2025-07-31-accounts - University Of Sussex Students' Union

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their annual report together with the audited financial statements of the University of Sussex Students’ Union for the year to 31 July 2025. The Trustees confirm that the Annual report and financial statements of the charitable company and group comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The Higher Education sector and students’ unions are continuing to go through some of the biggest changes in a lifetime, with reductions in the numbers of students, changes to students' needs and expectations and more regulation.

Despite this uncertainty, Sussex students’ union continues to provide for Sussex students in so many ways.

What do students think of their students’ union?

The annual survey of third year undergraduates, the National Student Survey, has seen some significant increases in student satisfaction over the last few years for Sussex Students' Union.

Our score for 2025 is 76.9 (74.5 in 2024). Up 2.4% on last year and on benchmark (also 74.5%).
In terms of how we compare with other unions we were 97th in 2022, 71st in 2023, 61st in 2024, and 55th in 2025

Engagement in societies, sports clubs, volunteering and the union’s student elections remains high and 92% of student staff working at the students’ union would recommend the organisation as a place to work.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Over 5000 students attended the Freshers Fair, providing opportunities for students to connect with student volunteers over shared interests.

The new Climate Assembly, a unique, student-led initiative aimed at making a real impact on sustainability at the university and beyond, worked with faculty, staff, and fellow students to shape projects on initiatives such as community kitchens, improved green education and overcoming barriers to student engagement.

Challenge Week was launched. Led by the Sports, Societies, and Events Officer, seven sports clubs took the chance to be involved in the USSU ‘Challenge Week’, to raise funds for their club.

Men’s Rugby, Women’s Rugby, Cricket, Ultimate Frisbee, Volleyball and Mountaineering took part in a special week of activities to raise funds for their clubs, featuring all sorts of fun events, including a bracing outdoor dip at Brighton’s Sealanes pool.

We partnered with Swytch to give 10 students the chance to be part of a trial project aimed at encouraging more people to get to campus by bicycle, with a free e-bike conversion kit.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

The International Students’ Officer and the International Students' Committee celebrated International Students’ Day with a special event in Library Square. The Officer organised and chaired an internatonal students career event.

Your SU supported the international 16 Days of Activism Against Gender-Based Violence campaign. Activities included

Consent training
Roundtable discussion - A dialogue on disability and gender-based violence
The Chatroom - Discussion on gender-based rights
16 days x International Day of Solidarity with the Palestinian People

What do you get when you mix the Era’s Tour, Renaissance Tour, Chappell Roan, and Charli XCX? Pop Princess Karaoke – The Ultimate Sing-Along Night! Elected officers organised a high-energy, glitterfuelled celebration to close out Women’s History Month.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Electons

As the Students' Union is a democratic and representative body, run for students and by students, it holds two major elections each academic year. In 2024/25, the Union conducted the Autumn Elections in October 2024, during which 120 elections were held over two days for a variety of roles, including Student Reps, Part-Time Officers, Union Council Members, and members of key committees. The Spring Leadership Elections followed in March–April 2025, with 2,258 students voting, the second-highest turnout since 2018, to elect six Full-Time Officers, three Part-Time Officers, and three student trustees. Fourteen complaints were recorded, a notable decrease from previous years. The election was marked by a respectful and supportive culture among candidates.

Volunteering

Buddy Scheme

This year, the Buddy Scheme ran from April 2024 to April 2025. 229 students signed up as participants, and 110 students signed up to be volunteers. 824 students attended our events across the year. Looking at these numbers, it can be safely said that Buddy Scheme has built back effectively in terms of post-COVID event attendance.

The demographic data of the students taking part in the Buddy Scheme indicates a significant portion of the Buddy Scheme volunteers are from the UK, whilst proportionally, there are a lot fewer UK students in the overall pool signed up to the scheme.

This year the Buddy Scheme website was updated with important security and server upgrades, streamlining the sign-up forms, and tweaking the front page of the website. These changes went live towards the end of the academic year to hopefully have a positive impact on the academic year ahead.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Language Cafe

This year, we ran 20 Language Cafes. These occurred weekly on Tuesday evenings in Dine Central. We have offered a total of 20 languages at some point: Arabic, Bangla, BSL (British Sign Language), Cantonese, English, Farsi (Persian), Filipino, French, German, Indonesian, Italian, Japanese, Mandarin, Norwegian, Romanian, Russian, Spanish, Swahili, Swedish, and Turkish.

In total, 1,729 students attended this year, an increase of 19% on last year. This further represents a tenth of all students at Sussex. This demonstrates the growing demand for multilingual community spaces like the Language Cafe on campus. This year, we had 94 student volunteers attend a training session and the Cafe to teach.

The One World Week Language Cafe event is an essential part of our yearly calendar, and exemplifies all that the Language Cafe stands for in terms of intercultural exchange and sharing of cultures. The session ran very well, with 105 attendees recorded, excluding volunteers. The purpose of the session was to increase mixing between tables, and promote cultural exchanges between languages and cultures.

We distributed two feedback forms this year and the main areas of praise across both Autumn and Spring feedback collections.

The ability to learn and practice a language regularly for free
Meeting and interacting with new people in a friendly, social atmosphere
Being able to practise with native speakers is very useful
The volunteers are friendly, helpful and approachable
The community spirit is strong

Here are some direct quotes that sum up what the Language Cafe is all about:

“I love enthusiasm of participants! It's fun to think of my mother tongue and make them understand!”

““I love the sense of community. I especially love the range of learning presented. When I first came last year, I was terrified thinking I was going to be left behind in the dust by fast French speakers. But I was surprised to find myself surrounded by welcoming people willing to accommodate to all stages of learning. And I’m glad to know that that has continued into this year.”

