. • dlocation of SUFpyI costs across charitable acliwties; and valuation of the ￿nSIOn scheme knabl￿tieS in Tdation to tho Universities Supernnnuation Scheme {USS)- UCLU 28 Prlnclpal a¢counling polici04 Year to 31 Juty 2025 Income Income is recognised ID Ihe period in which the UnKJn has enlttlement to the income, the amount can be measured feliabty. and it is probable thal the income will be received. Incoff* coftprises ol donations and grants ￿Ned Irc￿ UCL. ir￿orne 9eneraled from commercial ac11vit￿. aTrJ investment ir￿(￿. Expendliure Liabilities are recognised as expenditure as swn as there is a legal or constructive obligat￿n committing the charity lo make a payment to a third paty, it is probable that a transfer or econom￿ benelits will be received in selwement and th9 amount of the obligation ¢an be mèasured reliabty. All expenditure is accounted for on an accnjals basis and is slated net ol VAT. Charitable expendilure comprises the direct indir&t ¢osts of delivering the charitable a¢livities as set out in Ihe Trustees. report. This includes govemance costs. which are those costs incurred in relation lo compliance with constitutional and statutory requirements, such as the annual audil. annual elections and training for sabbatical officors. Support costs are allctatwj to charitable acli¥ities. The value of serviced campus accommodation is apportioned on estimated floor space occupied. Other central overhead costs are apportioned lo charilable and olher pr01ed￿a¢1tV1IIeS on a usage basis, pro rala to the staff costs ol each project or aclivty urmlertaken. Deprnciation A full year ol depreciation is charged in the yearof acquisition. Depreciation is ¢al¢ulaled so as to write off the cost of an asset. less its estimaled residual value, over the useful economic lrfe ot that assel. For depwiatbjn purposes. useful lrfe is assessed to be: • Fixtu￿5 and fittings 5-10 years Equ￿￿nt 3-5 years • Mustcal instruments 10 yeaTS • Fumiture 3-5 years Capital expendilure in excess of £I.c￿ is capitalised wfthin fixed assets. Expenditure less than this amounl is charged lo the statement of financial actrvities in the year it is incurred. Sto¢ks Siocks arg valued at the lower of ¢ost and net realisable value. after making due allowance tor obsolete and slow mowng items. T•xalion No provision is made in financial statements for corporation tsx as the Union is exempt from such tax as a result ol ts charitable status. UCLU 29 Prineiyl aecountlng polkles Year to 31 Juty 2025 Inveslments Listed investments are a lomi of basic fIna￿la1 instrument and are initially recognised at th&r transaction value and subsequently measured al their lairvalue as at the balancè sheet dale using the closing quoted market price. Realis￿1 gans {or hJss•sl on investrnent assets are cdcuLgted as the differer￿e b8tween ssy)sal proceeds arKJ their opening ￿TryIng value or their purchase value is acquired subsequent to the first day of Ihe fina￿la1 year. Unrealised gains and losses are calculated as the difference between the fair valu8 al the year end and their carrying value at that dale. Realised and unrealised investment gains {or k)ssesl are comtxned in the statement ol financial activities and are credf(ed (or debrt9dl in the year in wh￿h they arise. Pension costs The Urion contribules to three prnopal pension schemes on behalf of its employees.. the Universities Superannuation Scheme IUSS), the Superannuation Arranggmenls for the UnNersity ol LoThJon (SAUL), and the NEST xhema. USS and SAUL are delingd bgnefrfl seh6mes and it is not wssible to identify th8 Union's share of the undedwng assets and liabiliti8s in the multiemployer schemes. However. the Union