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2025-07-31-accounts

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

Registered Company Number: 08155140 (England and Wales) Registered Charity Number: 1148393

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

Page
Reference and Administrative Information 1 – 2
Report of the Trustees 3 – 12
Independent Auditor’s Report on the Financial Statements 13 – 15
Statement of Financial Activities 16
Comparative Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows and Notes 19 – 20
Notes to the Financial Statements 21 – 34

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

Administrative Information

Registered charity name: University of Gloucestershire Students’ Union Registered charity number: 1148393 Company registration number: 08155140

Principal Address

The Park Cheltenham Gloucestershire GL50 2RH

The Board of Trustees

The Directors of University of Gloucestershire Students’ Union are its Trustees for the purposes of Charity law and throughout this report are collectively referred to as the Trustees. The Trustees are:

External Trustees Role Committee Appointed Resigned
Chair (resigned 16
Laura Batty July 2025) P, AR 18 February 2020 27 January 2026
Shalinder Taneja A&R Chair (resigned
25 February 2025)		 AR 9 April 2024 25 February 2025
Dr Daniel McDonald-Smith 9 April 2024
A&R Chair (appointed
11 March 2025)
Chair (appointed 2
Jeremy Davies September 2025, AR 18 February 2020
Acting Chair from 16
July 2025 to 2
September 2025
Consulota Price P Chair P 6 April 2021
Olanrewaju Osundiya 9 October 2025
Officer Trustees
Bobola Ajibola Welfare and Diversity AR 1 July 2023 30 June 2025
Vanessa Garratt Activities and
Opportunities		 AR, P 1 July 2024 30 June 2025
Kit Boulting-Hodge Education and
Community		 P 1 July 2024 30 June 2025
Bianca Holland Education and
Community		 P 1 July 2025
Iffat Jahan Welfare and Diversity AR 1 July 2025
Freya Rowley Activities and
Opportunities		 AR, P 1 July 2025

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

Student Trustees

Katy Owen Merajul Islam Tayo Titus Barney Wain Tyler Konner Victor Ukpere Khadija Dilnawaz

AR 31 January 2024 19 February 2025 AR 25 March 2025 AR 31 January 2023 26 November 2024 AR 25 March 2025 21 November 2025 AR 24 June 2025 4 July 2025 AR 24 June 2025 AR 24 June 2025

Clerk to the Trustees

Karen Hill

Senior Management Team

Josh Clare CEO Louise Fensome COO

Independent Auditors

Cooper Parry Group Limited Cubo Birmingham 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Bankers

National Westminster Bank plc 31 The Promenade Cheltenham Gloucestershire GL50 1LH

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 July 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and Activities

Objectives

The primary purpose of the University of Gloucestershire Students’ Union (the Union, UoGSU) is the advancement of education of students at the University of Gloucestershire (UoG) for the public benefit by:

Our Strategic Plan

UoGSU has a 3-year strategic plan which covers the period 2024-2027. This strategy was developed on the foundations set by the prior two strategic plans. As a Union, we have a clear mission statement – University Life: Unlocked. At UoGSU we unlock opportunities. With us, unlock friendships and memories that will last a lifetime. Unlock the power of your voice across the student body: the power of an amazing team, an important cause, a shared celebration.

UoGSU exists to help students unlock the doors to a uniquely personal and memorable university life. With all the support and resources, you need to bring down the barriers wherever they’re keeping you out, we help students to overcome their challenges and have the kind of fun that stays with them forever.

Within the plan we have three overarching aims:

Each section of the plan has measurable long-term targets alongside shorter term aims which are outlined below and are reviewed regularly by Management Committee and the Board of Trustees.

The Core Role of the SU

Our targets:

Developing Student Communities

Our targets:

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

Being a Critical Partner

Our targets:

Public Benefit Statement

The direction taken by UoGSU has been set in consultation with the student body at the University of Gloucestershire and the Trustees ensure the organisation is focused on its primary purpose of the advancement of the education of students at the University of Gloucestershire. The Board acts with due regard for the requirements under the Charities Act to ensure its activities meet its obligations with regard to public benefit.

Achievements and Performance

The Union provides a wide range of services and activities for students. The majority operate with the involvement of student volunteers who are supported by members of the staff team. This includes:

Representation and the Student Voice

UoGSU leads well-established Course Rep and Student Voice Assistant (SVA) schemes which aims to improve services for students and enhance their academic experience by representing the voices of the students to the University and other partners.

Both schemes work closely with both University staff and students to resolve issues, develop academic support and course content.

Over the course of the academic year, an evaluation of the SVA scheme took place, in partnership with the University, with the group putting forward a range of improvements to be implemented for the 2025/26 academic year. One of the key changes was to move from having a widely spread group of SVAs with a small number of paid hours per week to a narrower group with a far larger time commitment. Ultimately this led to a reframing of the roles for 2025/26 as campus-based Student Voice Community Organisers with a wider remit to include non-academic issues.

Alongside the work of student leaders, the Student Voice team gather and analyse student data utilising a twopart tool called Voice It and Change It – online systems which integrate with our existing systems and helpfully split out new idea suggestions from simple feedback. This enables students to give feedback using a simple system which means information can be quickly shared with Reps and University partners. UoGSU has utilised feedback gained from these tools and other avenues to collect thousands of contributions from members and bring about change in teaching and learning as well as the wider student experience.

The Union also represents students in community partnerships and on issues which affect students. The Union takes an active role in developing community relations through its involvement in the University Community Liaison groups established at each University site and both the Gloucester and Cheltenham and Gloucester night-time economy groups.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

Officer campaigns

Throughout the year student leaders delivered meaningful campaigns focussed on the priority of members. These three ‘Priority Campaigns’ are led by the Full Time Officers with each taking on the responsibility for a central campaign.