“Can improve my English in a safe space”

“The community our language table has created. We all have a great time and laugh a lot while learning too.”

“Being able to sign with others as not many people know the language. The disability inclusion - feels like a safe space. The hot drinks.”

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

“I enjoy seeing my friends at the language cafe. I look forward to it and the structure of it every week, and it is fun and I like the fact that I can freestyle my teaching as I see best.”

“I deeply enjoy being able to share my knowledge with others.”

Student Voice and Ofcers

The International Students' Officer successfully started up an education campaign on students rights. The Student Voice Team reformed the Union’s approach to supporting students on key committees and supported the 2024/25 full time officers with campaign and manifesto priorities. In facilitation representation for students, the Union Council met monthly to set campaign priorities and the Student Rep Scheme saw the highest number of recruited reps ever recorded for the Union as the new recruitment trial was launched in September 2024.

Advice

Our advice team supported 800 students with new cases, including helping one student with a complaint to the OIA ( Office of the Independent Adjudicator) for which they were awarded £2,000. The top three categories of cases were academic appeals followed by academic conduct and private rented sector housing issues.

We continued to employ students in the service with two Advice Assistant roles. They contributed to new ways of working including providing webinars on advice topics and producing communications for students on subjects such as appeals and exceptional circumstances.

Some feedback from students:

“ Super helpful and friendly, gave me lots of info about housing, which was a great”

“ The adviser cleared up the situation for me, explaining what to expect and what to do”

“'It felt like the Advice Service were the only people listening to me at a time I was really struggling. They guided me through a complicated issue with my course, speaking to them helped me to keep going when I had seriously considered giving up and leaving Uni”.

The Race Equity Advocates (REAs)

Our Race Equity Advocates from the following two schools: Media, Arts & Humanities (MAH) and the Business School at Sussex (BSS) have made remarkable strides in creating and implementing strategies aimed at reducing the attainment and awarding gap among ethnically minoritised student communities.

A great deal of partnership working has been undertaken to plan for the significant changes in the REA programme for 2025/6.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

This partnership emerges from the recent integration of the REA Project within the University’s approved Access and Participation Plan (APP) 2025-2029, with the objective to address the current awarding gap:

To reduce the ethnicity awarding gaps between minoritised ethnic groups and white students.
By 2030 the awarding gap between black and white students will have reduced to no more than 12%.
By 2030 the awarding gap between Asian and white students will have reduced to no more than 5%.
By 2030 the awarding gap between mixed ethnicity and white students will have reduced to no more than 6%.

The project will continue to employ students as Race Equity Advocates (REAs) who will work through co-creation with colleagues across the University to:

explore, understand and record the experiences of black, Asian and minority ethnic students in academic Faculties,
create and review Faculty Race Equity Action Plans and support in the delivery and evaluation of these where appropriate, and
support the development of practical solutions to issues faced by black, Asian and minority ethnic students within their Faculties and across the wider University community.

In the longer term, the project is expected to help improve student outcomes for students from black, Asian and minority ethnic backgrounds, and narrow existing ethnicity degree awarding gaps.

Sport Clubs - Highlights:

Sussex Netball 1s: This year has been a historic one for Sussex Netball. The team achieved promotion to Tier 1 for the first time in the club’s history, marking a major milestone. They also reached the South East Cup Final and triumphed in a thrilling Varsity victory against Brighton.

The Women’s Rugby Committee also enjoyed an excellent year, the club demonstrated outstanding commitment to fundraising and community engagement, raising £1,210 during Challenge Week and an additional £700 through an auction for Oasis charity. The team also successfully secured a grant from the RFU to train committee members as referees and established a sponsorship with Clinique through their “Game Face” initiative, which provided new equipment and kit.

The Men’s Basketball Club has thrived both on and off the court. Their standout achievement was organising a charity basketball tournament, which successfully raised over £500 for charity. Their hard work has significantly strengthened the club’s community presence and team cohesion.

The Men’s Football 3s enjoyed an undefeated league run, creating an exceptional environment and team culture throughout the season. Under the leadership of the Coach, the team not only maintained strong camaraderie but also won the league in an unbeaten campaign, a remarkable accomplishment that reflects dedication, teamwork, and consistent excellence.

Sussex Sailing, this year marked a series of firsts for Sussex Sailing. The team achieved their first-ever BUCS victories and recorded their best finish in BUCS qualifiers to date.

Sussex Dance celebrated the most successful year in the club’s history. The team achieved multiple first-place finishes across various categories and placed highly in numerous others.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Varsity

Sussex has clinched the Varsity trophy once again! With a final score of 10-7, our athletes have secured victory over Brighton for the ninth consecutive year, cementing our dominance in the Varsity rivalry. This year’s competition was nothing short of dramatic, with breathtaking performances across every discipline. Volleyball was a Sussex masterclass, as both the men’s and women’s teams swept Brighton 3-0. Our archers took victory by the slimmest of margins, winning on golds after a 1898-1898 draw. In pole fit, Sussex soared to 69.64 points, outscoring Brighton’s 63.5, while netball delivered a nail-biting 34-33 win. The pool belonged to Sussex, with our swimmers storming to a 54-34 victory, and the climbing squad edged out Brighton 9-8 in a tightly contested battle on the walls. Varsity wasn’t without its heartbreaks. Women’s football fought hard but fell 0-7, and men’s rugby was overcome 12-24. But with crucial victories in badminton (10-7) and women’s rugby (12-7), Sussex proved yet again that teamwork, passion, and resilience define our Varsity legacy.

A huge congratulations to every athlete who played their heart out, every supporter who cheered us on, and everyone who made this competition possible. Nine years of Sussex dominance—and we’re not stopping anytime soon.

