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← Hull University Students' Union Limited

2025-07-31-accounts

REGISTERED COMPANY NUMBER: 08475916 (England and Wales) REGISTERED CHARITY NUMBER: 1152549

Report of the Trustees and Consolidated Financial Statements for the Year Ended 31st July 2025

for

Hull University Students' Union Limited

Sadofskys Statutory Auditors Princes House Wright Street Hull East Yorkshire HU2 8HX

Hull University Students' Union Limited

Contents of the Consolidated Financial Statements for the year ended 31st July 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Company Balance Sheet
 14
Consolidated Cash Flow Statement 15
Notes to the Consolidated Cash Flow Statement 16
Notes to the Consolidated Financial Statements 17 to 30

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the group for the year ended 31st July 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 08475916 (England and Wales)

Registered Charity number 1152549

Registered office Student Central Cottingham Road Hull HU6 7RX

Trustees S A Webb - Chair S M Merriweather (appointed Chair 01/10/25) H Alexander Duncan C F Ani T J Charlish (appointed 17/4/25 and resigned 2/10/25) P G Dolling R J Finnis M B Lloyd J J McMillan (appointed 17/4/25) E C Peter-Dumbili (resigned 11/7/25) S E Latham (appointed 19/6/25) S J Bixby-Bland (appointed 11/7/25 and resigned 27/11/25) S C Blessing (appointed 11/7/25) D C Thomas (appointed 11/7/25) T A Shoulder (appointed 12/7/24 and resigned 20/11/24)

Auditors Sadofskys Statutory Auditors Princes House Wright Street Hull East Yorkshire HU2 8HX

Solicitors Barrass Whiting LLP The Deep business Centre Tower Street Hull HU1 4BG Wilkin Chapman Rollits LLP Citadel house 58 High Street Hull HU1 1QE

Page 1

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

REFERENCE AND ADMINISTRATIVE DETAILS – continued

Hull University Students’ Union Limited (HUSU) Trustees and Presidents during the year

There are four President roles, conducted by the following President Trustees in the year;

President Trustees (to 11.7.25) (from 11.7.25) President for Union Development Ejimchi Collins Peter-Dumbili Samantha Jane Bixby-Bland President for Inclusivity and Diversity N/A Sonia Chinenye Blessing President for Student Communities Chibuike Francis Ani Daniel Chinedu Thomas President for Academic Experience Tom Alex Shoulder (to 20.11.24) Chibuike Francis Ani

There are up to five Student Trustee roles.

There are up to five External Trustee roles.

Student Trustees External Trustees Robert James Finnis (from 15.09.23) Sara Alice Webb – Chair Matthew Burman Lloyd Simon Martin Merriweather (from 22.07.24) Tracy Jane Charlish (from 17.4.25 to 2.10.25) Philip Graham Dolling James John McMillan (from 17.4.25) Helen Alexander Duncan (from 06.07.23) Sarah Elizabeth Latham (from 19.06.25)

HUSU employs Jane Stafford as Chief Executive Officer (CEO), who works closely with the Student Presidents and the Trustee Board to ensure effective governance and management of the organisation. The Chief Executive's senior direct reports are:

Andy King (Chief Operating Officer) and Nicole Steele (Membership Services Director).

STRUCTURE, GOVERNANCE AND MANAGEMENT

HUSU’s key governing documents are the Articles of Association and the Bye-Laws. The Bye-Laws provide for the conduct of Union affairs and the implementation of Union democracy and policy and are interpreted in such a manner as to not conflict with the Articles of Association.

Union Council is made up of elected and appointed Student Presidents, Part-time Officers and Representatives including the Chair role. Union Council is made up of four Zones aligned to the President roles and may consider any matters affecting the interests of students at the University. Union Council’s major role is to make change via motions and scrutinise and hold to account elected presidents (Major Officer holders as set out in the Education Act 1994). The decisions of Council are subordinate to those made by referenda or the Board of Trustees.

HUSU and its subsidiary company comprise "the Group". HUSU carries out the charitable activities and the trading activities are carried out through the subsidiary company. The main activities of the trading subsidiary are the operations of a Wetherspoon Franchise, a Nightclub and live music venue, and a SPAR Franchise, the subsidiary also has an entertainments department.

