H08140750 Charity number: 1149922 STUDENT UNION LETTINGS LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Company, Its Trustees and advlsers Trustees. report Independent auditor's report on the flnanclal statements ststement of financial activitlOS 3-12 13-16 Balance sheet 18 ststement of cash flows Notes to the financial statements 20-32
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025 Trustees Dr Paul Groves, Chair Mr Ceri Davies Mr Richard Osborn Ms Debbie Muddimer Miss Gemm8 Lomas Mr Martin Chuter Miss Sarah Bradley Mr Liam Davis Mr Laurence Perkins Miss Jade Thomas Iresiqned 1 August 20241 Mr Marco Carrelli lappoinled 23 September 20251 Mr Phil Harris lappoinled 23 September 20251 Company registered number 08140750 Charity registered number 1149922 Registered office First Floor Campus Centre Building Mill Lane Leicester Leicestershire LE2 7DR Chief Executive Officer Mr Irving Hill Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Page 1
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Solicitors Shakespeare Martineau LLP Leicester LE1 1QH Hatch Legal Seascale CA20 1QU Bankers RBS 5 Market Street Leicester LE1 6DN Page 2
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees Iwho are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Student Union Lettings Limited (the company) for the year ended 30 June 2025. The Trustees confirm that the annual report and financial statements of the company comply with the current slatulory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORP 20191, applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The Company trades under the name Sulets. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTION The company is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on g July 2012. The company is also a registered charity, number 1149922. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity was formed in 2012 by the current CEO in collaboration with the Iwo Student Unions who remain members of the charity. The company consists of a board comprising up lo 12 Iruslees who provide oversight of the charity. Currently, there are 9 trustees in p051. The board Is made up of a mixture of external Iruslees who are recruited and those who are co-opted onto the board. The University of Lei¢esler Students, Union and De Montfort University Students, Union are members of the charity and each appoint up to 3 Iruslees to the board. A Senior Management Team supports the CEO lo operate the business and deliver our strategic goals. The team comprises a Head of Operations, a Finan Manager, and a Digitsl Marketing Manager. The CEO is directly responsible lo the Trustee Board for the operation and performance of the charity. The Board meets regularly to receive reports from the CEO, lo review the charity's performance and adminislralion and to decide strategic direction. Sulets operates from a management suite, and separate shop based in DMU'S Campus Centre. This is a key location on campus. We also have a significant presence at the University of Leicester Sludenl Union both on their website and al key student events throughout the year. Our relationships with the Iwo Sludenl Unions are critical lo our SUc$S, and we greatly value their unslinling support over many years. The charity has purchased indemnity Insurance in favour of the Iruslees of the charity. The cost of the insurance was £683. Page 3
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl MISSION, VALUES AND PUBLIC BENEFIT The objects for which the company is established are the advancement of education by providing and managing accommodation and related services for educational Inslitulions, their students and other persons associated with educational institutions. Our Mission Is.. To raise standards in accommodation for the students of Leicester. To be honest, transparent and fair in our actions and lo enhance the sludenl experience. Our Values are.. To raise standards in student housing in Leicester To be transparent & fair To offer value for money To be student friendly In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The Trustees believe that there is a clear and continued public benefit from the operation of Sulets. This includes.. A not for profit, ethical operating model. Private rented sector properties that are of a high standard and have been assessed against our own code of standards. Clear eviden that we continue lo have a posib.ve impact on the stsndards of the Leicester HMO market. No 'summer rent, periods for students Ihalf rent charged but with no right to live in the property). REVIEW OF ACTIVITIES Sales Leicester remains a highly competitive market both in terms of competitors and the drop in student numbers. This year, our PBSA properties were 100'/o let and all of our houses were let albeit that we have seen a decline in available properties due to landlords exiling the market. Whilst Il's not possible lo give exact reasons in all cases, the new renters rights bill, an ever-lightening regulatory environment and the changes In laxalion have certainly made the PRS a more difficult investment proposition. However, we are happy that any loss of properties is due to landlords selling the propety rather than leaving Sulets. For the current year we let 2269 beds In a mixture of purpose-built student accommodation IPBSAI and PRS accommodation. Out of this total number, 419 bedspaces are in PRS accommodation. OPERATIONS Developing our own property portfolio In September 2024, we purchased our fourth propety from an existing landlord that was wishing to sell. In keeping with our previous purchases, we have planned a significant refurbishment of the property which will lake place during June 2025, as the propety was already let for the 24125 year when we purchased it. Sulets has a long-lerm aim to use ils cash reserves to purchase, refurbish and long-temi own properties to Page 4