Societes

This year has been an exceptional one for our student societies, with remarkable achievements across a wide range of communities and interests. Below are some of the key highlights from the year:

The South Asian Students Society organised a highly successful Diwali celebration, which brought together a diverse group of students and staff. The event had a positive impact and celebrated culture, community, and togetherness across campus.

The History Society has had an outstandingly active year, hosting 25 events and maintaining a weekly newsletter to engage members. The committee has created an inclusive and welcoming environment, providing a space for academic discussion, social connection, and shared interest in history.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

The Freedom From Torture Society made a significant contribution to community outreach by hosting a Refugee Open Day Event, which provided local asylum seekers and refugees with a guided tour of the Sussex campus.

The Friends of Palestine and Arab Society co-hosted “Alf Leila W Leila: A Thousand and One Nights”, a beautiful celebration of Arab heritage, unity, and resilience. The event successfully brought together Arab and non-Arab students, promoting cultural appreciation and solidarity. The Friends of Palestine Society has also been actively raising awareness and building a strong sense of community, encouraging understanding and advocacy through their initiatives and events.

The Sikh Society delivered one of the most remarkable events of the year, the Langar event. The students cooked and served food for over 600 people on campus, transforming the space with decorations and hospitality that reflected Sikh cultural values of service and equality. The event ran seamlessly from start to finish and gained widespread recognition, even being featured on ITV News. It brought together students and staff from across campus, creating a memorable and cultural experience.

The Japan Society has had an engaging year, hosting numerous events that introduced Japanese culture to students. In addition to cultural activities, the society has also worked to create career opportunities and networks for members interested in Japan-related fields.

As a new society this year, the Walking and Hiking Society has achieved impressive growth, building a strong and supportive membership. They have organised a variety of successful meet-ups and outdoor events, promoting wellbeing, community, and connection with nature.

The Forest Food Garden team has made outstanding progress in sustainable gardening initiatives, running inspiring workshops that have engaged students throughout the year. They have also successfully organised a music event to benefit the wider campus community, combining creativity with sustainability and student wellbeing.

Equity, Diversity and Inclusion

Launch of new EDI structure following consultation and report from Social Justice Collective
Had our first EDI all staff Forum and developed an EDI Action Plan
New EDI structures in place aiming to put more onus for leading EDI initiatives on SLT, managers and HR rather and all staff and teams taking responsibility, to support Staff Networks and marginalised staff
All teams and full time staff now have EDI actions as well as anti-racism action plans
Continued to deliver anti-racism training
Senior managers undertook EDI Leadership training
This work is ongoing!

Trading

In 2025 the Company Board approved the union’s first commercial trading strategy, with a three-year plan to develop our venues and retail services and to explore new forms of income.

After an extensive search and recruitment process, four new non-executive directors were appointed to the Company Board. Their knowledge and experience was invaluable in working with elected officers to develop and approve the commercial strategy.

The overall performance was positive and had resulted in an increased surplus from a target of £55,000 to an end result of £66,000 . This was attributed to increased trading during graduation, a strong retail performance with the Co-op and Union Shop surpassing targets and proactive management of costs. The work of the management team in achieving this was recognised and praised.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

It was noted that Falmer Bar only narrowly missed its target, but this was in the landscape of 2000 fewer students compared to the prior year, and 800+ fewer students living on campus.

With these challenging and changing trading conditions, the Company Board took the difficult decision to close the Northfield Bar for 2025/6 and to combine the Union Arch merchandising store with the Falmer House Union Shop.

Governance

The Trustee Board appointed three new external trustees to the Board in May 2025 and thanked the two outgoing external trustees for their support, volunteering and counsel over the last four years.

The Trustee Board approved a 12-month shorter working week trail, set a timescale for developing a new union strategy, invested in a new finance system and a student expenses app, as well as overseeing the union’s financial and legal duties.

Reserves Policy

The reserves level of unrestricted funds is set at £374,000, with an absolute operating minimum set at £137,000.

Financial Review

The students’ union’s gross income from all sources totalled £6,476,585 (2024: £6,738,838). Expenditure was £6,591,127 (2024: £6,660,859).

The reserves figure has decreased by £114,542 and now sits at £625,091 (2024: £739,633). This is made up of unrestricted funds of £385,703, restricted funds totalling £71,887 and designated funds of £167,501.

The gross cash balance at the end of the year totalled £747,773, a decrease of £136,153 compared to 2024. Both debtors and creditors at the year- end were higher than in 2024.

Statement of disclosure to auditor

So far as each person who was a trustee at the date of approving this report are aware, there is no relevant audit information of which the group’s auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the group’s auditor is aware of that information.

This report was approved by the Trustees on and signed on their behalf, by:

Esther Adeyemo Trustee Date

Registered Company number: 07695765 (England and Wales)

Registered Charity number: 1147242

CONSOLIDATED FINANCIAL STATEMENTS FOR

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) FOR THE YEAR END 31 JULY 2025

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Esther Adeyemo, Officer

Trustees Esther Adeyemo, Officer Lilly Cattini Collins, Student (appointed 11 July 2025) Ella Goodchild, Officer (appointed 11 July 2025) Samuel Kilgour, External Trustee (appointed 1 May 2025) Lydia Knowles, Officer (appointed 11 July 2025) Frances McEntee, Officer (appointed 11 July 2025) Thomas Mitchell, External Trustee (appointed 1 May 2025) Elena Southard, Officer Lewis Wilson, Officer Xiaolei Xu, Officer (appointed 1 May 2025) Max Mazo, Student Charity Number 1147242 Company Number 07695765 Registered Office & Principal Address Falmer House University of Sussex Brighton East Sussex BN1 9QF Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bank Barclays Bank Plc 77 South Road Haywards Heath West Sussex RH16 4LB

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) CONTENTS

	Page
Trustees' Report (Incorporating Directors Report)	1
Statement of Trustees' Responsibilities	11
Report of the Independent Auditors	12
Consolidated Statement of Financial Activities	16
Consolidated Balance Sheet	17
Charity Balance Sheet	18
Consolidated Cash Flow Statement	19
Notes to the Financial Statements	20

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Despite this uncertainty, Sussex students’ union continues to provide for Sussex students in so many ways.