The Board of Trustees is responsible for the strategic direction, governance and sustainability of HUSU. During the period of this report, the Board comprised three President Trustee positions, four Student Trustee positions and five External Trustee positions. The President Trustees are elected by a secret ballot by the members each year; they are able to serve a second term in office of a further year if re-elected. The Student Trustees are selected via a recruitment and interview process and following a simple majority vote of a panel made up from the Appointments, Governance and Development Committee. A Student Trustee must be a student at the UoH in order to be a Student Trustee, their term ends if they are no longer a Student or after a term of four years, and they may serve for up to two terms. The External Trustees are recruited to the Board through an interview process to bring a wider perspective and skill set from outside HUSU. A term for an External Trustee is up to four years, and they may serve for up to two terms.

Page 2

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

Upon appointment all trustees receive two training sessions led by the Chief Executive and Chief Operating Officer, supported by a Charity Solicitor and input from the Auditor and are briefed on their legal obligations and trustee responsibilities. A Trustee handbook provides a detailed overview and access to policies. The Trustees also have an online reading room which includes past papers for both Board and Committee meetings along with useful articles and weblinks. The President Trustees and some Student Trustees are new to the Board each year unless re-elected for a second year and they all undergo a range of training to support their roles in addition to the above. Presidents attended a residential event and a structured ten-week induction programme. The induction programme is a mix of internal and external training and includes inductions with key members of the University.

Committees

The Finance and Human Resources Committee (FHRC) reviews HUSU’s finances, human resources, risks, and compliance with legislation and other matters that could affect HUSU’s performance. The Committee reviews audit work and scrutinises the annual accounts, financial performance and annual budget. It also scrutinises the financial and HR strategies.

The Appointments and Governance Development Committee (AGDC) is responsible for monitoring and improving all governance at HUSU. It is also responsible for ensuring that new trustees are effectively recruited and inducted and that appropriate training and development is planned and undertaken by all Trustees. It is also responsible for recruiting the CEO.

Board performance

An internal performance review of the Board of Trustees linked to the Charity Governance Code is carried out annually, led by the Chair. Every third year the AGDC appoints an external organisation to audit the Board’s performance and make recommendations for improvement. The recommendations following the last external review which concluded in July 2024, have been implemented over the course of the 2024-2025 financial year, these include the appointment of a Trustee with Student Union experience, amending agendas into themes, and reducing duplication.

The Board of Trustees implement the Charity Governance Code (NUS version) to achieve best practice across all the seven principles of the code. The code is regularly considered, debated, agreed actions are reviewed regularly. HUSU is compliant with all seven Principles of the Charity Governance Code.

The Senior Leadership Team

The Chief Executive is supported by a Chief Operating Officer and the Membership Services Director that form the Senior Leadership Team. This team provides the executive management of HUSU, and HUUS Ltd leading the group's activities, developing and implementing the strategic and business plans and providing leadership to staff and ensuring that the boards and committees are informed on all aspects of the organisation.

Relationships with related parties

University of Hull

Under the Education Act 1994, the University of Hull has a statutory duty to take such steps as are reasonably practicable to ensure that HUSU operates in a fair and democratic manner and is held to proper account for its finances. HUSU works in partnership with the University of Hull in ensuring that the affairs of HUSU are properly conducted and that the educational and welfare needs of HUSU’s members are met. The formal relationship with the University is governed by the Code of Practice which is reviewed annually and agreed by the Board of Trustees and the University of Hull Council.

Both parties have formed a joint Partnership Agreement which is reviewed annually. The agreement establishes a joint set of operating principles and provides the terms of reference for the Partnership Committee, which meets three times each academic year. Membership consists of the University Leadership Team (ULT), the Presidents and the Students' Union Senior Leadership Team (SLT).

Page 3

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT – continued

Risk Management

The Board has responsibility for overseeing risk management and uses the following approach:

HUSU uses a dynamic approach towards its risk register, which is reviewed and updated on a quarterly basis by members of the senior leadership team. Risks are aligned in the register to the two committees of the Board, or to the Board. Overall responsibility is delegated to the FHRC.

The Trustees recognise the inherent risks associated with the charity’s reliance on income generated through its commercial operations. In response, a key focus throughout the year has been on driving sales growth and improving profit margins, alongside the careful management and reduction of expenditure. The Trustees also acknowledge the ongoing dependence on the annual subvention from the University of Hull, which remains a vital source of financial support. This dependency is reflected within the organisation’s reserves policy, ensuring appropriate levels of unrestricted reserves are maintained to safeguard against potential fluctuations in either commercial performance or subvention funding.

Charity Objectives

The objectives of HUSU are the advancement of the education of students at the University of Hull. HUSU achieves this by:

Charity Activities

During the year, the Board of trustees refined the activities of the charity into the following categories;

The consolidated statement of financial activities shown on page 12 splits the costs for 2024/25 into these new categories. For the comparative year, 2023/24, the costs are reported under the previous categories.