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl provide a sustsinable income for the charity and use these properties to showcase the stsndards and quality of accommodation that we believe students should enjoy. Supporting the student experience Providing supportive, good quality housing remains the core of Sulets mission and the reason that the charity was originally founded. Students righty demand good housing and excellent service and we believe that we have had a positive Influen in promoting this In the city. Unlike many for-profit agencies, we are selective about the properties that we take under management and we have declined to continue lo manage properties where either we have been unhappy with the propety or the landlord. As an example, this year we refused to continue leasing a portfolio of 15 houses due lo continual issues with the management of the buildings and on%oing complaints from tenants. This is a key distinguishing feature of Sulets approach where we actively pul tenants first even when il results in a loss of income for the operation. Simply pul, Sulels strives to do the right thing and this is the reason why we continue lo have positive reviews from students and a happy and supported staff team. We have plad increasing importance in cleaning and maintenance in our properties as we understand that 'getting Il right, from the start of the tenancy means that we have happy students who can focus on their studies at university. Following all reported repairs, we contact the tenants to ensure that the repair has been completed properfy and that they are happy with the result. We closely monitor surveys and feedback and we are investing in systems lo automate more of the day-to4ay admin so that the team can spend more time supporting tenants in their properties. This year, we have also offered reduced tenancy lengths on some of our houses and unlike virtually every other provider, we don't charge 'summer rent, lo students which Is the practice of charging up lo 8 weeks 'half-renl' without being allowed to live in the property. We don't think this is fair to students and Il doesn't fit in with our values. Student surveys Each year we survey students in all our HMO housing to measure overall satisfaction and to drive improvements. This Is a key indicator of how well we are doing in our mission. This year we sent our survey to 412 tenants and 92 responded, a response rale of 22.3'/o. Highlight5 from our existing portfolio of leased and managed properties include.. Overall, 86.38'A of students stated that they would recommend Sulets to other students. This was an Increase of the previous year of 84.3'k. 84.13'/o of students agreed that their rent provided good value for money. This was 87. in 2024 and 830/. In 2023. These figures are encouraging and show that year-on year, we re1ve consistently high approval ratings and we are viewed as good value for money which is a key part of our mission. Landlord survey In addition lo surveying students, we also seek the views of our landlords to measure performance and improve our service. This year we had a much-improved response rate to our annual survey and 62°k of landlords completed our questionnaire. The key highlights were.. 90.48°/o said that they would recommend Sulels lo another landlord. 95'k said that we were happy with our expertise and technical knowledge. 95'k said they found us easy lo contact and responsive when they needed support. The results were overwhelmingly positive with regards Sulets level of service and support and is part of a long Page 5
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl standing, consislenl picture of positive reviews from landlords and tenants. Repairs KPIS We know that how quickly and efficiently we de81 with repairs directly impacts our tenant's happiness, comfort and well-being so we have increasingly focussed on improving how we respond to Maintenan requests over the last few years. Sulets operates a 2417 extemal call centre for repairs and has several contractors that are available throughout the night lo attend lo critical incidents should they arise. Similar to large operators such as Housing Associations, we grade repairs In our properties on 3 categories, priority 1, 2 and 3. Priority 1 is an urgent repair requiring the job lo be completed in 24 hours. Priority 2 and 3 are categorised as within 7 days and 20 days respectively. We aim for a 90°k target across each classification. This year our repairs completion rale was 96.73 /0 which is a new record for Sulels and helps demonstrate why we get consislenlly positive reviews and feedback from tenants. Stsffing Last year, Sulets was awarded Investor in People IIIPI Platinum which is the highest level of IIP award available. The platinum award is only granted after the assessor's recommendation is considered by a panel of judges. Worldwide, 50,000 companies have the IIP standard but only 20/D have achieved platinum, so this puts Sulels amongst the best perfonming companies in the country. We are pleased to confirm that this was reconfirmed this year at the annual review and we are confident of retaining this when we have our >year reassessment in 2026. Since 2019, we have run an Independent, anonymous stsff survey managed by an external