What do students think of their students’ union?

The annual survey of third year undergraduates, the National Student Survey, has seen some significant increases in student satisfaction over the last few years for Sussex Students' Union.

Our score for 2025 is 76.9 (74.5 in 2024). Up 2.4% on last year and on benchmark (also 74.5%).
In terms of how we compare with other unions we were 97th in 2022, 71st in 2023, 61st in 2024, and 55th in 2025

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Over 5000 students attended the Freshers Fair, providing opportunities for students to connect with student volunteers over shared interests.

Challenge Week was launched. Led by the Sports, Societies, and Events Officer, seven sports clubs took the chance to be involved in the USSU ‘Challenge Week’, to raise funds for their club.

We partnered with Swytch to give 10 students the chance to be part of a trial project aimed at encouraging more people to get to campus by bicycle, with a free e-bike conversion kit.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Your SU supported the international 16 Days of Activism Against Gender-Based Violence campaign. Activities included
Consent training
Roundtable discussion - A dialogue on disability and gender-based violence
The Chatroom - Discussion on gender-based rights
16 days x International Day of Solidarity with the Palestinian People

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Elections

As the Students' Union is a democratic and representative body, run for students and by students, it holds two major elections each academic year. In 2024/25, the Union conducted the Autumn Elections in October 2024, during which 120 elections were held over two days for a variety of roles, including Student Reps, Part-Time Officers, Union Council Members, and members of key committees. The Spring Leadership Elections followed in March–April 2025, with 2,258 students voting, the second-highest turnout since 2018, to elect six Full-Time Officers, three Part-Time Officers, and three student trustees. Fourteen complaints were recorded, a notable decrease from previous years. The election was marked by a respectful and supportive culture among candidates.

Volunteering

Buddy Scheme

This year the Buddy Scheme website was updated with important security and server upgrades, streamlining the signup forms, and tweaking the front page of the website. These changes went live towards the end of the academic year to hopefully have a positive impact on the academic year ahead.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Language Cafe

We distributed two feedback forms this year and the main areas of praise across both Autumn and Spring feedback collections.

The ability to learn and practice a language regularly for free
Meeting and interacting with new people in a friendly, social atmosphere
Being able to practise with native speakers is very useful
The volunteers are friendly, helpful and approachable
The community spirit is strong

Here are some direct quotes that sum up what the Language Cafe is all about:

“I love enthusiasm of participants! It's fun to think of my mother tongue and make them understand!”

“Can improve my English in a safe space”

“The community our language table has created. We all have a great time and laugh a lot while learning too.”

“Being able to sign with others as not many people know the language. The disability inclusion - feels like a safe space. The hot drinks.”

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

“I enjoy seeing my friends at the language cafe. I look forward to it and the structure of it every week, and it is fun and I like the fact that I can freestyle my teaching as I see best.”

“I deeply enjoy being able to share my knowledge with others.”

Student Voice and Officers

Advice

Some feedback from students:

“ Super helpful and friendly, gave me lots of info about housing, which was a great”
“ The adviser cleared up the situation for me, explaining what to expect and what to do”

The Race Equity Advocates (REAs)

A great deal of partnership working has been undertaken to plan for the significant changes in the REA programme for 2025/6.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

To reduce the ethnicity awarding gaps between minoritised ethnic groups and white students.
By 2030 the awarding gap between black and white students will have reduced to no more than 12%.
By 2030 the awarding gap between Asian and white students will have reduced to no more than 5%.
By 2030 the awarding gap between mixed ethnicity and white students will have reduced to no more than 6%.

The project will continue to employ students as Race Equity Advocates (REAs) who will work through co-creation with colleagues across the University to:

explore, understand and record the experiences of black, Asian and minority ethnic students in academic Faculties,
create and review Faculty Race Equity Action Plans and support in the delivery and evaluation of these where appropriate, and
support the development of practical solutions to issues faced by black, Asian and minority ethnic students within their Faculties and across the wider University community.

In the longer term, the project is expected to help improve student outcomes for students from black, Asian and minority ethnic backgrounds, and narrow existing ethnicity degree awarding gaps.

Sport Clubs - Highlights:

Sussex Sailing, this year marked a series of firsts for Sussex Sailing. The team achieved their first-ever BUCS victories and recorded their best finish in BUCS qualifiers to date.

Sussex Dance celebrated the most successful year in the club’s history. The team achieved multiple first-place finishes across various categories and placed highly in numerous others.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 JULY 2025

Varsity

Societies

This year has been an exceptional one for our student societies, with remarkable achievements across a wide range of communities and interests. Below are some of the key highlights from the year:

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Equity, Diversity and Inclusion

Launch of new EDI structure following consultation and report from Social Justice Collective
Had our first EDI all staff Forum and developed an EDI Action Plan
New EDI structures in place aiming to put more onus for leading EDI initiatives on SLT, managers and HR rather and all staff and teams taking responsibility, to support Staff Networks and marginalised staff
All teams and full time staff now have EDI actions as well as anti-racism action plans
Continued to deliver anti-racism training
Senior managers undertook EDI Leadership training
This work is ongoing!

Trading

In 2025 the Company Board approved the union’s first commercial trading strategy, with a three-year plan to develop our venues and retail services and to explore new forms of income.

