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2025-07-31-accounts

University of Southampton Students’ Union

A company limited by guarantee

Trustees’ report and financial statements

31 July 2025

Company registration number 08034371
Charity registration number 1148683

University of Southampton Students’ Union Index to the Financial Statements

Contents Page
Trustees and advisers 1
Trustees’ Report 2 – 8
Statement of Trustees’ Responsibilities in respect of the Trustees’ annual report and the financial
statements
9
Independent auditor’s report to the members of University of Southampton Students’ Union 10 - 13
Consolidated statement of financial activities for the year ended 31 July 2025 14
Consolidated balance sheet 15
Union balance sheet 16
Consolidated cash flow statement for the year ended 31 July 2025 17
Notes to the financial statements 18- 35

University of Southampton Students’ Union Reference and Administration Information

Trustees and advisers Sabbatical Trustees

Lawrence Coomber Rebecca Would Emily Dugdale Conor White Emma Brown Travis Arthur Joshie Christian Toby Page

Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2023 (term concluded 30 June 2025) Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2025 Appointed 1 July 2025 Appointed 1 July 2025 Appointed 1 July 2025

Student Trustees

Andrew Littlejohn Amogh Sharma Mohammed Abu El-Aneen Ash Mochol Lily Sharp Renee Everest Xiuqi Cui

Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2024 (term concluded 30 June 2025) Appointed 1 July 2024 Appointed 1 July 2025 Appointed 1 July 2025 Appointed 1 July 2025

External Trustees

Jim Anderson [Chair] Giordano Orsini Bhupinder Siran

Registered Office

University of Southampton Students’ Union (also called “SUSU”) Southampton Hampshire SO17 1BJ

Senior Leadership and Key Management Personnel

Sonia Cottrell Paul Davie Chrissie Heaver Kirsten Wythe

Chief Executive Chief Operating Officer (Company Secretary) Director of Marketing Director of Membership Services

Auditors

Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading RG1 1PL

Bankers

Lloyds Group Plc 1st Floor 3 Town Quay Southampton SO14 2AQ

Solicitors

Warner Goodman LLP 8 College Place London Road Southampton SO15 2FF

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University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

The Board of Trustees, who are also Directors of SUSU, present their annual report for the year ended 31 July 2025 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for that year. The format and content of the report and financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ SORP (FRS 102).

TRUSTEES’ REPORT

Structure, governance, and management

Charitable status

SUSU is registered as a charity, and as a company limited by guarantee, in England and Wales.

Articles of Association

SUSU was first established in the Charter of the University of Southampton which specifies that “there shall be a Union of Students of the University”. SUSU is incorporated as a Company limited by guarantee and registered as a Charity in England and Wales. The Laws, which previously governed SUSU, were replaced by the Memorandum and Articles of Association (‘the Articles’) on August 2012.

Method of appointment of Trustees

The management of SUSU is the responsibility of the Trustees who are elected or appointed under the terms of the Articles. The Sabbatical and Student Trustees are elected by a ballot of all full members of SUSU each year. These Trustees operate on a 1-year term of office from the 1st of July to the following 30th of June, unless re-elected. They may be re-elected for one additional 1-year term.

SUSU is grateful for the contributions of our External Trustees, who are nominated and appointed by the Trustee Board. External Trustees serve a 4-year term and may usually be re-confirmed for one additional 4-year term only.

Organisational structure and decision making

The Annual General Meeting is the governing body of SUSU and, subject to the Rules and Articles of SUSU, has the power to make policy in the name of SUSU. Union Senate and students via referendum also have the power to make policy in the name of SUSU, subject to the Rules.

The Trustee Board is responsible for overseeing the management and administration of SUSU. The Board has ultimate responsibility for the governance, budget and employment issues of SUSU and the strategic direction of SUSU, much of which is delegated to officers and staff. The Trustee Board also delegates relevant decisions to relevant subcommittees that cover the areas of Finance & Resources and Audit & Risk. These subcommittees have clearly defined terms of reference.

Key management personnel remuneration policy

The Board recognises its responsibilities to protect the reputation of SUSU, to reflect the values and ethos of SUSU as a students’ union and registered charity, and therefore to ensure that the pay of its senior executives is fair, not excessive, and justifiable to the membership and wider stakeholders. The Board also adopts the principles of openness and transparency of senior executive pay, as recommended by the NCVO Inquiry into Charity Senior Executive Pay. The Board of Trustees therefore uses the following mechanisms to help meet these objectives and to support it in determining the pay of senior executives:

2

University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

Employee consultation and involvement

Employees are consulted on issues of concern to them by means of a consultative committee (Staff Forum), regular team meetings, and regular updates, both by email and in person from the senior leadership team. Staff can submit questions to the senior leadership team at any point. SUSU runs a staff survey each year to understand staff needs and concerns and develops an annual action plan based on this, plus additional pulse surveys throughout the year. SUSU also offers exit interviews for all staff leaving the organisation and has adopted a procedure of 360-degree feedback for senior leadership.

SUSU has long-established fair employment practices in the recruitment, selection, retention, and training of staff. SUSU continually reviews employment policies in consultation with the staff team through Staff Forum.

Relationship with the non-charitable subsidiary

The charity has a wholly owned non-charitable subsidiary, SUSU Social Enterprises Limited, which was incorporated to carry out the non-member trading activities of SUSU. Further details are shown on the balance sheet and accompanying notes to the accounts. Net profits from this company are donated to the charity under Gift Aid, to leave no taxable profits in the trading company itself.

Relationship with University of Southampton

The relationship between the University of Southampton and SUSU is established in the University Charter and detailed in the constitutions of both organisations. The SUSU President and University of Southampton President & Vice Chancellor annually re-sign the Relationship Agreement which outlines the importance of the relationship between the two organisations.

SUSU receives a block grant from the University, which is regularly reviewed and renegotiated, as well as some additional funding on a project-by-project basis. All other transactions between the two parties are carried out on a commercial basis. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future.

STRATEGIC REPORT

Objectives and Activities

a) Charitable objectives

As stated in the Articles of Association, SUSU’s objects are the advancement of education of students at the University of Southampton for the public benefit by:

  1. promoting the interests and welfare of members at the University of Southampton during their course of study and representing, supporting, and advising members.