HR consultant. The survey measures area5 such as happiness In the role, support from their manager, how valued they feel by the business and training and development. We are thrilled to announce that we have again achieved an employee engagement score of 100'k. This is the third time that we have received a 1000/0 score and the second year in succession. This is an oulstsnding result and is testament lo the stsff team and how well the whole organisation works together to achieve our mission. This staff engagement survey score is based on the following key questions.. I feel happy al work. I'm proud to be a member ofthe Sulets, team. I feel l am supported by my immediate line manager. Our outstanding staff engagement scores feed direcuy into our positive staff retention numbers. Across the business, the average time In post is now 6.6 years with 4 members out of a staff team of 10, having worked for over 10 years at Sulels. Unsurprisingly, happy and supported staff slay in the business and in turn this is reflected In our excellent reviews and Trustpilot scores. We see this as a virtuous circle and see our staff team as one of the key reason5 for our success. This year we have entered The Times Best Places lo Work awards. We have already received our scores following the independent external survey and we know that we have achieved exlIent results. We are hopeful that we will score highly in the awards although competition is very fierce and hundreds of companies enter these prestigious awards every year. The results will be announTrd in May 2026 and we hope to report positive news next year. Page 6
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl Webinars We have continued with our webinars again this year although they have reduced over the previous year. We have reTrived many comments from within the industry, from other lettings agents and direcdy from landlords about the quality of the conlenl and how helpful they are. Creating webinars is one way that we can promote good praclise within the sector. 11 also has the obvious benefit of promoting our name in the sector and lo landlords. Next year, we Intend to expand the number of webinars that we produce. As part of our charitable objectives, these will remain free even where there is a cost lo produce them and where we need to pay for the conlenl creators. This year we have run 2 free webinars with both of them focussed on the Renters Rights Bill. The webinars have been very successful and over the year we have had over 325 attendees. So far our YouTube videos have viewed 1807 times. Marketing Our website remains a key focus of our marketing activity and an important source of Information for students. Whilst a major part of the site is based on promoting our properties, we also offer advice guides written by external student advisors as well as hosting our webinars that are offered free to landlords, agents and others operating in the sector. We have continued to invest in the site. We commissioned an external review and made considerable Improvements lo the UX to improve the customer journey, including showing let agreed status and showing tenancies for the current and future lellings years. Investing in our site and expanding Content will be a continual focus of the team. The site attracted over 65,000 users over the year and there were 294,809 page views. Our sile is supported by links from both Univer51ties and the Student Unions, and this results in our dominance In SEO rankings. We still rank #1 for the top 2 keywords for search and consislenlly rank highest for organic search. Review volumes have continued to grow to over 787 across Google & Truslpilot with an average rating off 4.5 out of 5, further enhancing our reputation as the #1 provider of student accommodation In Leicester. We conducted external mystery shopper reviews with both landlord and tenant enquiries lo see how we perfomi in real-life situations. We find these invaluable for ensuring that customer service remains a key focus of the company. Governance Currently there are 10 members who make up the board of Sulets. The board is chaired by an external Trustee. Upon joining the board, new trustees are given a comprehensive induction which includes meeting the staff and senior team, the chance lo view a selection of Sulets properties and advice from our solicitors on Board responsibilities and legal requirements. Page 7
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl The Board met on 4 occasions to discuss regular board related business. All of the meetings were held online. Board attendance Is as follows.. Maxlmum numberof attendances Name Actual number of attendances Paul Groves Debbie Muddimer Richard Osborn Sarah Bradlev Liam Davies Martin Chuter Laurence Perkins Ceri Davies Gemma Lomas One of Sulels long term ambitions, is lo create our own property portfolio and we will buy, refurbish and long- term hold properties lo generate income for the charity and to showcase the standards and quality that we wish lo promote in the student sector. To help support this, we are pleased to report that we have recruited exceptional new trustees, Mr Phil Harris and Mr Marco Carrelli. They both bring a wealth of property development experience lo the board which will help further our long-term ambitions for Sulels. Sadly, one of our long-term Iruslees, Ceri Davies, left the Board as their temi of Offi had come to an end. Ceri has supported Sulels for 9 years and has been invaluable and provided steadfast support throughout his lime in post. Along with the CEO, Ceri helped found the charity in 2012. We wsh to express our utmost thanks for his support and he leaves with our best wishes. LOOKING AHEAD Changes to the market and the Renter Rights Bill The previous Conservative government brought forward the Renters Reform Bill, which promised to be the biggest change in housing law in 35 years. The new government continued with the new legislation, renaming it, the Renters Rights Bill IRRBI and added further tenant protections into the proposed law. At the lime of writing, the bill has not become law bul has virtually completed all of the parfiamenlary hurdles and is expected lo receive Royal Ascent in September 2025 and become law in mid-2026 following an implementation period. 11 is no overstalemenl lo say that the changes will be huge and we expect there will be significant disruption in Page 8