The overall performance was positive and had resulted in an increased surplus from a target of £55,000 to an end result of £66,000 . This was attributed to increased trading during graduation, a strong retail performance with the Coop and Union Shop surpassing targets and proactive management of costs. The work of the management team in achieving this was recognised and praised.

It was noted that Falmer Bar only narrowly missed its target, but this was in the landscape of 2000 fewer students compared to the prior year, and 800+ fewer students living on campus.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Governance

The Trustee Board appointed three new external trustees to the Board in May 2025 and thanked the two outgoing external trustees for their support, volunteering and counsel over the last four years.

Reserves Policy

The reserves level of unrestricted funds is set at £374,000, with an absolute operating minimum set at £137,000.

Financial Review

The students’ union’s gross income from all sources totalled £6,476,585 (2024: £6,738,838). Expenditure was £6,591,127 (2024: £6,660,859).

The gross cash balance at the end of the year totalled £747,773, a decrease of £136,153 compared to 2024. Both debtors and creditors at the year- end were higher than in 2024.

Statement of disclosure to auditor

This report was approved by the Trustees on and signed on their behalf, by:

Esther Adeyemo Trustee Date:

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025

The Trustees, who are also the directors of University of Sussex Students’ Union for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires the Trustees’ to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that year.

In preparing these accounts, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

Opinion

We have audited the financial statements of University of Sussex Students’ Union (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Group Balance Sheet, the Charity Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s and group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and group and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the director’s report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 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 reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

Our approach was as follows:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR); fraud; bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK;
We considered the nature of the group’s operations, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the group has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those procedures and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-andethics/auditors-responsibilities-for-the-audit/. This description forms part of our auditor’s report.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Cummins FCCA (Senior Statutory Auditor)

for and on behalf of TC Group Statutory Auditors

Office: Sussex

Dated: ………………………

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted funds INCOME FROM: Notes £ Charitable activities 3 1,744,645 Other trading activities 4 4,513,247 Investments 5 9,942 Total income 6,267,834 EXPENDITURE ON: Raising funds – trading expenditure 3,091,910 Charitable activities 6 3,271,653 Total expenditure 6,363,563 Net income / (expenditure) and Net movement in funds (95,729) Reconciliation of funds Total funds brought forward 481,432 Total funds carried forward 385,703	Designated funds £ 203,667 - - 203,667 - 227,564 227,564 (23,897) 191,398 167,501	Restricted funds £ 5,084 - - 5,084 - - - 5,084 66,803 71,887	Total 2025 £ 1,953,396 4,513,247 9,942 6,476,585 3,091,910 3,499,217 6,591,127 (114,542) 739,633 625,091	Total 2024 £ 2,035,928 4,692,876 10,034
				6,738,838
				3,247,709 3,413,150
				6,660,859
				77,979 661,654
				739,633

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 36 form part of these financial statements.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

£ 76,126 177,772 747,773	£ 78,023 89,007 883,926	2024 £ 97,229 660,737
1,001,671 (476,474)	1,050,956 (390,219)

		757,966 (18,333)
		739,633
		66,803 191,398 481,432
		739,633

The Group was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised by the Board of Trustees on behalf by:

and signed on their

……………………………………………………

Esther Adeyemo

Trustee Company Number – 07695765

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

CHARITY BALANCE SHEET

AS AT 31 JULY 2025

£ 227,551 408,126	£ 220,254 528,407	2024 £ 11,035 2
		11,037 607,286
635,677 (107,087)	748,661 (141,375)

		618,323
		66,803 191,398 360,122
		618,323

The Union was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised by the Board of Trustees on behalf by:

and signed on their

…………………………………………………… Esther Adeyemo Trustee Company Number – 07695765

The notes on pages 20 to 36 form part of these financial statements

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

CONSOLIDATED CASH FLOW

FOR THE YEAR ENDED 31 JULY 2025

Notes Cash flows from operating activities Net cash provided by / (used in) in operating activities 23 Cash flows from investing activities Dividends, interest and rent from investments Interest paid Purchase of tangible fixed assets 15 Net cash used in investing activities Cash flows from financing activities Repayments of borrowings Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2025 £ (85,753) 9,942 (593) (49,749) (40,400) (10,000) (10,000) (136,153) 883,926 747,773	2024 £ 191,646
		10,034 (845) (22,356)
		(13,167)
		(10,000)
		(10,000)
		168,479
		715,447
		883,926

The notes on pages 20 to 36 form part of these financial statements

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 STATUTORY INFORMATION

The union is a charitable company, limited by guarantee, registered in England and Wales. In the event of the union being wound up, the liability in respect of the guarantee is limited to £1 per member of the Union. The members of the company are the Trustees. These, along with the charitable company’s registered number and address, can be found on the legal and administrative information page.

2 ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Charities SORP (FRS102) – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

University of Sussex Students’ Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Union and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The union has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future, and there are no material uncertainties relating to going concern. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Union has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the consolidated statement of financial activities on an accruals basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income where they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

2.3 Income (continued)

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Union’s accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Union which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spend, and depreciation charges allocated on the portion of asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and included costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Groups objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible asset into its intended working condition should be included in the measurement of cost.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

2.6 Tangible fixed assets and depreciation (continued)

At each reporting date the Union assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings 20-33% straight line Office equipment 20-33% straight line Computer equipment 20-33% straight line Societies and clubs equipment 20-33% straight line

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. Cost included all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand include cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Union anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

2 ACCOUNTING POLICIES (continued)

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against such funds are charged against the specific fund. The aim and use of each restricted fund is set in the notes to the financial statements.