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Page 4

Hull University Students' Union Limited

Report of the Trustees

for the year ended 31st July 2025

KEY ACHIEVEMENTS AND PERFORMANCE

Achievements and performance

At their peak during the 2024/25 year, a choice of 49 sports clubs, 46 academic and medical societies, 47 hobbies and interests societies and 11 student-led volunteer projects offered a diverse range of opportunities for students to develop their skills, interests and to socialise. 3889 students registered to join a student group or get involved in student-led or community volunteering during the year, a reduction in student engagement compared with the previous year which reflected the reduced size of the overall student population at the University of Hull in 2024/25.

The Advice Centre supported 1232 students through both the booked appointments service delivered predominantly online using Microsoft Teams but also in-person, over email and telephone, and through quick queries. Advisors also supported students to access an additional £156,123 through a range of sources including benefits, grants and bursaries. This is a decrease of 39.8% on the funds unlocked for students through the Advice Centre in 2023-24 and the second consecutive year this has reduced; this is due to a smaller cohort of students eligible for benefits accessing Advice Centre support.

A motion to Union Council brought a student-led referendum on whether HUSU should rejoin the membership of the National Union of Students (NUS UK) in December 2024. This was the first time that NUS membership had been voted on by Hull students since they elected to leave in 2016. 90% of students voted in favour. The Board ratified this decision in January, and also voted to join NUS Charity, the arm which provides students’ union governance and staff training and development. HUSU formally rejoined the NUS in February.

Building on our democratic review and President reform work, this year HUSU piloted a student leadership team of three Presidents alongside seven paid Part-Time Officers. Student feedback was gathered throughout the year including through Union Council, AU Council, Societies Council, Course Rep Forum and engagement stalls. Students had the opportunity to vote on their preferred student leadership model in February through a referendum brought by the Board of Trustees and the result of this shaped the roles that were available for students to run for in the spring 2025 elections. The elected student leadership structure for 2025/26 consists of four Presidents and six paid Part-Time Officers.

19 individuals expressed initial interest in the 4 President positions, which then resulted in candidates for President roles in the spring 2025 elections. All President positions and 5 Part-Time Officer positions were filled.

HUSU provided 2 licenced premises: Sanctuary bar and Asylum night club. Both venues operate as JD Wetherspoon outlets under a franchise agreement. Sanctuary bar is the main student union bar which provides the full Wetherspoon experience and is open to the general public. Sanctuary bar also has SKY & TNT Sport, darts and pool tables and a large outdoor beer garden.

Asylum night club hosts the city’s largest student night ‘Tower’ every Wednesday and has regular live events and entertainment acts at other times throughout the year open to the general public. The venue also holds a weekly quiz event for students during term time. The venues were used to host large scale student and public facing events throughout the year.

HUSU operates a full convenience store complete with bakery under a purchase only agreement with SPAR. The store also includes a University of Hull clothing range and full stationery offer.

Surveying of members to monitor HUSU’s progress against KPIs took place through the Alterline Student Life Pulse Survey. 1,193 students completed the survey between October 2024 and June 2025 which provided a wealth of data about the student experience, engagement with and knowledge of the Students’ Union and the range of services and activities provided.

Page 5

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

KEY ACHIEVEMENTS AND PERFORMANCE – continued

Financial review

Summary of the year

There has been an overall positive net movement in funds of £151,858 compared to a positive movement of £316,645 in 2024. Total income for the year was £6,860,729 compared to £7,252,309 in 2024. The University subvention was £1,499,680 compared to £1,467,700 in 2024. Our commercial operation had sales of £4,895,143 compared to £5,209,468 in 2024. Total expenditure was £6,767,791 compared to £7,029,714 in 2024.

The Trustees have recognised a requirement to hold free reserves as a contingency to protect the short-term financial stability of the organisation. This provides security if there is a one off or series of events that threatens our key income sources. The policy, reviewed in July 2025, is to hold £1.2m of free reserves to meet 6 months of operating costs of the group to recover, allow the organisation to manage the impact of a reduction in income and put plans in place to ensure that financial sustainability is maintained. The reserves position as at 31st July 2025 is £2,536,582 of which £183,558 is allocated to tangible fixed assets leaving £2,353,024 of free reserves.

Investment powers of HUSU

The Chief Executive is authorised to make short and medium-term investments, consistent with the objectives of the Union stated above. Long term investments are made on the advice of a Manager who is regulated under the terms of the Financial Services Act 1986. The Trustees are responsible for appointing the Manager.