has enlered into an arrange￿￿nI lo cl8ar the USS scheme delicil by 31 March 2038 The nel present value of the Union's contributions as part ol Ihese plans are reflected as a liability on the balance she8t. which will r8duce as they are paid. The NEST scheme is a defined con1ribul￿n s¢hemo. Contributions to all ScheTh￿s are charged to the statement of financkql aclivilies. Fund A¢counting Reslricled funds arg monies ralsed for. arKI their used reslricl&l lo, a specific purpose, or donations subject lo donor iwwj ￿ndrtion$. Designated are n￿nies Set asidg of unrestitted general funds and designated lor specrfie purposes by the Trustees. General funds represent those nKinies thal are freely available for application towards achiewng any charitable purpose that fall within tt)e Unw)n's charitable objects. Leased ossets Rentals payable vrKler operating leases are charged as expeThYiture to the statement of linnua] aclNilies on a slraighl line basis over lh8 period of thg lease. Oebtorg Debtors are recognised at their settlement a￿￿nI. less any provision for non-recoverability. Prepayments are valued at Ihe amount prepawj. They have been discount&J lo the present value ol the future cash receipl where such discounling 1$ materid. UCLU 30 Prfn¢lpal a¢counting pollc103 Year to 31 Juty 2025 Creditors Creditors and provIs￿nS are recognised when there is an obligation al the balance she&t dale as a result of a past evant. it is probable that a transfer ol economic benefit will be required in settlemenl, and the amount ol the settlemgnt can be estimated rèliably. Creditors and provisions are recognised al the amount the Union anlicipales it will pay to sèttle th8 debl. They havg be9n disctyjnted to the present value of the future cash payment where such discounting is material. FInar￿la1 instrument8 The Union only has financial ass@Is and financial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initkqlly recognised at transaction value and subsequenlty measured at their settlgm¢nt value. UCLU 31 Noles to ihe Financial Stslements Year to 31 J￿Y 2025 Donalions WKI grants Tolal UnreSt￿ted Rè5trictwJ f￿d5 Total 2024 nds lund8 Clth and SC￿*1￿ grants grart Faclthes granl rth)nati)n h hj" . TradiNJ 2tkS.951 509,882 S.718,360 20S,951 5.718.380 1.554.IXS 1.021.274 1¥4m8 1.554,C 1.021274 1.Tr21,274 1.554.L 1.021,274 Tot•1 blo¢kty*il Irom UCL 9.547275 8,499.651 499.651 oth8r wants Cth8r ¢knwiior6 Totsl lunds 1.113,(WJ9 1.113M &31.711 29,109 360.820 &31,711 29.169 8.860.531 9.547,275 I,114,￿7 10,862,082 8,499.711 Facilities grant funding above Itrading and other) relates to°donation in kin¢f accommdalion prOV￿ed by the Universty to UCLU (see nole 51. 2 Investment income Unrestricted Total funds 202S Tolal funds 2024 In¢m Irom tlepc&ts Investmenl income 123,580 95,087 218.667 94.905 106.285 201.190 3 Incomlng resources from ch•rilabh aclivitie• Unrestl￿ted Total lund¥ 2025 Total funds 2024 TradiThJ I￿orne Non-lrading inwno- othw 6.649,546 890,175 7.539.721 6.172.351 652.326 6,824,677 4 T¢)tal T¢sour¢es •xpendod SUp￿rt Tot•1 lund* 2025 Direct slaff Direct other Dirèct ¢OSts d¢pwiati (not8 51 CharIlab￿ acUvitle•: Trading expenthture Non.tra(hng exr￿¢￿tUre 2.(A6,537 3M82.000 3W.812 1.926,828 5A12,349 S.408,828 295J19 2.758,236 8,602,092 6,914 3￿92.370 8,871,924 302.233 6,350,606 17,474,016 UCLU 32 Notss to the Finan¢lal Slatomonl8 Yw to 31 Juty 2025 4 Totsl r•sourwd expended {cMtinued) Support ¢osts (note S) Tot81 osts 2024 CharitaL¥e acbvihes.. Trnth"ng exp8Thlrtu 2.011.950 3.3LW,472 2.650.645 1.424,765 4.662.595 4.733.237 ZJ3,039 2,459,408 8,012,869 16.333 3.542,242 7.633.985 249.372 6.