2.16 Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

3 INCOME FROM CHARITABLE ACTIVITES Unrestricted funds Designated funds 2025 2025 £ £ University grant – general funds 1,725,708 - University – other funding 18,937 - Other grant income - - Activities, clubs and societies - 48,883 Membership fees - 154,784 1,744,645 203,667 Total 2024 1,812,899 205,110 4 OTHER TRADING ACTIVITIES Unrestricted funds Designated funds 2025 2025 £ £ University – accommodation, utilities and cleaning 1,064,000 - Other grant income - - Catering and management charges 494,274 - Other income 81,237 - Sales and operating income 2,840,714 - Publications and advertising 33,022 - 4,513,247 - Total 2024 4,661,800 31,076 5 INVESTMENT INCOME Unrestricted funds Designated funds 2025 2025 £ £ Investment income 9,942 -		Restricted funds 2025 £ - - 5,084 - - 5,084 17,919 Restricted funds 2025 £ - - - - - - - - Restricted funds 2025 £ -		Total funds 2025 £ 1,725,708 18,937 5,084 48,883 154,784 1,953,396 2,035,928 Total funds 2025 £ 1,064,000 - 494,274 81,237 2,840,714 33,022		Total funds 2024 £ 1,818,771 6,897 5,150 61,772 143,338 2,035,928 Total funds 2024 £ 1,064,000 5,000 733,833 59,843 2,702,926 127,274


				4,513,247		4,692,876
				4,692,876		Total funds 2024 £ 10,034
				Total funds 2025 £ 9,942

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

6 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTVITIES BY FUND Unrestricted funds Designated funds 2025 2025 £ £ Representation and democracy (Note 7) 982,668 - Publications (Note 8) 384,098 - Activities, clubs and societies (Note 9) 1,606,636 227,564 Governance costs (Note 10) 298,251 - 3,271,653 227,564 Total 2024 2,968,157 204,306 7 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted funds Designated funds 2025 2025 £ £ Representation and democracy Permanent staff costs 189,698 - Sabbatical officers 183,621 - NUS affiliation 30,850 - Campaigns and conferences 51,368 - Support costs (Note 11) 527,131 - 982,668 - Total 2024 930,594 - 8 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED) Unrestricted funds Designated funds 2025 2025 £ £ Publications Permanent staff costs 85,613 - Administrative costs 4,251 - Student media 10,745 - Union marketing 2,804 - Website 38,072 - Support costs (Note 11) 242,613 - 384,098 - Total 2024 333,936 -		Restricted funds 2025 £ - - - - - 30,273 Restricted funds 2025 £ - - - - - - 30,273 Restricted funds 2025 £ - - - - - - - -	Total funds 2025 £ 982,668 384,098 1,834,200 298,251 3,499,217 3,202,736 Total funds 2025 £ 189,698 183,621 30,850 51,368 527,131 982,668 960,867 Total funds 2025 £ 85,613 4,251 10,745 2,804 38,072 242,613 384,098 333,936	Total funds 2024 £ 1,011,153 357,082 1,749,928 294,987
				3,413,150
				Total funds 2024 £ 200,875 178,050 30,850 83,339 518,039 1,011,153 Total funds 2024 £ 83,931 1,273 23,369 5,850 4,231 238,428 357,082

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

9 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Unrestricted funds 2025 £ ACTIVITIES, CLUBS AND SOCIETIES Permanent staff costs 129,122 Administration 1,805 Entertainments, expenditure & events 39,166 Freshers week events 45,100 Sports club expenditure 4,667 Sports club funding 149,847 Club and society expenditure 196 Club and society fundraising - BUSA and regional affiliation 17,053 Support costs (Note 11) 1,219,680 1,606,636 Total 2024 1,429,261	Designated funds 2025 £ - - - - - - - 227,564 - - 227,564 204,306	Restricted funds 2025 £ - - - - - - - - - - - -	Total funds 2025 £ 129,122 1,805 39,166 45,100 4,667 149,847 196 227,564 17,053 1,219,680 1,834,200 1,633,567	Total funds 2024 £ 103,420 861 35,005 62,659 4,633 126,556 198 204,306 13,647 1,198,643
				1,749,928

10 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Governance costs Audit and accountancy Consultancy services Professional services Support costs (Note 11) Total 2024	Unrestricted funds 2025 £ 10,000 72,071 34 216,146 298,251 274,366	Designated funds 2025 £ - - - - - -	Restricted funds 2025 £ - - - - - -	Total funds 2025 £ 10,000 72,071 34 216,146 298,251 274,366	Total funds 2024 £ 10,000 72,556 13 212,418
					294,987

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

11 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Support costs Depreciation Equipment and kit Insurance IT and computer costs Other costs Premises costs Staff costs Training Travel and subsistence University - accommodation, utilities and cleaning Venues and facilities	Unrestricted funds 2025 £ 7,309 29,031 23,917 40,653 43,670 48,857 801,341 40,603 19,839 1,064,000 86,350 2,205,570	Designated funds 2025 £ - - - - - - - - - - - -	Restricted funds 2025 £ - - - - - - - - - - - -	Total funds 2025 £ 7,309 29,031 23,917 40,653 43,670 48,857 801,341 40,603 19,839 1,064,000 86,350 2,205,570	Total funds 2024 £ 14,609 26,660 20,059 40,916 24,063 360 858,534 25,378 10,238 1,064,000 82,711
					2,167,528

12 AUDITOR’S REMUNERATION

12 AUDITOR’S REMUNERATION
Fees payable to the Union’s current auditor for the audit 13 STAFF COSTS Group 2025 £ Wages and salaries 2,499,851 Social security costs 184,183 Contribution to defined contribution pension schemes 54,119 2,738,153	Group 2024 £ 2,490,848 164,826 49,515 2,705,189	Total 2025 £ 18,900 Union 2025 £ 1,228,269 118,732 42,394 1,389,395	Total 2024 £ 16,500
			Union 2024 £ 1,277,818 112,691 34,302
			1,424,811

The average number of persons employed by the Union during the year was as follows:

University of Sussex Students’ Union University of Sussex Students Union Trading Ltd	Group 2025 No 34 9 43	Group 2024 No 34 9 43	Union 2025 No 34 - 34	Union 2024 No 34 -
				34

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

13 STAFF COSTS (CONTINUED)

The number of employees’ whole benefits (excluding employer pension costs) exceeded £60,000 was 1 (2024: 1).