In 2024/25 the campaigns were:

Advice and Support

An independent advice function has only been in place at UoGSU since July 2022 so the service is still being established within the wider University support structures.

Focussing on academic advice, particularly where students are in dispute with the University the service continues to grow and develop its offer.

Volunteering and Student Development

The Union supported a variety of fundraising activities for charities nominated by student groups.

A significant proportion of students actively engage internally within the Union as Liberation or Academic Representatives, on the committee of Clubs or Societies or as Network Leads.

These students are supported to gain skills which add valuable experience to their future employability and personal interests. In total over 800 students volunteered in such roles during 2024-25.

Clubs and Societies

With a choice of over 60 clubs and societies in 2024-25, covering a wide range of interests and activities, there were plenty of opportunities for students to get involved. Each club and society has a committee of students who volunteer to take on the organisation of their group.

Student achievements and development of student members is celebrated at the annual SU Awards which was held at Cheltenham Town Hall bringing together students from across clubs, societies, representation and volunteering.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

During the year, British Universities & Colleges Sport (BUCS) leagues took place in a manner similar to prior years with some great examples of sporting success including promotion for a number of our teams.

UoGSU worked hard with UoG colleagues and other partners to continue to deliver a huge range of sports given our size. Alongside on field activity, we also delivered a transformational series of training events which not only equip students with the skills they need to lead their group but also skills which will be invaluable in their futures.

We were also thrilled to be able to deliver our annual Varsity with Worcester SU on site and across venues in both Gloucestershire and Worcester which took place across a full week and engaged thousands of members in student sport.

Entertainments and Events

The Unions’ aim from an entertainment and events perspective, serves to enhance the social, cultural, and recreational aspects of a student's university experience, creating a well-rounded and enjoyable educational journey which aids retention. During the academic year 24/25, we were pleased to be able to deliver a wide diverse variety of on-campus and off-campus events, which helped to connect students to their communities.

Other Students’ Union Services

Financial Review

The Union has two main sources of income:

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

The cost of providing our services, which are an essential part of the wider student experience, are greater than the level of block grant received. The Union remains reliant on the ability of these income generating initiatives to both provide services for students and support the work of other areas of activity.

SUSS Pension Liability

The Union participates in the Students’ Union Superannuation Scheme (‘SUSS’), which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. The scheme is currently closed to new members but has a mixture of final salary and career average revalued earnings accruals for service prior to 1[st] October 2011.

The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,645,000 for the whole scheme but it is important to note that this amount is collected through annual payments as part of the remaining 14 year payment plan and is not due for repayment all at once. SUSS member organisations pay an annual contribution towards funding the deficit, and UoGSU budgets for this annual figure as part of the Union’s annual budget cycle. The payment for the 2024/25 year was £35,160.

Commercial Performance

Reserves Policy

The primary function of the Union’s reserves is to make available cash in order to cope with any unexpected downturn in funding or additional calls on resources without immediately curtailing activities.

The Trustees current policy is that unrestricted funds not committed or invested in tangible fixed assets should be between 3 and 6 months of the resources expended by the Union as a whole, which equates to between £201,000 to £402,000. At this level, the trustees feel that they would be able to continue the current activities of the Charity in the event of a significant interruption to the work of the organisation and ensure it is able to meet its legal obligations.

At 31[st] July 2025 the total unrestricted general funds (excluding the designated pension provision fund and designated volunteering fund) were £372,156 (2024: £295,990) and the unrestricted cash reserves, being total cash at bank and in hand of £461,081 less the amount relating to restricted funds of £50,458, amounted to £410,623 (2024: £311,640).

Affiliations

In 2024-25, the Union was affiliated to the following organisations with the below showing the cost of affiliation payments made to both organisations:

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

Funds Held as Custodian Trustee on Behalf of Others

Clubs and Societies

The Union acts as custodian for the funds of the students' various clubs and societies. These monies are accounted for through the Union’s accounting package, listed in these annual accounts and held in the Union’s bank account. At the end of 2024-25, the Clubs and Societies had a balance of £48,665 remaining at year end. It is to be noted that the income and expenditure for clubs and societies varies annually depending upon activities run by these student groups.

Raise and Give (RAG)

The Union acts as custodian for RAG fundraising activities. These funds are not under the Union’s management control and as such are not included in the accounts. All funds raised are deposited in a separate bank account . Clubs and societies raise money for specific charities throughout the year. The clubs and societies give instructions to pay beneficiaries.

When societies or club committees have completed their fundraising, they give instructions to the Union to pay the beneficiaries.

Fundraising Activities

Where fundraising is conducted by UoGSU members, UoGSU are aware of the importance of raising charitable funds in accordance with the Charities (Protection and Social Investment) Act 2016, included in section 13 of the Act and that our approach to fundraising is aligned to those requirements. UoGSU is committed to offering all its student members the opportunity to take part in fundraising activities during their studies.

UoGSU aims to offer support for a range of diverse activities through involvement with RAG or other society or student group fundraising. UoGSU will ensure all fundraising activities undertaken by students is accurately and properly recorded, this will include any complaints and how those complaints have been handled, ensuring that the approach to fundraising is inclusive and that the organisations we work with are aligned to our own values and goals. The approach is purely voluntary and participative, and UoGSU strongly discourages any approach that is deemed unreasonably intrusive or persistent or applies undue pressure to donors.

There were no complaints received in respect of the Unions’ fundraising activities at the time of signing these accounts.

Structure, Governance and Management

The University of Gloucestershire Students' Union is an incorporated company and is governed by the Union’s Memorandum of Articles, which was adopted on 24[th] July 2010. The Articles govern what the Union can do and how it will be administered by the Board of Trustees on behalf of the membership.