￿7.650 15.646.854 Total 2025 Total 2024 1$ slatg¢J after charyirv* DepreciatKJn Audiltsrs. TrmLmerabon . Current year 3tatLrtory a￿111 Iwovwi . Other services 345077 321.097 29.190 4,500 27,030 5 Support C08t8 Total lund• 2025 Total lunds 2024 Rent" Salaries and wages Olher staff rg191od ¢c*ts Prints'ThJ aThJ stationery Websitè and wbkty Clean1￿ and ulility cosls Repairs. maintena￿& and gqUvwn￿I Deprecial Audil Legal and ptolessional In8urance embershp and Sub￿ripb'C Training arKI conlererKes Bank charges and cash handw lThecoverable VAT Oth8r 2.575.340 2A69,503 102,792 2.221 240.375 287235 141365 2,575,340 2.080,066 73,092 3.352 280,826 236.706 88,011 71.725 27.030 123.356 104.189 71.161 90,681 10,096 155,989 10.050 6.001.650 29.190 134,810 110.525 69.579 52.879 10.571 164.268 16.410 6,350.606 "Rent charge a￿)ve relates to Ihe °donatK)n in kmrffor accommodati￿ provided ty UCL ($80 note i). UCLU 33 Nol•s to th• Financlal Statement8 Year to 31 Juty 2025 6 Sljff ¢ost$ Tolal funds 2025 Tolol funds 24 Waps arml salaries AgerKy costs Soual and security c Ponsion cosls 6,406.058 11,357 579,065 785,371 7.781,8S1 5.554.207 15.381 441,403 731.670 6,742.661 Tolal 2025 Pwnanent No. No. Casual IFTEI No. Total 2024 No. (FTE) No. Av•r89• 126 247 373 110 252 362 The number ol empkiyees WI￿8 8moluments gxceeded £80.0￿ was: Totsl 2025 Tolal 2024 £60.CK)1 - £70.(K £70.(K)1- E80.(KKJ £80.C(11 . £90.c £90,C(J1 . £100.￿)0 t100,¢￿1- £110,(MJ) PenS￿n contributions madg on b8haW ol lh8 abjve indr4bJuaL8 totalSed £108,314 (2024: £66,2451- Key management personnel received aggregale remunèration of t776.41012024: £695,156). Key management personnel CO￿Vrise tha trustees and senior management team as set out on page 1. This ir￿lUdeS errployers, natN)nal InSurar￿ a￿1 pension cOntribUt￿ns. UCLU 34 Motes lo the Financial Slatements Year lo 31 Juty 2025 7 Tangbble fixed a88ets & fitkn.r￿ EquiF¥nent F￿nI￿re Tolal Al 1 AU￿ 2024 Adthil*)ns Trarhsfers Oisposals Al 31 July 2ty25 1.757.704 672.759 1¥3.656 2154.120 18.1)98 1278,385 {393.6231 {229.8471 (4.8541 628.824) 2,258.485 808.795 138.￿1 3,204,181 O•pf•el•tlon At 1 August 2024 Charge lor the year Owosals Ai 31 July 2025 5.C69 $79.130 204,573 118.473 139J.7841 1229.8471 768.859 467.754 53.451 1,587.6SO 22.831 345,877 {4.8541 1625,485) 71.429 1.308.042 14•1 book valu•: At 31 July 2025 A131Ju 2024 1,489.625 341.042 93.631 65,472 1,896.139 70.205 968.470 8 Capltal Commitinents The Union had no contrart￿ capilal cornmiby￿ts at 31 Juty 2025.12023124: £204,465). UCLU 35 Not•8 to Ihe Flnanclal Statements Year to 31 July 2￿25 9 Invo$tments Lk%ted investments Total Cost or valuation At 1 August 2024 Additwjnal Inveslment 2.¢￿.535 4.550.n7 6.$60,272 2.W9.535 4.587.755 37,018 6.597290 37,018 R•¥alu•llon ln the year Net book ￿1￿•. At 91 July 2025 At 31 Juty 2024 2,009,535 2.009.535 4.587.755 4.550.737 6,597,290 6￿0￿7? Hislorir of inveskngnls 2,rJJ9,535 2,173,606 4.183.141 Listed investments represent the value ol inveslm8nls held on behall of the Union by UCL in ils University Trust Fund. The investment was originally purchased by th& Union and revaluations in investrnonts a￿ rwnised through the revaluation fund {$ge note 15). Cash relales to a cash d8posrt' hehj wilh S¢ollish With)ws. 10 Sto¢k• 2025 2024 32.876 11.474 4.290 685,480 734,120 31.281 16.294 Cales Sports ¢9 Ret￿.1 and other 285,208 336.351 11 Deblors 2025 2￿24 Trade debtors Arnounts (kn Irom unp￿1 Other debtors 168,054 2,￿81￿01 5,812 250.442 2.906.109 106.889 1.145.571 833,354 2,085,814 UCLU 36 Notes lo the Flnanclal Stalements Year lo 31 July 2025 12 Creditors: amounts falling du? within one yew 202S 2024 Trade credto Olher cr￿110 A¢cru8ts and def9rYed uKom8 675.759 1.629.824 794,612 3.100.195 627,440 1.275.399 409,307 2.312.146 2025 2024 t>*ferrod inc￿$ iNaud8d atthe." At 1 August Utiltsed in the year D•fèned in Ihe year At31 Ju 259.156 162,625 1208,4301 1118.0621 583.543 214.593 634.269 259,156 13 Financlal Instruments 2025 2024 Fln•n¢i•l *8￿ Fi￿ar￿la1 assets meaSU￿d at a[norti￿￿ cost FiftarK￿ assets measu￿1 8t lair value thrW th& statement of I￿•81 athNitie5 4.2S6.048 3.848.981 6,597.29 6.