Any decisions by the Trustees to invest must be centred on the interests of HUSU and not of the Trustees. Trustees may not exclude, to the financial detriment of HUSU, a particular range or class of investments in order to give effect to some moral, political, social, environmental or ethical belief held by the Trustees but not directly related to the interests of the Union.

Future plans

HUSU has reviewed and renewed its plans for the future, led by the Board of Trustees and the Senior Leadership team, in conversation with students and staff members. The new (strategic) plan will be launched during Trimester two of the 2025-26 academic year, and whilst the vision, mission and values are set for five years, the focus of the plan will be led by student priorities and subject to change year on year. The underpinning ways of working with students will follow the principles and methods of community organising ensuring that HUSU continues to move towards being a truly studentled students’ union. HUSU’s commercial focus will be on developing our events and live gigs scene at Asylum, for general public events and for student events, and maintain our high standards across both our SPAR store and the J. D. Wetherspoon franchise.

Vision

For every student to feel seen, heard, valued and empowered.

Page 6

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

KEY ACHIEVEMENTS AND PERFORMANCE – continued

Values

The values underpin the vision and are a demonstration of the culture and approach we strive for at the Union:

Inclusive : We are committed to fostering equity, diversity, inclusion and belonging, by continuously adapting our services to meet the evolving needs of our members.

Innovative : We look to the future, seeking new opportunities, collaborations and partnerships; we are imaginative, creative and progressive.

Positive : We continually work to improve the Union, we are confident, optimistic and solution focused.

Fun: We focus on making your time at University as enjoyable as possible.

Supportive: We listen, look out for your best interests and make sure your voice is heard.

Strategic priorities:

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the trustees are aware:

Page 7

Hull University Students' Union Limited

Report of the Trustees for the year ended 31st July 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

AUDITORS

The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Trustee Board Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 5[th] February 2026 and signed on the board's behalf by:

S M Merriweather – Chair and Trustee

Page 8

Report of the Independent Auditors to the Members of Hull University Students' Union Limited

Opinion

We have audited the financial statements of Hull University Students' Union Limited (the 'parent charity') and its subsidiaries (together comprising the ‘charitable group’) for the year ended 31st July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 9

Report of the Independent Auditors to the Members of

Hull University Students' Union Limited

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 10

Report of the Independent Auditors to the Members of Hull University Students' Union Limited

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Brocklehurst FCA (Senior Statutory Auditor) for an on behalf of Sadofskys Statutory Auditors Princes House Wright Street Hull East Yorkshire HU2 8HX

Date: 5[th] February 2026

Page 11

Hull University Students' Union Limited

Consolidated Statement of Financial Activities

for the year ended 31st July 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Activities
Other trading activities
4
Investment income
5
Other income
7
Total
EXPENDITURE ON
Fundraising trading: cost of goods
8
sold and other costs.
Charitable activities
Central services
Student Communities
Student voice and influence
Advice and advocacy
Presidents
Affiliations 8
Education
Sports
Inclusivity and diversity
Governance
Activities
Loss/(profit) on sale of fixed assets
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
CONTINUING OPERATIONS		 2025
Total
funds
£
1,520,890
297,856
4,934,990
69,889
37,104
6,860,729
4,497,293
1,244,820
469,425
146,694
116,960
109,091
29,992
-
-
-
153,516
-
-
6,767,791
58,920
151,858
2,384,724
**2,536,582 **		 2024
Total
funds
£
1,589,553
285,002
5,209,468
73,951
94,335
7,252,309
4,661,929
1,973,984
-
-
-
-
-
27,193
150,828
26,889
39,055
149,636
200
7,029,714
94,050
316,645
2,068,079
2,384,724

All income and expenditure has arisen from continuing operations.

FUND ACCOUNTING

All income and expenditure relates to unrestricted funds.

The notes form part of these financial statements Page 12

Hull University Students' Union Limited

Consolidated Balance Sheet (Reg No 08475916)

31st July 2025

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
PROVISIONS FOR LIABILITIES
19
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 2025
Total
funds
£
1,102,596
1,334,359
2,436,955
122,933
86,099
769,417
978,449
(563,283)
415,166
2,852,121
(315,539)
2,536,582
2,536,582
**2,536,582 **		 2024
Total
funds
£
906,237
1,446,910
2,353,147
122,002
91,436
574,308
787,746
(431,570)
356,176
2,709,323
(324,599)
2,384,724
2,384,724
2,384,724

The financial statements were approved by the Board of Trustees and authorised for issue on 5[th] February 2026 and were signed on its behalf by:

S M Merriweather – Chair and Trustee

The notes form part of these financial statements Page 13

Hull University Students' Union Limited

Company Balance Sheet (Reg No 08475916) 31st July 2025

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
PROVISIONS FOR LIABILITIES
19
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 2025
Total
funds
£
1,102,596
1,334,361
2,436,957
227,636
420,192
647,828
(321,165)
326,663
2,763,620
(315,539)
2,448,081
2,448,081
**2,448,081 **		 2024
Total
funds
£
906,237
1,446,912
2,353,149
52,473
180,861
233,334
(98,602)
134,732
2,487,881
(279,791)
2,208,090
2,208,090
2,208,090

The financial statements were approved by the Board of Trustees and authorised for issue on 5[th] February 2026 and were signed on its behalf by:

S M Merriweather – Chair and Trustee

The notes form part of these financial statements Page 14

Hull University Students' Union Limited

Consolidated Cash Flow Statement
for the year ended 31st July 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
538,191
Net cash provided by operating activities
538,191
Cash flows from investing activities
Purchase of tangible fixed assets
(412,971)
Sale of tangible fixed assets
-
Interest received
34,450
Dividends received
35,439
Net cash used in investing activities
(343,082)
Change in cash and cash equivalents in
the reporting period
195,109
Cash and cash equivalents at the
beginning of the reporting period
574,308
Cash and cash equivalents at the end of
the reporting period
769,417		 2024
£
141,655
141,655
(508,337)
775
24,404
49,547
(433,611)
(291,956)
866,264
574,308

The notes form part of these financial statements Page 15

Hull University Students' Union Limited

Notes to the Consolidated Cash Flow Statement

for the year ended 31st July 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Consolidated 151,858 316,645
Statement of Financial Activities)
Adjustments for:
Depreciation charges 216,612 175,395
Gain on investments (58,920)
(121,151)
Interest received (34,450)
(24,404)
Dividends received (35,439)
(49,547)
Increase in retirement benefit net of actuarial changes (9,060)
(116,747)
Increase in stocks (931)
(6,381)
Decrease/(increase) in debtors 176,808 (22,412)
Increase/(decrease) in creditors 131,713 (9,743)
Net cash provided by operations **538,191 ** 141,655
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1/8/24 Cash flow At 31/7/25
£ £ £
Net cash
Cash at bank and in hand 574,308 195,109 769,417
Total 574,308 195,109 769,417

The notes form part of these financial statements Page 16

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements

for the year ended 31st July 2025

1. CHARITY STATUS

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The principal activity of the charitable company is to advance education, promote the academic interests and welfare of students, be the recognised representative channel between student and the University of Hull, and to provide social, cultural, sporting and recreational activities alongside democratic forums for discussion, debate and change. The charitable company operates from its registered office (disclosed on page 1).

These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The trustees feel that the charitable company is well placed to negotiate the unique set of conditions currently facing the UK. The charitable company's current level of cash and investments is in a good position and they could be liquidated should it be necessary.

In addition to this, given the strong net asset position, cash balance and confirmed subvention for the year ended 31 July 2025, the trustees consider it reasonable that the charitable company will be able to pay its debts and known committed costs as they fall due for at least 12 months from the date of approval of these financial statements.

After consideration of all factors, the trustees continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The group financial statements consolidate the financial statements of the charity and its subsidiary undertaking, H.U.U. Services Limited, at 31[st] July 2025 using acquisition accounting.

Income

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

Voluntary income

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.

Grants receivable

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Where entitlement occurs before income is received, the income is accrued.

Investment income

Investment is recognised when receivable.

The notes form part of these financial statements Page 17

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

2. ACCOUNTING POLICIES - continued

Income - continued

Income from charitable activities

Incoming resources from charitable trading activities are accounted for when earned.

Income from subsidiary

Administration charges, being rental income from H.U.U. Services Limited, are recognised when they are due. Gift Aid income from H.U.U. Services Limited is recognised annually when the calculation has been performed.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably.

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

Raising funds

Costs of generating funds are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

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

Charitable activities

Charitable activities and governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the charitable company apportioned to charitable activities.

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

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, based on budget spend area.

Taxation

The charity is exempt from corporation tax on its charitable activities.

The notes form part of these financial statements Page 18

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Individual fixed assets costing £1,000 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 at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible asset into its intended working condition should be included in the measurement of cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost of valuation, less any estimated residual value, over their expected useful economic life as follows;

Asset class Depreciation method and rate Short-term leasehold property Straight line over length of lease Motor vehicles Straight line basis over 5 years Fixtures and fittings Straight line basis between 3-10 years

Impairment of fixed assets

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Fixed asset investments

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

Investments in associate are accounted for at cost less impairment.