The Board of Trustees oversees the strategic, financial and legal affairs of the Union. It is chaired by an external Trustee and is comprised of up to 3 Full Time Officers, 4 Student Trustees and 5 External Trustees who bring their professional expertise to the Board.

All Full Time Officer Trustees are elected by secret ballot to serve for a term of one year and may be re-elected to the post for a maximum further term of one year.

Candidates for the positions of External Trustees and Student Trustees are selected by the People and Resources Committee and their appointment recommended by the Board of Trustees. External Trustees remain in office for a term of up to three years and can serve a maximum of two terms which may either be consecutive or non-consecutive. Student Trustees remain in office for up to one year and can serve a second consecutive year.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

The Board has two sub committees to deal with specific areas of business. These are:

Staffing in the organisation

The staff team in the Union is made up of a CEO, COO and two further Senior Managers, a group of managers and coordinator career staff. This team is supported by part-time student staff to deliver the objectives of the Union.

Salary budgets are agreed by the Board of Trustees and any annual spine point rises are set following benchmarking with other similar size Student Unions, reference to the JNCHES and the UoG proposed pay scale changes for the year. Although the Board may wish to align with UoG it is not tied to using these percentages or application method and may choose to set its own rates; on the basis of affordability, administration of payroll factors and future growth. Benchmarking with other Student Unions, or similar size charities, is used to determine key management personnel pay and remuneration

Training for Trustees

The Union undertakes a skills audit to inform the appointment of External Trustees when vacancies arise and will continue to do so as required to ensure the Board contains a mix of skills and experience to support its continued effectiveness.

Trustees are provided with a variety of information upon their induction and are briefed on their legal obligations and the responsibilities of Trustees. Training is provided online, and supported by a Trustee guide containing all relevant information and the Trustees’ Code of Conduct.

Officer and Student Trustees are provided with additional support from both staff members and outgoing officers to ensure a smooth transition period and to support the new trustees to understand and undertake their responsibilities. They also have on-going staff support, in the role of our Governance and Administration Coordinator to guide them through Board and Committee papers and to advise on areas such as conflicts of interest.

Delegated Responsibilities

The Board of Trustees delegates day-to-day management of the organisation to the Chief Executive, who is responsible for:

The Chief Executive is further supported by the Management Committee comprising the Full Time Officer team, and COO from the Union who take on responsibility for overseeing the strategic running of the Union.

Relationship with the University of Gloucestershire

The Union has always had a good relationship with the University which is maintained through regular meetings between the Vice Chancellor’s Office, Senior Managers from both the Union and University, and the Sabbatical Officers.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

The University is the owner of the premises used by the Union for its offices which are provided for UoGSU across a range of sites.

The Union’s Education & Community and Welfare and Diversity officers are members of the University’s Council and Academic Board.

Representatives from the Vice Chancellor’s office meet regularly with staff from the Union’s Senior Management team, act as Deputy Returning officer for Union elections and also as the University Board of Governors’ independent arbiter for the Union’s Complaints Procedure.

Alongside the Memorandum of Articles, the Union also operates within the Students' Union’s Operating Agreement. This is approved and reviewed by the Union’s Board of Trustees and University Council and issued in accordance with the Education Act 1994, Section 22. This document outlines the relationship with and oversight of the Union, in particular relating to the Union’s constitution, membership, elections, affiliations, paid officers, finances, operations, estate requirement, complaints processes and notification requirements.

Risk Management

The Board of Trustees has overall responsibility for ensuring the major strategic, operational and business risks facing the organisation are identified and controls are in place. The Audit and Risk Committee advise the Board of Trustees on the adequacy and effectiveness of the organisation’s Risk Policy, its Risk Register but reviewed on 6 month to annual cycle and the organisation’s overall awareness of its Risk Management Framework and processes.

The main risks identified by the Union in 2024-25 were:

Risk Area Risk Description Mitigation Actions Risk Level Risk Level
Reduction
in
income
generating
activity		 Items purchased for resale or
surplus generating events are
not as profitable due to limited
student spending and changing
demands		 Reduction of spending in areas
connected to income generation
directly from members.
Increasing the amount of revenue
generated from external partnerships
and provision put in place to seek
external grants
Reduction in the
University
supplied grant		 Due to wider sector pressures,
the University might not be in a
position to continue to increase
grant funding to cover rising
costs		 Diversifying income streams to be
less reliant on the grant with particular
attention on external partnerships.
Ensure
open
and
honest
conversations with University partners
so impact of changes can be
mitigated
Reduction
in
engagement
due to smaller
student intake in
key areas		 Due to the nature of students
being recruited to UoG changing
with more postgraduate, non-
traditional students, some areas
of SU activity are more targeted
at
undergraduate
students
leading to less engagement with
some of our traditional offer		 Monitoring
of
engagement
with
different service areas and continued
development of alternative provision
such as Advice to support differing
student population
Increasing cost
of
sport
outstripping
possible income		 In recent years there have been
fewer students engaging with
competitive, weekly sport whilst
costs in this area continue to rise
sharply particularly in respect of
transport		 Engaging with UoG partners to
encourage engagement in physical
activity.
Monitor
additional
opportunities for low cost, lower
commitment physical activity

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

The major risks have been reviewed as part of regular Risk Register reviews that consider whether the current established systems or processes are sufficient to mitigate the risks. If the risks require further controls at the point of review, additional or amended systems/ processes are identified and implemented to further manage the risks.

In last years audited accounts we identified the following risk areas:

We continue to monitor these risks careful as part of our risk register where these items are not referenced in the above table.

The Union has a range of policies and procedures to ensure the Health and Safety of staff, volunteers, participants and visitors. These are periodically reviewed to ensure they remain fit for purpose and performance is monitored by the Audit & Risk Committee.