  2. being the recognised representative channel between members and the University and any other relevant external bodies.

  3. providing social, cultural, sporting, and recreational activities and forums for discussions and debate for the personal development of its members.

  4. promoting and facilitating students' involvement in their wider community.

  5. raising funds for other charitable organisations.

The objects are to be carried out in complete independence of all religious and political groups and in such a manner so as not to discriminate unreasonably between members.

The Trustees confirm that they have complied with the duty in Section 17 (5) of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit.

b) Strategies for achieving objectives

During the year we launched our new SUSU Strategy 2025-28. This includes four key areas of work:

3

University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

Our overall plans for the year are supported by individual plans for each Sabbatical Officer which are approved by Union Senate. Plans for every staff team, linking to the relevant strategy key areas of work, and specific supporting strategic plans, such as ones for People or EDI, are developed by the senior leadership team and key staff members and approved by the Trustee Board. We regularly monitor key performance indicators and report these to relevant stakeholders.

c) Activities for achieving objectives

The identified key areas cover our experiences, services, support, and voice for our members across the areas of Social Enterprise, Representation, Advice and Activities as well as with underlying support from our Marketing & Digital and Facilities, Finance and People teams. All teams in SUSU are aware of how their work contributes to the success of the overall strategy.

Achievements and performance

Social Enterprise

In the year the Shop had over 755,000 transactions and sold 141,252 lunchtime meal deals, saving members £162,160. We continued our partnership with “Too Good to Go” to reduce food waste as well as our Green Sleeve scheme that aims to reduce the number of disposable coffee cups used and led to a 1300% increase in reusable cup usage.

Our merchandise store, the Locker, saw strong demand during the year. 12,408 items of University merchandise were sold during the year. We continued our partnership with Teemill, a local supplier, to offer a sustainable and recyclable range of clothing.

We continued to offer a range of vegan food during the year, primarily through the Plant Pot, as well as using the Klimato tool to indicate on menus the environmental impact of each dish.

The Stag’s pub venue continued to offer a social destination for students including free pool and darts. Our flagship Karaoke night continued to be popular with students, running every Thursday during term time. We sold over 23,000 pints of our own-brand Stag’s lager in the year.

The Bridge café bar continued to provide a study space on campus for students with a range of hot food and drink available. Our regular Monday interactive Quiz & Chips, rebranded from Quiz & Curry, saw over £3,700 in prize money won by contestants during the year.

During the Spring term we launched our new loyalty program and app, SUSU+. This had allowed members to gain points on every transaction in our outlets and then redeem these through vouchers at the end of the year. Over 4,000 members registered with the app during the year and saved over £3,500 through using it.

We also launched our new Red Brick Kitchen food van during the year, selling a range of chips and toppings and it sold over 8,000 portions of chips during the year.

Representation

Student representation remains a key priority for us as an organisation and is our fundamental reason for existing. During the year we increased staffing in this area, as well as expanding our Insight team to focus on Policy and understanding the wider issues that are of concern to students.

We continued to run our programme of elections each term to elect a range of volunteer roles, both academic representatives and wider student experience and liberation roles, plus the important Trustee and Sabbatical positions. Overall, the elections held throughout the year successfully elected 525 student representatives. A total of 33,894 votes were cast across all our elections. Our Spring elections remained the biggest single period of voting in the year, but all elections showed consistent levels of turnout. We also received 33 submissions through our ‘You Make Change’ system during the year, for a range of different issues affecting students.

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University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

Advice

Our advisors worked on 4,061 (2024: 3,648) cases over the course of the year, including 1,437 Academic, 763 Finance, 682 Housing and 1,074 appeals cases. The support the team provided will have been instrumental for many students in their ability to continue with their degree programmes.

The Advice Centre service continues to receive positive feedback from students, with scores consistently reaching 99% satisfaction. Students using the service also reported significant decreases in their concerns about their issues after talking to a member of the team, and corresponding increases in understanding their options and being informed about their situation.

Activities & Events

Approximately 11,000 students joined a club or society during the year, an increase on the previous year despite increasing costs affecting the student purse. As with Representation, we increased staffing resource in this area during the year to improve the staff support available to the members of our student groups.

We provide grants to groups to deliver and expand their activity. Grants awarded totalled £388,925 (2024: £381,812). We continued to see a high demand for grants throughout the year.

We offered over 350 different clubs and societies for our members to join, including 76 competitive and over 50 intramural sports. The national British University College Sports (BUCS) league continued activity, and many of our groups competed across the country. We ended the year 25[th] in BUCS overall rankings, an improvement over the previous year. We continued our winning streak in the annual Varsity competition versus the University of Portsmouth for the fourteenth year in a row.

Our Raise and Give (RAG) fundraising team of volunteers continued to raise funds during the year through their own initiatives and via fundraising carried out by clubs and societies. The money raised will benefit a range of charities including the three core charities for the year. A total of £238,548 (2024: £164,743) was raised by RAG.

We ran over 300 events during the year and sold 47,746 tickets through our box office, a significant increase over the previous year. Events included a full programme of Freshers’ activity for the start of the year, along with Halloween and Christmas club nights. The year ended with our annual Graduation Ball with over 2,000 students attending to celebrate the end of their university studies.

We continued to celebrate the tremendous accomplishments of our volunteers across academic representatives and sports clubs. Our Academic Awards, celebrating both academic staff and academic representatives, received over 400 nominations across the five faculties of the University. Our Team Southampton Awards also received over 350 nominations to celebrate the sporting achievements of individuals and clubs during the year.

Overall

We saw continued engagement with students on a range of issues during the year, particularly against the backdrop of the impact of cost of living for students. We scored 77% in the annual National Student Survey (NSS) for academic representation, and 82% satisfaction from our Student Experience Surveys (SES) during the year.

Our relationship with the University continues to be robust, and thanks to their continued block grant funding support we are well placed to deliver new activities for our members in the future. Our representation efforts saw higher levels of engagement compared to the previous year.