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl the market. Some of the significant changes include.. Abolition of S21 The ending of fixed term tenancies The ending of lermly payments 2-monlh notice periods for tenants Ending rent in advance Decent Homes Standard We support changes that improve standards in law for students and in particular the new Decent Homes Stsndard but many of the changes will severely disrupt the market which could ultimately be bad for tenants. Many in the sector including Universities and other housing charities have voiced conrn about the changes and two-tier system pitting PBSA against the traditional HMO market. Anecdotslly. we continue to see long standing landlords deciding to sell their properties and leave the market. We have also seen some of the specialist sludenl lettings agents sell their portfolio and we believe that this will gather pace a5 many will find il difficult to operate once the standard temily fixed term tenancy system ends. The likely Impact of this will be less choice for students and rising pri$. The likely beneficiaries are the large PBSA operators who are being given an exemption from the RRB and are likely to mop up demand that was previously taken by the student HMO market. Due lo our charity status, we believe that Sulels will be in a very good position lo meet these changes and we are hopeful that we will be able lo grow our portfolio with landlords joining the service from other operators. Changes to the Sulets landlord model Lellings agents typically operate different service types, Let Only ILOI and Fully Managed IFMI. As the name suggests, LO just finds tenants whereas FM is more Comprehensive and manages the propety, collects the rent and deals with maintenance. Sulets operates a third model, leasing. This is where we lease the propety on a 1-year basis which enables us to act as the landlord. There are several advantages lo this model, one of which Is that we manage the property directly which means that we can deal with issues and repairs much quicker than the usual models which directly supports our mission. stsrting from next year, we have decided to only offer a leased service to landlords. This will help us to continue lo drive up standards and thanks lo our unique legal status, will enable us lo support landlords during the RRB changes that are predicted to Come into force in 2026. Page 9
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl FINANCIAL REVIEW The general reserve policy is intended lo cover trading activity and redundancy costs in the event that we needed lo wind the business up. The Board reviews the risks to the busines5 al least annually and has decided Sulels should hold 4 months operating costs plus the cost of redundancy payments for staff as 8 general operating reserve. All free cash sums in excess of the operating reserves are held in short-lerm interest-bearing bank accounts to provide an additional return to the operation. This amount forms our investment reserve, which is used to purchase properties as they become available or for investment elsewhere within the operation. The reserves policy covers.. 4 months operating costs + an additional fund lo cover redundancy costs for all staff. Our designated reserves policy sum is £305,970 Our current investment reserve is £1,035.285 Going Concern After making appropriate enquiries, the Iruslees have a reasonable expectstion that the company has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the going conrn basis in preparing the financial stalemenls. Further details regarding the adoption of the going COnM basis can be found In the Accounting Policies. MATERIAL INVESTMENTS POLICY Sulets has purchased ils fourth propety during the current financial year. The Trustee Board have adopted an Investment policy lo ensure that our Investment fund is used lo further the aims of the charity by purchasing additional student properties for rent as attractive deals become available. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finan$ of the charity and are satisfied that systems and procedures are in place lo mitigate our exposure to the major risks. We have a risk register and this is reviewed annually by the Trustee Board. This was last reviewed in July 2025. We consider that the top two risks that the charity faces are.. Lettings risk. A significant decline on lettings could Impact the charity. Legislative risk. The significant changes that may impact Sulels once the proposed Renters Rights Bill is enacted The Board has considered these risks and has a range of mitigating strategies and controls in place which are reviewed and tested on a regular basis. Page 10