Business Continuity

The Union has created a business continuity plan and submits this annually to the University of Gloucestershire. The Union is covered by the University of Gloucestershire’s Major Incident Plan as so much of the SU hardware and infrastructure is run in conjunction with University systems and procedures.

Going concern

The Trustees considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements. These factors have included the review of key risks and uncertainties in the context of the Union’s operations, and a review of the financial forecast to January 2027. Having regard to these, the Trustees believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Future Performance and Outlook

As we as an SU look towards 2025/26 we’re excited about moving into the second year of the 2024-27 strategic plan which we’re already making good progress on. A healthy element with Full Time Officer elections has meant that student voice and the role of the SU as a vehicle for change has been reaffirmed and the work of our Advice Service is beginning to be known more across UoG. UoGSU continues to play an important part in building community, unlocking opportunities and developing student.

Like many SUs in the sector, we continue to explore funding opportunities beyond our established grant and income earned from the sale of products and services to our members. For UoGSU this includes a targeted approach at charitable grant giving organisations to help fund new projects wherever possible and investigating the development of new commercial opportunities when they arise.

The changing estate for the University of Gloucestershire led UoGSU to explore how it could best distribute our resources to effectively serve our members who are increasingly studying more in Gloucester due to the opening of the new City Campus. A shift to a model of two routinely staffed spaces, one in Park Cheltenham and one in Oxstalls Gloucester, with ‘pop-up’ activity at City and Francis Close Hall has made it clearer to students where they can find their SU whilst ensuring a good working environment for staff.

We continue to be aware of the challenging environment that our members are studying in with many facing challenges around the cost of living and having to prioritising part time work to fund their studies. Dedicated work on food poverty and addressing basic needs continues to be a part of our offer as well as providing timely information to our members who may need ongoing support.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

Our social and community building work increasingly focusses on low and no cost activities at times where students are already on site rather than large scale, stand-alone events.

Increasingly we are working with other local SUs to share best practise and develop additional ways in which collaboration could improve the outcomes for all our members. As we look ahead, we hope that this closer working continues to the benefit of all involved.

Statement of Trustees’ Responsibilities

The Trustees (who are also the directors of the University of Gloucestershire Students’ Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

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

In so far as the Trustees are aware:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the Board of Trustees on 27 January 2026 and signed on its behalf by:

………………………………………………….

Iffatt Ara Jahan Welfare and Diversity Officer

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

INDEPENDENT AUDITOR’S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

FOR THE YEAR ENDED 31 JULY 2025

Opinion

We have audited the financial statements of The University of Gloucestershire Students’ Union (the ‘charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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:

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 charitable company in accordance with the ethical requirements 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 related 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 charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors 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 Report of the Trustees, 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.

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Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

INDEPENDENT AUDITOR’S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

FOR THE YEAR ENDED 31 JULY 2025

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatement in the Report of the Trustees.

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;

Responsibilities of trustees

As explained more fully in the Statement of Trustees' responsibilities, 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 directors 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 directors 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focused on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement.

Page | 14

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

INDEPENDENT AUDITOR’S ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

FOR THE YEAR ENDED 31 JULY 2025

These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities, including fraud. Our approach to detecting irregularities, including fraud, included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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, for our audit work, for this report, or for the opinions we have formed.

Nichola Hodgetts (Senior Statutory Auditor) for and on behalf of: COOPER PARRY GROUP LIMITED Statutory Auditors Cubo Birmingham 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

26 February 2026

Page | 15

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2025

Unrestricted
Restricted
Notes
Funds
Funds
£
£
INCOME FROM
Donations and legacies
3
624,773
-
Charitable activities
6
Marketing
-
-
Entertainments
25,522
-
Student activities
103,406
54,460
Miscellaneous commissions
4,878
-
Other trading activities
4
77,045
-
Investment income
5

6,867
__-
Total
842,491
54,460
EXPENDITURE ON
Raising funds
7
14,339
-
Charitable activities
8
Marketing
41,140
-
Entertainments
66,901
-
Student activities
627,154
47,147
Miscellaneous commissions
8,098
-
_
_
Total
757,632
47,147
Movement in pension provision
23
8,503
-
_

NET (EXPENDITURE) / INCOME
93,362
7,313
Transfers between funds
21
1,409
(1,409)
_

NET MOVEMENT IN FUNDS
94,771
5,904
RECONCILIATION OF FUNDS:
Total funds brought forward
21
(141,811)
44,554
_ _____

TOTAL FUNDS CARRIED FORWARD
21
(47,040)
50,458

 2025
Funds
£
624,773
-
25,522
157,866
4,878
77,045
__6,867
896,951
14,339
41,140
66,901
674,301
8,098
_

804,779
8,503
_
100,675
-
_
100,675
(97,257)
__

3,418		 2024
Funds
£
588,700
773
23,132
144,095
13,380
86,354
__7,246
863,680
22,074
215,349
71,945
529,899
10,312
_
849,579
-
_
14,101
-
_
14,101
(111,358)
__
(97,257)

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

The notes on pages 21 to 34 form part of these financial statements.

Page | 16

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2024

Unrestricted
Notes
Funds
£
INCOME FROM
Donations and legacies
3
588,700
Charitable activities
6
Marketing
773
Entertainments
23,132
Student activities
109,854
Miscellaneous commissions
13,380
Other trading activities
4
86,354
Investment income
5
7,246
_
Total
829,439
EXPENDITURE ON
Raising funds
7
22,074
Charitable activities
8
Marketing
215,349
Entertainments
71,945
Student activities
492,650
Miscellaneous commissions
10,312
_
Total
812,330
Movement in pension provision
23
-
_
NET (EXPENDITURE) / INCOME
17,109
Transfers between funds
22
-
_
Net movement in funds
17,109
RECONCILIATION OF FUNDS
Total funds brought forward
22
(158,920)
__
TOTAL FUNDS CARRIED FORWARD
22
(141,811)
 Restricted
2024
Funds
Funds
£
£
-
588,700
-
773
-
23,132
34,241
144,095
-
13,380
-
86,354
-
7,246
__
_
34,241
863,680
-
22,074
-
215,349
-
71,945
37,249
529,899
-
10,312
_
_

37,249
849,579
-
-

_

(3,008)
14,101
-
-

_
(3,008)
14,101
47,562
(111,358)
_
_____

44,554
(97,257)
 2023
Funds
£
548,690
195
37,067
139,446
8,545
82,587
4,010
_
820,540
33,848
174,067
67,393
568,261
10,781
_
854,350
28,651
_
(5,159)
-
_
(5,159)
(106,199)
__
(111,358)

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

The notes on pages 21 to 34 form part of these financial statements.