Stocks

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

Debtors

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

Cash and cash equivalents

Cash and cash equivalents includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

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

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

The notes form part of these financial statements Page 19

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

2. ACCOUNTING POLICIES - continued

Provisions

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Where the effect of the time value of money is material, the provision is based on the present value of these amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is required in the Statement of Financial Activities as a finance cost.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the general objectives of the group and which have not been designated for other purposes.

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

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

Pension costs and other post-retirement benefits

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

The defined benefits pension scheme is the Universities Superannuation Scheme (USS). The scheme is a multiemployer scheme and the group is unable to identify its share of the underlying assets and liabilities. As permitted by Section 28 - Employee Benefits, the scheme has been accounted for in these financial statements as if the scheme was a defined contribution scheme.

Financial Instruments

Classification

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initial recognised as transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at amortised cost using the effective interest model.

Critical accounting judgements and key sources of estimation uncertainty

For pension schemes, FRS102 defines a multi-employer scheme as a scheme for entities not under common control and represents an industry-wide scheme. The accounting for a multi-employer scheme where the employer will fund a deficit result in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in the Statement of Financial Activities in accordance with section 28 of FRS102.

The directors are satisfied that the scheme provided by the Universities Superannuation Scheme (USS) meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements as a provision.

A key judgement is a provision/accrual for future pension liabilities relating to the USS scheme. These reflect the known deficit contribution schedules to which the entity is due to pay in line with the agreement between the entity and the pension fund. The calculation of this judgement is dependent upon certain assumptions including the length of the deficit repayment scheme (16 years), the discount applicable to the time value of future money (3.37%) and salary increases (3%). This results in a liability on the balance sheet of £315,539 for the group. If the length of the deficit was increased by 1 year the liability would increase by £74,053 for the group. A change in salary increase variation of 1% would cause a change in liability of £22,826 for the group. A change in salary increase of 1% along with an increase of 2% for the discount rates would produce a decrease in liability of £36,726 for the group. Whilst acknowledging these alternative scenarios exist management are of the view that the assumptions applied reflect the known situation at the balance sheet date.

The notes form part of these financial statements

continued...

Page 20

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

3.
DONATIONS AND LEGACIES
2025
£
Donations
21,210
Other grant income
-
Hull University Subvention grant
1,499,680
1,520,890
All income in both 2024/25 and 2023/24 was received into the Unrestricted fund.
4.
OTHER TRADING ACTIVITIES
2025
£
Sales
4,934,990
All income in both 2024/25 and 2023/24 was received into the Unrestricted fund.
5.
INVESTMENT INCOME
2025
£
Dividends from investments
35,439
Deposit account interest
34,450
69,889
All income in both 2024/25 and 2023/24 was received into the Unrestricted fund.
6.
INCOME FROM CHARITABLE ACTIVITIES
2025
£
Charitable activities
297,856
All income in both 2024/25 and 2023/24 was received into the Unrestricted fund.
7.
OTHER INCOME
2025
£
Other incoming resources
37,104
Other income is comprised of various activities relating to the holistic wellbeing of the students.
All income in both 2024/25 and 2023/24 was received into the Unrestricted fund.
8.
EXPENDITURE ON RAISING FUNDS
Costs of trading activities
2025
£
Cost of goods sold
2,400,780
Allocated support costs
2,096,513
4,497,293		 2024
£
36,354
85,499
1,467,700		 2024
£
36,354
85,499
1,467,700		 2024
£
36,354
85,499
1,467,700
1,589,553
2024
£
5,209,468
2024
£
49,547
24,404
73,951
2024
£
285,002
2024
£
94,335
2024
£
2,665,335
1,996,594		 2024
£
49,547
24,404
73,951
2024
£
285,002		 2024
£
49,547
24,404
73,951
2024
£
94,335
4,661,929

The notes form part of these financial statements Page 21

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

8. EXPENDITURE ON RAISING FUNDS – continued

Affiliations

Student Groups/Department Organisation 2024/25 Cost
£
Badminton Badminton England 125
Basketball men’s and women’s Basketball England 129
Boat British Rowing 110
Football men’s and women’s East Riding FA 59
Hockey men’s and women’s England Hockey 263
Netball squad/league/HYMS Netball England 2,835
Tennis Cottingham Lawn Tennis Club 1,230
Trampoline Northern English University
Trampoline League		 65
Various sports clubs British Universities and Colleges
Sport (BUCS)		 8,341
HUSU NUS UK 12,265
HUSU Wonkhe 4,510
RAG/HUSU Fundraising Regulator 60
Total 29,992

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£ £
Depreciation - owned assets 216,612 176,170
Deficit on disposal of fixed assets - 200
Audit fees 13,314 19,860
Other non-audit services 448 5,617

10. TRUSTEES' REMUNERATION AND BENEFITS

No trustees, nor any persons connected with them, have received any remuneration from the group during the year, other than the internal trustees disclosed in the staff costs note below (Note 11).