$60,272 Flmneial liabilities Fina￿la1 liabilrti&s measured at amortised cost Fina￿la1 liabilities measured at lair through ts slatemenl ol na￿￿41 actmi 2,465.928 2,052,990 2025 2024 t Income and expen8e8 Interest I￿orne for financial assets measurèd al amortiS8d cost Inlergst expgnso lor financial liabil￿eS Measur￿ at amoth'sed cost 123.580 165.490 94.905 160,941 Financial assets measured al aTh)rtwl Cost ¢onyise trade debtors. other debtors, intercomFony debtors and cash. Financial assets measured al lair valuè c¢)mprise investments. Finartial liabiltties measured at arnortiS8d cost comprisg, tradg creditors, other credilors, and accruals excluding d8f8rred irtome. Financial lia￿lrt1eS measured at fair valuè coryrise the pension deficit contribLrtion liability. UCLU 37 Notes lo the Flnancial Stalemerrts Year to 31 J￿Y 2025 14 RestrI￿ed re￿1¥•* Asat1 AwJust Rgsour A8at31 2024 r8soure8s eX￿ded Trartslern July 2025 Captlal tyants 168.954 941.(￿ 173,807 1127.2301 1159.7101 {376.6221 982,724 218.763 357.334 Hardship grant The Shon* AIIAeth'¢s Ground capial fund 733.956 1.063.9)1 2.171N77 1.063,901 2,622,723 1.114007 {663A61) Asati August Incorning Resou￿￿￿ 2023 resou A$8t3f Translèrs Juty2024 Cwlalgrants ott￿rr¥?￿t￿¢16dOS9TrOS Hardsh￿ grant The ShenleyAlhlelx7 GrouThY capital lund 9.250 198.692 162. 128 {38.988J (185,498J (384.344) 168.954 204.666 733,956 f.ffl8. 1,063.901 2, 171.477 2.419.487 860,￿ (608.830) Capital grants reserve relates lo funds received for sp8cili¢ capital purohasgs. The funds ara wrilten (&Jwn over the life ol the asset. Oiher restl￿ted reserves reLqle lo luTrJs rgceivgd for thé followng specrfic purposes. Funding réc8ived with a value of £10,(X￿ or aLN)ve are detailed below. Hardship fund - receNed to sel up a revol¥ing hardship loanlgrant serviee for students in need. The fund is administered by UCLU'S Rights & Advice Department and payments are aulhorised by the OffiCets￿ruSIeeS ol Ihe Union. umni Fund- received from UCL Alumni lo be spent on ￿elfare. projects. These funds will be utilised by th8 welfare off￿rA￿$t￿e as Sp￿Illed. Global Engagemert FurKI- r9C9iVgd to increase support lor UCL'S inlemational students and create opwrtunities for all students lo integrate and buikl cultural awareness. Active Byslander Fund - received as part of the UCL 'Full Stop, Ca￿￿abgn to put a full stop to sexual misconduct, bul￿n9 and harassment in any fomi at UCL and beyond. VSU FurKI - received to help fund pro]￿ within the Volunteering unrt. Creche Feasibilty Study Fund- receAved for feasibilty of chihj creches for students. EDI Chinesè Students Fund i% ￿eNed for a research project OD Chinese and East Asian studènts. Impartial Chairs Programme Fund is receNed to provide students with an opportunity lo develop shills in debate and respecllul disagreement. UCLU 38 Noles lo the Financial Ststements Year lo 31 July 2¢y25 14 Aestrleted re8er¥e8 {continued) Lawn Tgnnis Assooation fuThJ is receNed to make tennis more accessible to students Student Success fund is received to support (Njr networks to build connection among student groups and better advocate for und•rrepr8sented Communities at UCL. The Sheni8y Athletics GrouThJ Capilal Fukyj originates from transfer of surphjs funds previousty held in trust by UCL on behaw ol UCLU and used to earry out eapilal works to ensure the grounds and facilities are lit lor purws8. There aTe restr￿lonS which limit the use of funds on capital works greater than £20k. 15 Unrestrided r•8erves Asati lTrxrfr¥ThJ Aesryj Gtiin$ AJ*t31 Loss85 July 2025 2024 TMs18rs 0es1gr￿t•d lund• SF&Mt5 Dgvek)kYnwl IMY Capftd IrN8sbment 81,818 428.SJ1 797.517 1a34.451 1377.131 5.019,548 43.075 124,893 I428.