Page | 17

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

BALANCE SHEET COMPANY NUMBER 08155140 AT 31 JULY 2025

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PROVISIONS FOR LIABILITIES
18
NET ASSETS / (LIABILITIES)
FUNDS
Unrestricted funds:
General fund
21
Designated – Volunteering
21
Designated – Pension liability
21
Restricted funds:
Sports Clubs and Societies
21
Enterprises fund
21
Janet Trotter Trust
21
TOTAL FUNDS		 2025
£
4,085
60
_
4,145
6,923
18,078
461,081
_
486,082
(67,613)
_
418,469
_
422,614
(419,196)
_
3,418
372,156
-
(419,196)
_
(47,040)
48,665
-
1,793
_
50,458
_
3,418		 2024
£
14,529
60
_
14,589
5,776
30,960
356,194
_
392,930
(62,279)
_
330,651
_
345,240
(442,497)
_
(97,257)
295,990
4,696
(442,497)
_
(141,811)
42,672
1,882
-
_
44,554
__
(97,257)

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 27 January 2026 and were signed on its behalf by:

……………………………………………………………..

Jeremy Davies – Chair of Trustees

The notes on pages 21 to 34 form part of these financial statements.

Page | 18

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of tangible fixed assets
Interest received
Net cash used in investing 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
£
98,020
-
6,867
_
6,867
_
104,887
356,194
_
461,081		 2024
£
(2,769)
-
7,246
_
7,246
_
4,477
351,717
_
356,194

The notes on pages 21 to 34 form part of these financial statements

Page | 19

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2025

A. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025 2024
£ £
Net income / (expenditure) for the reporting period
(as per the statement of financial activities) 100,675 14,101
Adjustments for:
Depreciation charges 10,444 12,823
Interest received (6,867) (7,246)
SUSS pension cost (less contributions paid) (14,798) (12,419)
Fair value movement in SUSS pension liability (8,503) -
(Increase) / decrease in stocks (1,147) 2,386
Decrease in debtors 12,882 (10,662)
(Decrease) / increase in creditors 5,334 (1,752)
_ _
Net cash provided by / (used by) operating activities 98,020 (2,769)

The notes on pages 21 to 34 form part of these financial statements

Page | 20

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. LEGAL STATUS OF THE CHARITY

The University of Gloucestershire Students’ Union is a charitable company limited by guarantee domiciled in England and Wales, registration number 08155140. The registered office is The Park, Cheltenham, Gloucestershire, GL50 2RH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The presentational currency of these financial statements is £ sterling.

Going concern

The Board reviews the financial information for the Union and considers whether it is a going concern for a period of at least 12 months from the date of approval of the financial statements. After making enquiries, the Trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the Trustees acknowledge that the Union is dependent on the continued financial support of the University of Gloucestershire in the form of the provision of an annual block grant, and the Trustees are satisfied this funding will continue to be provided by the University. In making this assessment, the Trustees also note that the unrestricted cash reserves at the year-end amounted to £410,623 before factoring in the SUSS pension provision. The SUSS pension provision is a long term liability, not payable in one lump sum but with a payment plan over 12 years and these annual sums are factored into each year’s budget.

On this basis, the Trustees consider it appropriate to prepare the financial statements on the going concern basis.

Income

The Union receives block grants from the University and these are credited to the financial statements in respect of the period to which each grant relates. The amount of block grant is agreed year on year and the Union has no contractual entitlement to this.

Other revenue income is recognised in the statement of financial activities when the conditions of entitlement, probability and measurement are met.

The Union acts as a banker for certain sports clubs and societies. All deposits are controlled by the Trustees, as sports clubs and societies can only spend the funds with the authorisation of an appropriate officer. Consequently, contributions from sports clubs and society members deposited with the Union are recognised as income in the statement of financial activities on a receivable basis.

Donated services and facilities are only included as voluntary income (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated market value to the charity of the service or facility received.

Page | 21

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES – continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified under headings that aggregate all costs related to that category.

Expenditure on raising funds include both the direct and support costs incurred for non-charitable trading activities.

Charitable activities expenditure includes both the direct costs and support costs incurred in the delivery of its activities and services for its beneficiaries.

Support costs, being indirect staff, overheads and governance costs, are apportioned on a usage basis, proportional to the total costs of each activity undertaken.

The Union is partially exempt for VAT purposes and expenditure is shown gross of the irrecoverable proportion of VAT where applicable.

Tangible fixed assets

Assets costing more than £500 are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates estimated to write each asset down to its estimated residual value evenly over the expected useful life, as follows:

Office equipment - over 3 to 10 years General equipment - over 3 to 10 years Computer equipment - over 3 years Radio equipment - over 3 to 10 years Motor vehicles - over 5 years

Net book values are regularly reviewed by the Trustees and any appropriate adjustments are made to carrying values.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes 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 amount.

Page | 22

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES – continued

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

Financial instruments

The charity 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.