Financial review

a) Grant making policies

SUSU awards grants to many of our affiliated clubs and societies to help them to pursue their goals, in addition to providing indirect support through our staff and access to physical spaces. Grants are awarded against key pre-defined criteria and made each term. Grant funding increased from the previous year in recognition of increased costs for activity incurred by students, and SUSU awarded grants to our clubs and societies of £388,925 (2024: £381,812) during the year.

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University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

b) Reserves policy

The reserves policy of the University of Southampton Students’ Union is to maintain a level of unrestricted cash funds, excluding those committed to or invested in tangible assets, which will enable SUSU to maintain the day-to-day operations of SUSU for a period of three months and can adjust, in a measured way, to any significant changes in resources. This target, which was reviewed during the year, equates to the range of £500,000 – £900,000 of operating costs. SUSU currently has free reserves, as defined by the Charities Commission, of £449,307 (2024: £759,015).

Whilst this figure is below the values defined in the policy, this is a result of capital expenditure to create new fixed assets during the year, and the increased deficit compared to prior year. Going forwards, minimal capital expenditure is expected and spending from reserves related to one-off funding received in 2021-22 is expected to diminish. Within 2024-25 itself we were also affected for the latter part of the year by increases to employers’ National Insurance costs that were unexpected earlier in the year.

c) Principal funding

The University of Southampton provides SUSU with an unrestricted block grant each year. For the year 2024-25 this amounted to £3,280,996 (2024 £3,280,996). The University did not provide any restricted grants in the year and contributions towards the cost of fixed asset purchases were £nil (2024: £nil).

d) Material investments policy

In deciding how and where to invest any surplus funds, it is SUSU’s policy to take a risk averse stance, give due consideration to current Trustee Board directives and maximise returns on investments within the parameters set out therein. Surplus operating money will be held in interest-bearing bank deposit accounts on a regular basis. Monies may be held in a range of longer-term deposits, limited to a maximum term of 12 months and will be for no more than £250,000 in any single account or institution. Deposits over £100,000 for periods longer than 6 months need approval from Finance & Resources Committee. There will always be sufficient money held on call to meet the financial requirements of SUSU for a period of one month.

Any requests for an overdraft or long-term loan facility from banks must be approved by the Trustee Board. There will be no investments in shares, gilts or bonds which are openly traded on the stock markets. Shares, gilts, or bonds may be held in companies with a direct connection to the aims of the Charity subject to confirmation of the ability of the invested entity to provide returns on the SUSU’s investments. No money will be deposited outside of the UK. The amounts of deposits are included within the SUSU’s management accounts.

e) Principal risks and uncertainties and risk management

SUSU has two sources of funding: the block grant from the University and commercial income from trading. The block grant is currently agreed annually between SUSU and the University as part of the budget planning processes for both organisations. However, uncertainty about finances within the Higher Education sector in general does place pressure on both organisations when agreeing the block grant against a background of increasing costs but stagnant or reducing income.

We have a small staff team and have seen that we face operational delivery challenges when roles are vacant for any length of time. This is an inherent risk for a small charity such as SUSU and made challenging by increasing employment costs constraining our ability to grow the organisation. During 2024-25 we did increase resource in our student experience and representation areas to focus on these key areas.

We continue to evolve our risk management framework and have also been assessing our overall compliance with legislation and regulation beyond health & safety, to provide assurance to key stakeholders of our compliance with the law and best practice. We have positive relationships with the Risk and Health & Safety teams at the University to help support us with this.

f) Overall performance

SUSU’s gross income from all sources totalled £7,559,738 (2024: £7,556,992) against total expenditure of £7,670,087 (2024: £7,572,085). Revenues increased due to improved trading performance across our trading areas. We operated a broadly

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University of Southampton Students’ Union Trustees’ Report For the Year Ended 31 July 2025

balanced budget to provide a wide range of student benefits and, as a result, created an overall deficit of £110,349 (2024: £15,093 deficit). Expenditure also took place in the year relating to historic income received led to a large surplus in 202122. The total of all SUSU reserves decreased to £1,208,236 (2024: £1,318,585) due to expenditure on fixed assets and further expenditure relating to additional funding from the University of Southampton.

There are variances, both positive and negative, where activity has fluctuated within the year but overall, the financial impacts of these were as expected.

The Trustees have agreed that the financial performance for the year 2024-25 was adequate.

Plans for future periods.

We launched our new 2025 – 28 Strategy during the year, and this will guide our plans of work for the next 3 years. We are positively engaging with the University over plans for investment in our buildings and hope this will receive confirmation during 2025-26 with a view to works taking place in 2026-27.

We are continuing to adapt to changing student behaviours, and an increasingly changing world. Unforeseen increases to employment costs following the UK Government changes to National Insurance during the year, plus generally higher inflationary costs, continue to make for a financially challenging environment to operate it.

We continue to seek to ensure our finances remain robust, maintain our strong relationship with the University, but also take decisions that have the best interests of students in mind.

External Affiliations

Under the Education Act 1994, SUSU is required to report to its members, on an annual basis, all current external affiliations. SUSU was affiliated to the organisations shown below, together with the cost of affiliation in the year ending 31 July 2025:

Advice UK £380
British Universities and Colleges Sports (BUCS) £22,113
National Association of Student Money Advisors (NASMA) £650
National Council for Voluntary Organisations (NCVO) £1,312
Russell Group Students’ Unions (RGSU) £4,980
WonkHESUs £4,697

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University of Southampton Students, Union Trustees, Report For the Year Ended 31 July 2025 Salary Information In accordance with our Remuneration Policy. we have provided the numbers offull-time staff and gender, grouped by salary ranges earned during the year. Male Female <£lO,OOO' £10,000- £19.999 £20,000- £29,999 £30,000- £39,999 £40,000- £49,999 £50,000- £S9,999 £60,000- £69,999 £70.000- £79,999 £80.000- £89,999 17 24 io *These are empk)yee$wl￿ 5tartÈdèt ofthe finamalyearsodhl earn Ihw hAl•)nual salary Fundrais4nK Statement SUSU does not work with any external party acting on our behalf to carry out fundraising activity and does not make direct lundrai5ing appeals to our members. We are Committed to upholdinB the Fundraising Regulator codes of practice for any fundraisingactivity carried out by our members and supporled by us. We have received no complaints about our fundraising TrusteÈ5' Statement So far as each of the Trustees and directors is aware, at the time the report is approved.. There is no relevant audit infomiation of which the companvs auditors afe Unawa￿.. and Each Trustee has taken all steps ihat they ought to have taken as a Trustee to make themselve5 aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. Auditors Crowe U.K. LLP have expressed their willingness lo conlinue in office as auditors and a motion Pfoposing their reappointment will be submitted to the forthcoming Annual General Meeting. The Trustees Report, under the Charities Act 2011 and the Companie5 Act 2￿6, was approved by the Board of Trustees on 05 December 2025 including approvin& in their capacity as company directors. the Report contained therein and is signed as authorised on its behalf by.. J AndeTS Chair of Trustee Board