Trustees' expenses

During the year four trustees have received reimbursed expenses totalling £1,423 from the charity.

The notes form part of these financial statements Page 22

continued...

Hull University Students' Union Limited

Notes Consolidated to the Financial Statements - continued

for the year ended 31st July 2025

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
3,170,956
107,852
111,687
3,390,495		 2024
£
2,631,105
155,979
52,520
2,839,604

The monthly average number of persons (including senior management/leadership team) employed by the group during the year expressed as full time equivalents was as follows:

Charitable activities
Costs of generating funds
Management and admin of the union		 2025
12
18
23
53		 2024
7
22
27
56

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£70,001 - £80,000
£80,001 - £90,000		 2025
1
1
2		 2024
1
1
2

The total employee benefits of the key management personnel of the group were £282,603 (2024 - £359,512).

Student officers remuneration

E Aneimeka
L-J Rockett
R I Bamidele
C Fenton
C F Ani
E C Peter-Dumbili
T A Shoulder
S C Blessing
D C Thomas
S J Bixby-Bland		 2025
£
-
-
-
-
24,926
23,777
8,600
1,618
1,618
1,618
62,157		 2024
£
21,148
19,984
18,992
17,190
1,418
1,418
1,418
-
-
-
81,568

The Internal Trustees are remunerated in accordance with a pay scale used by HUSU to pay its employees. The amount is not related to the responsibilities of the roles, as it is for other staff members, but merely to reimburse them for cost of living expenses, as they are precluded from other full time work during their period of office. They undertake full time, full year executive management activities. Authority for payment is by HUSU Constitution.

The notes form part of these financial statements Page 23

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

12. TRADING ACTIVITIES – H.U.U. SERVICES LIMITED (Reg no 03906837)

Hull University Students’ Union Limited owns 100% of the issued share capital in H.U.U. Services Limited.

Statement of Financial Activities

Turnover
Other operating income
Charity trading cost of sales
Administrative expenses
Interest receivable
Net profit for H.U.U. Services Limited, for the year ended 31st July 2025
Statement of Financial Position
Total assets
Total liabilities
Total equity as at 31st July 2025		 2025
£
4,934,316
233
(2,373,380)
(2,470,505)
4,945
95,609
2025
£
530,663
(442,160)
88,503

Statement of Financial Position

The notes form part of these financial statements Page 24

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued for the year ended 31st July 2025

13. TANGIBLE FIXED ASSETS

Group and Charity
COST
At 1st August 2024
Additions
At 31st July 2025
DEPRECIATION
At 1st August 2024
Charge for year
At 31st July 2025
NET BOOK VALUE
At 31st July 2025
At 31st July 2024		 Freehold
property
£
4,008,551
298,720
4,307,271
3,293,131
118,510
3,411,641
895,630
715,420		 Fixtures
and
fittings
£
844,905
114,251
959,156
654,088
98,102
752,190
206,966
190,817		 Totals
£
4,853,456
**412,971 **
5,266,427
3,947,219
216,612
**4,163,831 **
1,102,596
906,237

The notes form part of these financial statements Page 25

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

14.
FIXED ASSET INVESTMENTS
Group and Charity
MARKET VALUE
At 1st August 2024
Additions
Disposals
Gain on investments
At 31st July 2025
NET BOOK VALUE
At 31st July 2025
At 31st July 2024
Analysis of investments
UK Equities and Unit Trusts
Global Equities and Unit Trusts
UK Government Bonds
International Bonds
Other
Investments exceeding 5% of market value of portfolio:
UBS S&P 500 ESG ELITE UCITS ETF
Charity
MARKET VALUE AND NET BOOK VALUE
At 1st August 2024 and 31st July 2025

The company's investments at the balance sheet date in the share capital of companies include the following:

H.U.U. Services Limited (03906837)

Registered Office: United Kingdom

Nature of business: Operation of Bars, fundraising events and the operation of the retail shop of Hull University Students’ Union Limited.

H.U.U. Services Limited distributes all profits to Hull University Students’ Union Limited under Gift Aid arrangements.

This investment represents 100% of the voting equity instruments of the subsidiary.