Taxation

The charity is exempt from corporation tax on its charitable activities. The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Fund accounting

General funds are available at the discretion of Trustees in furtherance of the general objectives of The Union. Designated funds are general funds that have been set aside by the Trustees for specific purposes.

Restricted funds are raised and administered by The Union for specific purposes, such as Sports Club and Societies accounts and externally funded ring-fenced projects.

Custodian funds are entrusted to The Union for safekeeping but are not under its management control. Such custodian activities are disclosed in the Trustees Report, but as they are not managed by The Union, they are not included in the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The Union participated in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the Trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. The liability of the future payments has been estimated using net present value calculations and included on the balance sheet. Further information can be found in note 23 to the financial statements.

From 1 August 2014, the Union has been providing staff with a pension scheme under its auto-enrolment duties as an employer. The Scheme is provided through NEST and both staff and the union pay into this fund with amounts calculated on the pensionable earnings for each active scheme member.

Critical accounting estimates and areas of judgement

The Union makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page | 23

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES – continued

Critical accounting estimates and areas of judgement - continued

The present value of the SUSS pension liability under the recovery plan instigated by the Trustees of the pension scheme in 2014 depends on a number of factors using a variety of assumptions including estimates of future increases in deficit contributions payable and the discount rate. Any changes in these assumptions will impact the carrying value of the pension liability.

The Union occupies its premises on a rent-free basis from the University of Gloucestershire. The value of this serviced accommodation provided in the year has been based on a valuation provided by the University, and this is included as both income and expenditure in the year.

3. DONATIONS AND LEGACIES

Grants
Rent free accommodation donation
Grants received, included in the above, are as follows:
University of Gloucestershire annual block grant
University of Gloucestershire grant for Advisor and Community events role		 2025
£
579,700
45,073
_
624,773
579,700
-		 2024
£
588,700
-
_
588,700
579,700
9,000

The donated accommodation is the estimated value of the accommodation and related services provided by the University free of charge to the charity.

4. OTHER TRADING ACTIVITIES

Advertising income
Ticket sales and miscellaneous income
INVESTMENT INCOME
Deposit account interest		 2025
£
42,242
34,803
_
77,045
2025
£
6,867		 2024
£
48,345
38,009
_
86,354
2024
£
7,246

5. INVESTMENT INCOME

Page | 24

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

6. INCOME FROM CHARITABLE ACTIVITIES

Marketing
Entertainments
Students’ activities
Miscellaneous commissions		 2025
£
-
25,522
157,866
4,878
_
188,266		 2024
£
773
23,132
144,095
13,380
_
181,380

7. RAISING FUNDS

Other trading activities
Clothing and other cost of sales
Support costs		 2025
£
7,320
7,019
_
14,339		 2024
£
12,943
9,131
_
22,074

8. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Marketing
Entertainments
Student activities
Miscellaneous commissions
SUPPORT COSTS
Marketing
Entertainments
Student activities
Miscellaneous commission		 Direct
costs
£
19,803
32,204
324,584
3,898
_
380,489

Manage
-ment
costs
£
13,330
21,677
218,483
2,624
_
256,114		 Support
costs
£
21,337
34,697
349,717
4,200
_
409,951

Govern
-ance
costs
£
8,007
13,020
131,234
1,576
_
153,837		 2025
Total
£
41,140
66,901
674,301
8,098
_
790,440
2025
Total
£
21,337
34,697
349,717

4,200
_
409,951		 2024
Total
£
215,349
71,945
529,899
10,312
_
827,505
2024
Total
£
89,076
29,760
219,189
4,266
_
342,291

9. SUPPORT COSTS

The allocation of costs between management costs and governance costs are based on a pro-rata allocation based on the total costs of each respective activity.

Page | 25

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

10. NET EXPENDITURE

Net expenditure is stated after charging:

Auditor’s remuneration for audit services
Auditors' remuneration for audit services – prior year under-provision
Auditors’ remuneration for other services
Depreciation
Finance cost of pension scheme
Stocks recognised as an expense		 2025
£
11,750
-
2,600
10,444
20,935
7,680		 2024
£
11,000
1,400
2,500
12,823
21,073
19,565

11. TRUSTEES’ REMUNERATION AND BENEFITS

External Trustees

External Trustees are voluntary positions and receive no remuneration for their work as a trustee.

Officer Trustees

During the year and in accordance with The Union’s governing document, six Officer Trustees received remuneration of up to £27,140 each (five Officer Trustees in 2024: up to £25,593 each) per annum (prorated for change in appointments) in respect of qualifying services for the representation, campaigning and support work they undertake, as distinct from their Trustee responsibilities. The total remuneration (covering salary and employer pension and National Insurance contributions) for these officers amounted to £83,365 (2024: £76,779). Officers are paid at the pre-agreed level – decided upon and voted at the Board of Trustees meeting prior to Officer change over each year. Officers that are re-running for posts are not permitted to take part in the pay level discussion or vote.

No Trustees held a paid position at the Union during 2024/25 (2024: no Trustees held a paid position).

Student Trustees

Student Trustees may be paid in the 4-weekly payroll for work unconnected with their Trustee responsibilities. It is paid on the basis of hours worked at the pre-agreed hourly rate for that activity and contracts for work are signed. Students often apply to be Trustees following involvement with the Union through working as a receptionist, taking part in volunteering or projects etc.

Trustees’ expenses

Trustees are reimbursed out-of-pocket expenses in respect of travel and subsistence expenditure incurred in performing their duties as Trustees. During the year no Trustees claimed expenses (2024: £130 expenses claimed).

Page | 26

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

12. STAFF COSTS

Wages and salaries
Social security costs
Pension costs (note 23)		 2025
£
395,168
28,320
10,396
_
433,884		 2025
£
446,468
33,096
11,468
_
491,032

Staff numbers

The average monthly number of employees during the year was as follows:

Permanent staff
Student staff		 2025
No.
15
5
_
20		 2024
No.
18
12
_
30

Higher paid staff

No employees received emoluments in excess of £60,000 during the year (2024: None).