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 STAFF REMUNERATION The CEO'S performance is reviewed annually by the Chair of Sulets who Is their direct line manager. The CEO and staff team were previously subject to an external pay review to ensure that Sulels allracts and retains the talent it needs lo remain competitive. Annually we ensure that we keep pace with inflation and next year we intend to perform a new external review to measure our competitiveness. ststement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial stslements for each financial . 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 stale of affairs of the Company and of its incoming resources and application of resources, including ils Income and expenditure, for that period. In preparing these financial stslemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021 make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and disseminab'on of financial ststemenls may differ from legislation in other jurisdictions. Dlsclosure of Infomiatlon to audltor The Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomialion of which the charitable company's auditor is unaware, and that Trustees have tsken all the steps that ought lo have been taken as Trustees in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and lo establish that the charitable company's auditors are aware of that information. Page11
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Auditor The auditors, Crowe U.K. LLP, have Indicated their willingness to continue in offi. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Dr Paul Grovos Chair Dale.. 21 October 2025 Page 12
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LEThINGS LIMITED Oplnlon We have audited the financial statements of Student Union Lettings Limited (the 'charitsble company'l for the year ended 30 June 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as al 30 June 2025 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 lo continue as a going concern for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going conrn are described in the relevant sections of this report. Page 13
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LEThINGS LIMITED ICONTINUEDI Other Informatlon The other infomialion comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contsined within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 misststemenl 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. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, report has been prepared in accordan with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion". 8dequ8te accounting records have not been kept, or retums adequate for our audit have not been ceived from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Page 14
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LEThINGS LIMITED ICONTINUEDI Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 neSSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial ststemenls, the Trustees are responsible for assessing the charitable company's ability lo 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 lo do so. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audilovs 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 IUKI will always detect a material misststemenl 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial slalements. The laws and regulations we considered in this context were the Companies Act 2006. 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 lo the Company's ability lo operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company for fraud. The laws and regulations we considered in this context for the UK operations were General Dats Protection Regulation IGDPRI, Anli-fraud, bribery and corruption legislation, environmental protects'on legislation, Health and safely legislation, Taxation legislation and Employment legislation. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be in the following areas.. liming of recognition of income,. the override of controls by management, including posting of unusual journals., inappropriate treatment of non-routine transactions and areas of estimation uncertainly. Our audit procedures to respond lo these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting ofjournals and income transactions and review of accounting estimates for biases. Page 15
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDENT UNION LEThINGS LIMITED ICONTINUEDI 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 misstalemenl 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 lo 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 on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. 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 slate to the charitsble company's members those matters we are required to stale lo them in an Audilovs 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. Helen Blundell LLB FCA FCIE DChA Isenlor statutory audltorl for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Dale.. 28 October 2025 Page 16
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Charitable activities Other income 1.769,822 52,429 1.769,822 52,429 1,682,693 57,010 Total income 1,822,251 1,822,251 1, 739, 703 Expgnditure on: Charitable activities 1.533.528 1.533,528 1,490,662 Total expenditure 1,533,528 1,533,528 7,490,662 Net movement in funds 288,723 288,723 249,041 Reconciliation of funds: Totsl funds brought forward Nel movement in funds 2,069,938 288,723 2,069,938 288,723 1,820,897 249,041 Total funds carried forward 2.358,661 2.358,661 2,069,938 The notes on pages 20 to 32 form part of these financial statements. Page 17