￿1) 115,898 913,415 1.334,451 2.414.149 4,786,908 Sh8n18y a￿a￿S grouTrJ lurKI 37,018 37,018 43.075 1312,7341 G8n8ral Iwbj 2.2(￿.￿ 17.262.587 116.810,4551 812.734 19n,770 Totql ￿T￿lI5¢￿ 7220.453 17.305.882 116.810.455) 37,018 7,700,670 Asati Asat31 Trnn51ws Losses July2tr24 169,589 43.075 927.851 11￿.846) (499.T20) li￿.￿) I￿.074 81,818 428,831 797,517 1,334,451 2.377, 131 5,019.548 Caprt81 Invesbn8nl luth 1.920.7( 42LXI.LW 970,￿ ¢6￿.￿1 456,431 44431 22.165 (I,tW,045J 2.084.375 14.5Y.652 (14.407.95n 1.091Q45 .165) 2.2C*,904 TotaIth7r8s￿r8s9fy8s s.191.4￿ 15.525.578 (15.038.tr23J 1,549,476 7.T28,453 The Sports Developmerrt hjrky originat8s from the increas8 in grant received when the chis1ehu￿I Sports ground was sold in 1999. There is no restriCt￿n on the grant. bul UCLU IcN)k th6 decision lo ring fence these furnls annual￿ to be spenl on sportjstudenl development projects. Any urbderspend in Ihe year against the annual designated fund 01 £43,075 is addgd lo the fund lor future pro1￿ts. UCLU 39 Notes to the Flnanclal Statements Year to 31 July 2025 15 Ufft#trleted reserves Icontinuedl The Capilal InveslrrEnl fund represeNS riftg-le￿ prOj￿t expenditure earmarked for use in delivering the Students, Union's stratwc obieclives. The capi￿ reserve represents fixed asset expenditure InCu￿ed from the Union's unrestricted reseryes. The Iransler is lo coverfwgj assets purchased in thg ygar less dèpreciation charged against assets hekl. The Shenley Athlet￿ Ground lurKI originates from the annL￿1 unused grant alocaled to the management ol the grounds by the UCLU. The grounds are hehj in Trust by the UCL on b8haM of UCLU. These funds have been designated lo support and fund the upkeep, mwnlenance and lulure runn￿9 of the grounds and faciliii8S. The revaluation lund consKsts of the unrealised gains on waluation ol th8 listed investments held by UCLU in the Unr4ersty Trust Fund. The pension fund represents UCLU'S liabilty ai the balance sheet dale undèr thè deficit rgcovèry plan in relation to the UnNersities Superannuation Scheme Isee note 161. 16 Penslons The principal pension schemes for the UCLU'S staff are: the Universities SLbp8rannualion Scheme iuss), the Su￿rannUation Arrangements of the University of London ISAULI and the National Employer Savings Tfust INEST}. The schernes are exlemalty funded and contracted out of the State Second Pension (S2PI and are vdued every thr&e or four y&ars by pfolessionalty qualtlied indeper¥Jenl actuaries using the projected unil method. Assets of each scheme are held in separate trustee adminislered funds. As these are multl-8mploy8r schernes rt is not possible to identrfy UCL'S share ol the underfying assets and liakn'lities. Univ•rsiti•s Sup•rannuation Scheme (USS) 'UCL is a participating employer of UnNeTsilies Superannuation Scheme IUSSI. It is the main pension scheme for academic and academbc-relaled slaff across Ihe sector. It is a hybrid scheme- providing defined benelrts (for members) as well as defined contribution benefits - ar￿ it operatgs on a mutual basis such that assets are Th)t attritmjled to individud inslilutions and a schem*wbJe contribution raté is $8t. As a participating employer, UCL is therefore exposed to actualial risks associated ¥￿h Olher instrtutions. employees and is unable to identrfy