University of Southampton Students’ Union Statement of Trustees’ Responsibilities For the Year Ended 31 July 2025

The Trustees (who are also directors of University of Southampton Students’ Union for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Under company law the Trustees must not approve the financial statements unless they are satisfied that they 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 the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

9

Independent Auditor’s Report to the Members of University of Southampton Students’ Union

Opinion

We have audited the financial statements of University of Southampton Students’ Union for the year ended 31 July 2025 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Cash Flow Statement and the 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 group and charitable company 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 group and the charitable company'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.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNIVERSITY OF SOUTHAMPTON STUDENTS’ UNION (CONTINUED)

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNIVERSITY OF SOUTHAMPTON STUDENTS’ UNION (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement on page 10 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 group’s or 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the group and the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group or charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group or charitable company for fraud. The laws and regulations we considered in this context were General Data Protecting Regulations, Health and Safety and Safeguarding of students.

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.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNIVERSITY OF SOUTHAMPTON STUDENTS’ UNION (CONTINUED)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustee Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulation.

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 and trustees 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, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Reading

Dated : 11 December 2025

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University of Southampton Students’ Union Consolidated Statement of Financial Activities For the Year Ended 31 July 2025

Notes
Income and endowments from:
Donations:
- University Grants
- Other Grants
- Grant in kind from University
Other Trading Activities:
- Rental income
- Sponsorship and marketing income
Investment income
Charitable activities for students:
- Bars
- Catering
- Events
- Shops
- Lettings
- Student Activities
- Student Services
Other income
Total income
Expenditure on
Charitable Activities for students:
- Bars
- Catering
- Events
- Shops
- Lettings
- Student Activities
- Student Representation
- Student Services
- Business Development
Total expenditure
4-5
Net income/(expenditure) before transfers
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
16		 Unrestricted
Income
£
3,280,992
-
665,000
239
121,486
7,709
668,073
39,816
132,038
2,493,751
-
47,125
19,807
44,993
7,521,029
881,293
528,051
200,310
2,798,450
7,180
1,547,870
1,449,126
85,302
133,796
7,631,378
(110,349)
2,662
(107,687)
1,315,923
1,208,236		 Restricted
Income
£
-
-
-
-
-
-
-
-
-
-
-
38,709
-
-
38,709
-
-
-
-
-
38,709
-
-
-
38,709
-
(2,662)
(2,662)
2,662
-		 Total
2025
£
3,280,992
-
665,000
239
121,486
7,709
668,073
39,816
132,038
2,493,751
-
85,834
19,807
44,993
7,559,738
881,293
528,051
200,310
2,798,450
7,180
1,586,579
1,449,126
85,302
133,796
7,670,087
(110,349)
-
(110,349)
1,318,585
1,208,236		 Total
2024
£
3,280,996
-
665,000
6,233
117,485
-
629,552
56,564
92,622
2,513,564
28,227
107,587
14,384
44,778
7,556,992

1,014,650
185,812
186,031
2,984,690
235,357
1,334,482
1,544,103
86,960
-
7,572,085

(15,093)
-
(15,093)
1,333,678
1,318,585

All activities relate to continuing operations

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

The notes on pages 18 to 35 form part of these financial statements

14

University of Southampton Students, Union Consolidated Balance Sheet 31 July 2025 Notes 2025 2024 Fixed assets Tangible asset5 io 559 495 Current assets Stocks 12 189,760 126.906 1 550 193 160,459 226.916 1464 031 Debtors 13 Cash at bank and in hand 1.866.859 1,851,406 Credltors: Amounts falling due within one year 14 Net current assets 1250 605 Total assets less current liabilities 1 810 100 Credltors: Amounts f3lling due in more than one year 15 435 265 491 515 Total net assets Charitable Funds Restricted funds Unrestricted funds General funds 16 2.662 16 1 315 923 Total funds The deficit for the year in relation to the Union only was £1138.9161 f2024.- surplus £16,859J. These financial statements were approved and authorised for issue by the Trustees and were signed on their behalf on 05 December 2025 son Chalr of Trustee Board The notes on pages 18 to 35 form part of these financial statements. 15

University of Southampton Students, Union Union Balance Sheet 31 July 2025 {Company Number: 08034371) Notes 2025 2024 Flxed assets Tangible a55ets Investments io 761,590 100 559.495 100 li 559 595 Currènt a$5et5 Stocks Debtors Cash at bank and in hand 12 189.760 118,001 160,459 218.022 1434 349 13 IWl.255 1,812,830 Creditors: Amounts falling due within one year 14 976 761 592 075 Net current assets 1220 755 Total assets less current15abilltles 1 585 184 1 780 350 Credltors: Amounts falling due in more than one year 15 491515 Total net assets Charitable Funds Restricted funds Unre5tritted fund5 General funds 16 2,662 16 1149 919 1286173 Total funds These financial statements were approved and authorised for issue by the Trustees and were signed on their behalf on 05 December 2025 (L4.(k J Ander Chair of Trustee Board The notes on pages 18 to 35 form part of these financial statements. 16

University of Southampton Students’ Union Consolidated Cash Flow Statement For the Year Ended 31 July 2025