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) REGISTERED NUMBER: 08140750 BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note Fixed assets Tangible assets 11 1.017.406 740,024 1,017,406 740,024 Current assets Debtors Cash al bank and in hand 12 14.835 1,420,166 20,180 1,407,275 1,435,001 1,427,455 Current liabilities Creditors.. amounts falling due within one year 13 {93,746} {97,541J Net current assets 1,341,255 1,329,914 Total net assets 2,358,661 2.069.938 Charity funds Unrestricted funds 14 2,358,661 2,069,938 Total funds 2,358.661 2,069,938 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordan with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Or Paul Groves Dale.. 21 October 2025 The notes on pages 20 to 32 form part of these financial statements. Page 18
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 2025 2024 Note Cash flows from operating activities Nel cash used in operating activities 15 290.273 262,832 Cash flovts from investing activities Purchase of tangible fixed assets 1277.382} (262,875) Net cash used in investing activities 1277,382} {262,8751 Change in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year 12,891 1431 1,407,318 1.407.275 Cash and cash equlvalents at the end ofthe year 16 1,420,166 1,407,275 The notes on pages 20 to 32 form part of these financial statements Page 19
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 General Infomiatlon The charitable company is incorporated and registered with the Charity Commission in England and Wales. registered number 1149922. The company registration number is 08140750. The principal Offi is First Floor Campus Centre Building, Mill Lane, Leicesler, Leicestershire, LE2 7DR. The company is limited by guarantee. The members of the company are De Montfort University Students, Union Limited and University of Leister Students, Union Trading Limited. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Sulets principal activity is the provision of accommodation for students based at De Monttort University and the University of LeISter. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Sludenl Union Lellings Limited 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 slated in the relevant accounting policy. The accounts are presented in GBP, the fvnctional currency, and rounded lo the nearest £. 2.2 Going concern As slated in the Trustee's Report, the Trustees believe there are no material uncertainties that call into doubl the charitable company's ability lo continue as a going concern and the accounts have therefore been prepared on the basis that the charitable company is a going concern. 2.3 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. 2.4 Income All income is recognised once the Company has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the servi. Page 20
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accountlng pollcles Icontlnuedl 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and Complian with constitutional and slatulory requirements. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Company's objectives, as well as any associated support costs. 2.6 Intanglble assets and amortlsatlon Intangible assets relate lo website development costs and computer software, which are capitslised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisalion and any provision for impairment. Amortisalion is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Amortisalion is provided on the following bases.. Website Computer SOare 330/0 straight line 250/0 straight line 2.7 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Page 21
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accountlng pollcles Icontlnuedl 2.7 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold propety Fixtures and fillings Computer equipment over 50 years 250/0 straight line 250/0 straight line 2.8 Flnanclal Instruments The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors. Debtors Short temi debtors are measured al transaction price, less any impairment. Credltors Short term creditors are measured at the transaction price. Other financial liabilities are measured initially al fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 2.9 Penslons The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company lo the fund in respect of the year. Income from charltable actlvltles Unrestricted funds 2025 Total funds 2025 Total funds 2024 Commissions receivable Rentsls re1vable 709,946 1,059,876 709,946 1.059.876 703, 102 979,591 Total 2025 1,769,822 1,769,822 1,682,693 Total 2024 7,682,693 1,682,693 Page 22
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Other Incomlng resources Unrestricted funds 2025 Total funds 2025 Total funds 2024 Other income 52,429 52,429 57,010 Total 2024 57,010 57,010 Analysis of gxpenditure on charitsblg activitiOS Summary by fund typg Unrestricted funds 2025 Total 2025 Total 2024 Rental and commissions 1,533,528 1.533.528 1,490,662 Total 2024 7,490,662 1,490,662 Summary by expendlture type Staff costs Depreciation Other costs 2025 2025 2025 Total 2025 Total 2024 Rental and commissions 458,047 1,075,481 1,533,528 7,490,662 Total 2024 444,454 6,375 1,039,833 1,490,662 Page 23
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysls of expendlture by actlvltles Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Rental and commissions 1,299,668 233,860 1,533,528 1,490,662 Total 2024 1,260,847 229,815 1,490,662 Analysis of dirgct costs Total funds 2025 Total funds 2024 staff costs 458.047 841,621 444,454 816,393 Letting costs 1.299.668 7,260,84T Page 24