In the band £60,001 - £70,000 In the band £70,001 - £80,000	Group 2025 No 1 1 2	Group 2024 No - 1
		1

All key management personnel for the year are the Trustees, CEO, Deputy CEO and Head of Student Representation. The aggregate remuneration of key management personnel was £399,079 (2024: £443,311).

14 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES – 31 JULY 2024

INCOME FROM: Charitable activities Other trading activities Investments Total income EXPENDITURE ON: Raising funds – trading expenditure Charitable activities Total expenditure Net income/(expenditure) and Net movement in funds Fund balances brought forward as restated Fund balances carried forward	Unrestricted funds 1,812,899 4,661,800 10,034 6,484,733 3,247,709 3,178,571 6,426,280 58,453 422,979 481,432	Designated funds £ 205,110 31,076 - 236,186 - 204,306 204,306 31,880 159,518 191,398	Restricted funds £ 17,919 - - 17,919 - 30,273 30,273 (12,354) 79,157 66,803	Total 2024 £ 2,035,928 4,692,876 10,034
				6,738,838
				3,247,709 3,413,150
				6,660,859
				77,979 661,654
				739,633

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

15 TANGIBLE FIXED ASSETS Group Cost or valuation At 1 August 2024 Additions Disposals At 31 July 2025 Depreciation At 1 August 2024 Charge for the year Disposals At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024 Union Cost or valuation At 1 August 2024 Additions Disposals At 31 July 2025 Depreciation At 1 August 2024 Charge for the year Disposals At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024	Freehold Fittings £ 364,466 3,374 (1,719) 366,121 309,050 19,176 (1,719) 326,507 39,614 55,416 Freehold Fittings £ 85,200 - (1,719) 83,481 84,238 264 (1,719) 82,783 698 962	Office Equipment £ 149,895 25,260 (18,946) 156,209 115,398 13,855 (18,946) 110,307 45,902 34,497 Office Equipment £ 14,620 - - 14,620 11,863 1,325 - 13,188 1,432 2,757	Computer Equipment £ 32,218 21,115 (10,803) 42,530 24,902 5,720 (10,803) 19,819 22,711 7,316 Computer Equipment £ 32,218 21,115 (10,803) 42,530 24,902 5,720 (10,803) 19,819 22,711 7,316	Total £ 546,579 49,749 (31,468)
				564,860
				449,350 38,751 (31,468)
				456,633
				108,227
				97,229
				Total £ 132,038 21,115 (12,522)
				140,631
				121,003 7,309 (12,522)
				115,790
				24,841
				11,035

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

16 FIXED ASSET INVESMENTS

Union Cost or valuation At 1 August 2024 At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024	Investments in subsidiary company £ 2
	2
	2
	2

17 STOCKS

CKS
	Group	Group
	2025	2024
	£	£
Finished goods and goods for sale	76,126	78,023

18 DEBTORS

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2025 2024 £ £ 53,387 46,431 - - 14,822 6,300 109,563 36,276 177,772 89,007	Union 2025 2024 £ £ 38,832 42,722 122,729 148,998 32,920 11,739 33,070 16,795
		227,551 220,254

19 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loan and overdrafts Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2025 2024 £ £ 10,000 10,000 106,270 158,586 71,956 70,486 37,948 15,217 250,300 135,930 476,474 390,219	Union 2025 2024 £ £ - - 37,231 81,525 26,437 24,988 4,710 2,506 38,709 32,356
		107,087 141,375

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

20 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Bank loan and overdrafts	Group 2025 2024 £ £ 8,333 18,333 8,333 18,333	Union 2025 2024 £ £ - -
		- -

The loan is a Coronavirus Bounce Back Loan. The loan is repayable in equal instalments over 60 months. The loan was interest free for the first twelve months and then payable at 2.5%.

21 STATEMENT OF FUNDS

Unrestricted funds General funds Designated funds Clubs & Societies Restricted funds University grant Sussex fund (Alumni) Community social fund Role models Sport projects Good night owls IT licences Research Focus Groups Give it a go fund Ramadan funding Total funds	Balance at 1 August 2024 Income Expenditure Transfers Balance at 31 July 2025 £ £ £ £ £ 481,432 6,267,834 (6,363,563) - 385,703
	481,432 6,267,834 (6,363,563) - 385,703
	191,398 203,667 (227,564) - 167,501
	191,398 203,667 (227,564) - 167,501
	5,693 - - - 5,693 25,267 - - - 25,267 626 - - - 626 9,820 - - - 9,820 476 - - - 476 15,345 - - - 15,345 9,440 - - - 9,440 136 - - - 136 - 4,000 - - 4,000 - 1,084 - - 1,084
	66,803 5,084 - - 71,887
	739,633 6,476,585 (6,591,127) - 625,091

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

21 STATEMENT OF FUNDS (CONTINUED)

Statement of funds prior year

Unrestricted funds General funds Designated funds Clubs & Societies Restricted funds University grant Sussex fund (Alumni) Community social fund Role models Sport projects Good night owls BAME ambassador IT licences Research Focus Groups Total funds	Balance at 1 August 2023 Income Expenditure Transfers Balance at 31 July 2024 £ £ £ £ £ 422,979 6,484,733 (6,426,280) - 481,432
	422,979 6,484,733 (6,426,280) - 481,432
	159,518 236,186 (204,306) - 191,398
	159,518 236,186 (204,306) - 191,398
	5,693 - - - 5,693 25,267 - - - 25,267 626 - - - 626 9,820 - - - 9,820 476 - - - 476 17,576 3,460 (5,691) - 15,345 10,259 12,854 (23,113) - - 9,440 - - 9,440 - 1,605 (1,469) 136
	79,157 17,919 (30,273) - 66,803
	661,654 6,738,838 (6,660,859) - 739,633

The Clubs & Societies Fund is collected by sport clubs and societies from activities and memberships to support the running of the student-led groups in their purpose and activities.