Notes 2025 2024
£ £
Cash flows from operating activities
Net movement in funds (110,349) (15,093)
Depreciation 168,969 155,560
Loss/(profit) on the sale of Fixed Assets - 4,202
Interest received (7,709) -
Decrease/(Increase) in stock (29,301) 10,606
Decrease/(Increase) in debtors 100,010 169,264
(Decrease)/increase in creditors 384,147 (322,991)
Increase/(Decrease) in pension liability (56,250) (54,020)
Net cash provided/(used in) by operating activities 449,517 (52,472)
Cash flows from investing activities
Interest receivable 7,709 -
Purchase of tangible fixed assets (371,064) (175,239)
Net cash (used in) investing activities (363,355) (175,239)
Change in cash and cash equivalents in the year 86,162 (227,711)
Cash and cash equivalents at the beginning of the year 1,464,031 1,691,742
Total cash and cash equivalents at the end of the year £ 1,550,193 £ 1,464,031
2025 2024
£ £
Cash at bank and in hand £ 1,550,193 £ 1,464,031
Analysis of changes in net funds:
At 1 August Cash
At 31 July
2024 flow
2025
£ £
£
Cash 1,464,031 86,162 1,550,193

The notes on pages 18 to 35 form part of these financial statements

17

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

1. CHARITY INFORMATION

The principal activities is campaigning, representation, provision of social activities and, the organisation of sporting and recreational activities and opportunities. University of Southampton Students’ Union is an incorporated charity. (Charity registration no. 1148685, Company number: 08034371) domiciled in the UK. The registered office University of Southampton Students’ Union, Southampton, Hampshire, SO17 1BJ.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

University of Southampton 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 note(s).

2.2 Basis of consolidation

The consolidated accounts include the trading activities, assets and liabilities of the group subsidiary company in accordance with the Charity SORP. Intra-group transactions and balances have been eliminated on consolidation.

As permitted by section 408 of the Companies Act 2006 and in accordance Charities SORP 2015, no separate Statement of Financial Activities has been presented.

2.3 Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the trustees have considered the impact of rising costs including the ability of the charity to continue to carry out its charitable objects, the impact on future income and cash collections and the financial position of the wider group. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

2.4 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 Union and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

Investment income, gains and losses are allocated in the appropriate fund.

18

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

2 ACCOUNTING POLICIES (continued)

2.5 Income

All incoming resources are included in the Statement of Financial Activities when the Union is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Grants are accounted for under the performance model as permitted by the Charity SORP. Coronavirus Job Retention Scheme grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

2.6 Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Union and include project management carried out at Headquarters. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions that have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

2.7 Tangible fixed assets and depreciation

All assets costing more than £1,000 and with an expected useful life of over three years are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, on a straight line basis over their expected useful lives at the following rates:

Assets in the course of construction are not depreciated until they are brought into use. Annually the trustees review the value of the assets recorded by the Union. They are satisfied that no assets require provision for impairment.

2.8 Investments

Investments are stated at the lower of cost and net realisable value.

2.9 Operating leases

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

2.10 Stocks

Stocks are valued at the lower of the cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

19

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

2 ACCOUNTING POLICIES (continued)

2.11 Pensions

The Union operates two defined benefits pension schemes, Universities Superannuation Scheme (USS) and the Pension and Assurance Scheme for Non-Academic Staff (PASNAS). The schemes are both multiemployer schemes where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employees. Therefore, as required by FRS 102, the Union accounts for these schemes as if they were defined contribution schemes. However, the Union also makes deficit contribution payments to PASNAS, as a participating employer, in accordance with FRS 102 these payments have been measured at fair value and included as a liability on the balance sheet.

Since I January 2019 the Union also participates in the University of Southampton Retirement Fund, a defined contribution scheme provided by Royal London, for certain non-academic staff.

The amount charged to the Statement of Financial Activities represents contributions payable to the schemes in respect of the accounting period.

2.12 Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to trade debtors, amount owed by group undertakings, other debtors and cash equivalents, and financial liabilities referring to all creditor balances excluding deferred income and payments on account.

2.13 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make judgements and estimates. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are that of the PASNAS pension scheme deficit. A discount rate of 4.72% has been used in line with industry standards.

20

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

4. Resources expended 2025

Bars
Catering
Events
Shops
Lettings
Student activities
Student representation
Student services
Business Development
Total costs
2024
Bars
Catering
Events
Shops
Lettings
Student activities
Student representation
Student services
Total costs		 Staff
£
348,156
300,719
78,045
589,030
-
714,359
789,022
16,791
83,862
2,919,984
Staff
£
414,740
143,477
70,945
633,852
143,754
470,961
895,928
17,791
2,791,448		 Depreciation
£
47,383
10,774
1,691
60,767
-
17,486
28,752
-
2,114
168,967
Depreciation
£
44,235
3,851
1,882
58,373
2,823
20,868
23,528
-
155,560		 Other
costs
£
485,754
216,558
120,574
2,148,653
7,180
854,734
631,352
68,511
47,820
4,581,136
Other
costs
£
555,675
38,484
113,204
2,292,465
88,780
842,653
624,647
69,169
4,625,077		 Total
2025
£
881,293
528,051
200,310
2,798,450
7,180
1,586,579
1,449,126
85,302
133,796
7,670,087
Total
2024
£
1,014,650
185,812
186,031
2,984,690
235,357
1,334,482
1,544,103
86,960
7,572,085		 Total
2024
£
1,014,650
185,812
186,031
2,984,690
235,357
1,334,482
1,544,103
86,960
-
7,572,085
Total
2023
£
1,165,479
250,860
213,215
2,502,136
261,562
1,248,782
1,433,478
67,576
7,143,088

21

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

5. Support costs included in Note 4

2025

Bars
Catering
Events
Shops
Lettings
Student activities
Student representation
Business Development
Total costs
024
Bars
Catering
Events
Shops
Lettings
Student activities
Student representation
Total costs		 Staff
£
146,562
146,562
26,648
266,477
-
239,829
453,011
33,310
1,312,399
Staff
£
179,981
-
32,724
310,876
49,086
196,343
409,048
1,178,058		 Premises
£
137,131
137,131
24,933
249,330
-
224,397
423,861
31,166
1,227,949
Premises
£
190,026
-
34,550
328,227
51,825
207,301
431,877
1,243,806		 Other
costs
£
52,141
52,141
9,481
94,801
-
85,322
161,163
11,850
466,899
Other
costs
£
59,627
-
10,841
102,991
16,262
65,048
135,514
390,283		 Marketing
£
2,698
2,698
491
4,905
-
4,415
8,339
613
24,159
Marketing
£
4,102
-
746
7,085
1,119
4,475
9,323
26,850		 Total
2025
£
338,532
338,532
61,553
615,513
-
553,963
1,046,374
76,939
3,031,406
Total
2024
£
433,736
-
78,861
749,179
118,292
473,167
985,762
2,838,997		 Total
2024
£
433,736
-
78,861
749,179
118,292
473,167
985,762
-
2,838,997
Total
2023
£
419,125
-
76,204
723,942
114,306
457,227
952,557
2,743,361

2024

Premises costs include £665,000 (2024: £665,000) notional rent ‘grant in kind’ charged by the University.