Key management remuneration

The key management personnel of the Union comprise the senior management team as listed on page 2. The total remuneration, representing salaries and employers’ pensions and National Insurance contributions, for key management personnel for the year was £109,381 (2024 restated: £128,8881).

Page | 27

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

13. TANGIBLE FIXED ASSETS

Office General Motor
Radio
Computer
equipment equipment Vehicles equipment equipment
£ £ £
£
£
COST
At 1 August 2024
16,578
21,091
16,682
14,672
26,416
Additions
-
-
-
-
-
Disposals
(5,850)
(772)
-
-
(5,378)
_
_ _
_
_
At 31 July 2025
10,728
20,319
16,682
14,672
21,038

DEPRECIATION
At 1 August 2024
13,635
20,323
16,402
13,725
16,825
Charge for year
2,943
768
280
947
5,506
Elimination on disposal
(5,850)
(772)
-
-
(5,378)
_
_ _
_
_
At 31 July 2025
10,728
20,319
16,682
14,672
16,953

NET BOOK VALUE
At 31 July 2025
-
-
-
-
4,085

At 31 July 2024
2,943
768
280
947
9,591

14. FIXED ASSET INVESTMENTS
2025
£
Other investments
60
Fixed asset investments relate to 60 ‘A’ shares of £1 held in NUS Services Limited.
There were no investment assets outside the UK.		 Office General Motor
Radio
Computer
equipment equipment Vehicles equipment equipment
£ £ £
£
£
COST
At 1 August 2024
16,578
21,091
16,682
14,672
26,416
Additions
-
-
-
-
-
Disposals
(5,850)
(772)
-
-
(5,378)
_
_ _
_
_
At 31 July 2025
10,728
20,319
16,682
14,672
21,038

DEPRECIATION
At 1 August 2024
13,635
20,323
16,402
13,725
16,825
Charge for year
2,943
768
280
947
5,506
Elimination on disposal
(5,850)
(772)
-
-
(5,378)
_
_ _
_
_
At 31 July 2025
10,728
20,319
16,682
14,672
16,953

NET BOOK VALUE
At 31 July 2025
-
-
-
-
4,085

At 31 July 2024
2,943
768
280
947
9,591

14. FIXED ASSET INVESTMENTS
2025
£
Other investments
60
Fixed asset investments relate to 60 ‘A’ shares of £1 held in NUS Services Limited.
There were no investment assets outside the UK.

Totals

£

95,439

-
(12,000)
_

83,439
16,825
5,506
(5,378)
_
16,953
80,910

10,444
(12,000)
_

79,354
4,085
4,085
9,591
14,529
2024
£
60

15. STOCKS

STOCKS
2025 2024
£ £
Goods for resale 6,923 5,776

Page | 28

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
18. PROVISIONS FOR LIABILITIES
Multi-employer defined benefit pension scheme liability (note 23)		 2025
£
10,487
3,400
4,191
_
18,078
2025
£
19,970
10,155
1,693
35,795
_
67,613
2025
£
419,196		 2024
£
17,936
3,400
9,624
_
30,960
2024
£
18,344
9,092
3,536
31,307
_
62,279
2024
£
442,497

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted 2025 2024
Funds Funds Funds Funds
£ £ £ £
Fixed assets 4,085 - 4,085 14,529
Investments 60 - 60 60
Current assets 435,624 50,548 486,082 392,930
Current liabilities (67,613) - (67,613) (62,279)
Provision for liabilities (419,196) - (419,196) (442,497)
_ _ _ _
(47,040) 50,548 3,418 (97,257)

Page | 29

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

20. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted 2024 2023
Funds Funds Funds Funds
£ £ £ £
Fixed assets 14,529 - 14,529 27,352
Investments 60 - 60 60
Current assets 348,376 44,554 392,930 380,177
Current liabilities (62,279) - (62,279) (64,031)
Provision for liabilities (442,497) - (442,497) (454,916)
_ _ _ _
(141,811) 44,554 (97,257) (111,358)

21. MOVEMENT IN FUNDS

Net Transfers
At 1 August movement in between At 31 July
2024 funds funds 2025
£ £ £ £
Unrestricted funds
General fund 295,990 70,061 6,105 372,156
Designated – Volunteering 4,696 - (4,696) -
Designated – Pension liability (442,497) 23,301 - (419,196)
_ _ _ _
(141,811) 93,362 1,409 (47,040)
Restricted funds
Sports Clubs and Societies 42,672 6,720 (727) 48,665
Enterprises fund 1,882 - (1,882) -
Janet Trotter Trust - 593 1,200 1,793
_ _ _ _
TOTAL FUNDS (97,257) 100,675 - 3,418
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 842,491 (772,430) - 70,061
Designated – Pension liability - 14,798 8,503 23,301
_ _ _ _
842,491 (757,632) 8,503 93,362
Restricted funds
Sports Clubs and Societies 53,260 (46,540) - 6,720
Janet Trotter Trust
1,200		 (607) - 593
_ _ _ _
TOTAL FUNDS 896,951
 (804,779)
 8,503 100,675

Page | 30

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

21. MOVEMENT IN FUNDS - Continued

The Sports Clubs and the Societies Funds are the aggregate fund balances for all sports clubs and all societies respectively. These funds can only be expended by the elected Committee of the club or society for the benefit of that club or society or in accordance with the club or society aims.

During the year the Union transferred £4,696 from the designated volunteering fund to general funds as this designated fund is no longer required by the Trustees.

The Union also transferred £1,882 from the Enterprises fund to general funds as the Enterprises fund has remained inactive since 2016 and the conditions relating to the original funding have previously been fulfilled.