The notes form part of these financial statements Page 26

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

15. STOCKS

Stocks 2025
£
122,933		 2024
£
122,002

Group

The cost of stock recognised as an expense in the year amounted to £2,423,021 (2024 - £2,665,335).

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts due from group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
2024
£
£
28,264
24,565
-
-
17,976
61,150
39,859
5,721

86,099
91,436		 Charity
2025
2024
£
£
23,844
13,863
200,042
16,345
-
22,265
3,750
-
227,636
52,473

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Amounts due to group undertakings
Social security and other taxes
VAT
Other creditors
Accrued and deferred income		 Group
2025
2024
£
£
76,782
136,981
-
-
43,227
76,398
22,021
119,427
14,419
72,554
352,457
80,587
563,283
431,570		 Charity
2025
2024
£
£
37,035
31,774
-
-
89
-
2,710
-
5,991
16,181
278,050
47,937
321,165
98,602

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2025
£
202,000
808,000
67,333
1,077,333		 2024
£
202,000
808,000
269,333
1,279,333

The notes form part of these financial statements Page 27

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

19.
PROVISIONS
Provisions for pensions
Group
At 1 August 2024
Utilised during the period
At 31 July 2025
Charity
At 1 August 2024
Movement during the period
At 31 July 2025		 2025
2024
£
£
315,539
324,599
Pension
contribution
provision
£
324,599
(9,060)
315,539
Pension
contribution
provision
£
279,791
35,748
315,539

The key assumptions in calculating this provision include a discount rate of 3.4% and an estimated cost of living increase of 3%.

The notes form part of these financial statements Page 28

continued...

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Unrestricted fixed asset fund
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
Unrestricted fixed asset fund
TOTAL FUNDS		 e as follows:
Incoming
resources
£
6,860,729
-
6,860,729
6,860,729		 At 1/8/24
£
1,984,554
400,170
2,384,724
2,384,724
Resources
expended
£
(6,551,179)
(216,612)
(6,767,791)
(6,767,791)		 Net
movement
in funds
£
368,470
(216,612)
151,858
151,858
Gains and
losses
£
58,920
-
58,920
58,920		 At
31/7/25
£
2,353,024
183,558
2,536,582
2,536,582
Movement
in funds
£
368,470
(216,612)
151,858
151,858

Comparatives for movement in funds

Unrestricted funds
General fund
Unrestricted fixed asset fund
TOTAL FUNDS		 At 1/8/23
£
1,494,009
574,070
2,068,079
2,068,079		 Net
movement
in funds
£
490,545
(173,900)
316,645
316,645		 At
31/7/24
£
1,984,554
400,170
2,384,724
2,384,724

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Unrestricted fixed asset fund
TOTAL FUNDS		 Incoming
resources
£
7,252,309
-
7,252,309
7,252,309		 Resources
expended
£
(6,855,814)
(173,900)
(7,029,714)
(7,029,714)		 Gains and
losses
£
94,050
-
94,050
94,050		 Movement
in funds
£
490,545
(173,900)
316,645
316,645

The notes form part of these financial statements

continued...

Page 29

Hull University Students' Union Limited

Notes to the Consolidated Financial Statements - continued

for the year ended 31st July 2025

21. EMPLOYEE BENEFIT OBLIGATIONS

The latest available full actuarial valuation of the scheme was at 31 March 2023 (the valuation date), which was carried out using the projected cost method.

Since the HUSU cannot identify its share of the scheme assets and liabilities, the following disclosures reflect those relevant for the scheme as a whole.

The 2023 valuation was the seventh valuation for USS under the scheme specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

Defined benefit liability numbers for the scheme have been produced using the following assumptions:

2025 2024
Discount Rate 2.5% 2.5%
Pension salary growth n/a n/a
Pension increase (CPI) 5% 3.0%

The main demographic assumption used related to the mortality assumptions. These assumptions have been updated for the 31 March 2025 accounting position, based on updated analysis of the Scheme's experience carried out as part of the 2025 actuarial valuation.

2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.6
Males currently aged 45 (years) 25.7 25.4
Females currently aged 45 (years) 27.2 27.2

22. RELATED PARTY DISCLOSURES

University of Hull

There are a number of transactions between Hull University Students’ Union Limited and The University of Hull to enable the charitable company to continue to achieve its objectives and provision of support. The following transactions occurred during the year:

2025 2024
Income: £ £
Subvention grant 1,499,680 1,456,000
Sales 108,586 343,114
Expenses:
Rent 202,000 202,000
Purchases 295,637 118,531
Amounts at the balance sheet date:
Amounts due from University of Hull 7,209 2,856

No further related party transactions in the year.

The notes form part of these financial statements Page 30