Included within support costs are governance costs of £31,145 (2024: £25,898).

22

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

6. Net movement in fund

Depreciation of owned tangible fixed assets
Loss on disposal of fixed assets
Audit of financial statements - parent company
- subsidiary company
Other remuneration to auditors - tax compliance
- other services
taff costs
Wages and salaries
Social security costs
Employer’s pension contributions (note 18)
Total costs
he average number of employees during the year was:
Core staff
Support staff		 2025
£
168,969
-
23,375
2,500
1,730
1,615
2025
£
2,497,259
205,832
216,893
2,919,984
2025
No
68
120
188		 2024
£
155,560
4,202
19,670
2,270
2,750
3,960
2024
£
2,375,363
162,566
253,519
2,791,448
2024
No
68
127
195

7. Staff costs

The average number of employees during the year was:

The number of higher paid employees who were paid salaries in excess of £60,000 were:

In the bands:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 2025
No
1
1
1		 2024
No
2
-
1

The employees are in the University’s pension scheme at a cost of £24,724 (2024: £20,047).

Termination payments of £18,046 (2024: £15,349) were made in the year comprising non-statutory/noncontractual payments.

The aggregate employee benefits of key management personnel (including employers NI and pension contribution) was £458,616 (2024: £433,999 ). This relates to the senior leadership team and remunerated trustees.

23

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

8. Trustees’ remuneration and expenses

In addition to their role as a trustee of the Union, the sabbatical trustees perform a full-time role for a year to be the voice of the students. They listen to how students want things to be done, work with the Union staff, the volunteers, community groups and the Board of Trustees to put the suggestions into practice. The sabbatical trustees are appointed on the 1[st] of July and serve until the following 30[th] June and thus do not serve throughout the financial year.

Number of
Individual
trustees
remuneration
1 August 2023 – 30 June 2025
1
21,755
1 August 2024 – 30 June 2025
1
21,581
1 August 2024 – 30 June 2025
1
23,910
1 August 2024 – 30 June 2025
1
17,677
1 August 2024 – 30 June 2025
1
21,474
1 July 2025 – 31 July 2025
4
2,343
1 July 2025 – 31 July 2025
1
1,424		 Total
remuneration
21,755
21,581
23,910
17,677
24,474
9,374
1,424
117,195

The total trustee remuneration for the year ended 31 July 2025 was £120,195 (2024: £101,163 )

During the year retirement benefits were accruing to 4 trustees (2024: 4) in respect of a defined contribution pension scheme. No trustee received any benefits in kind during the year (2024: none).

During the year trustees received reimbursement of travel expenses totalling £nil (2024: £nil).

9. Corporation and capital gain tax

The trustees consider that the Union satisfies the conditions of section 478 and 479 Corporation Tax Act 2010 and accordingly no liability arises to UK corporation tax on its activities.

24

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

10.
Tangible fixed assets
Group and Union
Leasehold
Improvements
£
Cost
At 1 August 2024
2,786,598
Additions
266,440
Transfer
-
Disposals
-
At 31 July 2025
3,053,038
Depreciation
At 1 August 2024
2,532,898
Adjustment on disposal
-
Charge for the year
84,339
At 31 July 2025
2,617,237
Net book value
At 31 July 2025
435,801
At 31 July 2024
253,700		 Assets under
Construction
£
17,650
-
(17,650)
-
-
-
-
-
-
-
17,650		 Equipment
£
1,487,030
104,624
17,650
-
1,609,304
1,198,885
-
84,630
1,283,515
325,789
288,145		 Motor
vehicles
£
3,935
-
-
-
3,935
3,935
-
-
3,935
-
-		 Total
£
4,295,213
371,064
-
-
4,666,277
3,735,718
-
168,969
3,904,687
761,590
559,495

11. Investments – Union only

The investment shown in the Union balance sheet relates to £100 share capital in the wholly owned subsidiary company, SUSU Social Enterprises Limited (company number: 08837159), whose results are consolidated in these accounts. The subsidiary company was incorporated to carry out the non-member trading of the Union. The company had turnover in the year of £120,209 (2024: £143,968) , a profit of £58,293 (2024: £29,726). £29,726 (2024: £61,678) was gift aided to the Union. The company had net assets at the year-end of £58,417 (2024: net assets £29,850) .

12. Stock – group and Union

Finished goods and goods for resale 2025
£
189,760		 2024
£
160,459

25

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

13. Debtors

Trade debtors
Amounts owed by clubs and societies
Amounts due from University of Southampton
Other debtors
Prepayments and accrued income		 Group
2025
2024
£
£
19,828
63,625
55,060
94,059
10,324
15,136
22,014
21,136
19,680
32,960
126,906
226,916		 Union
2025
2024
£
£
10,923
54,246
55,060
94,059
10,324
15,136
22,014
21,622
19,680
32,960
118,001
218,022		 Union
2025
2024
£
£
10,923
54,246
55,060
94,059
10,324
15,136
22,014
21,622
19,680
32,960
118,001
218,022
218,022

14. Creditors: Amounts falling due within one year

Trade creditors
Amount owed to University of Southampton
Amount owed to clubs and societies
Social security and other taxes
Other creditors
Accruals and deferred income		 Group
2025
2024
£
£
148,532
118,187
94,693
139,893
542,176
163,412
45,965
46,425
15,416
15,282
138,166
117,602
984,948
600,801		 Union
2025
2024
£
£
147,744
118,187
94,693
139,893
542,176
163,412
42,921
41,139
15,416
15,282
133,811
114,162
976,761
592,075		 Union
2025
2024
£
£
147,744
118,187
94,693
139,893
542,176
163,412
42,921
41,139
15,416
15,282
133,811
114,162
976,761
592,075
592,075