The University grant is made up of annual funding from the University to support the services and activities provided by the Students' Union.

The Sussex Fund (Alumni) provides the Student Union with funding to support projects that enhance the student experience.

The Community Social Fund was again a proposal for a number of different student society projects, almost all of which were completed in the year.

Role Models the Union receives funding for expenses and for 1 or 2 staff members to run the Role Models programme. The programme is a peer mentoring scheme within local schools, where out university students run workshops for their young students on Mental Health and Wellbeing.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 JULY 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

21 STATEMENT OF FUNDS (CONTINUED)

Sports Project is to deliver social and recreational rugby sessions on campus that appeal to, and engage, new participants, and those returning to the sport.

Good Night Owls to train and support student volunteers to go out late at night in Brighton to help students in trouble while out on the town.

BAME ambassador / Race equity to gather feedback from BAME students on how life/student experience can be improved for BAME students on campus.

IT Licenses support from the university to fund licences for Zoom, LinkedIn Learning and Microsoft 365.

The Research Focus Groups is made up of funds from the University to run focus groups to assist with the Students' Union researcher for reports supporting work carried out by the Students' Union.

Give it a go fund is funding to cover the costs of club & society memberships and equipment for students who may otherwise not be able to participate due to financial constraints.

Ramadan funding is to support the Islamic community on campus during the month of Ramadan.

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP

Analysis of net assets between funds – current period

Tangible fixed assets Current assets Creditors due within one year Creditors due after one year Analysis of net assets between funds – prior period Tangible fixed assets Current assets Creditors due within one year Creditors due after one year	Unrestricted funds 2025 £ 108,227 762,283 (476,474) (8,333) 385,703 Unrestricted funds 2024 £ 97,229 792,755 (390,219) (18,333) 481,432	Designated funds 2025 £ - 167,501 - - 167,501 Designated funds 2024 £ - 191,398 - - 191,398	Restricted funds 2025 £ - 71,887 - - 71,887 Restricted funds 2024 £ - 66,803 - - 66,803	Total funds 2025 £ 108,227 1,001,671 (476,474) (8,333)
				625,091
				Total funds 2024 £ 97,229 1,050,956 (390,219) (18,333)
				739,633

23 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/expenditure for the period (as per SoFA) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest payable Investment income Decrease / (increase) in stocks Decrease / (increase) in debtors (Decrease) / increase in creditors Net cash provided by/(used in) operating activities ALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total cash and cash equivalents	Group 2025 £ (114,542) 38,751 - 593 (9,942) 1,897 (88,765) 86,255 (85,753) Group 2025 £ 747,773 747,773	Group 2024 £ 77,979
		43,486 2,707 845 (10,034) 15,097 74,630 (13,064)
		191,646
		Group 2024 £ 883,926
		883,926

24 ANALYSIS OF CASH AND CASH EQUIVALENTS

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

25 ANALYSIS OF CHANGES IN NET DEBT - GROUP

Cash at bank and in hand Debt due within one year Debt due after one year	At 1 August 2024 £ 883,926 (10,000) (18,333) 855,593	Cash flows £ (136,153) - 10,000 (126,153)	At 31 July 2025 £ 747,773 (10,000) (8,333)
			729,440

26 PENSION CONTRIBUTIONS

The group operates a combined pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £54,119 (2024 : £49,515). Contributions totalling £710 (2024 : £886) were payable to the fund at the balance sheet date and are included in creditors.

27 OPERATING LEASE COMMITMENTS

At 31 July 2025 the Group and the Union had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year	Group 2025 2024 £ £ 920 12,909 920 12,909	Union 2025 2024 £ £ - -
		- -

28 RELATED PARTY TRANSACTIONS

One or more trustees have been paid remuneration or received other benefits from an employment with the charity. These staff members only receive remuneration in respect of services they provide under their contracts of employment. No trustee received any reimbursements for expenditure (2024: Nil). The value of trustees’ remuneration and other benefits was as follows:

R Linehan N Tickner R Kunisue M Murray N Bahl S Jackson E Southard A Alexander-Sefre L Wilson J Orlebar-Earle E Adeyemo E Goodchild L Knowles F McEntee	2025 - - - - 30,142 - 30,053 29,150 29,391 28,760 31,627 2,473 2,473 2,473 186,542	2024 27,026 27,539 29,901 27,176 29,325 27,736 2,343 2,343 2,343 2,365 2,343 - - -
		180,440

UNIVERSITY OF SUSSEX STUDENTS’ UNION (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

29 CONTROLLING PARTY

The charitable company is controlled by the Board of Trustees, who are also directors under company law.

30 PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Union

Name Company Registered office or principal Principal activity Number place of business University of Sussex Students’ Union 02146582 Falmer House, University of Trading Activities Trading Limited Sussex, Brighton, BN1 9QF

Class of shares Holding Included in consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Net assets £ £ £ University of Sussex Students’ Union Trading Limited 3,179,077 3,228,734* 71,660

*includes £100,474 from prior year profits