its share of the undertying assets and h'abiif(ies of the schemg on a consislenl and reasonable basi$ and is therefore accounted for as a defined contribution scheme in accordance wilh FRS 102 28.11. USS is a 'last man standing. scheme. so that in Ihe event of th8 insolvency of any of the participatiThJ employers, the aft￿)unt ol any pension funding sPth)rtlall {wh￿h cannot otherwise be recovered) in respect of ttmt emFdoyer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme. Details of the scheme and the 2023 valuation can be found al h .'Ilwww.uss.co.uklaboul-usfvaluation-and. lundin our-valuatbons. UCLU 40 Note8 to the Financlal Statements Year to 31 Juty 2025 16 Penslons IcontEnued) The latest acluarial valuation ol the scheme was al 31 March 20231.the 2023 valuation'l. It was carried oul using the projecled unit method, and the financial assumptions that had the most signiliwt effect on the resull were as follows: Discount rale (lonvard rates).. - Active Mem￿rS. Gilts + 2.5% p.a. - Retired m8mbers: Gilts + 0.9% p. Price inftath)n." - CPI: 3.0% p.a. - RPI: 3.4% pA. The CPI assunvion is a flat rate based on a long-lemi average expected level of CPI. broadly ¢onsistenl with long term market expectatbjns. The RPI assuryption alh)w$ for an as$umed gap belween RPI and CPI of 1.0% p.a. Mortality The nTh)rtality assumption has been UF#Jaled to use more recent future projections prepared by the Continuous Mortalty Investigation ICMI) 2021 future proj8etion labl8s and makes som8 allowance for heavier rrN)rtalrty lo persisl given the ramil￿allonS of ihe coronavirus pandemic. The 2023 valuation was the seventh valualM)n for USS under the scheme-specilic funding regime inlrodueed by the Pensions Act 2C(J4. whieh requires schemes to adopt a statutory funding objective ol mainlaining sufficiert arKI appropriate assets to cover their liabilities. Al the valUat￿)n dale. the value ol the assets of the scheme was £73.1 bn the value ol the scheme's liabilrties was £65.7bn, Ind￿ating a surplus of £7.41￿ and a funding ratio ol 111%From 1 January 2024, the agreed Contribut￿)n rates are 14.5% 01 salary lor employers and 6.1 % ol salary for members. The future service eontribulion rate was 16.VA to 31 March 2024 and 20.6% from 1 April 2024. The Superannuation Arrangements ofthe Univernity of London UCL is a Part￿1patIng empbyer ol the Superannuation Arrangements of the Universty ol London ISAULI. SAUL is a defined benefit pension schew* primarily lor non-academic staff in the higher educalh)n sector. 11 operales on a mutual basis, meaning that assets are nol attributed to individual inslilutions. and a $d￿me-w￿le contribution raté is set. As a participating employer. UCL is exFN)sed to actuarial risks associated with other inslilulions, employees and FS unable to identity rls share of the undetywig assets liabilrties of the schem8 on a consisl8nl and reasonable basis and B th8refore accounted for as a defined contribution scheff￿ in accordarte with FRS 11Y2 28.11 UCLU 41 Notes to the Financlal Ststements Year to 31 Jdy 2￿5 16 Pensions (continued) The Superannuation ArnnFnyents of Ihe Unlverslty olLondon (contffnued) SAUL is a 'last man slaTrJiTrJ' scheme. meaning that in the event ol the insolvency ol any of the participating employers. any penS￿n funding shortlall (which cannot othenvise be recovered) in respect ot that omphjyer will be spread across the remaining part￿Ipating employers and reflect8d in the next actuarial valuation ol the scheme. Details of the scheme and the 2023 valuation can be fouThJ al htt J/www.saul.01 .ukl#l ellhe-actuarial- The latest cOmpl￿ed a¢luarial valuation of the xheme was as at 31 March 2023 using the