26

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

15. Creditors: Amounts falling due after more than one year

Pension scheme funding deficit (note 18)
16. Statement of funds
Consolidated - 2025
Brought
Forward
£
Unrestricted funds
General funds
1,315,923
Total unrestricted funds
1,315,923
Restricted funds
Capital Grant
2,662
RAG
-
Total restricted funds
2,662
Total funds
1,318,585		 Group
2025
2024
£
£
435,265
491,515
435,265
491,515
Incoming
Resources
resources
expenses
£
£
7,521,029
(7,631,378)
7,521,029
(7,631,378)
-
-
38,709
(38,709)
38,709
(38,709)
7,559,738
(7,670,087)		 Union
2025
2024
£
£
435,265
491,515
435,265
491,515
Transfers
Carried
forward
£
£
2,662
1,208,236
2,662
1,208,236
(2,662)
-
-
-
(2,662)
-
-
1,208,236		 Union
2025
2024
£
£
435,265
491,515
435,265
491,515
Transfers
Carried
forward
£
£
2,662
1,208,236
2,662
1,208,236
(2,662)
-
-
-
(2,662)
-
-
1,208,236
491,515
Carried
forward
£
1,208,236
1,208,236
-
-
-
1,208,236

27

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

16. Statement of funds (continued)

Consolidated – 2024
Unrestricted funds
General funds
Total unrestricted funds
Restricted funds
Capital Grant
RAG
Total restricted funds
Total funds
Union - 2025
Unrestricted funds
General funds
Total unrestricted funds
Restricted funds
Capital Grant
RAG
Total restricted funds
Total funds		 Brought
Forward
£
1,329,671
1,329,671
4,117
(110)
4,007
1,333,678
Brought
forward
£
1,286,173
1,286,173
2,662
-
2,662
1,288,835		 Incoming
resources
£
7,517,002
7,517,002
-
39,990
39,990
7,556,992
Incoming
resources
£
7,430,544
7,430,544
-
38,709
38,709
7,469,253		 Resources
expenses
£
(7,530,750)
(7,530,750)
(1.455)
(39,880)
(41,335)
(7,572,085)
Resources
expenses
£
(7,569,460)
(7,569,460)
-
(38,709)
(38,709)
(7,608,169)		 Transfers
£
-
-
-
-
-
-
Transfers
£
2,662
2,662
(2,662)
-
(2,662)
-		 Carried
forward
£
1,315,923
1,315,923
2,662
-
2,662
1,318,585
Carried
forward
£
1,149,919
1,149,919
-
-
-
1,149,919

28

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

16. Statement of funds (continued)

Union - 2024

Unrestricted funds
General funds
Total unrestricted funds
Restricted funds
Capital Grant
RAG
Total restricted funds
Total funds		 Brought
forward
£
1,267,968
1,267,968
4,117
(110)
4,007
1,271,975		 Incoming
resources
£
7,434,712
7,434,712
-
39,990
39,990
7,474,702		 Resources
expenses
£
(7,416,507)
(7,416,507)
(1,455)
(39,880)
(41,335)
(7,457,842)		 Transfers
£
-
-
-
-
-		 Carried
forward
£
1,286,173
1,286,173
2,662
-
2,662
1,288,835

Fund descriptions

Restricted funds

The trustees believe that grants received for specific purposes should be identified separately within the reserves.

During the year the Union collected £38,709 (2024: £40,036). No cost was incurred to manage the fund and Union also donated £38,709 ( 2024: £39,880) to nominated external charities on behalf of RAG (Raise And Give).

Where third parties have helped to create assets for the Union, the value of their contribution to these assets is recorded as a capital grant fund. Each such contribution is amortised over the economic life of the funded asset by allocating depreciation charges against this fund. During the year no grants were received and depreciation of £2,662 on underlying assets was charged to this fund.

29

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

17. Analysis of net assets between funds

2025
Consolidated
Tangible fixed assets
Net current assets
Long term liabilities
Union
Tangible fixed assets
Investments
Net current assets
Long term liabilities
2024
Consolidated
Tangible fixed assets
Net current assets
Long term liabilities
Union
Tangible fixed assets
Investments
Net current assets
Long term liabilities		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
2,633
-
-
2,633
Restricted
funds
£
2,633
-
-
-
2,633		 Unrestricted
Funds
£
761,590
881,911
(435,265)
1,208,236
Unrestricted
Funds
£
761,590
100
823,494
(435,265)
1,149,919
Unrestricted
Funds
£
556,862
1,250,605
(491,515)
1,315,952
Unrestricted
Funds
£
556,862
100
1,220,755
(491,515)
1,286,202		 Total
funds
£
761,590
881,911
(435,265)
1,208,236
Total
Funds
£
761,590
100
823,494
(435,265)
1,149,919
Total
funds
£
559,495
1,250,605
(491,515)
1,318,585
Total
Funds
£
559,495
100
1,220,755
(491,515)
1,288,835

30

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

18. Pension Schemes

The Union has three separate pension arrangements; the Universities Superannuation Scheme (USS), the pension and assurance scheme (PASNAS) and the University of Southampton Retirement Fund (USRF), a defined contribution scheme provided by Royal London, for certain non-academic staff.

USS

During the year ended 31 July 2024, the 2023 actuarial valuation of the USS scheme was completed. The 2023 valuation was the seventh valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. This valuation was carried out using the projected unit method. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the - Statement of Funding Principles which can be accessed on the USS website at www.uss.co.uk/about us/valuation-and-funding/2023-valuation.

Price inflation – Consumer
Price Index(CPI)		 3.0% pa (based on a long term average expected level of CPI, broadly consistent
with longterm market expectations)
RPI/CPIgap 1.0%pa to 2030,reducingto 0.1%pa from 2030.
Price inflation – Retail Price
Index(RPI)		 In line with the CPI assumption plus the RPI / CPI gap (i.e. 4.0% pa to 2030,
reducingto 3.1% from 2030)
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement: 2.50% p.a.
Post retirement: 0.90%p.a.
Pension increases
(all subject to a floor of 0%)		 Increases linked to CPI
Benefits with no cap:
CPI assumption + 3bps
Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%,
and half of any excess inflation over 5% up to a maximum increase of 10%):
CPI assumption - 3bps

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females.
Future
improvements
to
mortality		 CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.4% pa, 10%
w2020 and w2021 parameters, and a long term improvement rate of 1.8% pa for
males and 1.6% pa for females.