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysls of expendlture by actlvltles Icontlnuedl Analysls of support costs Total funds 2025 Total funds 2024 Depreciab'on and amortisation Rent Printing, postage and stationery Travel Advertising and marketing Legal and professional SOfare subscription Repairs and renewals Bank and credit Card charges Sundry expense5 Governance costs 6,375 20.000 645 1,625 64,560 11.320 20.000 976 1,238 72,942 11.121 37.898 37,184 1,987 31,579 62,655 1,234 li 31.158 19.356 16.826 72,996 233,860 229,815 Auditorfs remuneration The auditor's remuneration amounts lo an auditor fee of £13,350 (2024 - £12, 750), and other services amounting to of £67512024- £6001. Page 25
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Staff costs 2025 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 405.842 35,467 16,738 395,426 33,541 15,487 458.047 444.454 The average number of persons employed by the Company during the year was as follows.. 2025 No. 2024 No. Administration 11 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2025 2024 In the band £90,001- £100,000 Key management personnel are considered lo be anyone who has authority and responsibility for planning, directing and controlling the activities of the company. During the year, key management personnel reiVed remuneration of £270,83412024.' £112,213), including employers. National Insurance and employers. pension contributions. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2024- £NIL). During the year ended 30 June 2025, £167 of Trustee expenses have been incurred (2024 - £NILJ. Page 26
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 10. Intanglble assets Webslte and software Cost At 1 July 2024 39,268 At 30 June 2025 39,268 Amortisation At 1 July 2024 39.268 At 30 June 2025 39,268 Net book value At 30 June 2025 At 30 June 2024 Page 27
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11. Tanglble flxed assets Freehold Fixtures and property fittings Total Cost or valuation At 1 July 2024 Additions 740.024 277.382 32.917 772,941 277,382 At 30 June 2025 1,017,406 32.917 1,050,323 Oepreclatlon At 1 July 2024 32,917 32,917 At 30 June 2025 32.917 32.917 Net book value At 30 June 2025 1,017,406 1,017,406 At 30 June 2024 740,024 740,024 Page 28
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 12. Debtors 2025 2024 Trade debtors Other debtors 2,627 200 5,055 Prepayments and accrued income 12.008 15,125 14.835 20,180 13. Credltors: Amounts falllng due wlthln one year 2025 2024 Trade creditors Other tsxalion and social security Other creditors Accruals and deferred income 29.330 31,389 1,845 31.182 20,926 31,363 1.447 43, 805 93.746 97,541 2025 2024 Deferred income Deferred income at 1 July 2024 Resources deferred during the year Amounts released from previous periods 39.737 17,341 139,737) 28,777 39,737 (28, 777) 17.341 39.737 Deferred income represents rent and associated income received in advance. The Company holds funds as intermediary on behalf of landlords and tenants. These amount to £572,904 (2024.. £586, 141) al the year end dale and are not included as assets or liabilities of the Company in line with the SORP recommended treatment. Page 29
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 14. Statement of funds Statement of funds - current year Balance at 30 June 2025 Balance at 1 July 2024 Income Expendlture Unrestricted funds General Funds 2,069,938 1,822,251 11,533,528) 2,358,661 statomont of funds - prior year Balan at 30 June 2024 Salance al l July 2023 Income Expenditu Unrestrlcted funds General Funds 1,820,897 1, 739, 703 (1,490,662) 2,069,938 15. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2025 2024 Nel income for the year las per Statement of Financial Acliviliesl 288.723 249,041 Adjustments for: Depreciation charge$ Amortisation charges Decreasellincreasel in debtors Increaselldecreasel in creditors 3,991 2,384 (452) 7,868 13,795) Net cash provided by operating activities 290,273 262,832 Page 30
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 16. Analysls of cash and cash equlvalents 2025 2024 Cash in hand 1.420,166 1,407.275 17. Analysis of changes in net debt At 1 July 2024 Cash flows At 30 June 2025 Cash al bank and in hand 1.407.275 12.891 1.420.166 1,407,275 12,891 1,420,166 18. Pension commitments The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an Independently administered fund. Contributions totalling £1,845 were payable to the scheme at the balance sheet date {2024.. £1,447). 19. Operating lease commitments At 30 June 2025 the Company had commitments to make future minimum lease payments under non- CanlIable operating leases as follows.. 2025 2024 Not later than 1 year 600.359 598,525 During the year lease payments have been recognised as an expense in the Statement of financial activities for £600,358 (2024.. £103.281). The properties above are sub-let to students. At 30 June 2025 the total of the Company's future minimum lease receipts under nOn-¢anlIable operabng leases were.. 2025 2024 Within 1 year 880,559 882, 150 Page 31
STUDENT UNION LETTINGS LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 20. Related party transactlons The Company has rented office space from De Montfort Students Union during the year al a cost of £20,00012024.' £20, 0001. The Company also paid £10,30012024.' £10,000) in advertising to De Montfort Students Union. Al the year end £Nil12024.' £NiO remained outstanding. The Company also paid £1,200 (2024.. £18,049) for advertising expenses to The University of Leicester Students, Union. At the year end £Nil12024.' £Nil) remained outstanding. Page 32