projected unit meth￿. The financial assuiivions that had Ihe most significant eff8Ct on th8 resuft of the valuation were as lollows: Discounf rate (forward rates)." - Active members: Gilts + 2.45% p.a - 08ferred mertJefS.' Gilts + 1.0% p.a. - Agtir•d membets: Gills + 0.5% p.a. Price infialion.. CPI: Full cun￿ derived as the RPI uJr¥e less 1% pa. before 2030 and no deduction thereafter. - RPI.. Full unadjusigd Market-wnp1￿d RPI curve: 3.37%" Pre 2016 pension increase uses the above assurw￿n5. Posl 2016 pension increase us&s CPI max 2.5% pa. pension irtreases derNed using the Jarrow-yildirim model. Mortality The mortalty assunytiorns use the CMI 2(r22 future proieclK)n tables. wilh long-t8mi trend rate of 1.75% pa. Ai the valuation dale, the value of the assets of the scheme was £3.09ekn and the value ol the scheme's liabilities was £2.￿)n, indicating a surplus of £134m and a funding ratio ol 105V.. From 1 January 2023, the agreed conlribulion rales are 21Vp of salary for emptyers and 6% of salary for members. The lutur& service contribLrtion ral8 19.3% 01 salaries. From 1 September 2024. eryloyer ccKttributions will reduce lo 19%. with rK) change lo the member contribution rate of 6Yg. Since 2017118. eligible employees have been included in the NEST scheme for auto- enrolmenl. The Union's cosi of conlribulion in the year arrrf)unt8d to £18.198 (2024: £24.533). UCLU 42 Nole8 to the Flnanclal Statements Year to 31 Juty 2025 17 Analysls ol nel asaets belween furKIs Fixad &wts Inv9$t￿nI Net oJnEnt Pensions Total 2025 Unr8sbict6d fLnds Dew"gnated funds Restiided lunds Tolal fund8 2.342.725 4,254,565 631.045 1381.0721 1.639.999 1,889.972 2J73.770 4,786,908 2,622.723 10,383.401 913,414 982.724 1.896.139 6.S97290 Fi¥￿1 Total 2tr24 liaknlity 2,340,036 797.516 4220236 168.954 966.470 6.560272 (131. 132) 2.208.￿4 5,019,548 2. Y71,4r7 9.399,929 ReslittedfvThts Total lunds 2.¢￿.523 1.873. 187 18 Relat￿ party transacli(ffis The Union is in receipt ol a recurrent grant from UCL of £6.921.93512023124: £5,889,311). Other grants were received Irom UCL of £543.723 (2023124.. £291.0311- In addilion, Union also received Caprtai Grants of £941.OC($12023r24.' £198.692} The Union (￿CUpieS its building on a rent-free basis under an infomial licence subj'ecl to the Union maintaining the building in a good slate of repair. Under thg Charities SORP the 'donalion in kind. musi be ¥￿Ued and included wtthin the financial slalemenls. The value lo th8 Union lor this space is £2,575.34012023f24: £2,575,340). Th8 trusteès of the Union are stated on page 1. Six sabbalul officers received remuneration totalling £242,299 1202&24= live satthtical officers= £188,702) inclusive ol pension eonlributions of £16.945 12023124: £18.2641 for ￿lf ser￿$ as provided for within the Constflulion. The Union also i￿u1red ￿sts and paid reimbursements ol expenses lo all trustees of £58,564 12023124.. 48.1051. The trustees. indemnity was provided as part ol managemenl liabilrty insurance. al a total cost 01 £5,0471202314.. £5,047) The Union is abo a related party ol Somers Town Communtty Sports C&nlre Ltd, an ineorporaled charty (Chaity Registration Number 1057305, Company Regislmtion Number 31577031, as it is considered to be under common control. The Union has not been invoiced lor the hire of sports facililies1202W24.. £nill. Somers Town Communty SF(Srts Centre Limited was invoiced lor amounts tolalling £7412024: £20.053). The ba￿nce due to UCLU at 31 July 2024 is £nil {2023124: £nill. 19 Affili•tion8 2025 2024 Membership contrtKrt￿ lo Naticffial Union ol StthJ8nts 37,903 37.880 T1￿ membership fee is paKI directty by UCLU for membership ol the National Union of Students. UCLU 43