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
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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.
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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
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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 pla￿d 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 re￿1ve 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
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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 ex￿lIent 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.
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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.
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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
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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 con￿rn 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.
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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 con￿rn basis in preparing the financial stalemenls. Further details regarding the adoption of the going
COn￿M 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.
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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.
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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
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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 Practi￿1.
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 con￿rn are described in the
relevant sections of this report.
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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.
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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 ne￿SSary 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 InStan￿S 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 Lei￿ster 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 LeI￿Ster.
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 SO￿are
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 re￿1vable
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
SOf￿are 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 re￿iVed remuneration of £270,83412024.' £112,213), including employers. National Insurance
and employers. pension contributions.
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed 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-
Can￿lIable 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-¢an￿lIable
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