The current life expectancies on retirement at age 65 are:

2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.4
Males currently aged 45 (years) 25.7 25.6
Females currently aged 45 (years) 27.2 27.2
The pension charge for the year includes £10,235(2024 - £11,807) in relation to the USS.

31

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

18. Pension costs (continued)

PASNAS

The Union contributes to a final salary defined benefit scheme for non-academic staff (PASNAS). The scheme is funded by contributions made in accordance with the recommendations of the scheme’s actuaries. Following a consultation process, in May 2018 the University of Southampton Council ratified a decision to close the scheme to new members as at 31 December 2018. All new eligible staff have been enrolled into a new defined contribution arrangement from 1 January 2019 (USRF).

The last formal triennial actuarial valuation of the scheme was performed as at 31 July 2021 and indicated that the scheme’s assets represented 83% of the technical provisions corresponding to a deficit of £56,492,000. An estimate has been made for Guaranteed Minimum Pension (GMP) Equalisation and for the McCloud* judgement in the current valuation. The current valuation as at 31 July 2024 is underway but will not be complete by 31 October 2025 and an extension has been requested.

*McCloud judgement relates to the transitional protection offered to some members of public sector final salary schemes when the schemes were reformed. The transitional protection allowed those members who were within 10 years of normal pension age to remain in their final salary scheme instead of being moved to the new career average arrangement with its higher pension age. As some members would be better off in the new scheme rather than the old the McCloud judgement requires that there is no reduction in benefits accrued or are receiving if already retired.

The 2021 valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 8 years. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. These contributions applied with effect from 1 January 2023 and will be formally reviewed following completion of the next valuation due with an effective date of 31 July 2024. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme’s levy to the Pension Protection Fund.

In accordance with FRS102, the net present value of the future contributions required over 8 years to clear the funding deficit is £435,265 (2024: £491,515). In calculating this net present value, a discount rate of 4.72% representing the typical yield of high-quality corporate bonds has then been applied.

The total contributions paid into the scheme by the Union in respect of eligible employees for the year ended 31 July 2025 amounted to £58,378 (2024: £63,061). The movement in the deficit contribution liability in the year was a £56,250 decrease (2024: £54,019 decrease).

NEST

From May 2017, the Union introduced the NEST scheme to comply with the Pensions Act 2008. This gives all Union workers access to a qualifying pension scheme.

The pension charge for the year includes £2,206 (2024: £1,164).

32

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

USRF

Since January 2019 the Union has participated in the University of Southampton Retirement Fund, a defined contribution scheme provided by Royal London Mutual Insurance Society Limited, following the closure of PASNAS to new members.

The pension charge for the year includes £136,008 (2024: £122,234) in relation to the USRF.

19. Capital commitments

At 31 July the Union had capital commitments as follows:
Authorised and contracted		 2025
£
-		 2024
£
-

20. Related party transactions

University of Southampton

The Union is in receipt of a recurrent grant from the University of £3,280,992 (2024: £3,280,996) together with other grants of £nil (2024: £Nil). Transactions throughout the year resulted in a trading balance as at 31 July 2025 of £84,369 (2024: £124,757) owed to the University.

SUSU Social Enterprises Limited

The Union had transactions with the SUSU Social Enterprises Limited a 100% owned subsidiary of £29,726 (2024: £61,678) being gift aid paid, and as at 31 July 2025 the Union had a debtor balance of £788 (2024 £485) owed by the subsidiary.

21. Financial instruments

Group
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial liabilities measured at fair value
Union
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial liabilities measured at fair value		 2025
£
1,657,419
926,360
435,265
2025
£
1,590,815
921,217
435,265		 2024
£
1,658,472
587,888
491,515
2024
£
1,619,411
578,727
491,515

Financial assets measured at amortised cost comprise trade debtors, amount owed by group undertakings, other debtors and cash equivalents.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals excluding deferred income.

Financial liabilities measured at fair value comprise the pension scheme funding deficit.

33

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

22. Operating lease commitments

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

eases as follows:
Operating lease payments due within 1 year
Operating lease payments due between 2 and 5 years		 2025
£
50,966
110,171
161,137		 2024
£
44,446
136,240
180,686

Lease payments recognised as an expense in the year totalled £46,389.

34

University of Southampton Students’ Union Notes to the Financial Statements For the Year Ended 31 July 2025

Income and endowments from:
Donations:
- University Grants
- Other Grants
- Grant in kind from University
Other Trading Activities:
- Rental income
- Sponsorship and marketing income
Investment income
Charitable activities for students:
- Bars
- Catering
- Events
- Shops
- Lettings
- Student Activities
- Student Services
Other income
Total income
Expenditure on
Charitable Activities for students:
- Bars
- Catering
- Events
- Shops
- Lettings
- Student Activities
- Student Representation
- Student Services
Total expenditure
Net income/(expenditure) before transfers
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Income
£
3,280,996
665,000
-
6,233
117,485
-
629,552
56,564
92,622
2,513,564
28,227
67,597
14,384
44,778
7,517,002
1,014,650
185,812
186,031
2,984,690
235,357
1,293,147
1,544,103
86,960
7,530,750
(13,748)
-
(13,748)
1,329,671
1,315,923		 Restricted
Income
£
-
-
-
-
-
-
-
-
-
-
-
39,990
-
-
39,990
-
-
-
-
-
41,335
-
-
41,335
(1,345)
-
(1,345)
4,007
2,662		 Total
2024
£
3,280,996
665,000
-
6,233
117,485
629,552
56,564
92,622
2,513,564
28,227
107,587
14,384
44,778
7,556,992
1,014,650
185,812
186,031
2,984,690
235,357
1,334,482
1,544,103
86,960
7,572,085
(15,093)
-
(15,093)
1,333,678
1,318,585

35