The Union transferred £1,200 from Sports Clubs and Societies to the Jane Trotter Trust in respect of income received for the Jane Trotter Trust and initially allocated to Sports Clubs and Societies in the year ended 31 July 2024.

The Union also transferred £473 into Sports Clubs and Societies from general funds for clubs and societies that have remained inactive for more than three years and were in a deficit position.

22. COMPARATIVE MOVEMENT IN FUNDS

Net Transfers
At 1 August movement in between At 31 July
2023 funds funds 2024
£ £ £ £
Unrestricted funds
General fund 291,300 4,690 - 295,990
Designated – Volunteering 4,696 - - 4,696
Designated – Pension liability (454,916) 12,419 - (442,497)
_ _ _ _
(158,920) 17,109 - (141,811)
Restricted funds
Sports Clubs and Societies 45,680 (3,008) - 42,672
Enterprises 1,882 - - 1,882
_ _ _ _
TOTAL FUNDS (111,358) 14,101 - (97,257)
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 829,439 (824,749) - 4,690
Designated – pension liability - 12,419 - 12,419
_ _ _ _
829,439 (812,330) - 17,109
Restricted funds
Sports Clubs and Societies 34,214 (37,249) - (3,008)
_ _ _ _
TOTAL FUNDS 863,680 (849,579) - 14,101
Page

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

23. PENSION COMMITMENTS

The pension charge represents contributions payable by the Union to the pension schemes and amounted to £10,396 (2024: £11,468), which includes both the NEST pension contributions of £9,823 plus the levy relating to the SUSS scheme of £573. At the year end, £1,693 (2024: £1,847) of pension contributions were outstanding and included within other creditors.

Students’ Union Superannuation Scheme (‘SUSS’)

The Union participates in the Students’ Union Superannuation Scheme (‘SUSS’), which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106,697,000 with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136,645,000. The assumptions which have the most significant effect upon the results of the variation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The total deficit contributions paid into the scheme by the Union during the year ended 31 July 2025 amounted to £35,160 (2024: £33,492).

The SUSS pension liability of £419,196 is less than the Union’s total assets less liabilities of £422,614. It is important to note that this amount is collected through annual payments as part of the remaining 14 year payment plan and is not due for repayment all at once. The payment for the 2024-25 year was £35,160. The Union budgets for the annual payment as part of the annual budget cycle. The deficit contributions below are increasing by 5% over the term. The Trustees are aware of the issue and are proactively monitoring the situation on a routine basis. The Union is attending SUSS meetings to keep informed of any updates relating to the pension fund. The Union is also in contact and dialogue with the University of Gloucestershire regarding the pension liability and they are aware of our risk mitigation plans.

Deficit contributions

From 1 August 2024 to 1 May 2037:

minimum of £36,924 per annum (annual payment from 1 November 2025 which will increase at 5% each year).

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the
company recognises a liability for this obligation. The amount recognised is the net present value of the
deficit reduction contributions payable under the agreement that relates to the deficit. The present value
is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is
recognised as a finance cost.
Assumptions
31 July 2025
31 July 2024
% per annum
% per annum
Discount factor
5.4%
5.0%

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Page | 32

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

23. PENSION COMMITMENTS – Continued
Reconciliation of opening and closing provisions
31 July
2025
£
Provision at start of period 442,497
Unwinding of the discount factor (interest expense) 20,362
Deficit contributions paid (35,160)
Remeasurements - impact of any change in assumptions (8,503)
Remeasurements-amendments to the repayment period -
Provision at end of period 419,196
31 July
2025
£
20,362
(8,503)
-
-
11,759
Statement of Financial Activities impact
Interest expense
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the repayment period
Contributions paid in respect of future service
Costs/ (Income) recognised in income and expenditure
account

NEST Pension Scheme

The Union also contributed to a defined contribution pension scheme in the year: The NEST Pension Scheme. The assets of this scheme are held separately from those of the Union in independently administered funds.

24. CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date (2024: £Nil).

25. RELATED PARTY TRANSACTIONS

The University of Gloucestershire is deemed to be related due to the fact that President and Education Officers of the Students' Union are members of the Council which is the governing body of the University of Gloucestershire.

During the year, the Union received a block grant from the University of Gloucestershire of £579,700 (2024: £579,700), plus monies for additional conditional funding of £Nil (2024: £9,000). During the year, the Union also recharged the University of Gloucestershire £46,537 for the cost of events, other services and sales (2024: £56,089) and purchased goods and services from the University of Gloucestershire totalling £Nil (2024: £1,763).

Page | 33

Docusign Envelope ID: 6A3EC3AD-22C8-4FE8-A618-C90811C1D7F1

THE UNIVERSITY OF GLOUCESTERSHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2025

25. RELATED PARTY TRANSACTIONS – Continued

As at the balance sheet date amounts owed to the University of Gloucestershire included within creditors totalled £Nil (2024: £Nil) and amounts owed from the University of Gloucestershire included within debtors totalled £4,222 (2024: £9,250).

The Union occupies its premises on a rent-free basis from the University of Gloucestershire. The value of this serviced accommodation provided in the year was £45,073, which has been based on a valuation provided by the University, and this is included as both income and expenditure in the year. In the prior year, due to the bespoke nature of the premises and the occupation and utilisation of it by the Union, no reliable valuation of this donated accommodation from the University was able to be determined and accordingly, no income or expenditure in relation to this was recognised in the financial statements.

26. ULTIMATE CONTROLLING PARTY

Ultimate control of the Union rests with its members. The members of the Union are each and every student of the University of Gloucestershire who has not opted out by notifying the University of Gloucestershire Students’ Union of his or her wish not to be a Member of the Union; and the Officer Trustees of the Union.

27. MEMBERS’ LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

Page | 34